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Tenet Healthcare vs Universal Health Services: revenue, profit, margins and growth compared

Tenet Healthcare brought in $21.3B of revenue in fiscal 2025, Universal Health Services $17.4B in fiscal 2025. Revenue changed by +3.1% at Tenet Healthcare and +9.7% at Universal Health Services on the year before, so Universal Health Services grew faster. Tenet Healthcare kept 6.6% of its revenue as net profit, Universal Health Services 8.6%. Free cash flow was $2.5B at Tenet Healthcare and $849.2M at Universal Health Services.

Side by side, latest fiscal year

THCUHS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$21.3B$17.4B
Revenue growth+3.1%+9.7%
Net income$1.4B$1.5B
Net margin6.6%8.6%
Free cash flow$2.5B$849.2M
Free cash flow margin11.9%4.9%
Earnings per share (diluted)$15.49$23.10
Cash$2.9B$137.8M
Debt$13.2B$4.8B
Price to earnings16.87.7
Market value$20.9B$10.5B
Dividend yieldn/a0.45%
Rank by revenue in sector#28 of 523 · Health care#31 of 523 · Health care

Over the years

Revenue
THC FY2018: $18.3BTHC FY2019: $18.5BTHC FY2020: $17.6BTHC FY2021: $19.5BTHC FY2022: $19.2BTHC FY2023: $20.6BTHC FY2024: $20.7BTHC FY2025: $21.3BUHS FY2018: $10.8BUHS FY2019: $11.4BUHS FY2020: $11.6BUHS FY2021: $12.6BUHS FY2022: $13.4BUHS FY2023: $14.3BUHS FY2024: $15.8BUHS FY2025: $17.4BFY18FY19FY20FY21FY22FY23FY24FY25
THC $21.3BUHS $17.4B
Net income
THC FY2018: $104MTHC FY2019: -$215MTHC FY2020: $399MTHC FY2021: $914MTHC FY2022: $411MTHC FY2023: $611MTHC FY2024: $3.2BTHC FY2025: $1.4BUHS FY2018: $779.7MUHS FY2019: $814.9MUHS FY2020: $944MUHS FY2021: $991.6MUHS FY2022: $675.6MUHS FY2023: $717.8MUHS FY2024: $1.1BUHS FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
THC $1.4BUHS $1.5B
Net margin
THC FY2018: 0.6%THC FY2019: -1.2%THC FY2020: 2.3%THC FY2021: 4.7%THC FY2022: 2.1%THC FY2023: 3.0%THC FY2024: 15.5%THC FY2025: 6.6%UHS FY2018: 7.2%UHS FY2019: 7.2%UHS FY2020: 8.2%UHS FY2021: 7.8%UHS FY2022: 5.0%UHS FY2023: 5.0%UHS FY2024: 7.2%UHS FY2025: 8.6%FY18FY19FY20FY21FY22FY23FY24FY25
THC 6.6%UHS 8.6%
Revenue growth
THC FY2019: +0.9%THC FY2020: -4.5%THC FY2021: +10.5%THC FY2022: -1.6%THC FY2023: +7.2%THC FY2024: +0.5%THC FY2025: +3.1%UHS FY2019: +5.6%UHS FY2020: +1.6%UHS FY2021: +9.4%UHS FY2022: +6.0%UHS FY2023: +6.6%UHS FY2024: +10.8%UHS FY2025: +9.7%FY19FY20FY21FY22FY23FY24FY25
THC +3.1%UHS +9.7%
Free cash flow
THC FY2018: $432MTHC FY2019: $563MTHC FY2020: $2.9BTHC FY2021: $910MTHC FY2022: $321MTHC FY2023: $1.6BTHC FY2024: $1.1BTHC FY2025: $2.5BUHS FY2018: $609.8MUHS FY2019: $804.4MUHS FY2020: $1.6BUHS FY2021: $28MUHS FY2022: $262MUHS FY2023: $524.7MUHS FY2024: $1.1BUHS FY2025: $849.2MFY18FY19FY20FY21FY22FY23FY24FY25
THC $2.5BUHS $849.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Tenet Healthcare and Universal Health Services

Which is bigger by revenue, Tenet Healthcare or Universal Health Services?

Tenet Healthcare is bigger by revenue: $21.3B in fiscal 2025, against $17.4B for Universal Health Services in fiscal 2025.

Which keeps more of its revenue as profit, Tenet Healthcare or Universal Health Services?

Tenet Healthcare had a net margin of 6.6% in fiscal 2025; Universal Health Services had 8.6% in fiscal 2025.

Which grew revenue faster, Tenet Healthcare or Universal Health Services?

In their latest fiscal years revenue changed by +3.1% at Tenet Healthcare and +9.7% at Universal Health Services.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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