Tenet Healthcare Corp 8-K, filed Oct 29, 2026

Tenet Healthcare Corp (THC)

8-K 2026-10-29 For: 2026-10-29

Added on October 29, 2026

About this 8-K

Tenet Healthcare Corp filed this 8-K on October 29, 2026.

Tenet Healthcare Corporation reported third quarter 2026 net income of $1.000 billion, diluted EPS of $12.41 and Adjusted EBITDA of $1.355 billion, and raised FY 2026 Adjusted EBITDA outlook to $5.05 billion to $5.20 billion. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Exhibit No.						Description
99.1						Press Release issued on October 29, 2026
104						Cover Page Interactive Data File (embedded within the inline XBRL document)


		TENET HEALTHCARE CORPORATION

Date: October 29, 2026	By:	/s/ J. MICHAEL GROOMS
		J. Michael Grooms
		Senior Vice President, Controller


	Three Months Ended September 30,		Nine Months Ended September 30,
($ in millions, except per share results)	2026	2025	2026	2025
Net operating revenues7	$5,631	$5,289	$16,627	$15,783
Net income available to Tenet common shareholders	$1,000	$342	$2,528	$1,036
Net income available to Tenet common shareholders per diluted share	$12.41	$3.86	$30.08	$11.28

Adjusted EBITDA1	$1,355	$1,099	$3,821	$3,383
Adjusted diluted earnings per share1	$6.64	$3.70	$17.50	$12.10


	Three Months Ended September 30,				Nine Months Ended September 30,
Ambulatory segment results ($ in millions)	2026		2025		2026		2025
Revenues
Net operating revenues	$1,371		$1,275		$4,079		$3,739
Same-facility system-wide net patient service revenues2	$2,224		$2,129		$6,515		$6,196
Changes versus the Prior-Year Period
Same-facility system-wide net patient service revenues	4.5	%	8.3	%	5.1	%	7.5	%
Same-facility system-wide net patient service revenue per case	6.1	%	6.1	%	6.0	%	7.7	%
Same-facility system-wide surgical cases2	(1.5)	%	2.1	%	(0.8)	%	(0.2)	%
Same-facility system-wide surgical cases on same-business day basis2	(1.5)	%	2.1	%	(0.8)	%	0.4	%
Adjusted EBITDA, Margins and NCI

Adjusted EBITDA	$537		$492		$1,563		$1,446

Adjusted EBITDA margin	39.2	%	38.6	%	38.3	%	38.7	%



Adjusted EBITDA less NCI	$327		$292		$948		$874


	Three Months Ended September 30,				Nine Months Ended September 30,
Hospital segment results ($ in millions)	2026		2025		2026		2025
Revenues
Net operating revenues7	$4,260		$4,014		$12,548		$12,044

Same-hospital net patient service revenues3	$3,571		$3,453		$10,678		$10,385
Same-Hospital Volume Changes versus the Prior-Year Period
Admissions	2.8	%	1.5	%	1.8	%	2.5	%
Adjusted admissions4	3.2	%	1.4	%	2.1	%	1.6	%
Outpatient visits (including outpatient ER visits)	0.1	%	(1.5)	%	(0.9)	%	(1.4)	%
Emergency Room visits (inpatient and outpatient)	4.0	%	(2.0)	%	0.9	%	(1.8)	%
Hospital surgeries	(1.1)	%	0.7	%	(0.9)	%	(0.8)	%
Adjusted EBITDA

Adjusted EBITDA	$818		$607		$2,258		$1,937

Adjusted EBITDA margin	19.2	%	15.1	%	18.0	%	16.1	%


CONSOLIDATED ($ in millions, except per share amounts)						FY 2026 Outlook
Net operating revenues7						$22,050 to $22,450
Net income available to Tenet common shareholders						$2,973 to $3,078
Adjusted EBITDA						$5,050 to $5,200
Adjusted EBITDA margin						22.9% to 23.2%
Diluted income per common share						$35.82 to $37.08
Adjusted net income						$1,830 to $1,910
Adjusted diluted earnings per share						$22.05 to $23.01
Equity in earnings of unconsolidated affiliates						$265 to $275
Depreciation and amortization						$865 to $915
Interest expense						$815 to $825
Income tax expense5						$1,135 to $1,170
Net income available to NCI						$910 to $960
Weighted average diluted common shares						~83 million


Net cash provided by operating activities						$3,885 to $4,315
Adjusted net cash provided by operating activities						$3,525 to $3,925
Capital expenditures						$700 to $800
Free cash flow						$3,185 to $3,515
Adjusted free cash flow						$2,825 to $3,125
NCI cash distributions						$900 to $970


