Tenet Healthcare Corp 10-Q for FY2026 Q3

Tenet Healthcare Corp (THC)

10-Q 2026-10-29 For: 2026-09-30

Added on October 29, 2026

About this 10-Q

Tenet Healthcare Corp filed this 10-Q on October 29, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Consolidated net operating revenues increased by $342 million, or 6.5%, in the three months ended September 30, 2026; total admissions increased by 3,938, or 3.3%, and Ambulatory Care consolidated cases increased by 3.5%. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $5.63B; up 6.5% from $5.29B a year earlier
Net income: $1.22B; up 110.5% from net income of $579M a year earlier
Diluted EPS: $12.41; up 221.5% from $3.86 a year earlier

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		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Financial Statements	1

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

Item 4.	Controls and Procedures	39



PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	40

Item 1A.	Risk Factors	40

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 5.	Other Information	40

Item 6.	Exhibits	41


	September 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	2,674	$	2,883
Accounts receivable	2,595		2,565
Inventories of supplies, at cost	340		348

Assets held for sale	62		62
Other current assets	2,757		1,991
Total current assets	8,428		7,849
Investments and other assets	3,958		2,883
Deferred income taxes	49		84
Property and equipment, at cost, less accumulated depreciation and amortization ($7,061 at September 30, 2026 and $6,680 at December 31, 2025)	6,290		6,315
Goodwill	11,641		11,198
Other intangible assets, at cost, less accumulated amortization ($1,498 at September 30, 2026 and $1,328 at December 31, 2025)	1,226		1,348
Total assets	$	31,592	$	29,677
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	164	$	79
Accounts payable	1,387		1,360
Accrued compensation and benefits	873		858
Professional and general liability reserves	317		276
Accrued interest payable	213		81


Income tax payable	22		—
Other current liabilities	2,342		1,809
Total current liabilities	5,318		4,463
Long-term debt, net of current portion	13,079		13,092
Professional and general liability reserves	979		951
Defined benefit plan obligations	238		245
Deferred income taxes	529		240
Other long-term liabilities	1,855		1,713
Total liabilities	21,998		20,704
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,179		2,956
Equity:
Shareholders’ equity:
Common stock, $0.05 par value; authorized 262,500 shares; 159,234 shares issued at September 30, 2026 and 158,612 shares issued at December 31, 2025	8		8
Additional paid-in capital	5,236		4,914
Accumulated other comprehensive loss	(178)		(181)
Retained earnings	6,943		4,415
Common stock in treasury, at cost, 79,650 shares at September 30, 2026 and 71,660 shares at December 31, 2025	(6,565)		(4,936)
Total shareholders’ equity	5,444		4,220
Noncontrolling interests	1,971		1,797
Total equity	7,415		6,017
Total liabilities and equity	$	31,592	$	29,677


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net operating revenues	$	5,631	$	5,289	$	16,627	$	15,783

Revenue from contract termination	646		—		1,472		—
Equity in earnings of unconsolidated affiliates	64		64		180		181
Operating expenses:
Salaries, wages and benefits	2,173		2,204		6,578		6,483
Supplies	983		931		2,928		2,770
Other operating expenses, net	1,184		1,119		3,480		3,328
Depreciation and amortization	217		218		661		632
Impairment and restructuring charges, and acquisition-related costs	37		23		92		66
Litigation and investigation costs (benefit)	6		(11)		36		34
Net gains on sales, consolidation and deconsolidation of facilities	(9)		(20)		(43)		(4)
Operating income	1,750		889		4,547		2,655
Interest expense	(203)		(206)		(612)		(616)
Other non-operating income, net	37		29		121		80
Loss from early extinguishment of debt	(5)		—		(5)		—
Income before income taxes	1,579		712		4,051		2,119
Income tax expense	(360)		(133)		(881)		(396)
Net income	1,219		579		3,170		1,723





Less: Net income available to noncontrolling interests	219		237		642		687
Net income available to Tenet Healthcare Corporation common shareholders	$	1,000	$	342	$	2,528	$	1,036






Earnings available to Tenet Healthcare Corporation common shareholders:

Basic earnings per share	$	12.48	$	3.89	$	30.28	$	11.37



Diluted earnings per share	$	12.41	$	3.86	$	30.08	$	11.28



Weighted average shares and dilutive securities outstanding (in thousands):
Basic	80,134		87,951		83,486		91,109
Diluted	80,600		88,610		84,053		91,805


