The significant guidance raise and strong margin expansion, particularly in the Hospital segment, suggest operating momentum is accelerating. Watch the Q4 2026 earnings for confirmation of the new guidance trajectory and for updates on the CommonSpirit RCM transition which contributed $147M to Q3 Adjusted EBITDA.
Price Chart
Executive Summary
Tenet Healthcare reported strong Q3 2026 results with net operating revenue of $5.631B (up 6.5% YoY) and adjusted diluted EPS of $6.64 (up 79.5% YoY), significantly exceeding consensus estimates of $4.68. The company raised its full-year 2026 Adjusted EBITDA outlook by $195M at the midpoint to a range of $5.05B-$5.20B, driven by sustained same-store revenue growth and effective expense management across both Ambulatory and Hospital segments.
Key Financial Metrics
Key Facts
- Q3 2026 net operating revenues of $5.631B, up 6.5% YoY from $5.289B
- Adjusted diluted EPS of $6.64, up 79.5% YoY from $3.70, beating consensus of $4.68
- Consolidated Adjusted EBITDA of $1.355B, up 23.3% YoY from $1.099B
- FY 2026 Adjusted EBITDA outlook raised to $5.05B-$5.20B from prior $4.485B-$4.785B
- FY 2026 Adjusted Free Cash Flow outlook raised to $2.825B-$3.125B from $2.500B-$2.800B
- Hospital segment Adjusted EBITDA margin expanded to 19.2% from 15.1% YoY
- Ambulatory segment Adjusted EBITDA up 9.1% to $537M with margin of 39.2%
- Net debt to Adjusted EBITDA ratio improved to 2.11x from 2.25x at year-end 2025
- Company repurchased 970,000 shares for $255M in Q3 2026
- Completed $2.0B private placement of 6.250% senior notes, refinancing higher-cost debt
Financial Impact
Q3 2026 adjusted diluted EPS of $6.64 vs consensus $4.68 (beat by 41.9%); revenue of $5.631B vs consensus $5.51B (beat by 2.2%); FY 2026 Adjusted EBITDA guidance raised by $195M at midpoint
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Ambulatory Care | $1.4B | +7.5% |
| Hospital Operations and Services | $4.3B | +6.1% |
Risk Factors
- Q3 results included $147M favorable net impact from RCM transition activities which may not recur
- Unfavorable payer mix due to lower exchange admissions partially offset revenue growth
- Ambulatory surgical cases declined 1.5% YoY, indicating potential volume headwinds
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000070318-26-000045 |
| Document: thc-20261029.htm | 0000070318-26-000045 |
| Document: 0000070318-26-000045-index-headers.html | 0000070318-26-000045 |
| Document: 0000070318-26-000045-index.html | 0000070318-26-000045 |
| Document: 0000070318-26-000045.txt | 0000070318-26-000045 |
| 8-K Data (Synthetic) | 0000070318-26-000045 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $270.57 | awaiting T+20 | awaiting T+20 | $273.25 (+0.99%) |
Oct 27, 2026 5d ago | Institutional Cluster | $262.05 | awaiting T+20 | awaiting T+20 | $273.25 (+4.27%) |
Sep 22, 2026 5w ago | 8-K | $256.44 $269.13 | ▲ +4.95% | ▲ +4.26% | $273.25 (+6.56%) |
Sep 16, 2026 6w ago | Insider Cluster | $261.90 $275.13 | ▲ +5.05% | ▲ +3.85% | $273.25 (+4.33%) |
Sep 11, 2026 7w ago | Court Ruling | $264.51 $268.76 | ▲ +1.61% | ▼ −0.66% | $273.25 (+3.30%) |
Sep 3, 2026 8w ago | Insider Cluster | $265.05 $259.47 | ▼ −2.11% | ▼ −2.71% | $273.25 (+3.09%) |
Sep 1, 2026 8w ago | Insider Cluster | $258.53 $255.56 | ▼ −1.15% | ▼ −0.82% | $273.25 (+5.69%) |
Aug 26, 2026 9w ago | Insider Cluster | $267.75 $249.54 | ▲ +6.80% | ▲ +6.29% | $273.25 (−2.05%) |
Aug 26, 2026 9w ago | Insider Cluster | $267.75 $249.54 | ▲ +6.80% | ▲ +6.29% | $273.25 (−2.05%) |
Aug 10, 2026 11w ago | Insider Cluster | $259.45 $269.08 | ▲ +3.71% | ▲ +4.77% | $273.25 (+5.32%) |
US Market Status
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