The market expects Tenet Healthcare (THC - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis hospital operator is expected to post quarterly earnings of $4.60 per share in its upcoming report, which represents a year-over-year change of +24.3%.
Revenues are expected to be $5.47 billion, up 3.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.12% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Tenet?For Tenet, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +11.11%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that Tenet will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Tenet would post earnings of $4.08 per share when it actually produced earnings of $6.12, delivering a surprise of +50.00%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Tenet appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsTenet Healthcare (THC - Free Report) , another stock in the Zacks Medical - Hospital industry, is expected to report earnings per share of $4.6 for the quarter ended September 2026. This estimate points to a year-over-year change of +24.3%. Revenues for the quarter are expected to be $5.47 billion, up 3.5% from the year-ago quarter.
The consensus EPS estimate for Tenet has been revised 0.1% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +11.11%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that Tenet will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Tenet Healthcare (THC - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Over the past month, shares of this hospital operator have returned +3.9%, compared to the Zacks S&P 500 composite's +0.7% change. During this period, the Zacks Medical - Hospital industry, which Tenet falls in, has gained 1.6%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Tenet is expected to post earnings of $4.59 per share for the current quarter, representing a year-over-year change of +24.1%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.1%.
The consensus earnings estimate of $21.04 for the current fiscal year indicates a year-over-year change of +25.4%. This estimate has remained unchanged over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $20.81 indicates a change of -1.1% from what Tenet is expected to report a year ago. Over the past month, the estimate has changed -0.1%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Tenet.
Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For Tenet, the consensus sales estimate for the current quarter of $5.47 billion indicates a year-over-year change of +3.3%. For the current and next fiscal years, $22.2 billion and $22.58 billion estimates indicate +4.2% and +1.7% changes, respectively.
Last Reported Results and Surprise HistoryTenet reported revenues of $5.63 billion in the last reported quarter, representing a year-over-year change of +6.8%. EPS of $6.12 for the same period compares with $4.02 a year ago.
Compared to the Zacks Consensus Estimate of $5.39 billion, the reported revenues represent a surprise of +4.4%. The EPS surprise was +50%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.
ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Tenet is graded A on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Tenet. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Key Takeaways Tenet Healthcare's operating cash flow rose 27.1% to $2.2 billion in the first half of 2026.Tenet Healthcare raised 2026 adjusted free cash flow guidance to $1.825-$2.055 billion.Tenet Healthcare has $2.1 billion left under its buyback authorization while funding growth. Tenet Healthcare Corporation (THC - Free Report) is becoming more aggressive with shareholder returns, and its improving cash generation is making that strategy easier to support. In the first half of 2026, net cash provided by operating activities rose 27.1% year over year to $2.2 billion, while adjusted free cash flow totaled $1.4 billion. That momentum also prompted Tenet Healthcare to raise its 2026 adjusted free cash flow guidance (after noncontrolling interests) to $1.825-$2.055 billion, strengthening the financial backdrop for continued buybacks.
The company has already stepped up repurchases meaningfully. THC spent around $1.4 billion on share buybacks during the first half of 2026, including $1 billion in the second quarter. Its board also increased the repurchase authorization by $2 billion, leaving about $2.1 billion available as of July 23, 2026. This gives THC substantial room to keep returning cash if operating trends remain favorable.
However, buybacks are only one part of the capital-allocation picture. Tenet Healthcare is also investing in USPI expansion, higher-acuity services and other growth initiatives while maintaining sizable capital expenditure requirements. The company expects capital spending of $700-$800 million in 2026, underscoring the need to preserve cash for organic growth alongside shareholder returns. Debt service remains another consideration even after Tenet extended maturities through its recent refinancing.
Thus, the sustainability of Tenet Healthcare’s capital-return strategy hinges on maintaining strong cash conversion while funding growth and managing leverage. If operating momentum holds, THC should have room to remain active on buybacks without significantly limiting investment in its ambulatory platform.
