Tenet Healthcare Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,407	3,200	611	411	914
Depreciation & Amortization	863	818	870	841	855
Other Amortization	23	26	32	33	33
Loss (Gain) From Sale of Assets	1	-2,916	-23	-1	-445
Asset Writedown & Restructuring Costs	-16	-90	-32	-2	-68
Loss (Gain) From Sale of Investments	-4	-4	-29	-117	-23
Loss (Gain) on Equity Investments	-34	-29	-13	2	-10
Stock-Based Compensation	104	67	66	56	56
Other Operating Activities	1,056	839	821	1,003	993
Change in Accounts Receivable	20	245	-29	-140	-197
Change in Inventory	-73	-86	-139	-64	-52
Change in Accounts Payable	209	-30	215	-898	-584
Change in Income Taxes	-25	16	10	-26	68
Change in Other Net Operating Assets	9	-9	14	-15	28
Operating Cash Flow	3,540	2,047	2,374	1,083	1,568
Operating Cash Flow Growth	72.94%	-13.77%	119.21%	-30.93%	-53.98%
Capital Expenditures	-1,010	-931	-751	-762	-658
Cash Acquisitions	-308	-571	-224	-234	-1,220
Divestitures	38	4,981	71	210	1,248
Investment in Securities	3	-31	-54	-16	-77
Other Investing Activities	2	-19	-11	-6	-7
Investing Cash Flow	-1,275	3,429	-969	-808	-714
Long-Term Debt Issued	2,276	23	1,370	2,023	2,872
Total Debt Issued	2,276	23	1,370	2,023	2,872
Long-Term Debt Repaid	-2,372	-2,243	-1,542	-2,851	-3,221
Total Debt Repaid	-2,372	-2,243	-1,542	-2,851	-3,221
Net Debt Issued (Repaid)	-96	-2,220	-172	-828	-349
Repurchase of Common Stock	-1,437	-697	-212	-250	-
Other Financing Activities	-868	-768	-651	-703	-587
Financing Cash Flow	-2,401	-3,685	-1,035	-1,781	-936
Net Cash Flow	-136	1,791	370	-1,506	-82
Free Cash Flow	2,530	1,116	1,623	321	910
Free Cash Flow Growth	126.70%	-31.24%	405.61%	-64.72%	-68.26%
Free Cash Flow Margin	11.87%	5.40%	7.89%	1.67%	4.67%
Free Cash Flow Per Share	27.85	11.40	15.49	2.90	8.38
Cash Interest Paid	865	851	882	848	937
Cash Income Tax Paid	450	1,271	243	161	92
Levered Free Cash Flow	1,677	2,329	903	103.88	1,559
Unlevered Free Cash Flow	2,168	2,819	1,434	627.13	2,103
Change in Working Capital	140	136	71	-1,143	-737

Source: S&P Global Market Intelligence. Standard template. Financial Sources.