Tenet Healthcare reported higher third-quarter revenue, earnings and adjusted operating profit, and raised its full-year 2026 outlook for adjusted EBITDA and adjusted free cash flow. The results cover the three months ended Sept. 30.
Net income available to common shareholders rose sharply from a year earlier, while adjusted earnings per share and adjusted EBITDA also increased. The company attributed its operating performance to continued same-store revenue growth and expense management.
Key details
- Revenue increased 6.5% to $5.63 billion in the third quarter, from $5.29 billion a year earlier.
- Net income available to common shareholders was $1.00 billion, or $12.41 per diluted share, compared with $342 million, or $3.86 per diluted share, in the third quarter of 2025.
- Adjusted diluted earnings per share rose 79.5% to $6.64, from $3.70 a year earlier.
- Adjusted EBITDA increased 23.3% to $1.36 billion. The adjusted EBITDA margin was 24.1%.
- Ambulatory Care adjusted EBITDA rose 9.1% to $537 million.
- Tenet raised its 2026 adjusted EBITDA outlook to $5.05 billion to $5.20 billion, an increase of $195 million at the midpoint of the range.
- The company also raised its adjusted free cash flow outlook by $100 million, to a range of $2.825 billion to $3.125 billion.
- For the first nine months of 2026, revenue was $16.63 billion, compared with $15.78 billion in the same period of 2025. Net income available to common shareholders was $2.53 billion, versus $1.04 billion, and adjusted EBITDA was $3.82 billion, versus $3.38 billion.
What changes for investors
The higher full-year ranges indicate Tenet now expects more adjusted EBITDA and adjusted free cash flow in 2026 than under its previous outlook. The quarter’s net income increase was particularly large; adjusted earnings per share and adjusted EBITDA provide additional measures of the company’s operating performance.
