Tenet Healthcare

Tenet Healthcare Corporation (Tenet) is a healthcare services company based in Dallas, Texas. Its Hospital Operations segment ran 51 hospitals in eight states and 135 outpatient facilities at September 30, 2026. Its Ambulatory Care segment is United Surgical Partners International (USPI), which held interests in 535 surgery centers, 406 of them consolidated, and 25 surgical hospitals in 37 states. Net operating revenues were $5,631 million in Q3 2026 and $16,627 million for nine months.

Saum Sutaria, M.D., is Chairman and Chief Executive Officer. The common stock trades on the NYSE in US dollars. Tenet files 10-K and 10-Q reports.

The price of Tenet reflects fast earnings growth in 2026, and it depends on whether 2027 earnings can hold as payment rules change. Adjusted EBITDA rose 23.3% to $1,355 million in Q3 2026, and management raised its 2026 outlook for adjusted EBITDA to $5.05 billion to $5.20 billion. USPI, the surgery center business, grew adjusted EBITDA 9.1% to $537 million. Tenet bought back 7.99 million shares for $1.615 billion in nine months.

Q3 included a net favorable $147 million from the early end of the revenue cycle contract with CommonSpirit Health. For the price to hold or rise, four things must be true. Same-facility revenue must keep growing as exchange admissions fall. USPI must keep growing as surgical cases are flat to lower.

Medicaid payment limits that start in 2027 must cost less than Tenet's cost savings. Tenet must keep buying back shares while net debt stays near 2 times adjusted EBITDA. The Q4 2026 report, expected in February 2027, and the 2027 outlook are the next tests.

1. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 outlookAdjusted EBITDA for 2026 is in the raised range of $5.05 billion to $5.20 billion and the 2027 outlook shows earnings above 2026, and this passes; a lower outlook fails.
2. 2027 · est.Pending

   Medicaid payment limits startTenet shows that the cost of the new Medicaid rules is smaller than its savings and growth, and this passes; a large cut in supplemental payments fails.

Every passed and failed checkpoint across all picks

• October 30, 2026Tenet said that the transition of its revenue cycle management services for CommonSpirit Health will be substantially complete by this date, earlier than the end of 2026. In Q3 2026 it booked catch-up revenue from contract termination of $233 million and a net favorable $147 million to adjusted EBITDA.
• October 29, 2026Tenet reported Q3 2026 results. Net income available to common shareholders was $1.000 billion, or $12.41 per diluted share. Adjusted diluted earnings per share rose 79.5% to $6.64. It raised its 2026 outlook for adjusted EBITDA to $5.05 billion to $5.20 billion and for adjusted free cash flow to $2.825 billion to $3.125 billion.
• September 22, 2026Tenet filed an 8-K for its private placement of $2.0 billion of 6.250% senior notes due 2034. It used the proceeds and cash to redeem all $1.5 billion of its 5.125% senior secured first lien notes due 2027 and $500 million of its 6.125% senior notes due 2028.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · thc-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled September 22, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled September 8, 2026 · thc-20260908
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · thc-20260630
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 29, 2026 · thc-20260527
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · thc-20260331
• 8-KEarnings releaseFiled April 30, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled April 10, 2026 · thc-20260409

Every filing on SEC EDGAR (CIK 70318)

• Payment rules are changing. The 10-Q says that the One Big Beautiful Bill Act brings Medicaid work requirements, caps on state-directed payments and limits on provider taxes from 2027. Tenet cannot yet estimate the effect.
• Exchange volumes are falling. Enhanced premium tax credits for marketplace coverage ended at the end of 2025. Tenet reports lower exchange admissions and an unfavorable payer mix.
• Debt is large. Long-term debt was $13,079 million at September 30, 2026, and interest expense is guided to $815 million to $825 million for 2026. Net debt was 2.11 times adjusted EBITDA.
• Q3 results include timing items. The CommonSpirit transition added a net $147 million to Q3 adjusted EBITDA. The release says that the timing part does not change the full year, so Q4 will not show the same gain.
• Surgical cases are not growing. Same-facility system-wide surgical cases at USPI fell 1.5% in Q3 2026. Price per case rose 6.1%, but a longer fall in cases would slow growth.

At September 30, 2026, Tenet had cash and cash equivalents of $2,674 million. Long-term debt was $13,079 million, and the current part was $164 million. Read more

Tenet Healthcare does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.