Tenet Healthcare (NYSE:THC) Releases Quarterly Earnings Results

Posted by George Bondi on Oct 29th, 2026

Tenet Healthcare (NYSE:THC – Get Free Report) released its earnings results on Thursday. The company reported $6.64 EPS for the quarter, beating analysts’ consensus estimates of $4.68 by $1.96, FiscalAI reports. The firm had revenue of $6.28 billion for the quarter, compared to analysts’ expectations of $5.49 billion. Tenet Healthcare had a return on equity of 26.76% and a net margin of 10.27%. The company’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.70 earnings per share.

Here are the key takeaways from Tenet Healthcare’s conference call:

Third-quarter results exceeded expectations, with $5.6 billion in revenue, $1.355 billion in adjusted EBITDA and adjusted EPS up 80% year over year to $6.64. Excluding $147 million of one-time Conifer transition benefits, core adjusted EBITDA still grew 10%.
Tenet raised 2026 adjusted EBITDA guidance by $195 million at the midpoint to $5.05 billion-$5.2 billion and increased adjusted free cash flow guidance to $1.925 billion-$2.155 billion after NCI.
USPI adjusted EBITDA increased 9.1%, while same-facility revenue rose 4.5%; total joint replacement volume grew 12.8% as Tenet expands higher-acuity services and continues investing in acquisitions and de novo centers.
Strong cash generation is supporting shareholder returns and balance-sheet flexibility. Tenet repurchased $255 million of stock in the quarter, bringing year-to-date buybacks to $1.615 billion, while leverage declined to 2.11 times EBITDA and there are no significant debt maturities until 2028.
Exchange admissions and revenue fell 18% year over year and represented about 5.5% of consolidated revenue, while management is still assessing potential 2027 headwinds from exchange enrollment declines and Medicaid work requirements. The company also expects approximately $450 million of 2026 Conifer transition EBITDA contributions not to recur in 2027.

Tenet Healthcare Stock Up 0.5%

Shares of NYSE THC traded up $1.23 during midday trading on Thursday, reaching $269.73. 1,460,210 shares of the company’s stock traded hands, compared to its average volume of 1,118,977. The company has a quick ratio of 1.35, a current ratio of 1.41 and a debt-to-equity ratio of 2.00. The stock’s 50 day simple moving average is $264.84 and its 200-day simple moving average is $219.63. Tenet Healthcare has a one year low of $157.58 and a one year high of $283.05. The company has a market cap of $21.72 billion, a price-to-earnings ratio of 10.40, a P/E/G ratio of 1.02 and a beta of 1.20.

Analyst Ratings Changes

Several research firms have recently weighed in on THC. Weiss Ratings upgraded Tenet Healthcare from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. UBS Group upped their price target on shares of Tenet Healthcare from $288.00 to $308.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Tenet Healthcare in a report on Friday, October 2nd. Raymond James Financial reiterated an “outperform” rating and set a $285.00 price objective on shares of Tenet Healthcare in a report on Friday, August 14th. Finally, TD Cowen boosted their price objective on shares of Tenet Healthcare from $233.00 to $263.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tenet Healthcare currently has a consensus rating of “Moderate Buy” and a consensus price target of $280.21.

View Our Latest Analysis on THC

Insider Buying and Selling

In other news, CEO Saumya Sutaria sold 50,000 shares of Tenet Healthcare stock in a transaction on Monday, August 24th. The stock was sold at an average price of $278.71, for a total value of $13,935,500.00. Following the transaction, the chief executive officer directly owned 483,564 shares in the company, valued at approximately $134,774,122.44. This trade represents a 9.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Tammy Romo sold 4,922 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $264.15, for a total value of $1,300,146.30. Following the completion of the transaction, the director directly owned 30,784 shares of the company’s stock, valued at approximately $8,131,593.60. The trade was a 13.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 106,484 shares of company stock valued at $28,898,063 over the last ninety days. Company insiders own 0.97% of the company’s stock.

Key Headlines Impacting Tenet Healthcare

Here are the key news stories impacting Tenet Healthcare this week:

Positive Sentiment: Major earnings and revenue beat: Tenet reported adjusted earnings of $6.64 per share, exceeding the $4.68 consensus estimate and rising from $3.70 a year earlier. Revenue reached $6.28 billion, above the $5.49 billion expected and up 6.5% year over year. Tenet Healthcare Surpasses Q3 Earnings and Revenue Estimates
Positive Sentiment: Hospital operations and cost controls drove results: Reports attributed the 79.5% earnings increase to strength in Tenet’s hospital business and disciplined expense management, supporting investor confidence in operating performance and profitability. THC Q3 Earnings Beat on Hospital Strength
Positive Sentiment: 2026 guidance was raised: Tenet increased its full-year earnings outlook and also lifted EBITDA guidance, indicating management expects the recent momentum to continue. Tenet Healthcare Sails Past Q3 Estimates and Boosts Guidance
Neutral Sentiment: Valuation and risk context: THC trades at roughly 10.4 times earnings and has a strong recent uptrend, with its 200-day moving average well below the current price. However, its debt-to-equity ratio of 2.0 remains a consideration for investors.
Neutral Sentiment: Headline results warrant scrutiny: Some coverage noted that the large earnings beat included factors that may not fully represent recurring operating performance, so investors may focus on the quality and sustainability of the gains during the earnings call.

About Tenet Healthcare

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Tenet Healthcare Corp. (NYSE: THC) is a diversified healthcare services company headquartered in Dallas, Texas. Through its hospital operations and outpatient platforms, the company provides a range of medical services to patients across the United States.

Tenet operates acute care and specialty hospitals, ambulatory surgery centers, imaging facilities and other outpatient care sites. Its United Surgical Partners International subsidiary is a major provider of ambulatory surgery services and partners with physicians and health systems.