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Dec 31, 2025
Tenet Healthcare Q4 2025 Earnings Report
Tenet Healthcare reported strong fourth quarter 2025 results with revenue growth, higher earnings, and margin expansion across both segments.
Key Takeaways
Tenet generated $5527000000 in Q4 2025 net operating revenues, up 8.9% year-over-year, with net income available to common shareholders of $371000000 and diluted EPS of $4.22. Adjusted diluted EPS increased to $4.70 and consolidated Adjusted EBITDA rose to $1183000000, reflecting solid performance in both Ambulatory Care and Hospital segments.
Net operating revenues increased 8.9% year-over-year to $5527000000.
Net income available to common shareholders rose to $371000000, with diluted EPS of $4.22.
Adjusted EBITDA grew 12.9% to $1183000000, with margin of 21.4%.
Ambulatory Care Adjusted EBITDA increased to $580000000, while Hospital Adjusted EBITDA reached $603000000.
Revenue by Segment
Forward Guidance
For FY 2026, Tenet expects net operating revenues of $21500000000 to $22300000000 and Adjusted EBITDA of $4485000000 to $4785000000, with Adjusted diluted EPS projected between $16.19 and $18.47.
Positive Outlook
- Adjusted EBITDA expected between $4485000000 and $4785000000.
- Net operating revenues projected between $21500000000 and $22300000000.
- Adjusted diluted EPS guidance of $16.19 to $18.47.
- Adjusted EBITDA margin outlook of 20.9% to 21.5%.
- Free cash flow expected between $2940000000 and $3290000000.
Challenges Ahead
- Income tax expense projected between $985000000 and $1060000000.
- Interest expense expected between $800000000 and $810000000.
- Net income attributable to noncontrolling interests projected up to $960000000.
- Capital expenditures expected between $700000000 and $800000000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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