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EarningsQ2 2026 Earnings Report
THC Q2 2026 EPS Results
Actual EPS$6.12
Consensus EPS$4.26
Beat/MissBeat by +$1.86
One Year Ago EPS$4.02
THC Q2 2026 Revenue Results
Actual Revenue$5.63B
Expected Revenue$5.43B
Beat/MissBeat by +$196.43M
YoY Revenue Growth+6.77%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeAfter Close
Conference CallThursday, July 23, 2026
THC Upcoming Earnings
Tenet Healthcare's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
THC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed solid operational and financial outperformance: strong revenue and EBITDA growth, a robust EPS increase, raised full-year guidance, substantial free cash flow, improved leverage and active capital deployment (notably large share repurchases and anticipated USPI M&A). These positives were offset by material payer mix challenges—chiefly a significant decline in exchange enrollment and revenues, localized state impacts, modest ASC case volume weakness, and regulatory/reimbursement uncertainty. Management emphasized that expense actions, technology and clinical improvements and portfolio positioning have thus far mitigated the headwinds and supported an upward revision to guidance.Company Guidance
Revenue and EBITDA Outperformance
Second quarter net operating revenues of $5.6 billion and consolidated adjusted EBITDA of $1.304 billion, representing an adjusted EBITDA margin of 23.2% and consolidated adjusted EBITDA growth of 16.3% year-over-year.
Significant EPS Improvement
Adjusted diluted earnings per share increased 52% year-over-year to $6.12 in Q2 2026, aided by operational performance and share repurchases.
USPI Strong Performance
USPI generated $542 million in adjusted EBITDA (roughly 8.8%–9% growth YoY) with a 39% adjusted EBITDA margin; same-facility revenues grew 5%, net revenue per case up 6.3%, and high-acuity procedures (e.g., total joint replacements) up ~10% in ASCs year-over-year.
Hospital Segment Momentum
Hospital adjusted EBITDA of $762 million in Q2 (22% growth YoY) with an 18% adjusted EBITDA margin; same-hospital inpatient adjusted admissions rose 2.6% and revenue per adjusted admission increased 3.3% year-over-year.
Raised 2026 Guidance
Full-year 2026 adjusted EBITDA guidance raised to $4.83B–$5.03B (midpoint increase of $295M, roughly +6% at midpoint); consolidated net operating revenues guidance increased to $21.9B–$22.5B (up $300M at midpoint).
Free Cash Flow, Liquidity and Leverage
Q2 adjusted free cash flow of $444 million and year-to-date adjusted free cash flow of $1.422 billion; cash on hand $2.17 billion; leverage of 2.33x EBITDA (2.9x EBITDA less NCI); no borrowings on credit line and no significant maturities until late 2027.
Capital Deployment and Share Repurchases
Deployed $1.36 billion to repurchase ~7.0 million shares YTD (including $1.04B / 5.7M shares in Q2); board authorized an additional $2.0 billion to the repurchase program; expect to exceed $300 million in full-year M&A spend driven by USPI acquisitions and pipeline.
Fundamental Outperformance Contribution
Management cites approximately $97 million year-to-date fundamental outperformance across both segments, with guidance raise supported by ~$100 million H1 outperformance and an expected additional ~$60 million continuation into H2.
THC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed