Tenet Healthcare Q4 Sales Climb 8.9% to $5.527B as EPS Beats Estimates
Tenet Healthcare posted Q4 sales of $5.527B, up 8.9% y/y and topping the $5.472B consensus, with adjusted EPS of $4.70 versus $3.44 y/y, above forecast of $4.05. EBITDA climbed to $1.183B, led by 13.8% ambulatory and 7.3% hospital segment growth, while FY26 revenue guidance of $21.5B-$22.3B, near analysts’ $22.21B estimate.
1. Q4 Financial Results
Tenet Healthcare recorded Q4 sales of $5.527B, up 8.9% y/y, exceeding the $5.472B consensus, and posted adjusted EPS of $4.70 versus $3.44 a year ago. EBITDA climbed to $1.183B from $1.048B, reflecting disciplined expense management and higher patient acuity.
2. Segment Performance
Ambulatory segment revenues increased 13.8% to $1.43B, driven by same-facility net patient services growth, recent facility acquisitions and expanded service lines. Hospital operations revenues rose 7.3% to $4.09B on favorable payer mix, higher acuity and increased Medicaid supplemental funding, while surgical net revenue per case grew 5.5%.
3. FY26 Outlook
Management projects 2026 revenues of $21.5B-$22.3B, close to the $22.21B consensus, with adjusted EPS of $16.19-$18.47 and adjusted EBITDA of $4.485B-$4.785B. Ambulatory same-facility revenues are expected to increase 3%-6%, and inpatient admissions to rise 1%-2%.