How Are Peers Faring?Some of THC’s peers in the medical space are Universal Health Services, Inc. (UHS - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) .
Universal Health Services is also balancing buybacks with sizable reinvestment needs. UHS repurchased $447.5 million of shares in the first half of 2026 and had approximately $977.6 million of remaining share repurchase authorization as of June 30, 2026, although planned capital spending of $950 million-$1.1 billion keeps reinvestment demands elevated.
HCA Healthcare is also maintaining a strong capital-return pace alongside heavy investment. It repurchased shares worth $3.6 billion in the first half of 2026 and paid dividends worth $354 million. As of June 30, 2026, HCA had $7.2 billion remaining under its buyback authorization while keeping its 2026 capital spending outlook at $5-$5.5 billion.
THC’s Price Performance, Valuation & EstimatesShares of Tenet Healthcare have gained 27.9% over the past year compared with the industry’s growth of 8.3%.
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From a valuation standpoint, Tenet Healthcare trades at a forward price-to-earnings ratio of 12.34, above the industry average of 10.89. THC carries a Value Score of A.
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The Zacks Consensus Estimate for Tenet Healthcare’s 2026 earnings is pegged at $21.04 per share, implying 25.4% growth from the year-ago period.
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THC stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Tenet Healthcare ve 2. čtvrtletí zvýšila konsolidované čisté provozní tržby o 6,8 % na 5,63 mld. USD, i když chirurgické výkony klesly. Firma zároveň zvedla výhled upraveného EBITDA pro rok 2026 na 4,83–5,03 mld. USD.
Key Takeaways Tenet Healthcare's revenues rose 6.8% despite declines in hospital and ambulatory surgical cases.USPI revenue per case climbed 6.3%, helping ambulatory revenue and adjusted EBITDA grow.Tenet Healthcare raised 2026 adjusted EBITDA guidance to $4.83-$5.03 billion. Tenet Healthcare Corporation’s (THC - Free Report) growth remains intact despite softer surgical volumes. In the second quarter of 2026, same-facility system-wide surgical cases at United Surgical Partners International (“USPI”), Tenet’s ambulatory surgery business, fell 1.2% year over year, while hospital surgeries declined 0.7%. Consolidated net operating revenues rose 6.8% to $5.63 billion, demonstrating that lower procedure volumes have not hindered revenue growth.
USPI benefited from a 6.3% rise in revenue per case, helping ambulatory revenues increase 9.3%. The gain reflected higher acuity and favorable service mix, while acquisitions and added service lines provided additional support. Higher revenue per case more than offset weaker case volumes, helping ambulatory adjusted EBITDA increase 8.8% to $542 million. This suggests USPI’s growth is becoming less dependent on surgical volumes alone.
The hospital business also shows that lower surgical volumes have not materially weakened operations. Hospital surgeries declined 0.7%, but adjusted admissions increased 2.6%. Revenue per adjusted admission grew 3.3%. This helped hospital adjusted EBITDA rise 22.3% to $762 million, with the margin expanding to 18.0% from 15.6%. The EBITDA improvement also benefited from $92 million of prior-year Medicaid supplemental revenues versus $70 million a year earlier.
THC’s raised 2026 adjusted EBITDA guidance of $4.83-$5.03 billion supports continued earnings growth. The company expects hospital adjusted admissions to rise 1-2% and USPI same-facility system-wide revenues to grow 3-6% for the year. Continued gains in acuity, favorable service mix and revenue per case should help offset softer surgical volumes and support further growth.
Peer PerformanceTenet’s healthcare peers, including Universal Health Services, Inc. (UHS - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) , also reported solid volume and revenue trends in the second quarter of 2026.
Universal Health Services is also benefiting from higher revenue per patient. In the second quarter of 2026, adjusted admissions increased 2.9%, while revenue per adjusted admission rose 3%. UHS’ behavioral-health revenues grew 7.4%, supporting overall revenue growth.
