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Tenet Healthcare (THC) Q3 FY2023 earnings: revenue $5.1 billion, up 5.5% on the year

Tenet Healthcare Corp. (THC) reported revenue of $5.1 billion for Q3 FY2023, the quarter ended 30 September 2023, up 5.5% on the same quarter a year earlier. Net income was $101 million, down 22.9% on the year, and diluted earnings per share $0.94. The figures are the company's own, from the 10-Q it filed with the SEC on 30 October 2023.

Revenue$5.1 billionup 5.5%
Net income$101 milliondown 22.9%
Diluted EPS$0.94
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue5,066n/an/an/a
Operating income568n/an/an/a
Operating margin11.2%n/an/a
Interest expense227n/an/an/a
Pre-tax income345n/an/an/a
Income tax79.0n/an/an/a
Effective tax rate22.9%n/an/a
Net income101n/an/an/a
Net margin2.0%n/an/a
Diluted EPS$0.94n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow503n/an/an/a
Capital expenditure176n/an/an/a
Free cash flow327n/an/an/a
Free cash flow margin6.5%n/an/a
Cash from investing-169n/an/an/a
Cash from financing-214n/an/an/a
Depreciation and amortisation224n/an/an/a
Share-based compensation15.0n/an/an/a
Buybacks0.0n/an/an/a
Diluted shares, weighted104mn/an/an/a
Shares outstanding at period end102mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity1,464n/an/an/a
Non-controlling interest1,414n/an/an/a
Redeemable equity2,303n/an/an/a
Debt14,901n/an/an/a
Other liabilities7,508n/an/an/a
Total liabilities and equity27,590n/an/an/a
Goodwill10,415n/an/an/a
Intangible assets1,400n/an/an/a
Cash and equivalents1,054n/an/an/a
Receivables2,897n/an/an/a
Inventory413n/an/an/a
Other assets11,411n/an/an/a
Total assets27,590n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue5,0665,3795,3685,1035,1225,0725,2235,2715,2895,5275,3685,628
Operating income5687353,2857611,0898219438238898531,2961,501
Operating margin11%14%61%15%21%16%18%16%17%15%24%27%
Interest expense227227218203202203204206206205205204
Pre-tax income3455193,0845879226557656427126811,1321,340
Tax rate23%12%24%19%26%13%19%19%19%5%20%22%
Net income1012442,151259472318406288342371702826
Net margin2%5%40%5%9%6%8%5%6%7%13%15%
Diluted EPS$0.94$2.30$21.38$2.64$4.89$3.32$4.27$3.14$3.86$4.22$8.01$9.84
Operating cash flow5038245867471,045-3318159361,0587311,641585
Capital expenditure176208240145216330173193280364180168
Free cash flow327616346602829-6616427437783671,461417
Buybacks0.01102782701240.034874793.01983181,042
Shares outstanding102m100m98m96m95m95m93m88m88m87m86m81m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 30 October 2023, accession 0000070318-23-000055: the filing on EDGAR. All of Tenet Healthcare Corp.'s filings: EDGAR company page.

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