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income	$	1,219	$	579	$	3,170	$	1,723
Other comprehensive income:
Amortization of net actuarial loss included in other non-operating income, net	2		2		6		6
Unrealized gain (loss) on debt securities held as available-for-sale	(3)		—		(4)		1

Foreign currency translation adjustments and other	1		1		2		—
Other comprehensive income before income taxes	—		3		4		7
Income tax expense related to items of other comprehensive income	(1)		—		(1)		(1)
Total other comprehensive income (loss), net of tax	(1)		3		3		6
Comprehensive net income	1,218		582		3,173		1,729
Less: Comprehensive income available to noncontrolling interests	219		237		642		687
Comprehensive income available to Tenet Healthcare Corporation common shareholders	$	999	$	345	$	2,531	$	1,042


	Nine Months Ended September 30,
	2026		2025
Net income	$	3,170	$	1,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	661		632
Deferred income tax expense	324		51
Stock-based compensation expense	104		79
Impairment and restructuring charges, and acquisition-related costs	92		66
Litigation and investigation costs	36		34
Net gains on sales, consolidation and deconsolidation of facilities	(43)		(4)
Loss from early extinguishment of debt	5		—
Equity in earnings of unconsolidated affiliates, net of distributions received	(11)		(13)
Amortization of debt discount and debt issuance costs	16		18


Other items, net	(11)		(5)
Changes in cash from operating assets and liabilities:
Accounts receivable	(11)		68
Inventories and other current assets	211		(58)
Income taxes	63		15
Accounts payable, accrued expenses and other current liabilities	(1,042)		237
Other long-term liabilities	46		50
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(103)		(84)

Net cash provided by operating activities	3,507		2,809
Cash flows from investing activities:
Purchases of property and equipment	(546)		(646)
Purchases of businesses or joint venture interests, net of cash acquired	(201)		(266)
Proceeds from sales of facilities and other assets	11		18
Proceeds from sales of marketable securities and long-term investments	66		74
Purchases of marketable securities and long-term investments	(122)		(69)

Other items, net	(26)		3
Net cash used in investing activities	(818)		(886)
Cash flows from financing activities:


Repayments of borrowings	(2,087)		(90)
Proceeds from borrowings	2,041		21
Repurchases of common stock	(1,615)		(1,188)
Debt issuance costs	(22)		—
Distributions paid to noncontrolling interests	(614)		(585)
Proceeds from the sale of noncontrolling interests	33		27
Purchases of noncontrolling interests	(583)		(88)

Repayments of advances from managed care payers	—		(33)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans	(84)		(47)

Other items, net	33		16
Net cash used in financing activities	(2,898)		(1,967)
Net decrease in cash and cash equivalents	(209)		(44)
Cash and cash equivalents at beginning of period	2,883		3,019
Cash and cash equivalents at end of period	$	2,674	$	2,975

Supplemental disclosures:
Interest paid, net of capitalized interest	$	(464)	$	(499)
Income tax payments, net	$	(493)	$	(329)



If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ¨ No ý

As of October 23, 2026, there were 79,588 shares (in thousands) of the Registrant’s common stock outstanding.


	Nine Months Ended September 30,
	2026		2025
Hospital Operations:
Goodwill at beginning of period, net of accumulated impairment losses	$	2,697	$	2,697
Goodwill acquired during the period, net of purchase price allocation adjustments	—		—


Goodwill at end of period, net of accumulated impairment losses	2,697		2,697

Ambulatory Care:
Goodwill at beginning of period	8,501		7,994
Goodwill acquired during the period, net of purchase price allocation adjustments	446		467

Goodwill related to assets held for sale and disposed or deconsolidated facilities	(3)		—
Goodwill at end of period	8,944		8,461
Total goodwill, net of accumulated impairment losses	$	11,641	$	11,158


	Gross Carrying Amount		Accumulated Amortization		Net Book Value
At September 30, 2026:
Other intangible assets with finite useful lives:
Capitalized software costs	$	1,557	$	(1,253)	$	304
Contracts	241		(228)		13
Other	23		(17)		6
Other intangible assets with finite useful lives	1,821		(1,498)		323