HCA Healthcare is seeing steady demand across its hospital network. In the second quarter of 2026, admissions increased 2.4%, while revenue per equivalent admission rose 6% year over year. Higher revenue intensity and Medicaid supplemental payments supported growth, while emergency-room visits also increased.
THC’s Price Performance, Valuation & EstimatesShares of Tenet Healthcare have gained 30.4% over the past year compared with the industry's 12.7% growth over the same period.
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From a valuation standpoint, THC trades at a forward price-to-earnings ratio of 12.28X, up from the industry average of 10.95X. THC carries a Value Score of A.
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The Zacks Consensus Estimate for THC’s 2026 earnings is pegged at $21.04 per share, implying a 25.4% jump from the year-ago period’s level.
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THC currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Tenet Healthcare zvýšil výhled upraveného EBITDA pro rok 2026 na 4,83–5,03 miliardy USD. Tahounem je růst USPI, jehož tržby ve 2. čtvrtletí vzrostly o 9,3 % na 1,4 miliardy USD.
Key Takeaways Tenet Healthcare benefits from higher-acuity demand and stronger commercial employer revenues.USPI revenues rose 9.3% to $1.4 billion, supported by acquisitions and de novo ambulatory centers.THC raised its 2026 EBITDA outlook while balancing growth investments, buybacks and debt refinancing. Tenet Healthcare Corporation (THC - Free Report) is benefiting from higher-acuity services, strong commercial revenues and the continued expansion of its ambulatory care platform, USPI. Shares of THC have risen 20.3% over the past six months, outperforming the industry’s growth of 8.2%.
THC, with a market cap of $21.2 billion, provides healthcare services primarily through general hospitals and related healthcare facilities. The company operates through two reportable segments: Hospital Operations and Services, and Ambulatory Care. Its forward 12-month P/E ratio of 12.62X is higher than the industry average of 11X.
Courtesy of solid prospects, THC currently carries a Zacks Rank #2 (Buy) and a Growth Score of B.
Let’s delve deeper.
Where Do THC’s Estimates Stand?The Zacks Consensus Estimate for Tenet Healthcare’s 2026 earnings is pegged at $21.04 per share, indicating a 25.4% year-over-year rise. The consensus mark for revenues is pinned at $22.2 billion, indicating 4.2% year-over-year growth. Furthermore, it beat earnings estimates in each of the past four quarters, with an average surprise of 22.7%.
THC’s Growth DriversTenet Healthcare is benefiting from continued demand for higher-acuity services across its hospital network. In the second quarter of 2026, same-hospital adjusted admissions increased 2.6% year over year, while same-hospital net patient service revenues per adjusted admission rose 3.3%. The increase was primarily driven by stronger commercial employer net patient revenues and higher Medicaid supplemental revenues, partly offset by an unfavorable payer mix resulting from lower exchange admissions.
The United Surgical Partners International (“USPI”) ambulatory business remains a key growth engine. The segment’s revenues grew 9.3% to $1.4 billion, while surgical business same-facility system-wide net patient service revenues grew 5%. USPI is widening its presence through acquisitions and de novo centers, alongside expansion in orthopedics, urology, robotics, bariatrics and cardiovascular procedures. The United Surgical Partners had interests in 538 ambulatory surgery centers and 26 surgical hospitals in 37 states as of June 30, 2026. The company expects to exceed $300 million of ambulatory M&A spending in 2026.
It also continues to advance technology-enabled cost initiatives, including automation and AI, to improve productivity and strengthen its cost structure. Conifer’s strong cash collection performance is supporting Tenet Healthcare’s free cash flow conversion, providing additional flexibility to fund growth investments. THC has also raised its 2026 adjusted EBITDA outlook to $4.83-$5.03 billion and continues to balance business investments with share repurchases and debt refinancing.
