Tenet Q4 2025 adjusted EPS $4.70, up 36.6% YoY; FY2026 EBITDA guidance $4.485-$4.785B

TENET HEALTHCARE CORP

2025-FY EPS reported $15.49 revenue$21,310,000,000

Q4 net income $371M ($4.22 diluted EPS); adjusted EPS $4.70 vs $3.44 YoY; revenue $5.527B (+9% YoY).
Consolidated Adj EBITDA $1.183B (+12.9%), margin 21.4%; Ambulatory EBITDA $580M (+9.4%), Hospital EBITDA $603M (+16.4%).
FY2026 outlook: Adj EBITDA $4.485-$4.785B, revenue $21.5-$22.3B; free cash flow $2.94-$3.29B.
Announced $1.9B payment from CommonSpirit over 3 years; Conifer stake redemption; recording $1.65B contract termination revenue in 2026.
Repurchased 8.8M shares for $1.386B in FY2025; completed $2.25B debt refinancing in Nov 2025.

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