Earnings Releases·Oct 29, 2026, 6:47 AM ET

Tenet Healthcare — Third Quarter 2026 Earnings Summary

Net income available to common shareholders surged to $1.000 billion ($12.41 per diluted share) in Q3 2026 from $342 million ($3.86 per share) in the prior year period, while adjusted diluted EPS rose 79.5% to $6.64.
Consolidated Adjusted EBITDA increased 23.3% to $1.355 billion with a 24.1% margin, driven by $646 million in contract termination revenue and a $147 million favorable impact from the CommonSpirit Health revenue cycle transition.
Management raised full-year 2026 Adjusted EBITDA guidance to $5.05–$5.20 billion and Adjusted Free Cash Flow guidance to $2.825–$3.125 billion, citing sustained same-store revenue growth and effective expense management.
The company executed significant capital return and balance sheet optimization activities, including $2.0 billion in new senior note issuance to redeem $2.0 billion in existing debt, and $255 million in share repurchases during the quarter.