Tenet Healthcare Corporation · THC · FY2026 Q2 · Calendar Q3 2026

Tenet raises EBITDA guidance as USPI and high-acuity care drive Q2

Tenet's Q2 supports a constructive growth thesis: higher-acuity services, USPI expansion, supplemental Medicaid revenue and technology-enabled cost management outweighed exchange revenue pressure. The durability of the result depends on recurring operating gains rather than favorable out-of-period Medicaid revenue and on continued execution in acquisitions.

Reported Before market openNYSEHealthcare $22.00B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $6.12 Consensus $4.26
EPS surprise +43.7% Reported versus consensus
Reported revenue $5.63B Consensus $5.43B
Revenue surprise +3.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +17.2% Event window
SPY move +0.1% Same window
Abnormal move +17.1% Stock minus SPY
Volume 3.8× Versus trailing sessions
Subsequent drift +20.4% Up to 20 sessions
THCSPY benchmark

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What changed

Management raised full-year adjusted EBITDA guidance by 6% to $4.83-$5.03 billion. USPI adjusted EBITDA increased to $542 million, while exchange revenue declined 17%; management highlighted supplemental Medicaid revenue, higher-acuity pricing and cost-efficiency initiatives as offsets.

Guidance delta

Raised: full-year adjusted EBITDA guidance increased by 6% to $4.83-$5.03 billion.

Key takeaways

  • Q2 results exceeded expectations, with $5.6 billion of net operating revenue and $1.304 billion of adjusted EBITDA.
  • USPI contributed $542 million of adjusted EBITDA and management expects more than $300 million of ambulatory surgical acquisitions in 2026.
  • Exchange revenue declined 17%, but management cited Medicaid supplemental payments and higher-acuity pricing as offsets.
  • The board authorized an additional $2 billion for repurchases; total buy-backs reached $1.36 billion in the first half.

Management priorities

  • Expand USPI through acquisitions and physician partnerships.
  • Invest in higher-acuity hospital and ASC services, including trauma, NICU and specialty surgery.
  • Extend automation and AI across facility operations and the global business center while pursuing cost efficiency.

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Earnings History

Estimate Beat Miss Match
THC EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1.60 Q4 '23 actual $2.68, beat Q1 '24 estimate $1.45 Q1 '24 actual $3.22, beat Q2 '24 estimate $1.90 Q2 '24 actual $2.31, beat Q3 '24 estimate $2.33 Q3 '24 actual $2.93, beat Q2 '25 estimate $2.87 Q2 '25 actual $4.02, beat Q3 '25 estimate $3.34 Q3 '25 actual $3.70, beat Q4 '25 estimate $4.07 Q4 '25 actual $4.70, beat Q1 '26 estimate $4.26 Q1 '26 actual $6.12, beat Q2 '26 estimate $4.26 Q2 '26 actual $6.12, beat Q3 '26 estimate $4.68 Q3 '26 actual $6.64, beat Q4 '26 estimate $5.45 Q1 '27 estimate $4.71 Q2 '27 estimate $5.44 Q3 '27 estimate $5.15
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Analyst Consensus ?

ConsensusBuy32 ratings
Bullish2681.3%
Neutral618.7%
Bearish00.0%

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.

FirmRatingPrior ratingActionDate
Guggenheim Buy BuyMaintainOct 30, 2026
Leerink Partners Outperform OutperformMaintainSep 18, 2026
Wells Fargo Overweight OverweightMaintainAug 3, 2026
Truist Securities Buy BuyMaintainJul 28, 2026
Baird Neutral NeutralMaintainJul 28, 2026
Show 27 more rating actions

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.

FirmAnalyst52W targetPrice when postedUpsideDate
GuggenheimJason Cassorla$306$270.57 +12.0%Oct 30, 2026
GuggenheimAnalyst unavailable$307$275.13 +12.4%Oct 16, 2026
BMO CapitalAnalyst unavailable$265$262.06 -3.0%Sep 22, 2026
Raymond JamesAnalyst unavailable$285$267.27 +4.3%Aug 14, 2026
Mizuho SecuritiesAnalyst unavailable$290$262.13 +6.1%Aug 10, 2026
See 90 more

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Company context

Snapshot as of publication

Tenet 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

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Sources

  1. Earnings call transcript and parsed analysis · 2026-07-24T18:07:00.952540+00:00
  2. FN2 earnings calendar · 2026-07-27T01:23:15.563132+00:00
  3. Polygon adjusted daily market bars · 2026-10-31T20:10:41.516966+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-31T20:10:41.514178+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 2026-10-31. For educational purposes only; not investment advice.