Earnings summaries and quarterly performance for TENET HEALTHCARE.
Executive leadership at TENET HEALTHCARE.
Saum Sutaria
Detailed
Chief Executive Officer
CEO
LF
Lisa Foo
Detailed
Chief Operating Officer
PA
Paola Arbour
Detailed
Executive Vice President and Chief Information Officer
SP
Sun Park
Detailed
Executive Vice President and Chief Financial Officer
TA
Thomas Arnst
Detailed
Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary
Board of directors at TENET HEALTHCARE.
CH
Cecil Haney
Detailed
Director
CL
Christopher Lynch
Detailed
Director
JR
J. Robert Kerrey
Detailed
Lead Independent Director
JB
James Bierman
Detailed
Director
MF
Meghan FitzGerald
Detailed
Director
NW
Nadja West
Detailed
Director
RF
Richard Fisher
Detailed
Director
RM
Richard Mark
Detailed
Director
RB
Roy Blunt
Detailed
Director
SR
Stephen Rusckowski
Detailed
Director
TR
Tammy Romo
Detailed
Director
VA
Vineeta Agarwala
Detailed
Director
Research analysts who have asked questions during TENET HEALTHCARE earnings calls.
JL
Justin Lake
Wolfe Research, LLC
8 questions for THC
Also covers: AGL, CI, CNC +8 more
BR
Benjamin Rossi
JPMorgan Chase & Co.
7 questions for THC
Also covers: AMED, ARDT, AVAH +7 more
Whit Mayo
Leerink Partners
7 questions for THC
Also covers: ACHC, AHCO, ALHC +12 more
RL
Ryan Langston
TD Cowen
6 questions for THC
Also covers: ACHC, ADUS, AGL +15 more
AH
Ann Hynes
Mizuho Financial Group
5 questions for THC
Also covers: ACHC, ARDT, BTSG +21 more
CH
Craig Hettenbach
Morgan Stanley
5 questions for THC
Also covers: ACCD, AMWL, ARDT +10 more
JR
John Ransom
Raymond James
5 questions for THC
Also covers: ACHC, ADUS, ALHC +11 more
KF
Kevin Fischbeck
Bank of America
5 questions for THC
Also covers: AMN, ARDT, CCRN +9 more
AR
A.J. Rice
UBS
4 questions for THC
Also covers: ACHC, ADUS, AMN +14 more
Andrew Mok
Barclays
4 questions for THC
Also covers: ACHC, ADUS, AGL +21 more
Brian Tanquilut
Jefferies
4 questions for THC
Also covers: ACHC, ADUS, AHCO +31 more
Josh Raskin
Nathron Research
4 questions for THC
Also covers: BKD, CNC, CYH +6 more
Joshua Raskin
Nephron Research
4 questions for THC
Also covers: AIRS, BKD, CI +13 more
PC
Pito Chickering
Deutsche Bank
4 questions for THC
Also covers: ACHC, AHCO, AVAH +18 more
Sarah James
Cantor Fitzgerald
4 questions for THC
Also covers: ACHC, AMED, CI +15 more
SF
Scott Fidel
Stephens Inc.
4 questions for THC
Also covers: ACHC, ADUS, ALHC +17 more
Stephen Baxter
Wells Fargo & Company
4 questions for THC
Also covers: AGL, BTSG, CAH +15 more
Thomas Walsh
Barclays
4 questions for THC
Also covers: ACHC, AGL
AR
A.J. Rice
UBS Group AG
3 questions for THC
Also covers: ACHC, AMED, AMN +21 more
Benjamin Hendrix
RBC Capital Markets
3 questions for THC
Also covers: ACHC, ADUS, AHCO +25 more
JG
Joanna Gajuk
Bank of America
3 questions for THC
Also covers: ACHC, ADC, ADUS +22 more
MG
Matthew Gillmor
KeyCorp
3 questions for THC
Also covers: ACHC, ADUS, ALHC +11 more
BH
Ben Hendricks
RBC Capital Markets
2 questions for THC
Also covers: ACHC, ADUS, BKD +10 more
JP
Jamie Perse
The Goldman Sachs Group, Inc.
