| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net income | 906 | 644 | 1,723 |
| Depreciation and amortization | 229 | 231 | 632 |
| Deferred income tax expense (benefit) | -40 | -42 | 51 |
| Stock-based compensation expense | 25 | 25 | 79 |
| Impairment and restructuring charges, and acquisition-related costs | 24 | 64 | 66 |
| Litigation and investigation costs | -27 | -30 | -34 |
| Net gains on sales, consolidation and deconsolidation of facilities | -3 | NaN | 4 |
| Net losses (gains) on sales, consolidation and deconsolidation of facilities | NaN | -1 | NaN |
| Loss from early extinguishment of debt | NaN | -4 | 0 |
| Equity in earnings of unconsolidated affiliates, net of distributions received | -29 | 21 | 13 |
| Amortization of debt discount and debt issuance costs | 5 | 5 | 18 |
| Net gains from the sale of investments and long-lived assets | 1 | 2 | 2 |
| Other items, net | -2 | 3 | 3 |
| Accounts receivable | 28 | 48 | -68 |
| Inventories and other current assets | -407 | 15 | 58 |
| Income taxes | -259 | 40 | -15 |
| Accounts payable, accrued expenses and other current liabilities | -145 | -28 | 237 |
| Other long-term liabilities | 0 | -41 | 50 |
| Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements | 57 | 37 | 84 |
| Net cash provided by operating activities | 1,641 | 731 | 2,809 |
| Purchases of property and equipment | 180 | 364 | 646 |
| Purchases of businesses or joint venture interests, net of cash acquired | 121 | 42 | 266 |
| Proceeds from sales of facilities and other assets | 2 | 20 | 18 |
| Proceeds from sales of marketable securities and long-term investments | 22 | 19 | 74 |
| Purchases of marketable securities and long-term investments | 26 | 21 | 69 |
| Other items, net | 14 | 1 | -3 |
| Net cash used in investing activities | -317 | -389 | -886 |
| Repayments of borrowings | 33 | 2,282 | 90 |
| Proceeds from borrowings | 14 | 2,255 | 21 |
| Repurchases of common stock | 318 | 198 | 1,188 |
| Debt issuance costs | NaN | 32 | NaN |
| Distributions paid to noncontrolling interests | 197 | 224 | 585 |
| Proceeds from the sale of noncontrolling interests | 6 | 15 | 27 |
| Purchases of noncontrolling interests | 549 | 4 | 88 |
| Advances from managed care payers | NaN | 0 | 0 |
| Repayments of advances from managed care payers | 0 | -1 | 33 |
| Taxes paid related to net share settlement, net of proceeds from shares issued under stock-based compensation plans | 86 | 4 | 47 |
| Other items, net | -77 | 39 | 16 |
| Net cash used in financing activities | -1,240 | -434 | -1,967 |
| Net increase (decrease) in cash and cash equivalents | 84 | -92 | -44 |
| Cash and cash equivalents at beginning of period | 2,883 | 2,975 | 3,019 |
| Cash and cash equivalents at end of period | 2,967 | 2,883 | 2,975 |
TENET HEALTHCARE CORP (THC)
TENET HEALTHCARE CORP (THC)