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Tenet Healthcare Earnings Calls
| Release date | Oct 28, 2025 |
| EPS estimate | $3.33 |
| EPS actual | $3.70 |
| EPS Surprise | 11.11% |
| Revenue estimate | 5.466B |
| Revenue actual | 5.289B |
| Revenue Surprise | -3.23% |
| Release date | Jul 22, 2025 |
| EPS estimate | $2.87 |
| EPS actual | $4.02 |
| EPS Surprise | 40.07% |
| Revenue estimate | 5.161B |
| Revenue actual | 5.271B |
| Revenue Surprise | 2.14% |
| Release date | Apr 29, 2025 |
| EPS estimate | $3.12 |
| EPS actual | $4.36 |
| EPS Surprise | 39.74% |
| Revenue estimate | 5.138B |
| Revenue actual | 5.223B |
| Revenue Surprise | 1.65% |
| Release date | Feb 12, 2025 |
| EPS estimate | $2.95 |
| EPS actual | $3.44 |
| EPS Surprise | 16.61% |
| Revenue estimate | 5.168B |
| Revenue actual | 5.072B |
| Revenue Surprise | -1.85% |
Last 4 Quarters for Tenet Healthcare
Below you can see how THC performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Feb 12, 2025 |
| Price on release | $126.19 |
| EPS estimate | $2.95 |
| EPS actual | $3.44 |
| EPS surprise | 16.61% |
| Date | Price |
|---|---|
| Feb 06, 2025 | $139.80 |
| Feb 07, 2025 | $140.47 |
| Feb 10, 2025 | $139.45 |
| Feb 11, 2025 | $138.83 |
| Feb 12, 2025 | $126.19 |
| Feb 13, 2025 | $133.57 |
| Feb 14, 2025 | $133.31 |
| Feb 18, 2025 | $134.91 |
| Feb 19, 2025 | $135.65 |
| 4 days before | -9.74% |
| 4 days after | 7.50% |
| On release day | 5.85% |
| Change in period | -2.97% |
| Release date | Apr 29, 2025 |
| Price on release | $138.35 |
| EPS estimate | $3.12 |
| EPS actual | $4.36 |
| EPS surprise | 39.74% |
| Date | Price |
|---|---|
| Apr 23, 2025 | $121.05 |
| Apr 24, 2025 | $124.24 |
| Apr 25, 2025 | $122.10 |
| Apr 28, 2025 | $123.91 |
| Apr 29, 2025 | $138.35 |
| Apr 30, 2025 | $142.95 |
| May 01, 2025 | $145.29 |
| May 02, 2025 | $148.03 |
| May 05, 2025 | $149.03 |
| 4 days before | 14.29% |
| 4 days after | 7.72% |
| On release day | 3.32% |
| Change in period | 23.11% |
| Release date | Jul 22, 2025 |
| Price on release | $155.97 |
| EPS estimate | $2.87 |
| EPS actual | $4.02 |
| EPS surprise | 40.07% |
| Date | Price |
|---|---|
| Jul 16, 2025 | $173.39 |
| Jul 17, 2025 | $175.14 |
| Jul 18, 2025 | $175.06 |
| Jul 21, 2025 | $174.65 |
| Jul 22, 2025 | $155.97 |
| Jul 23, 2025 | $158.31 |
| Jul 24, 2025 | $148.38 |
| Jul 25, 2025 | $153.02 |
| Jul 28, 2025 | $156.52 |
| 4 days before | -10.05% |
| 4 days after | 0.353% |
| On release day | 1.50% |
| Change in period | -9.73% |
| Release date | Oct 28, 2025 |
| Price on release | $204.62 |
| EPS estimate | $3.33 |
| EPS actual | $3.70 |
| EPS surprise | 11.11% |
| Date | Price |
|---|---|
| Oct 22, 2025 | $205.12 |
| Oct 23, 2025 | $206.91 |
| Oct 24, 2025 | $210.38 |
| Oct 27, 2025 | $216.17 |
| Oct 28, 2025 | $204.62 |
| Oct 29, 2025 | $209.14 |
| Oct 30, 2025 | $208.62 |
| Oct 31, 2025 | $206.49 |
| Nov 03, 2025 | $201.39 |
| 4 days before | -0.244% |
| 4 days after | -1.58% |
| On release day | 2.21% |
| Change in period | -1.82% |
Tenet Healthcare Earnings Call Transcript Summary of Q3 2025
Tenet reported strong Q3 2025 results with net operating revenues of $5.3 billion and consolidated adjusted EBITDA of $1.1 billion (up ~12% YoY) and an adjusted EBITDA margin of 20.8% (up 170 bps). The outpatient ASC platform (USPI) continued to drive high-margin growth (USPI adjusted EBITDA $492M, +12% YoY; same-facility revenue +8.3%), supported by aggressive M&A and de novo activity (11 acquisitions, 2 de novos in the quarter; ~ $300M YTD spend). Hospital adjusted EBITDA was $607M (+13% YoY) with same-store adjusted admissions +1.4% and revenue per adjusted admission +5.9%, and Tenet opened a new hospital in Port St. Lucie, FL. Management raised full-year 2025 guidance: adjusted EBITDA to $4.47B–$4.57B, net operating revenues to $21.15B–$21.35B, increased CapEx to $875M–$975M (to fund higher-acuity investments), and free cash flow after noncontrolling interest to $1.495B–$1.695B. Q3 free cash flow was strong ($778M; $2.16B YTD), aided by Conifer’s cash collections and working-capital improvements; leverage is down (net leverage ~2.3x EBITDA). Capital priorities remain: M&A for USPI, targeted hospital investments, debt optimization, and opportunistic buybacks (598k shares repurchased in Q3; 7.8M YTD). Key risks called out include uncertainty around ACA exchange premium subsidy timing/coverage, pending state directed payment approvals for 2026, and tariff/ supply dynamics, but management expects continued healthy demand and disciplined cost control into 2026.
