Tenet Healthcare (THC) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 05, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

4.16

Last Year’s EPS

4.36

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 11 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 11, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a strong operational and financial performance in 2025 — double-digit EBITDA growth, margin expansion, robust USPI and hospital segment results, substantial free cash flow, and active balance sheet management including buybacks and a value-creating Conifer transaction. Offsetting these positives are meaningful near-term headwinds and uncertainty from the expiration of enhanced exchange premium tax credits (management estimates a ~$250 million EBITDA hit and assumes ~20% enrollment reduction), normalization of prior-year supplemental payments, and modest hospital admission volume growth guidance for 2026. Management provided a constructive 2026 outlook that, after normalizing items and excluding the exchange headwind, implies ~10% EBITDA growth at the midpoint, but acknowledged material uncertainty that widens the guidance range.

Company Guidance

Tenet guided 2026 consolidated net operating revenues of $21.5 billion to $22.3 billion and consolidated adjusted EBITDA of $4.485 billion to $4.785 billion, with USPI adjusted EBITDA of $2.13 billion to $2.23 billion and Hospital adjusted EBITDA of $2.355 billion to $2.555 billion; they expect same-facility USPI revenue growth of 3%–6% and same-hospital adjusted admissions growth of 1%–2% (adjusted admissions 1%–2%), and assume a 20% reduction in exchange enrollment that they estimate will create a ~$250 million EBITDA headwind (primarily hospitals). Management noted two normalizing items—$148 million of prior-year supplemental Medicaid payments in 2025 and a $40 million one-time favorable Conifer revenue adjustment in 2026—and said that, excluding the tax-credit headwind and normalizing items, 2026 adjusted EBITDA would grow about 10% at the midpoint; they expect Q1 to be ~24% of full-year consolidated EBITDA (USPI Q1 ~22% of its full-year). Tenet projects adjusted cash flow from operations of $3.2 billion–$3.6 billion, capex of $700 million–$800 million, adjusted free cash flow of $2.5 billion–$2.8 billion, and adjusted free cash flow after NCI of $1.6 billion–$1.83 billion (including ~$150 million of Conifer-related tax payments; excluding those taxes midpoint free cash flow less NCI = $1.865 billion), plans ~$250 million of USPI M&A in 2026, and will continue opportunistic share repurchases.

Full-Year Revenue and EBITDA Growth

2025 net operating revenues of $21.3 billion and consolidated adjusted EBITDA of $4.566–4.57 billion, representing ~14% YoY EBITDA growth. Full-year adjusted EBITDA margin improved to 21.4%, up ~200–210 basis points vs. prior year.

Fourth-Quarter Outperformance

Q4 2025 net operating revenues of $5.5 billion and consolidated adjusted EBITDA of $1.183 billion, a 13% YoY increase; Q4 adjusted EBITDA margin of 21.4%.

USPI Strong Performance and Growth

USPI adjusted EBITDA grew to ~$2.026 billion in 2025 (CEO) with Q4 adjusted EBITDA up 9% and margins at 40.5%. Same-facility system-wide revenues up ~7.2% (Q4), net revenue per case +5.5% (Q4), same-facility case volumes +1.6% (Q4). Double-digit same-store volume growth in total joint replacements in ASCs for the year. Invested nearly $350 million in 2025 and added 35 facilities; strong M&A/de novo pipeline and $250 million annual USPI M&A target for 2026.

Hospital Segment Momentum

Hospital adjusted EBITDA rose ~16% in 2025 to ~$2.54 billion. Same-hospital revenue per adjusted admission increased 5.3% (CEO) and revenue per adjusted admission grew 7.5% YoY (Q4). The company is increasing growth capital to support higher-acuity service lines.

Improved Cost Structure and Labor Metrics

Consolidated salary, wages, and benefits were 40.2% of net revenues in Q4, an improvement of ~110 basis points YoY. Contract labor expense is 2.1% of consolidated SW&B, reflecting progress on expense management.

Strong Free Cash Flow and Balance Sheet

Generated $2.53 billion of free cash flow for 2025 and $367 million in Q4. Cash on hand of $2.88 billion as of 12/31/25, no borrowings on the line of credit, and no significant debt maturities until late 2027. Leverage ~2.25x EBITDA (2.85x EBITDA less NCI).

Capital Return and Share Repurchase Activity

Repurchased 8.8 million shares for $1.386 billion in 2025 (943k shares/$198 million in Q4). Since 2022, retired ~22% of outstanding shares for ~ $2.5 billion — management intends to continue opportunistic buybacks given current valuation multiples.

2026 Guidance and Normalized Growth Outlook

2026 consolidated adjusted EBITDA guidance of $4.485 billion to $4.785 billion and consolidated net operating revenues guidance of $21.5 billion to $22.3 billion. Management notes that after normalizing for a $148 million prior-year supplemental Medicaid payment (2025) and a $40 million one-time Conifer revenue adjustment (2026), and excluding exchange headwinds, 2026 adjusted EBITDA is expected to grow ~10% at the midpoint.

Conifer Transaction Value Creation

Completed Conifer-related transaction that retired ~$885 million of obligations, repurchased 23.8% of JV equity for $540 million, accelerated ~$1.9 billion cash flow timing over three years, and delivered an estimated after‑tax NPV benefit of roughly $1.0–$1.1 billion.

Tenet Healthcare (THC) Earnings, Revenues Date & History

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THC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 05, 2026	2026 (Q1)	4.16 / -	4.36	―	―	―
Feb 11, 2026	2025 (Q4)	4.07 / 4.70	3.44	36.63% (+1.26)
Oct 28, 2025	2025 (Q3)	3.34 / 3.70	2.93	26.28% (+0.77)
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)

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
Feb 11, 2026	$193.04	$226.35	+17.26%
Oct 28, 2025	$216.17	$204.62	-5.34%
Jul 22, 2025	$174.65	$155.97	-10.70%
Apr 29, 2025	$123.91	$138.35	+11.65%

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 May 05, 2026, After Close (Confirmed).

What is Tenet Healthcare (THC) earnings time?

Tenet Healthcare (THC) earnings time is at May 05, 2026, After Close (Confirmed).

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What is THC EPS forecast?

THC EPS forecast for the fiscal quarter 2026 (Q1) is 4.16.