Other intangible assets with indefinite useful lives:
Trade names	121		—		121
Contracts	773		—		773
Other	9		—		9
Other intangible assets with indefinite useful lives	903		—		903
Total other intangible assets, net	$	2,724	$	(1,498)	$	1,226

At December 31, 2025:
Other intangible assets with finite useful lives:
Capitalized software costs	$	1,511	$	(1,166)	$	345
Contracts	241		(148)		93
Other	42		(14)		28
Other intangible assets with finite useful lives	1,794		(1,328)		466

Other intangible assets with indefinite useful lives:
Trade names	105		—		105
Contracts	773		—		773
Other	4		—		4
Other intangible assets with indefinite useful lives	882		—		882
Total other intangible assets, net	$	2,676	$	(1,328)	$	1,348


			Three Months Ending		Years Ending								Later Years
					December 31,
	Total		2026		2027		2028		2029		2030
Amortization of intangible assets	$	323	$	41	$	94	$	72	$	50	$	29	$	37


	September 30, 2026		December 31, 2025
Prepaid expenses	$	360	$	423
Contract assets	288		188
California provider fee program receivables	378		493
Receivables from other government programs	523		385
Guarantees	290		138
Non-patient receivables	331		224
Current portion of note receivable	434		—
Other	153		140
Total other current assets	$	2,757	$	1,991


	September 30, 2026		December 31, 2025

Patient accounts receivable	$	2,467	$	2,418
Estimated future recoveries	126		148
Cost reports and settlements receivable (payable), net of valuation allowances	2		(1)
Accounts receivable, net	$	2,595	$	2,565


	Current Receivables		Contract Assets – Unbilled Revenue		Long-Term Receivables		Contract Liabilities – Current Deferred Revenue		Contract Liabilities – Long-Term Deferred Revenue
December 31, 2025	$	26	$	188	$	—	$	88	$	13
September 30, 2026	513		288		828		279		6
Increase (decrease)	$	487	$	100	$	828	$	191	$	(7)

December 31, 2024	$	28	$	190	$	—	$	80	$	13
September 30, 2025	74		178		—		85		13
Increase (decrease)	$	46	$	(12)	$	—	$	5	$	—


	September 30, 2026		December 31, 2025
Senior unsecured notes:
6.125% due 2028	$	1,250	$	1,750
6.875% due 2031	362		362
6.000% due 2033	750		750
6.250% due 2034	2,000		—
Senior secured first lien notes:
5.125% due 2027	—		1,500
4.625% due 2028	600		600
4.250% due 2029	1,400		1,400
4.375% due 2030	1,450		1,450
6.125% due 2030	2,000		2,000
6.750% due 2031	1,350		1,350
5.500% due 2032	1,500		1,500



Finance leases, mortgages and other notes	679		603
Unamortized issue costs and note discounts	(98)		(94)
Total long-term debt	13,243		13,171
Less: Current portion	164		79
Long-term debt, net of current portion	$	13,079	$	13,092


	Number of RSUs	Weighted Average Grant Date Fair Value Per RSU
Unvested at December 31, 2025	1,440,379	$	111.02
Granted	253,115	$	248.96
Performance-based adjustment	350,583	$	110.83
Vested	(879,399)	$	105.37
Forfeited	(29,579)	$	164.52
Unvested at September 30, 2026	1,135,099	$	172.81


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Equity
	Shares Outstanding	Issued Par Amount
Balances at December 31, 2025	86,952	$	8	$	4,914	$	(181)	$	4,415	$	(4,936)	$	1,797	$	6,017
Net income	—	—		—		—		702		—		93		795
Distributions paid to noncontrolling interests	—	—		—		—		—		—		(75)		(75)
Other comprehensive income	—	—		—		2		—		—		—		2

Purchases of businesses and noncontrolling interests, net	—	—		270		—		—		—		84		354

Repurchases of common stock	(1,346)	—		—		—		—		(320)		—		(320)
Stock-based compensation expense, tax benefit and issuance of common stock	518	—		(60)		—		—		—		—		(60)
Balances at March 31, 2026	86,124	8		5,124		(179)		5,117		(5,256)		1,899		6,713
Net income	—	—		—		—		826		—		106		932
Distributions paid to noncontrolling interests	—	—		—		—		—		—		(78)		(78)
Other comprehensive income	—	—		—		2		—		—		—		2

