Core Viewpoint - Tenet Healthcare Corporation (NYSE: THC) is experiencing significant stock performance improvements following a strong earnings report, with analysts projecting further growth potential. Group 1: Stock Performance - Tenet Healthcare's stock increased by 11.8%, reaching a high of $216.04 after the earnings report [2][5] - The current trading price of THC is $226.35, reflecting a 17.26% increase or $33.31 [4] - The stock has fluctuated between a low of $186.50 and a high of $229 today, with $229 being the highest price over the past year [4] Group 2: Financial Performance - The company's earnings report revealed an EPS of $4.70 for the quarter, surpassing analysts' consensus estimates of $4.05 by $0.65 [3][5] - Tenet Healthcare achieved a net margin of 6.49% and a return on equity of 25.11% [3] - Revenue increased by 8.9% compared to the same quarter last year, indicating strong financial health [3] Group 3: Analyst Projections - RBC Capital set a new price target of $277 for THC, suggesting a potential 22.38% increase from its current price [1][5]

Key Takeaways Tenet Healthcare beat Q4 EPS estimates as revenues rose 8.9% and adjusted EBITDA grew 12.9%.THC's 2026 revenue outlook tops 2025 levels, but midpoint EBITDA margin implies a slight decline.Tenet generated $2.5B free cash flow in 2025 and repurchased $1.4B in shares during the year.Tenet Healthcare Corporation (THC) reported fourth-quarter 2025 adjusted earnings per share (EPS) of $4.70, which surpassed the Zacks Consensus Estimate by 15.2%. The bottom line increased 36.6% year over year.Net op ...

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Core Insights - Tenet Healthcare Corporation reported fourth-quarter sales of $5.527 billion, an increase of approximately 8.9% year over year, surpassing the consensus estimate of $5.472 billion [1] - Adjusted earnings per share rose to $4.70 from $3.44 a year ago, exceeding the consensus of $4.05 [1] Financial Performance - Adjusted EBITDA for the fourth quarter was $1.183 billion, up from $1.048 billion a year ago, reflecting strong growth in same-facility revenue, higher acuity, and disciplined expense management [2] - Hospital Operations and Services revenues increased by 7.3% to $4.09 billion, driven by a favorable payer mix, higher acuity, and increased Medicaid supplemental revenues [4] Segment Breakdown - Ambulatory segment revenues rose by 13.8% to $1.43 billion, supported by strong growth in same-facility net patient services revenues, facility acquisitions, and expanded service lines [3] - Surgical business same-facility system-wide net patient service revenues increased by 7.2%, with cases up by 1.6% and net revenue per case up by 5.5%, driven by higher acuity and a favorable payer mix [3] Management Commentary - The CEO of Tenet highlighted the company's strong revenue growth, disciplined operations, improved margins, and robust free cash flow generation in 2025 [5] Outlook - For 2026, Tenet expects revenue guidance between $21.5 billion and $22.3 billion, compared to the consensus of $22.21 billion [6] - The guidance includes Hospital segment sales of $16 billion to $16.6 billion and Ambulatory Segment sales of $5.5 billion to $5.7 billion [7] - Adjusted earnings are forecasted to be between $16.19 and $18.47, with adjusted EBITDA expected in the range of $4.485 billion to $4.785 billion [7] Stock Performance - Tenet shares increased by 6.73% to $206.03 at the time of publication, with a daily high of $206.08 and a low of $186.50, currently 7.5% below its 52-week high [8]

