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Tenet Healthcare 8-K Report, Financial Results (Apr 30, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 30, 2026
Period End
April 30, 2026
Security
THC
In the record · 2016–202610-K1110-Q338-K176

THC filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 176 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’18Jan ’18
  2. Material agreement8-K · Aug ’19Aug ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Abstract

Summary

Summary of the 8-K filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Tenet Healthcare Corporation (NYSE: THC) reported first quarter 2026 results on April 30, 2026, with net income available to common shareholders of $702 milliona, or $8.01 per diluted share, versus $406 million, or $4.27 per diluted share, in the first quarter of 2025.

Adjusted diluted earnings per share increased 10.6% to $4.82b from $4.36, while Adjusted EBITDA was $1.162 billion compared with $1.163 billion a year earlier. The headline EPS gain is driven largely by a $413 million ($314 million after-tax) revenue recognition from the early conclusion of the CommonSpirit Health contract, which the company excludes from its adjusted measures and from net operating revenues. Net operating revenues were $5.368 billion, up from $5.223 billion.

Segment results were mixed. The Ambulatory Care segment (USPI) grew Adjusted EBITDA 6.1% to $484 millionc, with same-facility system-wide net patient service revenues up 5.3% and net revenue per case up 5.6%, while surgical cases declined 0.3%. The Hospital Operations and Services segment saw Adjusted EBITDA fall to $678 million from $707 million, with admissions up only 0.2%, outpatient visits down 3.7%, and an absence of a prior-year $40 million Medicaid supplemental benefit.

Cash generation was strong, with operating cash flow of $1.641 billiond and adjusted free cash flow of $978 million, and the company repurchased 1.35 million shares for $318 million. Management reaffirmed its FY 2026 Adjusted EBITDA outlook of $4.485 billion to $4.785 billion. The CommonSpirit transaction, under which Conifer's early contract conclusion yields $1.9 billion payable over three years, is the key item to monitor.

Of that amount, $540 million was satisfied on January 27, 2026 through an offset against a redemption of CommonSpirit's minority interest in Conifer. Investors should separate this one-time benefit from the recurring operating trends in the segments.

02—Key points

Key Highlights

  1. Net income available to common shareholders was $702 million ($8.01 per diluted share) versus $406 million ($4.27) a year earlier, boosted by a $413 million ($314 million after-tax) revenue recognition from the early conclusion of the CommonSpirit contract.
  2. Adjusted diluted EPS rose 10.6% to $4.82 from $4.36; Adjusted EBITDA was essentially flat at $1.162 billion versus $1.163 billion.
  3. Ambulatory Care Adjusted EBITDA increased 6.1% to $484 million, with same-facility system-wide net patient service revenue up 5.3% and revenue per case up 5.6%, while surgical cases fell 0.3%.
  4. Hospital Adjusted EBITDA declined to $678 million from $707 million, with admissions up 0.2%, outpatient visits down 3.7%, and the absence of a $40 million prior-year Medicaid supplemental benefit.
  5. Net cash from operating activities was $1.641 billion versus $815 million, and adjusted free cash flow was $978 million versus $678 million.
  6. The company repurchased 1.35 million shares for $318 million and reported a net debt to Adjusted EBITDA ratio of 2.24x at March 31, 2026, versus 2.25x at December 31, 2025.
  7. FY 2026 outlook was maintained: Adjusted EBITDA of $4.485 billion to $4.785 billion, and adjusted diluted EPS of $16.38 to $18.68.

03—Questions

Frequently Asked Questions

  1. How much of the first quarter EPS increase came from the CommonSpirit transaction?

    The $413 million revenue recognized from the early conclusion of the CommonSpirit contract ($314 million after-tax) is a major driver of the increase in GAAP net income available to common shareholders to $702 million from $406 million. The company excludes this item from Adjusted EBITDA and adjusted EPS, where adjusted diluted EPS rose 10.6% to $4.82.

  2. Why did Hospital segment Adjusted EBITDA decline?

    Hospital Adjusted EBITDA fell to $678 million from $707 million, reflecting unfavorable payer mix due to lower exchange admissions, the absence of a $40 million favorable prior-year Medicaid supplemental revenue impact, and lower outpatient and emergency room visits, partially offset by expense efficiencies.

  3. What is the status of the CommonSpirit payment?

    Total payments related to the early conclusion of the Conifer contract are $1.9 billion, payable in annual installments over the next three years. Of this amount, $540 million was satisfied on January 27, 2026 through an offset against the $540 million Conifer payment for the redemption of CommonSpirit's minority equity interest, which also reduced redeemable noncontrolling interests by $846 million.

  4. Did the company change its full-year 2026 guidance?

    The company stated its FY 2026 Adjusted EBITDA outlook continues to be in the range of $4.485 billion to $4.785 billion. Its outlook excludes revenue from the CommonSpirit contract early conclusion from net operating revenues, and includes $1.65 billion of revenue from contract termination in the reconciliation to Adjusted EBITDA.

04—Continue

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