Purchases (sales) of businesses and noncontrolling interests, net	—	—		22		—		—		—		(28)		(6)
Repurchases of common stock	(5,675)	—		—		—		—		(1,052)		—		(1,052)

Stock-based compensation expense, tax benefit and issuance of common stock	58	—		46		—		—		—		—		46
Balances at June 30, 2026	80,507	8		5,192		(177)		5,943		(6,308)		1,899		6,557
Net income	—	—		—		—		1,000		—		101		1,101
Distributions paid to noncontrolling interests	—	—		—		—		—		—		(98)		(98)
Other comprehensive loss	—	—		—		(1)		—		—		—		(1)

Purchases of businesses and noncontrolling interests, net	—	—		7		—		—		—		69		76

Repurchases of common stock	(970)	—		—		—		—		(257)		—		(257)
Stock-based compensation expense, tax benefit and issuance of common stock	47	—		37		—		—		—		—		37
Balances at September 30, 2026	79,584	$	8	$	5,236	$	(178)	$	6,943	$	(6,565)	$	1,971	$	7,415


	Nine Months Ended September 30,
	2026	2025
Expected volatility	39.0% - 43.8%	36.6% - 48.0%

Risk-free interest rate	3.4% - 3.5%	4.1% - 4.3%


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program	Maximum Dollar Value of Shares That May Yet Be Purchased Under the Program
	(In Thousands)			(In Thousands)	(In Millions)
January 1 through September 30, 2026
January 1 through January 31, 2026	—	$	—	—	$	1,490
February 1 through February 28, 2026	—	$	—	—	$	1,490
March 1 through March 31, 2026	1,346	$	236.30	1,346	$	1,172
April 1 through April 30, 2026	—	$	—	—	$	1,172
May 1 through May 31, 2026	4,031	$	190.26	4,031	$	405
June 1 through June 30, 2026	1,644	$	167.20	1,644	$	2,130
July 1 through July 31, 2026	—	$	—	—	$	2,130
August 1 through August 31, 2026	511	$	260.16	511	$	1,997
September 1 through September 30, 2026	459	$	265.71	459	$	1,875





January 1 through September 30, 2025
January 1 through January 31, 2025	—	$	—	—	$	1,376
February 1 through February 28, 2025	1,800	$	134.98	1,800	$	1,133
March 1 through March 31, 2025	829	$	126.67	829	$	1,028
April 1 through April 30, 2025	—	$	—	—	$	1,028
May 1 through May 31, 2025	2,456	$	157.57	2,456	$	641
June 1 through June 30, 2025	2,145	$	167.83	2,145	$	281
July 1 through July 31, 2025	598	$	155.43	598	$	1,688
August 1 through August 31, 2025	—	$	—	—	$	1,688
September 1 through September 30, 2025	—	$	—	—	$	1,688


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Hospital Operations:
Net patient service revenues from hospitals and related outpatient facilities:
Medicare	$	532	$	512	$	1,631	$	1,590
Medicaid	416		404		1,277		1,163
Managed care	2,490		2,374		7,354		7,197
Uninsured	4		15		13		50
Indemnity and other	150		157		459		395
Total	3,592		3,462		10,734		10,395
Other revenues(1)	668		552		1,814		1,649
Total Hospital Operations	4,260		4,014		12,548		12,044
Ambulatory Care	1,371		1,275		4,079		3,739
Net operating revenues	$	5,631	$	5,289	$	16,627	$	15,783



(1)			Primarily revenue from physician practices and revenue cycle management.


	September 30, 2026		December 31, 2025
Hospital Operations	$	215	$	211
Ambulatory Care	1,756		1,586
Total nonredeemable noncontrolling interests	$	1,971	$	1,797


	Balance at Beginning of Period		Litigation and Investigation Costs		Cash Payments		Other		Balance at End of Period
Nine months ended September 30, 2026	$	38	$	36	$	(50)	$	5	$	29
Nine months ended September 30, 2025	$	20	$	34	$	(29)	$	2	$	27


	Net Income Available to Common Shareholders (Numerator)		Weighted Average Shares (Denominator)	Per-Share Amount
Three Months Ended September 30, 2026
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share	$	1,000	80,134	$	12.48
Effect of dilutive instruments	—		466	(0.07)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share	$	1,000	80,600	$	12.41