2 questions for THC
Also covers: BTSG, CON, DOCS +8 more
Jason Cassorla
Guggenheim Partners
2 questions for THC
Also covers: ACHC, ARDT, CI +8 more
MG
Matthew Gilmore
KeyBanc Capital Markets
2 questions for THC
Also covers: ACHC, ALHC, EVH +3 more
Michael Ha
Robert W. Baird & Co.
2 questions for THC
Also covers: AGL, ALHC, ASTH +7 more
PC
Peter Chickering
Deutsche Bank AG
2 questions for THC
Also covers: BSX, DVA
AR
Albert Rice
UBS
1 question for THC
Also covers: ACHC, AMED, AMN +21 more
BM
Benjamin Mayo
Leerink Partners
1 question for THC
Also covers: ACHC, AGL, AMED +10 more
MM
Mike Murray
RBC Capital Markets
1 question for THC
Also covers: ADUS
Stephen Baxter
Wells Fargo
1 question for THC
Also covers: AGL, BTSG, CAH +11 more
Recent press releases and 8-K filings for THC.
Tenet Healthcare Reports Strong Q4 2025 Results and Provides 2026 Guidance
THC
Earnings
Guidance Update
Share Buyback
- Tenet Healthcare reported 2025 net operating revenues of $21.3 billion and consolidated Adjusted EBITDA of $4.566 billion, marking a 14% growth over 2024. The full-year Adjusted EBITDA margin improved by 210 basis points to 21.4%.
- For 2026, the company provided guidance for consolidated Adjusted EBITDA in the range of $4.485 billion-$4.785 billion and consolidated net operating revenues between $21.5 billion-$22.3 billion. Adjusted free cash flows are projected to be $2.5 billion-$2.8 billion.
- USPI's Adjusted EBITDA grew 12% to $2.026 billion in 2025 and is anticipated to be $2.13 billion-$2.23 billion in 2026. The hospital segment's Adjusted EBITDA grew 16% to $2.54 billion in 2025 and is projected to be $2.355 billion-$2.555 billion in 2026.
- The company repurchased 8.8 million shares for $1.386 billion in 2025 and plans to continue share repurchases, having retired approximately 22% of outstanding shares for around $2.5 billion since Q4 2022.
- Management is focusing on structural expense management and technology deployment for future efficiencies , while anticipating a $250 million impact to 2026 Adjusted EBITDA due to the expiration of enhanced premium tax credits.
Feb 11, 2026, 3:00 PM
Tenet Healthcare Reports Strong 2025 Results and Provides 2026 Guidance
THC
Earnings
Guidance Update
Share Buyback
- Full-year 2025 net operating revenues reached $21.3 billion and consolidated adjusted EBITDA was $4.57 billion, marking a 14% increase over 2024 with an adjusted EBITDA margin of 21.4%.
- For full-year 2026, Adjusted EBITDA is projected to be between $4.485 billion and $4.785 billion, with USPI contributing $2.13 billion to $2.23 billion and the hospital segment $2.355 billion to $2.555 billion.
- The company generated $2.53 billion in free cash flow in 2025 and repurchased 8.8 million shares for $1.386 billion during the year, contributing to approximately 22% of outstanding shares retired since Q4 2022 for $2.5 billion.
- The expiration of enhanced premium tax credits is expected to create a $250 million headwind to 2026 Adjusted EBITDA, primarily in the hospital segment, based on an assumed 20% reduction in overall enrollment.
- A Conifer transaction was completed, involving the retirement of $885 million in obligations and the receipt of $1.9 billion in accelerated cash flow, yielding an after-tax net present value of approximately $1.1 billion.
Feb 11, 2026, 3:00 PM
Tenet Healthcare Reports Strong Q4 2025 Results and Provides FY 2026 Outlook
THC
Earnings
Guidance Update
New Projects/Investments
- Tenet Healthcare reported strong Q4 2025 results, with Consolidated Adjusted EBITDA growing 13% to $1.183 billion and Adjusted Diluted EPS growing 37%.
- Both the Ambulatory and Hospitals segments demonstrated significant growth in Q4 2025, with Ambulatory Adjusted EBITDA growing 9.4% and Hospitals Adjusted EBITDA growing 16.4%.
