Tenet Healthcare reported higher third-quarter revenue, earnings and adjusted EBITDA, and raised its full-year 2026 outlook for both adjusted EBITDA and adjusted free cash flow. The results cover the three months ended Sept. 30, 2026; the company also provided nine-month comparisons.
- Revenue increased 6.5% to $5.63 billion from $5.29 billion a year earlier. For the first nine months of 2026, revenue was $16.63 billion, up from $15.78 billion.
- Net income available to common shareholders rose to $1.00 billion, or $12.41 per diluted share, from $342 million, or $3.86 per share, in the third quarter of 2025.
- Adjusted diluted earnings per share increased 79.5% to $6.64 from $3.70.
- Consolidated adjusted EBITDA grew 23.3% to $1.36 billion. The adjusted EBITDA margin was 24.1%.
- Ambulatory Care adjusted EBITDA was $537 million, up 9.1% year over year.
- Nine-month net income available to common shareholders totaled $2.53 billion, compared with $1.04 billion in the first nine months of 2025. Adjusted EBITDA for the period was $3.82 billion, versus $3.38 billion.
- Tenet raised its 2026 adjusted EBITDA outlook to $5.05 billion–$5.20 billion. The midpoint is $195 million higher than its prior outlook.
- The company also lifted its 2026 adjusted free cash flow outlook by $100 million, to a range of $2.825 billion–$3.125 billion.
Tenet’s chief executive attributed the quarter’s performance to continued same-store revenue growth and expense management, and pointed to patient care, physician partnerships, technology and operating initiatives. The higher full-year ranges mean the company now expects more adjusted EBITDA and free cash flow in 2026 than it previously projected.