Analyst Consensus ?
ConsensusBuy32 ratings
Bullish2681.3%
Neutral618.7%
Bearish00.0%
Tenet Healthcare Corporation · THC · FY2026 Q1 · Calendar Q1 2026
Tenet Healthcare posts strong Q1 while payer risks remain
Tenet's Q1 performance supports a constructive operating picture: hospital and USPI execution, high-acuity demand and efficiency initiatives outweighed payer-mix pressures. The main test is whether growth and margin gains persist as exchange, Medicaid and regulatory uncertainties develop.
Reported Before market openNYSEHealthcare
$21.75B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.70
Consensus $4.07
EPS surprise
+15.5%
Reported versus consensus
Reported revenue
$5.53B
Consensus $5.47B
Revenue surprise
+1.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+17.3%
Event window
SPY move
-0.0%
Same window
Abnormal move
+17.3%
Stock minus SPY
Volume
3.5×
Versus trailing sessions
Subsequent drift
-0.7%
Up to 20 sessions
THCSPY benchmark
Ask FN2 about THC FY2026 Q1
Transcript, numbers and history already loaded
Why did THC rise 17.3% after beating EPS estimates in FY2026 Q1?What changed in THC's guidance and outlook in FY2026 Q1?Give me the bull and bear case for THC after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Tenet added seven ASCs through a $125 million Q1 acquisition, opened three de novo centers and continued deploying AI and automation across clinical and back-office operations. Management reaffirmed full-year guidance and maintained its USPI M&A, capital-return and debt-management priorities.
Guidance delta
Guidance was maintained, including expected full-year adjusted EBITDA growth of 10% at the midpoint.
Key takeaways
- Q1 adjusted EBITDA and margin exceeded expectations, with strong free cash flow generation.
- USPI expansion accelerated through seven ASC acquisitions, three de novo centers and continued joint-replacement volume growth.
- Hospital performance benefited from high-acuity services, expense discipline and automation despite operational disruptions and payer-mix pressure.
- Management reaffirmed full-year guidance and continued share repurchases.
Management priorities
- Execute the USPI acquisition pipeline and de novo ASC expansion.
- Expand high-acuity hospital services, including robotic surgery and complex procedures.
- Scale AI and automation tools across clinical and back-office workflows.
- Continue capital returns while evaluating debt refinancing or retirement.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$273.25Current
$47Low
$218.95Average
$308High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Guggenheim | Buy | Buy | Maintain | Oct 30, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Sep 18, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 3, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jul 28, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 28, 2026 |
| UBS | Buy | Buy | Maintain | Jul 27, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 27, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 27, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 27, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 24, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | May 4, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 1, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Mar 12, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 12, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Nov 13, 2025 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Oct 29, 2025 |