Three Months Ended September 30, 2025
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share	$	342	87,951	$	3.89
Effect of dilutive instruments	—		659	(0.03)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share	$	342	88,610	$	3.86

Nine Months Ended September 30, 2026
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share	$	2,528	83,486	$	30.28
Effect of dilutive instruments	—		567	(0.20)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share	$	2,528	84,053	$	30.08

Nine Months Ended September 30, 2025
Net income available to Tenet Healthcare Corporation common shareholders for basic earnings per share	$	1,036	91,109	$	11.37
Effect of dilutive instruments	—		696	(0.09)
Net income available to Tenet Healthcare Corporation common shareholders for diluted earnings per share	$	1,036	91,805	$	11.28


	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)






December 31, 2025
Long-lived assets held for sale	$	62	$	—	$	62	$	—


	September 30, 2026		December 31, 2025
Assets:
Hospital Operations	$	17,987	$	16,586
Ambulatory Care	13,605		13,091
Total	$	31,592	$	29,677


	Three Months Ended September 30,				Increase (Decrease)
	2026		2025
Hospital Operations – hospitals and related outpatient facilities:
Number of hospitals (at end of period)	51		50		1		(1)
Total admissions	122,790		118,852		3.3	%
Adjusted admissions	223,640		215,460		3.8	%
Paying admissions (excludes charity and uninsured)	115,995		113,458		2.2	%
Charity and uninsured admissions	6,795		5,394		26.0	%
Admissions through emergency department	92,095		88,579		4.0	%
Emergency department visits, outpatient	463,874		443,006		4.7	%
Total emergency department visits	555,969		531,585		4.6	%
Total surgeries	68,732		69,046		(0.5)	%
Patient days — total	585,295		569,766		2.7	%
Adjusted patient days	1,028,995		995,666		3.3	%
Average length of stay (days)	4.77		4.79		(0.4)	%
Average licensed beds	12,677		12,452		1.8	%
Utilization of licensed beds	50.2	%	49.7	%	0.5	%	(1)
Total visits	1,353,406		1,361,469		(0.6)	%
Paying visits (excludes charity and uninsured)	1,228,410		1,249,565		(1.7)	%
Charity and uninsured visits	124,996		111,904		11.7	%
Ambulatory Care:
Total consolidated facilities (at end of period)	413		406		7		(1)
Total consolidated cases	508,958		491,782		3.5	%



(1)			The change is the difference between the 2026 and 2025 amounts or percentages presented.


	Three Months Ended September 30,				Increase (Decrease)(1)		Nine Months Ended September 30,				Increase (Decrease)(1)
	2026		2025				2026		2025
Medicare	14.8	%	14.8	%	—	%	15.2	%	15.3	%	(0.1)	%
Medicaid	11.6	%	11.7	%	(0.1)	%	11.9	%	11.2	%	0.7	%
Managed care(2)	69.3	%	68.6	%	0.7	%	68.5	%	69.2	%	(0.7)	%
Uninsured	0.1	%	0.4	%	(0.3)	%	0.1	%	0.5	%	(0.4)	%
Indemnity and other	4.2	%	4.5	%	(0.3)	%	4.3	%	3.8	%	0.5	%



(1)			The change is the difference between the 2026 and 2025 percentages presented.
(2)			Includes Medicare and Medicaid managed care programs.


	Three Months Ended September 30, 2026						Nine Months Ended September 30, 2026
	Hospital Operations			Ambulatory Care			Hospital Operations			Ambulatory Care
Net operating revenues	$	4,260		$	1,371		$	12,548		$	4,079

Revenue from contract termination	646			—			1,472			—
Equity in earnings of unconsolidated affiliates	—			64			1			179
Operating expenses:
Salaries, wages and benefits	1,848			325			5,585			993
Supplies	616			367			1,835			1,093
Other operating expenses, net	978			206			2,871			609
Depreciation and amortization	175			42			537			124
Impairment and restructuring charges, and acquisition-related costs	26			11			51			41
Litigation and investigation costs	6			—			23			13
Net gains on sales, consolidation and deconsolidation of facilities	(4)			(5)			(4)			(39)
Operating income	$	1,261		$	489		$	3,123		$	1,424

Net operating revenues	100.0		%	100.0		%	100.0		%	100.0		%

Revenue from contract termination	15.2		%	—		%	11.7		%	—		%
Equity in earnings of unconsolidated affiliates	—		%	4.7		%	—		%	4.4		%
Operating expenses:
Salaries, wages and benefits	43.4		%	23.7		%	44.5		%	24.3		%
Supplies	14.5		%	26.8		%	14.6		%	26.8		%
Other operating expenses, net	23.0		%	15.0		%	22.9		%	14.9		%
Depreciation and amortization	4.1		%	3.1		%	4.3		%	3.2		%
Impairment and restructuring charges, and acquisition-related costs	0.6		%	0.8		%	0.4		%	1.0		%
Litigation and investigation costs	0.1		%	—		%	0.1		%	0.3		%
Net gains on sales, consolidation and deconsolidation of facilities	(0.1)		%	(0.4)		%	—		%	(1.0)		%
Operating income	29.6		%	35.7		%	24.9		%	34.9		%


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	Hospital Operations			Ambulatory Care			Hospital Operations			Ambulatory Care
Net operating revenues	$	4,014		$	1,275		$	12,044		$	3,739

Equity in earnings of unconsolidated affiliates	1			63			5			176
Operating expenses:
Salaries, wages and benefits	1,888			316			5,558			925
Supplies	594			337			1,783			987
Other operating expenses, net	926			193			2,771			557
Depreciation and amortization	182			36			522			110
Impairment and restructuring charges, and acquisition-related costs	16			7			35			31
Litigation and investigation costs (benefit)	(11)			—			34			—
Net losses (gains) on sales, consolidation and deconsolidation of facilities	2			(22)			(8)			4
Operating income	$	418		$	471		$	1,354		$	1,301

Net operating revenues	100.0		%	100.0		%	100.0		%	100.0		%

Equity in earnings of unconsolidated affiliates	—		%	4.9		%	—		%	4.7		%
Operating expenses:
Salaries, wages and benefits	47.0		%	24.8		%	46.1		%	24.7		%
Supplies	14.8		%	26.4		%	14.8		%	26.4		%
Other operating expenses, net	23.1		%	15.1		%	23.0		%	14.9		%
Depreciation and amortization	4.6		%	2.9		%	4.4		%	3.0		%
Impairment and restructuring charges, and acquisition-related costs	0.4		%	0.5		%	0.3		%	0.8		%
Litigation and investigation costs (benefit)	(0.3)		%	—		%	0.3		%	—		%
Net losses (gains) on sales, consolidation and deconsolidation of facilities	—		%	(1.7)		%	(0.1)		%	0.1		%
Operating income	10.4		%	36.9		%	11.2		%	34.8		%


	Same-Hospital							Same-Hospital
	Three Months Ended September 30,				Increase (Decrease)			Nine Months Ended September 30,				Increase (Decrease)
Admissions, Patient Days and Surgeries	2026		2025					2026		2025
Number of hospitals	49		49		—		(1)	49		49		—		(1)
Total admissions	122,061		118,782		2.8	%		362,107		355,836		1.8	%
Adjusted admissions	222,195		215,322		3.2	%		653,422		639,881		2.1	%
Paying admissions (excludes charity and uninsured)	115,292		113,391		1.7	%		343,842		340,412		1.0	%
Charity and uninsured admissions	6,769		5,391		25.6	%		18,265		15,424		18.4	%
Admissions through emergency department	91,471		88,523		3.3	%		272,566		268,087		1.7	%
Paying admissions as a percentage of total admissions	94.5	%	95.5	%	(1.0)	%	(1)	95.0	%	95.7	%	(0.7)	%	(1)
Charity and uninsured admissions as a percentage of total admissions	5.5	%	4.5	%	1.0	%	(1)	5.0	%	4.3	%	0.7	%	(1)
Emergency department admissions as a percentage of total admissions	74.9	%	74.5	%	0.4	%	(1)	75.3	%	75.3	%	—	%	(1)
Surgeries — inpatient	30,236		30,303		(0.2)	%		88,794		89,867		(1.2)	%
Surgeries — outpatient	38,071		38,731		(1.7)	%		113,238		113,939		(0.6)	%
Total surgeries	68,307		69,034		(1.1)	%		202,032		203,806		(0.9)	%
Patient days — total	583,172		569,605		2.4	%		1,759,472		1,737,473		1.3	%
Adjusted patient days	1,024,789		995,348		3.0	%		3,055,712		3,016,357		1.3	%
Average length of stay (days)	4.78		4.80		(0.4)	%		4.86		4.88		(0.4)	%
Licensed beds (at end of period)	12,469		12,434		0.3	%		12,469		12,434		0.3	%
Average licensed beds	12,469		12,434		0.3	%		12,458		12,435		0.2	%
Utilization of licensed beds	50.8	%	49.8	%	1.0	%	(1)	51.7	%	51.2	%	0.5	%	(1)


	Same-Hospital						Same-Hospital
Selected Operating Expenses as a Percentage of Net Operating Revenues	Three Months Ended September 30,				Increase (Decrease)(1)		Nine Months Ended September 30,				Increase (Decrease)(1)
	2026		2025				2026		2025

Salaries, wages and benefits	43.4	%	47.2	%	(3.8)	%	44.5	%	46.3	%	(1.8)	%
Supplies	14.5	%	14.9	%	(0.4)	%	14.6	%	14.9	%	(0.3)	%
Other operating expenses, net	22.9	%	22.6	%	0.3	%	22.8	%	22.5	%	0.3	%


	Three Months Ended September 30, 2026		Nine Months Ended September 30, 2026
Net revenues	4.5	%	5.1	%
Cases	(1.5)	%	(0.8)	%
Net revenue per case	6.1	%	6.0	%


	Maturity Date, Years Ending December 31,
	2026			2027			2028			2029			2030			Thereafter			Total			Fair Value
	(Dollars in Millions)
Fixed-rate long-term debt	$	27		$	157		$	1,931		$	1,464		$	3,493		$	6,269		$	13,341		$	12,886
Average effective interest rates	7.3		%	7.8		%	5.7		%	4.4		%	5.4		%	6.3		%	5.8		%



(1)			In July 2024, our board of directors authorized the repurchase of up to $1.500 billion of our common stock through a share repurchase program that has no expiration date. In July 2025, the board authorized a $1.500 billion increase to the program, and, in June 2026, the board authorized an additional $2.000 billion for share repurchases under the program. The share repurchase program does not obligate us to acquire any particular amount of common stock, and it may be suspended for periods or discontinued at any time.


(4)	Instruments Defining the Rights of Security Holders, Including Indentures

	(a)	Forty-Third Supplemental Indenture, dated as of September 22, 2026, between the Company and The Bank of New York Mellon Trust Company, N.A. (Incorporated by reference to Exhibit 4.2 to Registrant’s Current Report on Form 8-K filed September 22, 2026)

















(31)	Rule 13a-14(a)/15d-14(a) Certifications

	(a)	Certification of Saumya Sutaria, M.D., Chief Executive Officer

	(b)	Certification of Sun Park, Executive Vice President and Chief Financial Officer

(32)	Section 1350 Certifications of Saumya Sutaria, M.D., Chief Executive Officer, and Sun Park, Executive Vice President and Chief Financial Officer

(101 SCH)	Inline XBRL Taxonomy Extension Schema Document

(101 CAL)	Inline XBRL Taxonomy Extension Calculation Linkbase Document

(101 DEF)	Inline XBRL Taxonomy Extension Definition Linkbase Document

(101 LAB)	Inline XBRL Taxonomy Extension Label Linkbase Document

(101 PRE)	Inline XBRL Taxonomy Extension Presentation Linkbase Document

(101 INS)	Inline XBRL Taxonomy Extension Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document

(104)	Cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 formatted in Inline XBRL (included in Exhibit 101)


		TENET HEALTHCARE CORPORATION (Registrant)

Date: October 29, 2026	By:	/s/ J. MICHAEL GROOMS
		J. Michael Grooms
		Senior Vice President, Controller
		(Principal Accounting Officer)



Date: October 29, 2026			/s/ SAUMYA SUTARIA
			Saumya Sutaria, M.D.
			Chief Executive Officer


Date: October 29, 2026			/s/ SUN PARK
			Sun Park
			Executive Vice President and Chief Financial Officer