In the second quarter of 2026, the company repurchased shares worth $1 billion. Its board of directors also expanded the share repurchase authorization by $2 billion. As of July 23, 2026, it had approximately $2.1 billion remaining under its share repurchase authorization. Additionally, THC's return on assets of 5.6% is higher than the industry average of 4.4%, indicating that the company is generating superior returns from its asset base.
THC’s Key RisksThere are some factors, however, that investors should keep a careful eye on.
Despite the company’s cost-management program, expenses have trended upward. The operating expenses rose 2.1% year over year in the second quarter of 2026. Elevated labor costs, higher medical supplies and increased patient acuity are likely to sustain this trend, potentially limiting margin expansion and weighing on profitability.
Other Stocks to ConsiderSome other top-ranked stocks in the Medical space are UnitedHealth Group Incorporated (UNH - Free Report) , Globus Medical, Inc. (GMED - Free Report) and Centene Corporation (CNC - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for UnitedHealth Group’s current-year earnings of $19.82 per share has witnessed two upward revisions in the past 30 days, with no movement in the opposite direction. UNH beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 12.1%. The consensus estimate for current-year revenues is pegged at $446.8 billion.
The Zacks Consensus Estimate for Globus Medical’s current-year earnings of $4.99 per share has witnessed one upward revision in the past 30 days, against no movement in the opposite direction. GMED beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.9%. The consensus estimate for current-year revenues is pegged at $3.2 billion, suggesting 8.8% year-over-year growth.
The Zacks Consensus Estimate for Centene’s current-year earnings of $4.89 per share has witnessed nine upward revisions in the past 60 days, against no movement in the opposite direction. CNC beat earnings estimates in each of the trailing four quarters, with an average surprise of 151.3%. The consensus estimate for current-year revenues is pegged at $196.3 billion, suggesting 0.8% year-over-year growth.
Tenet Healthcare ve 2. čtvrtletí zvýšil hospital adjusted EBITDA o 22,3 % na 762 mil. USD a marži na 18 % z 15,6 %. Firma čeká pro rok 2026 hospital adjusted EBITDA ve výši 2,67–2,81 mld. USD.
Key Takeaways Tenet Healthcare's hospital adjusted admissions rose 2.6%, while revenue per admission increased 3.3%.Hospital adjusted EBITDA jumped 22.3% to $762 million, lifting the margin to 18% from 15.6%.Management expects $2.67-$2.81 billion in 2026 Hospital adjusted EBITDA despite exchange revenue pressure. Tenet Healthcare Corporation’s (THC - Free Report) second-quarter 2026 results show why its Hospital Operations segment remains an important earnings driver. Despite pressure from weaker exchange enrollment, the segment delivered stronger volumes, better revenue per patient and meaningful margin improvement, giving investors a reason to remain optimistic about the earnings outlook.
Hospital adjusted admissions increased 2.6% year over year, while revenue per adjusted admission rose 3.3%. This combination is encouraging because THC is benefiting from both healthy patient demand and a better mix of services. The improvement in revenue per admission reflects its focus on higher-acuity care, while stronger commercial revenues are helping support top-line growth.
The hospital segment is translating this momentum into stronger profitability. Hospital adjusted EBITDA jumped 22.3% to $762 million, significantly faster than revenue growth, while the margin expanded to 18% from 15.6% a year ago. This suggests its cost-management efforts are helping convert operational growth into stronger profits.
However, exchange weakness remains a caution. Exchange revenues fell 17% in the second quarter of 2026 and are expected to remain under pressure. Still, continued volume growth, better acuity and cost discipline should help offset some of that weakness. The company’s $2.67-$2.81 billion 2026 Hospital adjusted EBITDA guidance signals confidence in continued underlying improvement, positioning the segment as a potential near-term tailwind for THC’s earnings.