| B of A Securities | Buy | Buy | Maintain | Sep 10, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 28, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Jul 23, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | May 5, 2025 |
| Citigroup | Buy | Buy | Maintain | Jul 25, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 28, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 2, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Oct 25, 2022 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 21, 2020 |
| Mizuho Securities | Buy | Buy | Maintain | Nov 6, 2019 |
| Leerink Swann | Outperform | Outperform | Maintain | Aug 21, 2017 |
| Bank of America | Neutral | Buy | Downgrade | Nov 9, 2016 |
| Susquehanna | Positive | Neutral | Upgrade | Apr 13, 2016 |
| BMO Capital | Market Perform | Outperform | Downgrade | Mar 5, 2015 |
| CRT Capital | Buy | Hold | Upgrade | Mar 8, 2013 |
| Imperial Capital | Outperform | In Line | Upgrade | Jan 3, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $273.25. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Guggenheim | Jason Cassorla | $306 | $270.57 | +12.0% | Oct 30, 2026 |
| Guggenheim | Analyst unavailable | $307 | $275.13 | +12.4% | Oct 16, 2026 |
| BMO Capital | Analyst unavailable | $265 | $262.06 | -3.0% | Sep 22, 2026 |
| Raymond James | Analyst unavailable | $285 | $267.27 | +4.3% | Aug 14, 2026 |
| Mizuho Securities | Analyst unavailable | $290 | $262.13 | +6.1% | Aug 10, 2026 |
| Wells Fargo | Stephen Baxter | $281 | $254.78 | +2.8% | Aug 3, 2026 |
| Goldman Sachs | Scott Fidel | $305 | $262.63 | +11.6% | Jul 28, 2026 |
| Truist Financial | David MacDonald | $290 | $243.36 | +6.1% | Jul 28, 2026 |
| Robert W. Baird | Michael Ha | $280 | $243.36 | +2.5% | Jul 28, 2026 |
| Stephens | Analyst unavailable | $285 | $245.35 | +4.3% | Jul 27, 2026 |
| UBS | Analyst unavailable | $308 | $245.61 | +12.7% | Jul 27, 2026 |
| Piper Sandler | Analyst unavailable | $308 | $246.84 | +12.7% | Jul 27, 2026 |
| Morgan Stanley | Analyst unavailable | $274 | $243.89 | +0.3% | Jul 27, 2026 |
| Raymond James | Sarah James | $270 | $244.44 | -1.2% | Jul 27, 2026 |
| RBC Capital | Analyst unavailable | $283 | $233.2 | +3.6% | Jul 27, 2026 |
| Barclays | Analyst unavailable | $271 | $199.02 | -0.8% | Jul 24, 2026 |
| Guggenheim | Analyst unavailable | $242 | $194.91 | -11.4% | Jul 20, 2026 |
| Wells Fargo | Stephen Baxter | $231 | $204.25 | -15.5% | Jul 13, 2026 |
| Robert W. Baird | Analyst unavailable | $210 | $185.35 | -23.1% | May 5, 2026 |
| Barclays | Andrew Mok | $238 | $185.35 | -12.9% | May 5, 2026 |
| Stephens | Scott Fidel | $260 | $183.27 | -4.8% | May 4, 2026 |
| Morgan Stanley | Analyst unavailable | $254 | $183.95 | -7.0% | May 1, 2026 |
| Guggenheim | Jason Cassorla | $283 | $234.58 | +3.6% | Mar 12, 2026 |
| Truist Financial | Analyst unavailable | $270 | $232.06 | -1.2% | Feb 17, 2026 |
| Wells Fargo | Stephen Baxter | $265 | $231.1 | -3.0% | Feb 16, 2026 |
| Guggenheim | Analyst unavailable | $271 | $232.26 | -0.8% | Feb 13, 2026 |
| Barclays | Andrew Mok | $257 | $232.26 | -5.9% | Feb 13, 2026 |
| UBS | Analyst unavailable | $288 | $233.5 | +5.4% | Feb 12, 2026 |
| Morgan Stanley | Analyst unavailable | $260 | $228.75 | -4.8% | Feb 12, 2026 |
| RBC Capital | Analyst unavailable | $277 | $226.35 | +1.4% | Feb 12, 2026 |
| KeyBanc | Matthew Gillmor | $250 | $226.35 | -8.5% | Feb 12, 2026 |
| RBC Capital | Ben Hendrix | $253 | $194.98 | -7.4% | Feb 3, 2026 |
| Wells Fargo | Analyst unavailable | $229 | $208.24 | -16.2% | Jan 7, 2026 |