- For FY 2026, the company projects net operating revenues of $21.5 to $22.3 billion and Consolidated Adjusted EBITDA of $4.485 to $4.785 billion.
- The FY 2026 outlook also includes Adjusted Diluted EPS of $16.19 to $18.47 and Adjusted Free Cash Flow less NCI distributions of $1.60 to $1.83 billion.
- The company expanded its network by adding 8 facilities in Q4 2025, bringing the total number of facilities to 559 as of December 31, 2025.
Feb 11, 2026, 3:00 PM
Tenet Healthcare Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance
THC
Earnings
Guidance Update
Share Buyback
- Tenet Healthcare reported strong financial performance for Q4 and full-year 2025, with Q4 2025 net operating revenues of $5.5 billion and consolidated adjusted EBITDA of $1.183 billion, a 13% increase over Q4 2024. For the full year 2025, net operating revenues reached $21.3 billion and consolidated adjusted EBITDA was $4.566 billion, representing a 14% increase over 2024, with an adjusted EBITDA margin of 21.4%.
- For 2026, the company projects consolidated net operating revenues between $21.5 billion and $22.3 billion, and consolidated Adjusted EBITDA in the range of $4.485 billion to $4.785 billion. This guidance includes an estimated $250 million headwind to Adjusted EBITDA due to the expiration of enhanced premium tax credits.
- The company generated $2.53 billion in free cash flow for full year 2025 and expects adjusted free cash flow for 2026 to be between $2.5 billion and $2.8 billion. Tenet repurchased 8.8 million shares for $1.386 billion in 2025 and has retired approximately 22% of outstanding shares for around $2.5 billion since the share repurchase program began in Q4 2022.
- USPI's adjusted EBITDA grew 12% to $2.026 billion in 2025, with a 2026 Adjusted EBITDA projection of $2.13 billion-$2.23 billion. The Conifer transaction is estimated to have an after-tax net present value of approximately $1 billion-$1.1 billion.
Feb 11, 2026, 3:00 PM
Tenet Healthcare Reports Strong Q4 and FY 2025 Results, Provides 2026 Outlook
THC
Earnings
Guidance Update
Share Buyback
- Tenet Healthcare reported net income available to common shareholders of $371 million and Adjusted diluted earnings per share of $4.70 for Q4 2025, marking a 36.6% increase in Adjusted diluted EPS compared to Q4 2024.
- For the full year 2025, the company achieved net operating revenues of $21.310 billion, Adjusted EBITDA of $4.566 billion, and free cash flow of $2.53 billion.
- Tenet provided a FY 2026 Adjusted EBITDA Outlook in the range of $4.485 billion to $4.785 billion and an Adjusted diluted earnings per share outlook of $16.19 to $18.47.
- In 2025, the company repurchased 8.8 million shares of common stock for $1.386 billion and reduced its net debt to Adjusted EBITDA ratio to 2.25x at December 31, 2025.
Feb 11, 2026, 11:47 AM
Tenet Healthcare Reports Q4 and FY 2025 Results, Issues 2026 Outlook
THC
Earnings
Guidance Update
M&A
- Tenet Healthcare reported fourth quarter 2025 Adjusted diluted earnings per share of $4.70, a 36.6% increase over the prior year, and Consolidated Adjusted EBITDA of $1.183 billion, up 12.9%. For full year 2025, the company achieved $4.566 billion in Adjusted EBITDA and $16.78 in Adjusted diluted earnings per share on $21.310 billion in net operating revenues.
- The company provided a 2026 financial outlook, expecting Adjusted EBITDA to be in the range of $4.485 billion to $4.785 billion and Adjusted diluted earnings per share between $16.19 and $18.47. Additionally, free cash flow for 2026 is projected to be $2.94 billion to $3.29 billion.
- Tenet entered into an agreement with CommonSpirit Health regarding Conifer Health Solutions, which includes $1.9 billion in payments from CommonSpirit to Tenet over three years and a $540 million payment from Conifer for CommonSpirit's equity stake, effective January 1, 2026. This transaction is anticipated to generate approximately $1.65 billion of revenue from contract termination for Tenet in 2026.