Peer PerformanceTenet is not the only one benefiting from healthy demand for hospital care. Healthcare peers, including Universal Health Services, Inc. (UHS - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) , also reported solid hospital volume and revenue growth in the second quarter of 2026.
Universal Health delivered strong hospital performance, with acute-care adjusted admissions rising 2.9%. UHS’ net revenue per adjusted admission increased 3.0%, while same-facility acute-care revenues grew 8.2%, reflecting continued strength across its hospital operations.
HCA Healthcare posted solid hospital growth in the second quarter of 2026, with same-facility equivalent admissions increasing 2.7%. HCA’s revenue per equivalent admission also rose 6.4%, pointing to healthy demand and a favorable patient mix.
THC’s Price Performance, Valuation & EstimatesShares of Tenet Healthcare have gained 56.4% over the past year compared with the industry's 28% growth over the same period.
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From a valuation standpoint, THC trades at a forward price-to-earnings ratio of 13.43X, up from the industry average of 11.28X. THC carries a Value Scoreof A.
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The Zacks Consensus Estimate for THC’s 2026 earnings is pegged at $20.16 per share, implying a 20.1% jump from the year-ago period’s level.
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THC currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Tenet Healthcare ve 2. čtvrtletí vykázala zisk na akcii 6,12 USD a tržby 5,63 miliardy USD, obojí nad odhady. Zisk na akcii tak meziročně vzrostl z 4,02 USD.
Tenet Healthcare (THC - Free Report) came out with quarterly earnings of $6.12 per share, beating the Zacks Consensus Estimate of $4.08 per share. This compares to earnings of $4.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +50.00%. A quarter ago, it was expected that this hospital operator would post earnings of $4.21 per share when it actually produced earnings of $4.82, delivering a surprise of +14.49%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Tenet, which belongs to the Zacks Medical - Hospital industry, posted revenues of $5.63 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.40%. This compares to year-ago revenues of $5.27 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Tenet shares have lost about 1.7% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Tenet?While Tenet has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Tenet was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.22 on $5.47 billion in revenues for the coming quarter and $17.50 on $22.01 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Hospital is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Acadia Healthcare (ACHC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.
This provider of inpatient behavioral health care services is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of -60.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Acadia Healthcare's revenues are expected to be $844.75 million, down 2.8% from the year-ago quarter.
Tenet Healthcare ve 2. čtvrtletí očekává meziroční pokles hospitalizačních dnů o 3 % a kratší délku pobytu. Náklady mají kvůli vyššímu vytížení vzrůst.
Key Takeaways Tenet Healthcare reports Q2 results on July 24, with estimates calling for 1.5% EPS and 2.3% revenue growth.THC's Ambulatory Care business is expected to benefit from same-facility revenue growth and acquisitions.Tenet Healthcare faces pressure from lower patient days, shorter stays and higher costs. Hospital operator Tenet Healthcare Corporation (THC - Free Report) is set to report second-quarter 2026 results on July 24, 2026, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $4.08 per share on revenues of $5.39 billion.
The second-quarter earnings estimate has decreased 3 cents over the past 60 days. Yet, the bottom-line projection indicates a year-over-year increase of 1.5%. Also, the Zacks Consensus Estimate for quarterly revenues suggests year-over-year growth of 2.3%.
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For full-year 2026, the Zacks Consensus Estimate for Tenet Healthcare’s revenues is pegged at $21.98 billion, implying a rise of 3.1% year over year. The consensus mark for 2026 earnings per share is pegged at $17.50, indicating a jump of 4.3% on a year-over-year basis.
Tenet Healthcare beat the consensus estimate for earnings in each of the trailing four quarters, with the average surprise being 20.6%, as you can see below.
Q2 Earnings Whispers for THCHowever, our proven model does not conclusively predict an earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That’s not the case here.
