Tenet Healthcare (THC) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Tenet Healthcare published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Tenet Healthcare reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted diluted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue here is Tenet's net operating revenues. It excludes $646 million of revenue from contract termination recognized in Q3 2026 from the early end of Conifer's revenue cycle management agreements with CommonSpirit Health, which Tenet reports on a separate line and which is in GAAP net income.
• Q3 2026 net operating revenues include a timing-related catch-up of $97 million from those agreements, which Tenet says does not change its full-year 2026 expectations.

Source: Tenet Healthcare Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Tenet Healthcare splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Tenet Healthcare's Hospital Operations and Services revenue was $4.3 billion in Q3 2026, up 6% from $4.0 billion in Q3 2025, 76% of total revenue.
• Tenet Healthcare's Ambulatory Care revenue was $1.4 billion in Q3 2026, up 8% from $1.3 billion in Q3 2025, 24% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Tenet Healthcare said:

“FY 2026 Adjusted EBITDA Outlook is now expected to be in the range of $5.05 billion to $5.20 billion, a $195 million increase at the midpoint of the range”

“FY 2026 Adjusted Free Cash Flow outlook now expected to be in the range of $2.825 billion to $3.125 billion, a $100 million increase”

“Diluted income per common share $35.82 to $37.08”

“Adjusted diluted earnings per share $22.05 to $23.01”

Source: Tenet Healthcare Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the THC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net operating revenues and GAAP diluted EPS, each as first reported in that quarter's earnings release. Revenue from contract termination ($413 million in each of Q1 and Q2 2026 and $646 million in Q3 2026) is not in net operating revenues but is in GAAP EPS.

We do not hold a confirmed date for Tenet Healthcare's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Tenet Healthcare reports two segments. Hospital Operations and Services, its acute care and specialty hospitals plus outpatient facilities, physician practices and Conifer's revenue cycle services, had net operating revenues of $4,260 million in Q3 2026. Ambulatory Care, which is United Surgical Partners International (USPI), had $1,371 million. Together they made $5,631 million, up 6.5%. (Tenet Healthcare Q3 2026 release, Oct 29, 2026; Tenet Healthcare Form 10-Q, Q3 2026, Oct 29, 2026)

Of Tenet's $3,592 million in net patient service revenues from hospitals and related outpatient facilities in Q3 2026, managed care was $2,490 million, Medicare $532 million and Medicaid $416 million. Same-hospital adjusted admissions rose 3.2%, and Tenet cited pricing strength partly offset by an unfavorable payer mix from fewer patients covered through health insurance exchanges. (Tenet Healthcare Q3 2026 release, Oct 29, 2026; Tenet Healthcare Form 10-Q, Q3 2026, Oct 29, 2026)

USPI held interests in 535 ambulatory surgery centers (406 consolidated) and 25 surgical hospitals in 37 states at September 30, 2026. Ambulatory Care net operating revenues rose 7.5%. On a same-facility system-wide basis net patient service revenues rose 4.5%, with surgical cases down 1.5% and revenue per case up 6.1%, which Tenet attributed to higher acuity and favorable service mix. (Tenet Healthcare Q3 2026 release, Oct 29, 2026)

Tenet Healthcare also booked $646 million of revenue from contract termination, outside net operating revenues, as Conifer's revenue cycle management work for CommonSpirit Health ends early. The transition is to be substantially complete by October 30, 2026. The 10-K says over half of Tenet's licensed beds at December 31, 2025 were in Florida, South Carolina, Tennessee and Texas, four states that have not expanded Medicaid. (Tenet Healthcare Q3 2026 release, Oct 29, 2026; Tenet Healthcare Form 10-K, 2025, Feb 17, 2026)

Tenet Healthcare's GAAP diluted EPS of $12.41 in Q3 2026 was almost double its adjusted diluted EPS of $6.64. The gap is mainly the revenue from contract termination, worth $8.01 per share before tax, which Tenet removes from adjusted results along with impairment and restructuring charges ($0.46), litigation costs, gains on facility sales and a $0.06 loss on debt extinguishment, less a $1.76 tax and noncontrolling interests effect. (Tenet Healthcare Q3 2026 release, Oct 29, 2026)

Tenet's adjusted results include effects of the RCM transition: a $97 million timing adjustment to net operating revenues and about $50 million of transition benefits together added $147 million to Q3 2026 Adjusted EBITDA, which was $1,355 million against $1,099 million a year earlier. The Hospital segment also recognized $32 million of prior-year Medicaid supplemental revenue, against $38 million in Q3 2025. (Tenet Healthcare Q3 2026 release, Oct 29, 2026)

Buybacks cut Tenet Healthcare's diluted share count to 80,600 thousand from 88,610 thousand a year earlier. It repurchased 970,000 shares for $255 million in the quarter and 7.99 million shares for $1.615 billion over nine months. Net income available to noncontrolling interests was $219 million. (Tenet Healthcare Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Tenet Healthcare publishes a full-year outlook in its release and raised it in Q3 2026. It now expects 2026 Adjusted EBITDA of $5.05 billion to $5.20 billion, $195 million higher at the midpoint, net operating revenues of $22,050 to $22,450 million, diluted EPS of $35.82 to $37.08 and adjusted diluted EPS of $22.05 to $23.01. The outlook excludes revenue from contract termination from net operating revenues. (Tenet Healthcare Q3 2026 release, Oct 29, 2026)

By segment, Tenet's 2026 outlook calls for Ambulatory Adjusted EBITDA of $2,160 to $2,220 million, with same-facility system-wide revenues up 3.0% to 6.0%, and Hospital Adjusted EBITDA of $2,890 to $2,980 million, with adjusted admissions up 1.0% to 2.0%. (Tenet Healthcare Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Tenet Healthcare, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Tenet Healthcare's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning THC is on is THC a buy or a sell?, what analysts expect next is on the THC forecast, and what the company does is on the Tenet Healthcare (THC) stock page.

Every number on this page can be traced to a document Tenet Healthcare published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.