- In 2025, the company repurchased 8.8 million shares of common stock for $1.386 billion. The net debt to Adjusted EBITDA ratio improved to 2.25x at December 31, 2025, down from 2.54x at December 31, 2024.
Feb 11, 2026, 11:45 AM
Tenet Healthcare Announces $2.65 Billion Conifer Transaction
THC
M&A
New Projects/Investments
Share Buyback
- Tenet Healthcare announced the closing of an accretive asset sale regarding Conifer's revenue cycle management services contract with CommonSpirit, with a total value to Tenet of $2.65 billion.
- The transaction includes $1.9 billion in cash payments from CommonSpirit to Tenet over three years, starting with $540 million in the first quarter of 2026, offset by a $540 million payment from Tenet to CommonSpirit in Q1 2026 to redeem CommonSpirit's 23.8% equity stake in Conifer.
- The estimated annual Adjusted EBITDA less NCI from this contract in 2025 was approximately $190 million, and the transaction is valued at an approximate 14x multiple on this figure.
- This deal returns full strategic control of Conifer to Tenet, enabling continued investments in automation, AI, and offshoring, and is expected to lower NCI expense by approximately $100 million in 2026.
- Tenet plans to actively deploy capital to generate shareholder value, with share repurchase being an important priority, in addition to continued M&A in the ambulatory space and capital expenditures for organic growth.
Feb 2, 2026, 3:00 PM
Tenet Healthcare Announces Accretive Conifer Asset Sale
THC
M&A
Share Buyback
New Projects/Investments
- Tenet Healthcare (THC) announced the closing of an accretive asset sale regarding Conifer's Revenue Cycle Management Services contract with CommonSpirit, valuing the transaction at $2.65 billion.
- The deal involves $1.9 billion in cash payments to Tenet over three years, with $540 million due in Q1 2026, and is based on an approximate 14x multiple of the impacted $190 million estimated 2025 Adjusted EBITDA less NCI from the contract.
- The transaction returns full strategic control of Conifer to Tenet, resulting in a $100 million reduction in NCI expense in 2026 and enabling increased investments in automation and AI.
- Tenet plans to actively deploy capital to generate shareholder value, prioritizing share repurchases, M&A in the ambulatory space, and capital expenditures for organic growth.
Feb 2, 2026, 3:00 PM
Tenet Healthcare Closes Accretive Conifer Transaction
THC
M&A
Share Buyback
New Projects/Investments
- Tenet Healthcare (THC) announced the closing of an accretive asset sale regarding Conifer's Revenue Cycle Management Services contract with CommonSpirit, generating a total value to Tenet of $2.65 billion.
- This transaction involves $1.9 billion in cash payments from CommonSpirit to Tenet over three years, beginning with $540 million in Q1 2026, and the acquisition of CommonSpirit's 23.8% equity stake in Conifer.
- The deal is based on an approximate 14x multiple on the impacted 2025 Adjusted EBITDA less NCI of $190 million from the contract.
- For 2026, Tenet expects to recognize consistent adjusted EBITDA from the services and anticipates a reduction in NCI expense by approximately $100 million due to the retroactive equity transfer.
- The company plans to actively deploy capital for shareholder value, with share repurchase being an important priority, alongside M&A in the ambulatory space and capital expenditures for organic growth.
Feb 2, 2026, 3:00 PM
Tenet Healthcare Completes Conifer Health Solutions Transaction and Previews Strong 2025 Adjusted EBITDA
THC
M&A
Guidance Update
Earnings
- Tenet Healthcare Corporation completed a strategic transaction with CommonSpirit Health, regaining full ownership of its Conifer Health Solutions subsidiary.
- Key financial terms of the transaction include payments totaling approximately $1.9 billion from CommonSpirit to Tenet over three years, a $540 million redemption payment from Conifer to CommonSpirit, and a reduction of Tenet’s redeemable non-controlling interest and other liabilities by approximately $885 million.
- The company expects its Adjusted EBITDA for the year ended December 31, 2025, to be at the upper end of its guidance range of $4.47 billion to $4.57 billion.
Feb 2, 2026, 11:47 AM
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