Key customers — 69% of revenue (the year ended December 31, 2025)
“our top 10 managed care payers generated 69% of our managed care net patient service revenues for the year ended December 31, 2025.”
Key customers — 67% of receivables (At December 31, 2025)
“At December 31, 2025, 67% of our Hospital Operations segment's net accounts receivable was due from managed care payers.”
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Tenant reported third-quarter net operating revenues of $5.6 billion and adjusted EBITDA of $1.355 billion, raised 2026 adjusted EBITDA guidance to $5.05 to $5.2 billion, and expects 2027 adjusted EBITDA growth excluding $450 million of Conifer transition contributions.
Tenet Healthcare Corp reported $342 million, or 6.5%, net operating revenue growth for the three months ended September 30, 2026. A $97 million cumulative catch-up adjustment accompanied the accelerated CommonSpirit Health transition, while total admissions rose 3.3%.
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.
Tenet Healthcare Corporation issued $2,000,000,000 of 6.250% senior notes due 2034 on September 22, 2026, financing redemption of $1.5 billion of 5.125% notes due November 2027 and $0.5 billion of 6.125% notes due October 2028.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Tenet reported third-quarter adjusted EBITDA growth, raised its 2026 adjusted EBITDA and adjusted free-cash-flow outlooks, and expects enterprise adjusted EBITDA growth in 2027 excluding Conifer transition activities. Risks include lower exchange volumes and surgical cases, higher uncompensated care, and the nonrecurrence of $450 million of 2026 Conifer transition adjusted EBITDA.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted admissions | 2.1% | Nine Months Ended September 30, 2026 | — |
| Adjusted diluted earnings per share non-GAAP | $17.5 | Nine Months Ended September 30, 2026 | — |
| Adjusted EBITDA non-GAAP | $818M | Three Months Ended September 30, 2026 | — |
| Adjusted EBITDA less NCI non-GAAP | $948M | Nine Months Ended September 30, 2026 | — |
| adjusted free cash flow non-GAAP | 2.52B | Nine Months Ended September 30, 2026 | — |
| Adjusted net cash provided by operating activities non-GAAP | $1.3B | Q3 | — |
| Admissions | 1.8% | Nine Months Ended September 30, 2026 | — |
| Ambulatory Care Adjusted EBITDA non-GAAP | $537M | third quarter 2026 | — |
| ambulatory surgery centers | 535 | September 30, 2026 | — |
| Consolidated Adjusted EBITDA non-GAAP | 1.36B | third quarter 2026 | — |
| Emergency Room visits (inpatient and outpatient) | 4% | Three Months Ended September 30, 2026 | — |
| favorable net impact to Adjusted EBITDA non-GAAP | $147M | third quarter 2026 | — |
| Free cash flow non-GAAP | $1.08B | Q3 | — |
| Hospital surgeries | -1.1% | Three Months Ended September 30, 2026 | — |
| Outpatient visits (including outpatient ER visits) | 0.1% | Three Months Ended September 30, 2026 | — |
| Same-facility system-wide net patient service revenue per case | 6% | Nine Months Ended September 30, 2026 | — |
| Same-facility system-wide net patient service revenues | 5.1% | Nine Months Ended September 30, 2026 | — |
| Same-facility system-wide surgical cases | -0.8% | Nine Months Ended September 30, 2026 | — |
| Same-facility system-wide surgical cases on same-business day basis | -0.8% | Nine Months Ended September 30, 2026 | — |
| Same-hospital net patient service revenue per adjusted admission | 0.2% | third quarter 2026 | — |
| states | 37 | September 30, 2026 | — |
| surgical hospitals | 25 | September 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
THC
this stock
Tenet Healthcare Corp
|
$22.76B | +43.9% | +0.9% | 8.3 | 2.2% |
|
HCA
HCA Healthcare, Inc.
|
$104.25B | +6.9% | +7.1% | 16.6 | 2.3% |
|
FSNUY
Fresenius SE & Co. KGaA
|
$33.34B | +3.3% | — | — | 0.0% |
|
EHC
Encompass Health Corp
|
$13.83B | +32.8% | +10.5% | 22.0 | 3.7% |
|
FMS
Fresenius Medical Care AG
|
$11.43B | -7.5% | +5.9% | — | 0.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
Tenet Healthcare Corp reported $342 million, or 6.5%, net operating revenue growth for the three months ended September 30, 2026. A $97 million cumulative catch-up adjustment accompanied the accelerated CommonSpirit Health transition, while total admissions rose 3.3%.
View| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| THC | +1.0% | +7.0% | +62.2% | +4.7% | +43.9% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | -1.6% | +8.2% | +61.7% | +4.9% | +33.3% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
