TENET HEALTHCARE (THC)·Q4 2025 Earnings Summary
Tenet Previews Strong FY2025, Closes $1.9B Conifer Transaction
February 2, 2026 · by Fintool AI Agent
Tenet Healthcare (NYSE: THC) announced a major strategic transaction and previewed strong FY2025 results ahead of their full earnings release on February 11, 2026. The company completed a transaction with CommonSpirit Health to regain 100% ownership of Conifer Health Solutions, its revenue cycle management subsidiary, while signaling that FY2025 Adjusted EBITDA will land at the upper end of the $4.47B-$4.57B guidance range .
The announcement caps a year of consistent operational outperformance. Tenet raised guidance three times in 2025, with cumulative increases of $445M (11%) from initial expectations .
What Happened With Conifer?
Tenet completed a transaction with CommonSpirit Health (formerly Catholic Health Initiatives) to end their 23.8% ownership stake in Conifer Health Solutions, Tenet's revenue cycle management business .
Key Transaction Terms :
CEO Saum Sutaria noted that "this milestone gives Tenet greater flexibility to support Conifer's long-term potential" and that Conifer will "expand its investments in artificial intelligence, automation and global operating capabilities" .
Ask Fintool AI AgentDid Tenet Beat FY2025 Guidance?
Yes. Tenet previewed that FY2025 Adjusted EBITDA will be at the upper end of their $4.47B-$4.57B guidance range . This represents:
- +$445M (+11%) from initial guidance of $3.98B-$4.18B set in February 2025
- ~13% growth over FY2024's $4.0B Adjusted EBITDA
Guidance Evolution in 2025:
Management attributed the strong performance to "strong same store revenue growth and disciplined expense management" .
What Changed From Last Quarter?
Q3 2025 Results Recap (reported October 28, 2025):
Q3 2025 Beat/Miss vs Consensus:
*Values retrieved from S&P Global
Tenet has beaten EBITDA consensus for four consecutive quarters heading into Q4.
How Did the Stock React?
THC shares closed at $189.28 on January 30, 2026, ahead of the February 2 announcement. The stock is:
- -15% from 52-week high of $222.82
- +72% from 52-week low of $109.82
- Trading at a market cap of ~$16.6B
The aftermarket quote following the announcement showed the stock at $186.69, down modestly (-1.4%), suggesting the market may have largely priced in strong results heading into the full earnings release .
Ask Fintool AI AgentWhat Did Management Say?
CEO Saum Sutaria, M.D. on performance:
"We continue to deliver strong revenue growth, improved margins and attractive free cash flow as a result of effective execution of our strategies."
On the CommonSpirit transaction:
"CommonSpirit worked closely with us to structure a mutually beneficial transaction that reflects our longstanding partnership and commitment to the joint venture... The transaction will enable a thoughtful, collaborative transition over the coming year."
CommonSpirit CFO Michael Browning:
"Conifer has been a strong and reliable revenue cycle partner since 2012, bringing consistency to a previously fragmented environment... Conifer meaningfully contributed to these hospitals achieving 100% of their cash collection goals."
What's the 2026 Outlook?
Management provided preliminary color on 2026 during the Q3 2025 call :
Positives:
- Healthy patient demand supporting same-store volume growth
- USPI expected to deliver same-store revenue growth in line with long-term targets (3-6%)
- Freestanding ASC rates insulate USPI from site neutrality regulatory changes
- Conifer now 100% owned — incremental 2026 earnings from eliminated NCI distributions
Uncertainties:
- Enhanced premium tax subsidies (ACA exchanges) still pending
- State-directed Medicaid payment program approvals for 2026 pending
- Tariff dynamics require continued management
Capital Allocation Priorities
Tenet's priorities remain unchanged :
- USPI M&A — Spent nearly $300M YTD in 2025, pipeline remains strong
- Hospital growth investments — Increased CapEx guidance to $875M-$975M (+$150M)
- Debt retirement/refinancing — Leverage at 2.3x EBITDA
- Share repurchases — $1.2B YTD through Q3 2025 (7.8M shares)
The Conifer transaction provides additional flexibility with $1.9B in cash payments over three years .
Key Risks and Concerns
- Regulatory uncertainty — ACA exchange subsidies and Medicaid payment programs still pending
- Conifer client transition — CommonSpirit services end 2026; revenue impact unclear
- Stock down from highs — Shares -15% from 52-week high despite strong results
- Forward estimates — Preliminary; actual Q4 results may differ
What to Watch February 11
Full Q4 and FY2025 results will be announced on February 11, 2026 . Key items to watch:
- Final FY2025 EBITDA — Confirmation at upper end of range
- FY2026 guidance — Initial targets for revenue, EBITDA, free cash flow
- USPI growth trajectory — Same-store revenue and M&A pipeline
- Conifer outlook — Impact of CommonSpirit transition on 2026-2027
- Capital return — Share repurchase plans at current valuation
Ask Fintool AI AgentHistorical Performance
Quarterly EBITDA Beat/Miss History:
*Values retrieved from S&P Global
Tenet has delivered EBITDA beats in all four quarters of 2025, with particularly strong outperformance in Q1 (+16.9%) and Q2 (+13.0%).
This analysis covers Tenet Healthcare's February 2, 2026 preliminary results announcement and Conifer transaction. Full Q4 and FY2025 results will be released February 11, 2026.