THC has an Earnings ESP of 0.00% and carries a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
What’s Shaping THC’s Q2 Results?The Zacks Consensus Estimate for adjusted patient admissions in total hospital operations suggests a 2.2% year-over-year decline. However, on the same hospital basis, the consensus estimate for adjusted patient admissions indicates a 1% increase from a year ago. The consensus mark for net patient revenues per adjusted admission in the second quarter signals a 10.2% year-over-year increase.
Meanwhile, the Ambulatory Care business is likely to have gained from strong growth in consolidated same-facility net patient service revenues, contributions from facility acquisitions and an expansion of service lines. Our model estimate for the Ambulatory Care segment’s net operating revenues suggests 7.8% growth from the prior-year quarter’s figure, whereas the consensus estimate indicates an 8.4% increase. The Zacks Consensus Estimate for adjusted EBITDA from Ambulatory Care operations suggests 5.1% year-over-year growth.
The Zacks Consensus Estimate for Hospital Operations and Services revenues for the second quarter is pegged at just a little over $4 billion, indicating a 0.1% increase from the year-ago period. However, the Zacks Consensus Estimate for adjusted EBITDA from the segment suggests a 2.8% year-over-year fall.
Both the consensus estimate and our model estimate suggest that second-quarter total hospital patient days have decreased 3% year over year. Both the Zacks Consensus Estimate and our model estimate for the average length of stay in total hospital indicate a 0.2% decrease from a year ago. Also, with increased utilization, costs are expected to have increased in the second quarter, making an earnings beat uncertain.
Stocks That Warrant a LookWhile an earnings beat looks uncertain for Tenet Healthcare, here are some companies from the broader Medical space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time around:
ProMIS Neurosciences, Inc. (PMN - Free Report) has an Earnings ESP of +13.30% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for ProMIS’ bottom line for the to-be-reported quarter of a loss of $1.45 indicates an 80% year-over-year improvement. It has witnessed one upward revision against no downward movement over the past 60 days.
Alcon Inc. (ALC - Free Report) has an Earnings ESP of +3.13% and a Zacks Rank of 2.
The Zacks Consensus Estimate for Alcon’s bottom line for the to-be-reported quarter indicates a 1.3% increase from a year ago. The company’s earnings beat estimates in three of the trailing four quarters and missed once, with an average surprise of 3.7%. The consensus estimate for ALC’s revenues is pegged at $2.77 billion, signaling a 7.3% increase.
Cardinal Health, Inc. (CAH - Free Report) has an Earnings ESP of +1.24% and a Zacks Rank of 2.
The Zacks Consensus Estimate for Cardinal Health’s bottom line for the to-be-reported quarter suggests 16.4% year-over-year growth. Its earnings beat estimates in each of the past four quarters, with an average surprise of 10.3%. CAH’s revenues for the to-be-reported quarter are pegged at $65.61 billion, a 9.1% increase from the year-ago period.
Akcie Tenet Healthcare uzavřely na 204,25 USD, což znamená denní pokles o 1,22 % a zaostání za růstem indexu S&P 500 o 0,42 %. Investoři čekají na výsledky hospodaření, které mají být zveřejněny 24. července 2026.
Tenet Healthcare (THC - Free Report) closed the most recent trading day at $204.25, moving -1.22% from the previous trading session. This change lagged the S&P 500's 0.42% gain on the day. Meanwhile, the Dow experienced a rise of 0.29%, and the technology-dominated Nasdaq saw an increase of 0.29%.
Prior to today's trading, shares of the hospital operator had gained 19.4% outpaced the Medical sector's gain of 5.6% and the S&P 500's gain of 2.2%.
Investors will be eagerly watching for the performance of Tenet Healthcare in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 24, 2026. The company's upcoming EPS is projected at $4.08, signifying a 1.49% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.39 billion, up 2.27% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $17.61 per share and a revenue of $22.02 billion, indicating changes of +4.95% and +3.32%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Tenet Healthcare. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Tenet Healthcare is holding a Zacks Rank of #2 (Buy) right now.
