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Tenet Healthcare 8-K Report, Financial Results (Jul 23, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 23, 2026
Period End
July 23, 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 July 23, 2026. Cited figures are marked; the original filing is the authoritative source.

Tenet Healthcare Corporation reported second quarter 2026 results in a press release furnished as Exhibit 99.1 under Item 2.02.

Net income available to Tenet common shareholders was $826 milliona, or $9.84 per diluted share, versus $288 million, or $3.14 per diluted share, in second quarter 2025. Adjusted diluted earnings per share rose 52.2% to $6.12 from $4.02, and Consolidated Adjusted EBITDA was $1.304 billion, compared with $1.121 billion a year earlier, on net operating revenues of $5.628 billion. The results include $413 million of revenue from contract termination, related to the early conclusion of the CommonSpirit contract, which is excluded from net operating revenues and from Adjusted EBITDA reconciliation lines as a non-recurring item.

By segment, Ambulatory Care Adjusted EBITDA was $542 millionb, up 8.8%, with same-facility system-wide net patient service revenues up 5.0% on cases down 1.2%. Hospital Adjusted EBITDA was $762 million, up 22.3%, with Adjusted EBITDA margin rising to 18.0% from 15.6%; the Hospital segment also recognized a $92 million favorable pre-tax impact from prior-year Medicaid supplemental revenues. Operating cash flow for the six months ended June 30, 2026 was $2.226 billion, and the company repurchased $1.042 billion of stock in the quarter.

The Board authorized a $2.0 billionc increase to the share repurchase program, leaving $2.13 billion remaining as of July 23, 2026. The net debt to Adjusted EBITDA ratio was 2.33x at June 30, 2026. The company raised its full-year 2026 outlook, with Adjusted EBITDA now expected at $4.83 billion to $5.03 billion, a $295 million increase at the midpoint, and Adjusted Free Cash Flow now expected at $2.725 billion to $3.025 billion, a $225 million increase.

02—Key points

Key Highlights

  1. Net income available to common shareholders of $826 million, or $9.84 per diluted share, in Q2 2026, up from $288 million, or $3.14, in Q2 2025.
  2. Adjusted diluted EPS of $6.12 versus $4.02 a year earlier, a 52.2% increase.
  3. Consolidated Adjusted EBITDA of $1.304 billion (23.2% margin), up from $1.121 billion; Q2 included $413 million of revenue from contract termination.
  4. Hospital segment Adjusted EBITDA rose to $762 million with margin of 18.0%, including a $92 million favorable prior-year Medicaid supplemental revenue impact.
  5. Ambulatory Care Adjusted EBITDA of $542 million, up 8.8%, on same-facility system-wide revenue growth of 5.0%.
  6. Board authorized a $2.0 billion increase to the share repurchase program; $2.13 billion remains available as of July 23, 2026.
  7. FY 2026 Adjusted EBITDA outlook raised to $4.83–$5.03 billion and Adjusted Free Cash Flow outlook raised to $2.725–$3.025 billion.

03—Questions

Frequently Asked Questions

  1. What drove the increase in Tenet's second quarter 2026 earnings?

    The company attributed the improvement to strong same-facility revenue growth and disciplined expense management in both segments. Hospital results also benefited from a $92 million favorable pre-tax impact from prior-year Medicaid supplemental revenues, and the quarter included $413 million of revenue from contract termination, which the company excludes from Adjusted EBITDA and Adjusted net income.

  2. What is the revenue from contract termination?

    The filing describes it as the present value of $1.9 billion of consideration related to the early termination of Conifer's revenue cycle services agreement with CommonSpirit, net of amortization of an associated contract asset. It is reported separately from net operating revenues.

  3. How much capital is Tenet returning to shareholders?

    In Q2 2026 the company repurchased 5.68 million shares for $1.042 billion, and for the six months ended June 30, 2026 it repurchased 7.02 million shares for $1.360 billion. The Board also approved a $2.0 billion increase to the repurchase program, with $2.13 billion remaining as of July 23, 2026.

  4. How did the company change its full-year 2026 outlook?

    Adjusted EBITDA is now expected in the range of $4.83 billion to $5.03 billion, a $295 million increase at the midpoint. Adjusted Free Cash Flow is now expected at $2.725 billion to $3.025 billion, a $225 million increase. Full-year net operating revenues are projected at $21.9 billion to $22.5 billion, excluding revenue from the CommonSpirit contract conclusion.

  5. What is Tenet's leverage position?

    The ratio of net debt to Adjusted EBITDA was 2.33x at June 30, 2026, compared with 2.24x at March 31, 2026 and 2.25x at December 31, 2025.

04—Continue

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