| Morgan Stanley | Craig Hettenbach | $247 | $195.02 | -9.6% | Dec 18, 2025 |
| Guggenheim | Analyst unavailable | $257 | $215.13 | -5.9% | Dec 2, 2025 |
| Barclays | Andrew Mok | $240 | $186.68 | -12.2% | Nov 21, 2025 |
| Truist Financial | Analyst unavailable | $240 | $200.74 | -12.2% | Nov 3, 2025 |
| RBC Capital | Analyst unavailable | $252 | $212.48 | -7.8% | Oct 30, 2025 |
| Raymond James | Sarah James | $245 | $208.72 | -10.3% | Oct 29, 2025 |
| UBS | Analyst unavailable | $260 | $208.72 | -4.8% | Oct 29, 2025 |
| Morgan Stanley | Analyst unavailable | $232 | $207.78 | -15.1% | Oct 29, 2025 |
| Guggenheim | Analyst unavailable | $238 | $204.62 | -12.9% | Oct 29, 2025 |
| Mizuho Securities | Ann Hynes | $225 | $199.13 | -17.7% | Oct 17, 2025 |
| Truist Financial | David MacDonald | $225 | $192.65 | -17.7% | Oct 14, 2025 |
| Goldman Sachs | Scott Fidel | $224 | $190 | -18.0% | Oct 14, 2025 |
| KeyBanc | Matthew Gillmor | $225 | $204.83 | -17.7% | Oct 8, 2025 |
| Wells Fargo | Stephen Baxter | $238 | $199.76 | -12.9% | Oct 7, 2025 |
| Barclays | Analyst unavailable | $229 | $186.12 | -16.2% | Sep 18, 2025 |
| Truist Financial | David MacDonald | $205 | $172.27 | -25.0% | Jul 16, 2025 |
| Morgan Stanley | Analyst unavailable | $165 | $133.04 | -39.6% | Mar 26, 2025 |
| KeyBanc | Matthew Gillmor | $185 | $128.8 | -32.3% | Jan 7, 2025 |
| Goldman Sachs | Jamie Perse | $140 | $139.1 | -48.8% | Dec 16, 2024 |
| Wolfe Research | Justin Lake | $178 | $156.2 | -34.9% | Oct 29, 2024 |
| Mizuho Securities | Ann Hynes | $170 | $151.63 | -37.8% | Jul 26, 2024 |
| Truist Financial | David MacDonald | $170 | $147.68 | -37.8% | Jul 25, 2024 |
| Truist Financial | David MacDonald | $155 | $132.11 | -43.3% | Jul 15, 2024 |
| Barclays | Andrew Mok | $156 | $130.97 | -42.9% | Jul 10, 2024 |
| Deutsche Bank | Pito Chickering | $155 | $138.3 | -43.3% | Jun 28, 2024 |
| Goldman Sachs | Jamie Perse | $156 | $136.4 | -42.9% | Jun 10, 2024 |
| Deutsche Bank | Pito Chickering | $150 | $131.55 | -45.1% | May 30, 2024 |
| Robert W. Baird | Michael Ha | $153 | $131.55 | -44.0% | May 29, 2024 |
| Barclays | Andrew Mok | $147 | $115.95 | -46.2% | May 2, 2024 |
| Stephens | Scott Fidel | $122 | $112.29 | -55.4% | May 1, 2024 |
| Mizuho Securities | Ann Hynes | $130 | $115.46 | -52.4% | May 1, 2024 |
| RBC Capital | Ben Hendrix | $136 | $115.11 | -50.2% | May 1, 2024 |
| Deutsche Bank | Pito Chickering | $126 | $101.82 | -53.9% | Apr 12, 2024 |
| Wolfe Research | Justin Lake | $122 | $102.32 | -55.4% | Mar 27, 2024 |
| Wells Fargo | Analyst unavailable | $59 | $48.98 | -78.4% | Jan 3, 2023 |
| UBS | Andrew Mok CFA | $47 | $39.01 | -82.8% | Oct 24, 2022 |
| Leerink Partners | Analyst unavailable | $93 | $61.39 | -66.0% | Aug 24, 2022 |
| Mizuho Securities | Ann Hynes | $80 | $64.96 | -70.7% | Aug 16, 2022 |
| UBS | Analyst unavailable | $91 | $64.21 | -66.7% | Jul 28, 2022 |
| Raymond James | Analyst unavailable | $67.5 | $31.37 | -75.3% | Jul 26, 2022 |
| RBC Capital | Analyst unavailable | $99 | $62.18 | -63.8% | Jul 25, 2022 |
| Truist Financial | Analyst unavailable | $80 | $62.99 | -70.7% | Jul 25, 2022 |
| Citigroup | Analyst unavailable | $99 | $64.86 | -63.8% | Jul 25, 2022 |
| Leerink Partners | Analyst unavailable | $88 | $63.12 | -67.8% | Jul 25, 2022 |
| Leerink Partners | Analyst unavailable | $68 | $53.43 | -75.1% | Jul 15, 2022 |
| Goldman Sachs | Analyst unavailable | $93 | $54.15 | -66.0% | Jul 12, 2022 |
