The earnings call showcased strong financial performance with significant revenue and EBITDA growth, particularly in the USPI and hospital segments. The expansion of the share repurchase program and raised full-year guidance further underscore the company's robust financial health. However, a slight reduction in volume guidance and a decrease in USPI case volumes were noted as potential areas of concern. Despite these issues, the positive aspects significantly outweigh the negatives.

Company Guidance -

Q3 2025

In the second quarter of 2025, Tenet Healthcare Corporation reported robust financial performance with net operating revenues reaching $5.3 billion and a consolidated adjusted EBITDA of $1.121 billion, marking a 19% increase over the previous year. The adjusted EBITDA margin improved by 280 basis points to 21.3%, driven by efficient operations and strong same-store growth. USPI, a key segment, posted an 11% increase in adjusted EBITDA to $498 million, supported by a 7.7% rise in same facility revenues. The hospital segment also showed strength, with adjusted EBITDA increasing by 25% to $623 million, aided by a 1.6% rise in same-store admissions and a 5.2% rise in revenue per adjusted admission. Looking forward, Tenet raised its full-year 2025 adjusted EBITDA guidance to a range of $4.4 to $4.54 billion, reflecting a $395 million increase at the midpoint, attributed to fundamental business strength and anticipated growth. Additionally, their cash flow generation remains strong, with $743 million of free cash flow in the second quarter and cash on hand totaling $2.6 billion as of June 30, 2025. The board has authorized a $1.5 billion increase in the share repurchase program, underscoring confidence in continued financial flexibility and shareholder value creation.

Strong Revenue and EBITDA Growth

Net operating revenues for Q2 2025 were $5.3 billion with a consolidated adjusted EBITDA of $1.121 billion, representing a 19% growth over Q2 2024. Adjusted EBITDA margin improved by 280 basis points to 21.3%.

USPI Performance

USPI's adjusted EBITDA grew 11% year-over-year with a margin of 39.2%. Same facility revenues increased by 7.7% with a 12.6% growth in total joint replacements in ASCs.

Hospital Segment Growth

Adjusted EBITDA for the hospital segment grew 25% to $623 million in Q2 2025, with margins up 300 basis points to 15.6%. Same hospital inpatient admissions increased by 1.6%.

Share Repurchase Program Expansion

$1.1 billion was deployed to repurchase 7.2 million shares in H1 2025. The board authorized an additional $1.5 billion increase to the share repurchase program.

Increased Full-Year Guidance

Full-year 2025 adjusted EBITDA guidance was raised by $395 million to a range of $4.4 to $4.54 billion, reflecting a 12% growth over 2024.

Tenet Healthcare (THC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

THC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	3.21 / -	2.93	―	―	―
Jul 22, 2025	2025 (Q2)	2.88 / 4.02	2.31	74.03% (+1.71)
Apr 29, 2025	2025 (Q1)	3.12 / 4.36	3.22	35.40% (+1.14)
Feb 12, 2025	2024 (Q4)	2.95 / 3.44	2.68	28.36% (+0.76)
Oct 29, 2024	2024 (Q3)	2.37 / 2.93	1.44	103.47% (+1.49)
Jul 24, 2024	2024 (Q2)	1.91 / 2.31	1.44	60.42% (+0.87)
Apr 30, 2024	2024 (Q1)	1.45 / 3.22	1.42	126.76% (+1.80)
Feb 08, 2024	2023 (Q4)	1.60 / 2.68	1.96	36.73% (+0.72)
Oct 30, 2023	2023 (Q3)	1.20 / 1.44	1.44	0.00% (0.00)
Jul 31, 2023	2023 (Q2)	1.25 / 1.44	1.5	-4.00% (-0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

THC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$174.65	$155.97	-10.70%
Apr 29, 2025	$123.91	$138.35	+11.65%
Feb 12, 2025	$138.83	$126.19	-9.10%
Oct 29, 2024	$139.49	$162.76	+16.68%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Tenet Healthcare (THC) report earnings?

Tenet Healthcare (THC) is schdueled to report earning on Oct 16, 2025, After Close (Confirmed).

What is Tenet Healthcare (THC) earnings time?

Tenet Healthcare (THC) earnings time is at Oct 16, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is THC EPS forecast?

THC EPS forecast for the fiscal quarter 2025 (Q3) is 3.21.

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