Ambulatory Segment ($ in millions)			FY 2026 Outlook
Net operating revenues			$5,530 to $5,670
Adjusted EBITDA			$2,160 to $2,220
NCI			$865 to $895
Adjusted EBITDA less NCI			$1,295 to $1,325



Changes versus prior year6:
Same-facility system-wide revenues			Up 3.0% to 6.0%


Hospital Segment ($ in millions)			FY 2026 Outlook
Net operating revenues7			$16,520 to $16,780
Adjusted EBITDA			$2,890 to $2,980
NCI			$45 to $65


Changes versus prior year6:
Inpatient admissions			Up 1.0% to 2.0%

Adjusted admissions			Up 1.0% to 2.0%


Investor Contact						Media Contact
Will McDowell						Olivia E. Nadler
469-893-2387						469-893-6352
william.mcdowell@tenethealth.com						mediarelations@tenethealth.com


Description			Page
Consolidated Statements of Operations			12

Consolidated Balance Sheets			14
Consolidated Statements of Cash Flows			15
Segment Reporting			16
Table #1 – Reconciliations o f Net Income to Adjusted Net Income			17
Table #2 – Reconciliations o f Net Income to Adjusted EBITDA			18
Table #3 – Reconciliations of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow			19
Table #4 – Reconciliations of Outlook Net Income to Outlook Adjusted Net Income			20
Table #5 – Reconciliations of Outlook Net Income to Outlook Adjusted EBITDA			21
Table #6 – Reconciliations of Outlook Net C ash Provided by Operating Activities to Outlook Free Cash Flow and Outlook Adjusted Free Cash Flow			22


(Dollars in millions, except per share amounts)	Three Months Ended September 30,
	2026		%		2025		%		Change
Net operating revenues	$	5,631	100.0	%	$	5,289	100.0	%	6.5	%

Revenue from contract termination	646		11.5	%	—		—	%	100.0	%
Equity in earnings of unconsolidated affiliates	64		1.1	%	64		1.2	%	—	%
Operating expenses:
Salaries, wages and benefits	2,173		38.6	%	2,204		41.7	%	(1.4)	%
Supplies	983		17.5	%	931		17.6	%	5.6	%
Other operating expenses, net	1,184		21.0	%	1,119		21.2	%	5.8	%
Depreciation and amortization	217		3.8	%	218		4.1	%
Impairment and restructuring charges, and acquisition-related costs	37		0.7	%	23		0.4	%
Litigation and investigation costs (benefit)	6		0.1	%	(11)		(0.2)	%
Net gains on sales, consolidation and deconsolidation of facilities	(9)		(0.2)	%	(20)		(0.4)	%
Operating income	1,750		31.1	%	889		16.8	%
Interest expense	(203)				(206)
Other non-operating income, net	37				29
Loss from early extinguishment of debt	(5)				—
Income before income taxes	1,579				712
Income tax expense	(360)				(133)





Net income	1,219				579
Less: Net income available to noncontrolling interests	219				237




Net income available to Tenet Healthcare Corporation common shareholders	$	1,000			$	342

Earnings per share available to Tenet Healthcare Corporation common shareholders:



Basic	$	12.48			$	3.89



Diluted	$	12.41			$	3.86

Weighted average shares and dilutive securities outstanding (in thousands):
Basic	80,134				87,951
Diluted	80,600				88,610


(Dollars in millions)	September 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	2,674	$	2,883
Accounts receivable	2,595		2,565
Inventories of supplies, at cost	340		348

Assets held for sale	62		62
Other current assets	2,757		1,991
Total current assets	8,428		7,849
Investments and other assets	3,958		2,883
Deferred income taxes	49		84
Property and equipment, at cost, less accumulated depreciation and amortization	6,290		6,315
Goodwill	11,641		11,198
Other intangible assets, at cost, less accumulated amortization	1,226		1,348
Total assets	$	31,592	$	29,677

LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	164	$	79
Accounts payable	1,387		1,360
Accrued compensation and benefits	873		858
Professional and general liability reserves	317		276
Accrued interest payable	213		81


Income tax payable	22		—
Other current liabilities	2,342		1,809
Total current liabilities	5,318		4,463
Long-term debt, net of current portion	13,079		13,092
Professional and general liability reserves	979		951
Defined benefit plan obligations	238		245
Deferred income taxes	529		240
Other long-term liabilities	1,855		1,713
Total liabilities	21,998		20,704
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries	2,179		2,956
Equity:
Shareholders’ equity:
Common stock	8		8
Additional paid-in capital	5,236		4,914
Accumulated other comprehensive loss	(178)		(181)
Retained earnings	6,943		4,415
Common stock in treasury, at cost	(6,565)		(4,936)
Total shareholders’ equity	5,444		4,220
Noncontrolling interests	1,971		1,797
Total equity	7,415		6,017
Total liabilities and equity	$	31,592	$	29,677