| Raymond James | Analyst unavailable | $55 | $27.57 | -79.9% | Jul 11, 2022 |
| Deutsche Bank | Analyst unavailable | $90 | $53.33 | -67.1% | Jul 7, 2022 |
| Mizuho Securities | Analyst unavailable | $63 | $52.56 | -76.9% | Jul 1, 2022 |
| Wells Fargo | Analyst unavailable | $90 | $75.29 | -67.1% | Apr 25, 2022 |
| Deutsche Bank | Analyst unavailable | $110 | $76.38 | -59.7% | Apr 22, 2022 |
| Citigroup | Analyst unavailable | $110 | $74.85 | -59.7% | Apr 22, 2022 |
| Barclays | Analyst unavailable | $104 | $79.78 | -61.9% | Apr 22, 2022 |
| Leerink Partners | Analyst unavailable | $110 | $79.88 | -59.7% | Apr 22, 2022 |
| RBC Capital | Analyst unavailable | $104 | $86.67 | -61.9% | Apr 22, 2022 |
| RBC Capital | Ben Hendrix | $89 | $82.22 | -67.4% | Feb 9, 2022 |
| Leerink Partners | Whit Mayo | $100 | $82.22 | -63.4% | Feb 9, 2022 |
| Deutsche Bank | Pito Chickering | $100 | $74.07 | -63.4% | Feb 8, 2022 |
| Raymond James | John Ransom | $120 | $78.42 | -56.1% | Jan 20, 2022 |
| Citigroup | Jason Cassorla | $96 | $74.55 | -64.9% | Jan 10, 2022 |
| Bank of America Securities | Kevin Fischbeck | $100 | $74.88 | -63.4% | Jan 7, 2022 |
| Wolfe Research | Justin Lake | $70 | $68.58 | -74.4% | Jun 21, 2021 |
Track every rating change on THC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationTenet Healthcare Corporation operates as a broad-ranging provider of health solutions. The company organizes its operations across three main divisions: Hospital Operations and Other, Ambulatory Care, and Conifer. Within its network of acute care facilities, Tenet delivers a full spectrum of essential services. These include core hospital functions such as operating and recovery suites, radiology and respiratory therapy, clinical laboratories, and on-site pharmacies. The organization also provides high-acuity patient care through intensive, critical, and coronary care units. Specialized medical services cover areas like cardiovascular, digestive disease, neurosciences, musculoskeletal, and obstetrics, alongside various outpatient treatments, including physical therapy. Advanced surgical capabilities feature cardiothoracic, complex spinal, and neurosurgery, as well as neonatal intensive care.…
Historical context
All THC earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AZN AstraZeneca PLC | FY2026 Q3 · Calendar Q4 2026 | +7.3% | +7.0% | AstraZeneca pairs solid growth with pipeline investment and restructuring |
| BTSG BrightSpring Health Services, Inc. Common Stock | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +11.1% | BrightSpring posts strong Q3 growth while maintaining guidance |
| ABBV AbbVie Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.4% | +1.4% | AbbVie raises 2026 guidance as Skyrizi and Rinvoq drive Q3 growth |
| BTSGU BrightSpring Health Services, Inc. Tangible Equity Unit | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +10.0% | BrightSpring posts strong Q3 growth as pharmacy leads |
| REGN Regeneron Pharmaceuticals, Inc. | FY2026 Q3 · Calendar Q4 2026 | +21.6% | +13.3% | Regeneron posts strong Q3 growth as pipeline expands |
| EXEL Exelixis, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +4.8% | Exelixis highlights zanzalintinib pipeline after strong Q3 |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the THC recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-01T12:20:40.977188+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T12:20:40.974186+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-01. For educational purposes only; not investment advice.