With respect to valuation, Tenet Healthcare is currently being traded at a Forward P/E ratio of 11.74. This expresses no noticeable deviation compared to the average Forward P/E of 11.74 of its industry.
It is also worth noting that THC currently has a PEG ratio of 1.7. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Medical - Hospital industry had an average PEG ratio of 1.7 as trading concluded yesterday.
The Medical - Hospital industry is part of the Medical sector. With its current Zacks Industry Rank of 60, this industry ranks in the top 25% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Tenet Healthcare těží z rostoucích upravených přijetí a silného růstu ambulantní péče; odhady zisku na akcii pro letošek byly zvýšeny a počítají s růstem o 5 %.
Key Takeaways Tenet Healthcare is benefiting from rising adjusted admissions and strong Ambulatory Care growth.THC's earnings estimates moved higher, with projected 5% EPS growth and four straight earnings beats.Tenet Healthcare faces rising operating expenses despite cost-control efforts, posing a margin risk. Tenet Healthcare Corporation (THC - Free Report) is well-poised to grow, backed by the expanding adjusted admissions. Its solid Ambulatory Care segment performance is also a major tailwind. In the year-to-date period, shares of Tenet Healthcare have gained 2.6% against the industry’s 5.5% fall. Headquartered in Dallas, TX, THC operates as a provider of diversified healthcare services and has a market cap of $17.5 billion.
Driven by its solid prospects, this Zacks Rank #2 (Buy) stock is worth adding to your portfolio at the moment.
Let’s delve deeper.
The Zacks Consensus Estimate for Tenet Healthcare’s current-year earnings is pegged at $17.61 per share, which has witnessed two upward estimate revisions in the past 60 days against none in the opposite direction. The estimate indicates 5% year-over-year growth. Tenet Healthcare beat on earnings in all the last four quarters, with an average surprise of 20.6%.
The consensus mark for current-year revenues is pegged at $22.02 billion, signaling a 3.3% increase from a year ago. The company’s solid organic growth, supported by rising patient revenue per adjusted admission and a favorable shift toward higher-acuity services, is likely to support the top line. Favorable demographic trends, such as an aging population and rising chronic disease prevalence, are expected to sustain volume growth and support long-term revenue and earnings expansion.
THC's performance is benefiting from strong growth in its Ambulatory Care segment, driven by same-facility revenue gains, tuck-in acquisitions of ambulatory surgery centers and surgical hospitals, and continued expansion of the USPI platform. It had interests in 541 ambulatory surgery centers and 26 surgical hospitals in 37 states as of March 31, 2026. Ambulatory net operating revenues increased 17.3% in 2024, 14.1% in 2025 and 10.6% year over year in the first quarter of 2026.
THC's return on assets of 5.15% is higher than the industry average of 4.24%, indicating that the company is generating superior returns from its asset base, reflecting stronger operational efficiency and effective capital deployment compared with its peers.
Key Risk to MonitorHowever, investors should keep an eye on the company's expense profile. While Tenet Healthcare has implemented cost-control initiatives, including workforce optimization and renegotiated supplier and vendor contracts, expenses have continued to rise. Operating expenses increased 20.6% in 2025 and a further 4.6% year over year in the first quarter of 2026. Total expenses also rose as a percentage of sales. Persistent labor cost pressures, inflation in medical supplies and other inputs, and higher patient acuity are expected to keep expenses elevated, potentially weighing on margins.
Other Key PicksSome other top-ranked stocks in the broader Medical space are CVS Health Corporation (CVS - Free Report) , agilon health, inc. (AGL - Free Report) and Biodesix, Inc. (BDSX - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CVS Health’s 2026 bottom line suggests 10.2% year-over-year growth. CVS has witnessed 12 upward estimate revisions over the past 60 days against no movement in the opposite direction. It beat earnings estimates in all the last four quarters, with an average surprise of 16.8%.
