A US healthcare company operating a large network of acute-care and specialty hospitals across dozens of states, plus hundreds of ambulatory surgery centers run through its USPI arm. It also owns Conifer Health Solutions, which handles medical billing and revenue-cycle services for hundreds of outside clients. Tenet was born in 1995 when two major hospital chains, National Medical Enterprises and American Medical International, merged and adopted a name drawn from the word "tenet" — a core belief or principle.
Tenet reports Q2 2026 net income of $826M, raises FY 2026 Adjusted EBITDA outlook to $4.83B-$5.03B.
Q2 2026 net income available to common shareholders was $826 million, or $9.84 per diluted share, versus $288 million, or $3.14 per diluted share, in Q2 2025.
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Q2 2026 Adjusted EBITDA increased 16.3% year-over-year to $1.304 billion, with Adjusted EBITDA margin of 23.2%.
Q2 2026 net operating revenues were $5.628 billion, up from $5.271 billion in Q2 2025.
Board authorized a $2.0 billion increase to the share repurchase program, leaving $2.13 billion remaining as of July 23, 2026.
FY 2026 Adjusted EBITDA outlook raised to $4.83 billion-$5.03 billion; Adjusted free cash flow outlook raised to $2.725 billion-$3.025 billion.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Tenet Healthcare EVP and CIO Paola Arbour to retire effective December 31, 2026
On April 9, 2026, Tenet Healthcare Corporation entered into a Retirement Transition Agreement with Paola Arbour, Executive Vice President and Chief Information Officer.
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Ms. Arbour will retire from her executive role effective December 31, 2026, and remain employed part-time in a non-executive role through April 1, 2028.
She will receive a weekly salary of $820 from the end of full-time employment through April 1, 2028.
She remains eligible for a 2026 bonus under the Annual Incentive Plan but not for any 2027 bonus.
Her outstanding equity awards will continue to vest, and she will retain medical, dental, and prescription benefits and service credit under the Executive Retirement Account through April 1, 2028.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
Tenet Healthcare appoints J. Michael Grooms as Senior VP & Controller, effective April 6, 2026.
R. Scott Ramsey's retirement effective date changed from March 31, 2026 to April 30, 2026; he will remain part-time through March 31, 2028.
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J. Michael Grooms, age 48, appointed Senior Vice President & Controller effective April 6, 2026, succeeding Ramsey as Principal Accounting Officer on May 1, 2026.
Grooms previously served as Senior Vice President, Chief Accounting Officer at Lifepoint Health since 2018, with prior roles there from 2006 to 2018 and began career at KPMG.
Grooms' compensation includes $475,000 annual base salary, 60% target cash bonus, $500,000 RSU grant vesting over 2-3 years, $350,000 recommended 2027 equity award, $250,000 sign-on bonus, and relocation benefits.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
Tenet Healthcare reports Q4 2025 net income of $371M, or $4.22 per diluted share, and provides 2026 outlook.
Fourth quarter 2025 net operating revenues were $5.527 billion, up from $5.073 billion in Q4 2024.
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Adjusted diluted EPS for Q4 2025 was $4.70, up 36.6% from $3.44 in Q4 2024.
Consolidated Adjusted EBITDA for Q4 2025 was $1.183 billion, up 12.9% year-over-year, with a margin of 21.4%.
Full-year 2026 Adjusted EBITDA outlook is $4.485 billion to $4.785 billion.
In January 2026, Tenet agreed to receive $1.9 billion from CommonSpirit Health in annual installments over three years related to Conifer Health Solutions.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Tenet expects 2025 Adjusted EBITDA at upper end of $4.47B-$4.57B guidance
Tenet completed a transaction with CommonSpirit Health to resume full ownership of Conifer Health Solutions, with CommonSpirit paying approximately $1.9 billion in installments over three years.
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Tenet announced it expects Adjusted EBITDA for the year ended December 31, 2025 to be at the upper end of its guidance range of $4.47 billion to $4.57 billion.
Conifer will redeem CommonSpirit's 23.8% equity interest for $540 million, retroactively effective January 1, 2026.
The transaction will reduce Tenet's redeemable non-controlling interest and other liabilities by approximately $885 million and increase additional paid-in capital by approximately $305 million.
Conifer will continue to support CommonSpirit through the end of 2026, and Tenet will discuss the transaction in a webcast on February 2, 2026.
2.02 Results of Operations and Financial Condition · 7.01 Regulation FD Disclosure · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Tenet Healthcare director Stephen H. Rusckowski resigns from board effective November 21, 2025
The board reduced its size from thirteen to twelve directors in connection with the resignation.
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Stephen H. Rusckowski notified Tenet Healthcare Corporation of his resignation from the board of directors on November 21, 2025, effective immediately.
No reason for the resignation was stated in the filing.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements