Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.1B | $20.6B | $18.3B | $18.5B | $17.6B | $19.5B | $19.2B | $20.6B | $20.7B | $21.3B |
| Revenue growth | — | -2.2% | -11.2% | 0.9% | -4.5% | 10.5% | -1.6% | 7.2% | 0.5% | 3.1% |
| Operating income | $1.25B | $1.11B | $1.64B | $1.54B | $1.99B | $2.87B | $2.33B | $2.51B | $5.96B | $3.51B |
| Operating margin | 5.9% | 5.4% | 8.9% | 8.3% | 11.3% | 14.7% | 12.2% | 12.2% | 28.8% | 16.5% |
| Net income | $176M | -$320M | $459M | $171M | $768M | $1.48B | $1.00B | $1.31B | $4.06B | $2.37B |
| Net margin | 0.8% | -1.6% | 2.5% | 0.9% | 4.4% | 7.6% | 5.2% | 6.4% | 19.7% | 11.1% |
| EPS (diluted) | -$1.93 | -$7.00 | $1.00 | -$2.08 | $3.75 | $8.42 | $3.79 | $5.71 | $32.70 | $15.49 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $558M | $1.20B | $1.05B | $1.23B | $3.41B | $1.57B | $1.08B | $2.37B | $2.05B | $3.54B |
| Capital expenditures | $875M | $707M | $617M | $670M | $540M | $658M | $762M | $751M | $931M | $1.01B |
| Free cash flow | -$317M | $493M | $432M | $563M | $2.87B | $910M | $321M | $1.62B | $1.12B | $2.53B |
| Share buybacks | $0.00 | $0.00 | — | — | $0.00 | $0.00 | $250M | $200M | $672M | $1.39B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $716M | $611M | $411M | $262M | $2.45B | $2.36B | $858M | $1.23B | $3.02B | $2.88B |
| Total assets | $24.7B | $23.4B | $22.4B | $23.4B | $27.1B | $27.6B | $27.2B | $28.3B | $28.9B | $29.7B |
| Total liabilities | $21.2B | $21.0B | $20.3B | $21.4B | $24.2B | $23.3B | $22.5B | $22.8B | $20.4B | $20.7B |
| Shareholders' equity | $417M | -$147M | -$119M | -$417M | $28.0M | $1.03B | $1.14B | $1.61B | $4.17B | $4.22B |
| Retained earnings | -$1.74B | -$2.39B | -$2.24B | -$2.51B | -$2.13B | -$1.21B | -$803M | -$192M | $3.01B | $4.42B |
| Shares (wtd avg diluted) | 99.3M | 101M | 104M | 103M | 106M | 109M | 111M | 105M | 97.9M | 90.8M |
Every figure is extracted from TENET HEALTHCARE CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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