The Zacks Consensus Estimate for agilon health’s full-year 2026 earnings indicates a 92.4% year-over-year improvement. AGL has witnessed two upward estimate revisions over the past 60 days against no movement in the opposite direction. The consensus mark for current-year revenues is currently pegged at $5.72 billion.
The Zacks Consensus Estimate for Biodesix’s 2026 full-year earnings implies a 37.7% improvement from the year-ago reported figure. BDSX beat earnings estimates in three of the last four quarters and missed once, with an average surprise of 25.6%. The consensus mark for its current-year revenues is pegged at $110.95 million, which indicates a 25.4% year-over-year increase.
Tenet Healthcare prostřednictvím USPI zvýšil ve 1. čtvrtletí 2026 upravenou EBITDA o 6,1 % na 484 milionů USD a tržby ve stejných zařízeních o 5,3 %. Firma zároveň investovala 125 milionů USD do sedmi akvizic ASC a tří nových center.
Key Takeaways Tenet Healthcare's USPI delivered 6.1% adjusted EBITDA growth despite weather-related disruptions. THC invested $125M in seven ASC acquisitions and three de novo centers, nearing half its annual plan. Tenet Healthcare says higher-acuity outpatient procedures are strengthening growth and profitability. The next phase of Tenet Healthcare Corporation’s (THC - Free Report) growth is increasingly unfolding beyond its hospitals. Through United Surgical Partners International (“USPI”), Tenet is expanding its ambulatory surgery center (ASC) network to benefit from the healthcare industry's steady shift toward lower-cost outpatient care. As higher-acuity procedures continue shifting to outpatient settings, USPI is becoming an increasingly important driver of long-term growth.
That strategy is already translating into strong results. In the first quarter of 2026, USPI generated $484 million in adjusted EBITDA, up 6.1% year over year, while same-facility revenues increased 5.3%. The business also posted double-digit growth in outpatient joint replacements, reflecting rising demand for higher-acuity procedures. Despite weather-related disruptions, USPI delivered a stronger-than-expected quarter, underscoring the strength of the business.
Tenet is backing that momentum with continued investment. It invested $125 million during the quarter to acquire seven ASCs and open three de novo centers, completing nearly half of its planned annual investment. A healthy acquisition pipeline, coupled with reaffirmed full-year guidance, reflects confidence in USPI's long-term growth trajectory.
More importantly, USPI is helping reshape Tenet's portfolio. By expanding higher-acuity outpatient services, the company enables more complex procedures to be performed in lower-cost settings, supporting long-term growth and profitability. As the shift toward outpatient care continues, USPI is well positioned to remain a key driver of Tenet's long-term growth and shareholder value.
How Do Peers Compare?Tenet is not alone in capitalizing on the shift toward outpatient care. Medical peers such as Surgery Partners, Inc. (SGRY - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) are also expanding their outpatient surgery networks to meet growing demand for lower-cost, high-quality surgical care.
Surgery Partners continues to expand its ambulatory surgery center network through acquisitions, physician partnerships and a growing focus on higher-acuity procedures. SGRY's strategy reflects the increasing demand for outpatient surgical care and reinforces the long-term growth potential of the ASC market.
HCA Healthcare continues investing in ambulatory surgery centers and outpatient facilities while expanding higher-acuity service lines. HCA is also increasing capacity across its outpatient network to support future patient demand and long-term growth.
THC’s Price Performance, Valuation & EstimatesShares of Tenet Healthcare have gained 8.6% over the past year compared to the industry's 4.3% decline over the same period.
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From a valuation standpoint, THC trades at a forward price-to-earnings ratio of 10.62X, up from the industry average of 9.06X. THCcarries a Value Score of A.
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The Zacks Consensus Estimate for THC’s 2026 earnings is pegged at $17.61 per share, implying a 4.9% jump from the year-ago period’s level.
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THC currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