	Nine Months Ended
	September 30,
(Dollars in millions)	2026		2025
Net income	$	3,170	$	1,723
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	661		632
Deferred income tax expense	324		51
Stock-based compensation expense	104		79
Impairment and restructuring charges, and acquisition-related costs	92		66
Litigation and investigation costs	36		34
Net gains on sales, consolidation and deconsolidation of facilities	(43)		(4)
Loss from early extinguishment of debt	5		—
Equity in earnings of unconsolidated affiliates, net of distributions received	(11)		(13)
Amortization of debt discount and debt issuance costs	16		18


Other items, net	(11)		(5)
Changes in cash from operating assets and liabilities:
Accounts receivable	(11)		68
Inventories and other current assets	211		(58)
Income taxes	63		15
Accounts payable, accrued expenses and other current liabilities	(1,042)		237
Other long-term liabilities	46		50
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements	(103)		(84)

Net cash provided by operating activities	3,507		2,809
Cash flows from investing activities:
Purchases of property and equipment	(546)		(646)
Purchases of businesses or joint venture interests, net of cash acquired	(201)		(266)
Proceeds from sales of facilities and other assets	11		18
Proceeds from sales of marketable securities and long-term investments	66		74
Purchases of marketable securities and long-term investments	(122)		(69)

Other items, net	(26)		3
Net cash used in investing activities	(818)		(886)
Cash flows from financing activities:


Repayments of borrowings	(2,087)		(90)
Proceeds from borrowings	2,041		21
Repurchases of common stock	(1,615)		(1,188)
Debt issuance costs	(22)		—
Distributions paid to noncontrolling interests	(614)		(585)
Proceeds from the sale of noncontrolling interests	33		27
Purchases of noncontrolling interests	(583)		(88)

Repayments of advances from managed care payers	—		(33)
Taxes paid related to net share settlement, net of proceeds from shares issued under stock‑based compensation plans	(84)		(47)

Other items, net	33		16
Net cash used in financing activities	(2,898)		(1,967)
Net decrease in cash and cash equivalents	(209)		(44)
Cash and cash equivalents at beginning of period	2,883		3,019
Cash and cash equivalents at end of period	$	2,674	$	2,975
Supplemental disclosures:
Interest paid, net of capitalized interest	$	(464)	$	(499)
Income tax payments, net	$	(493)	$	(329)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(Dollars in millions)	2026			2025			2026			2025
Net operating revenues:
Ambulatory Care	$	1,371		$	1,275		$	4,079		$	3,739
Hospital Operations and Services	4,260			4,014			12,548			12,044
Total	$	5,631		$	5,289		$	16,627		$	15,783

Equity in earnings of unconsolidated affiliates:
Ambulatory Care	$	64		$	63		$	179		$	176
Hospital Operations and Services	—			1			1			5
Total	$	64		$	64		$	180		$	181

Adjusted EBITDA:
Ambulatory Care	$	537		$	492		$	1,563		$	1,446
Hospital Operations and Services	818			607			2,258			1,937
Total	$	1,355		$	1,099		$	3,821		$	3,383

Adjusted EBITDA margins:
Ambulatory Care	39.2		%	38.6		%	38.3		%	38.7		%
Hospital Operations and Services	19.2		%	15.1		%	18.0		%	16.1		%
Total	24.1		%	20.8		%	23.0		%	21.4		%






Capital expenditures:
Ambulatory Care	$	40		$	38		$	110		$	90
Hospital Operations and Services	158			242			436			556
Total	$	198		$	280		$	546		$	646


Item 2.02.			Results of Operations and Financial Condition.


Item 9.01.			Financial Statements and Exhibits.


	FY 2026
(Dollars in millions)	Low		High
Net cash provided by operating activities	$	3,885	$	4,315
Purchases of property and equipment	(700)		(800)
Free cash flow	$	3,185	$	3,515





Net cash provided by operating activities	$	3,885	$	4,315
Less:
Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(1)	(180)		(150)
Cash received for contract termination	540		540
Adjusted net cash provided by operating activities	3,525		3,925
Purchases of property and equipment	(700)		(800)
Adjusted free cash flow(2)	$	2,825	$	3,125

(1) The figures shown represent the Company's estimate for restructuring payments plus the actual year-to-date payments for restructuring charges, acquisition-related costs, and litigation costs or settlements. The Company does not generally forecast payments for acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook.
(2) The Company’s definition of Adjusted Free Cash Flow does not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company’s Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, and (ii) distributions paid to noncontrolling interests.