Tenet Healthcare Q4 EPS Surges 36.6%, Revenues Up 8.9% Despite Cost Pressures
Tenet Healthcare reported fourth-quarter 2025 adjusted EPS of $4.70, beating consensus by 15.2% and rising 36.6% year over year, while net operating revenues climbed 8.9% to $5.53 billion on stronger same-facility admissions and higher acuity. These gains were partly offset by rising supply expenses and elevated operating costs.
1. Fourth-Quarter Financial Results
Tenet Healthcare delivered adjusted EPS of $4.70 in Q4 2025, up 36.6% year over year and 15.2% above consensus. Net operating revenues grew 8.9% to $5.53 billion, driven by modest admissions gains, improved patient acuity and higher revenue per equivalent admission.
2. Expense and Margin Pressures
Despite robust top-line growth, margin expansion was constrained by rising operating costs, particularly supply expenses. Elevated expense levels tempered net income gains even as revenue metrics strengthened.