Tenet Healthcare Corporation Earnings Recaps
Q1 2026
May 3, 2026
Tenet Healthcare's shares closed up 1.8% following Q1 2026 results, reflecting a neutral to mildly positive investor response as the company delivered results above its own expectations and reaffirmed full-year guidance. Investors appeared comfortable with steady hospital margins, solid ASC growth, and ongoing productivity measures, despite ongoing payer mix headwinds and unchanged guidance.
Key takeaways
- Q1 net operating revenues were $5.4 billion with consolidated adjusted EBITDA of $1.16 billion, representing a 21.6% margin.
- USPI segment generated $484 million in adjusted EBITDA, up 6% year over year, with 5.3% same-facility revenue growth and double-digit volume growth in total joint replacements at ASCs.
- Hospital segment posted $678 million in adjusted EBITDA (16.7% margin); exchange admissions dropped about 10% YoY due to declines in exchange coverage, but expense initiatives offset margin pressure.
- The company reaffirmed its full-year 2026 guidance, citing a dynamic operating environment and unchanged Medicaid revenue assumptions.
- Tenet repurchased 1.35 million shares for $318 million in Q1, with further share buybacks planned for 2026.
Q3 2025
Oct 29, 2025
Tenet Healthcare reported robust Q3 2025 results, with net operating revenues reaching $5.3 billion and adjusted EBITDA climbing 12% year-over-year to $1.1 billion, driven by strong same-store growth and operational efficiencies.
Key takeaways
- Adjusted EBITDA margin improved to 20.8%, reflecting operational excellence and effective cost management.
- USPI segment achieved $492 million in adjusted EBITDA, marking 12% growth, supported by an 8.3% increase in same-facility revenues.
- The company raised its full-year 2025 adjusted EBITDA guidance to $4.47 billion to $4.57 billion, a notable increase driven by strong cash collections and operational performance.
- Tenet continues to expand its footprint, acquiring 11 centers and opening 2 de novo facilities in Q3, focusing on high-acuity services.
- The company also improved its free cash flow guidance, now projecting a range of $1.495 billion to $1.695 billion, highlighting ongoing financial strength.