Financial Data and Key Metrics Changes - The company reported net operating revenues of $21.3 billion for 2025, with consolidated adjusted EBITDA of $4.57 billion, representing a 14% growth over 2024 [5][13] - The adjusted EBITDA margin for the full year was 21.4%, an improvement of 210 basis points from the prior year [14] - In Q4 2025, total net operating revenues were $5.5 billion, with consolidated adjusted EBITDA of $1.183 billion, a 13% increase year-over-year [12] Business Line Data and Key Metrics Changes - The USPI segment's adjusted EBITDA grew 12% in 2025 to $2.026 billion, with same-facility revenues increasing by 7.2% [6][14] - The hospital segment's adjusted EBITDA increased by 16% to $2.54 billion, with same-store revenues per adjusted admission up 5.3% [7][14] - Same facility revenues grew 7.5%, driven by double-digit growth in total joint replacements in ASCs [7] Market Data and Key Metrics Changes - The company experienced strong same-store revenue growth, exceeding the long-term goal of 3%-6% organic growth [7] - The company anticipates a 20% reduction in overall enrollment due to the expiration of enhanced premium tax credits, which may impact the hospital segment significantly [10][11] Company Strategy and Development Direction - The company plans to continue focusing on organic growth supplemented by accretive M&A, particularly in the USPI segment, with a target of $250 million in annual M&A [8][22] - The company is also investing in technology and operational efficiencies to enhance expense management and improve clinical throughput [28][45] - The company aims to leverage its capabilities to serve patients better and expand service lines, particularly in high acuity areas [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong core earnings growth for 2026, despite anticipated headwinds from the expiration of enhanced premium tax credits [11][19] - The company expects adjusted EBITDA for 2026 to be in the range of $4.485 billion to $4.785 billion, driven by ongoing demand and acuity [9][18] - Management highlighted the importance of monitoring enrollment levels and effectuation rates as they navigate the changing healthcare landscape [11][72] Other Important Information - The company repurchased approximately 22% of its outstanding shares for around $2.5 billion since the share repurchase program began in Q4 2022 [8] - The company generated $367 million of free cash flow in Q4 2025, totaling $2.53 billion for the full year [15] Q&A Session Summary Question: Can you expand on the same-store hospital volume performance in the quarter? - Management noted that while acuity was good, the respiratory season was weaker than expected, impacting volumes [25] Question: What do you mean by tackling expense management more structurally? - Management explained that they are focusing on technology deployment for sustainable expense reduction, including automation and clinical throughput improvements [27][28] Question: Can you provide more details on the hospital admission growth guidance of 1%-2%? - Management indicated that the guidance reflects anticipated impacts from exchange exposure and investments in higher acuity capabilities [32] Question: Is the growth type sustainable in future years? - Management believes that while achieving 10% growth is ambitious, their track record of acuity growth and margin expansion supports this outlook [39][40] Question: What is the payer mix for USPI in Q4? - Management reported a consistent payer mix with net revenue per case growth of 5.5% and EBITDA margins above 40% [84]

Financial Data and Key Metrics Changes - The company reported net operating revenues of $21.3 billion for 2025, with consolidated Adjusted EBITDA of $4.57 billion, representing a 14% growth over 2024 [5][13] - The full-year Adjusted EBITDA margin improved by 200 basis points to 21.4% compared to the prior year [5][14] - In Q4 2025, total net operating revenues were $5.5 billion, with consolidated Adjusted EBITDA of $1.183 billion, a 13% increase year-over-year [12][13] Business Line Data and Key Metrics Changes - The USPI segment's Adjusted EBITDA grew 12% in 2025 to $2.026 billion, with same-facility revenues increasing by 7.2% [6][14] - The hospital segment's Adjusted EBITDA increased by 16% to $2.54 billion, with same-store revenues per adjusted admission up 5.3% [7][14] - Same facility revenues grew 7.5%, driven by double-digit growth in total joint replacements in ASCs [7] Market Data and Key Metrics Changes - The company experienced strong same-store revenue growth, exceeding the long-term goal of 3%-6% organic growth [7] - In Q4, exchange volumes accounted for approximately 7.5% of total admissions and over 6% of consolidated revenues [69] Company Strategy and Development Direction - The company plans to continue focusing on organic growth supplemented by M&A, with nearly $350 million invested in 2025 and 35 facilities added to the portfolio [7][8] - The company expects to tackle expense management more structurally, leveraging technology for sustainable cost reductions [27][28] - The company anticipates a gradual tailwind from the phase-out of the Inpatient Only List starting in 2026, with opportunities in high acuity procedures [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong core earnings growth for 2026, despite anticipated headwinds from the expiration of enhanced premium tax credits [11][19] - The company expects full-year 2026 Adjusted EBITDA in the range of $4.485 billion to $4.785 billion, driven by ongoing demand strength and service line expansion [9][18] - Management acknowledged uncertainty regarding enrollment levels and effectuation rates, which could impact future performance [11][19] Other Important Information - The company repurchased approximately 22% of its outstanding shares for around $2.5 billion since the share repurchase program began in Q4 2022 [8][16] - The company generated $2.53 billion of free cash flow for the full year 2025, with $2.8 billion in cash on hand as of December 31, 2025 [15][16] Q&A Session Summary Question: Can you expand on the same-store hospital volume performance in the quarter? - Management noted that while acuity was good, the respiratory season was weaker than expected, impacting volumes [25] Question: What do you mean by tackling expense management more structurally? - Management explained that they are focusing on technology deployment for sustainable expense reductions, moving beyond traditional annual expense management [27][28] Question: Can you provide more details on the hospital admission growth guidance of 1%-2%? - Management indicated that the guidance reflects anticipated impacts from exchange exposure and investments in higher acuity capabilities [32] Question: Is the growth expected to be sustainable in future years? - Management expressed confidence in the sustainability of growth, citing a track record of acuity and revenue per case growth [39][40] Question: What is the payer mix for USPI in Q4? - Management reported a consistent payer mix, with net revenue per case growth of 5.5% and EBITDA margins above 40% [83]

Financial Data and Key Metrics Changes - Tenet Healthcare reported net operating revenues of $21.3 billion for 2025, with consolidated adjusted EBITDA of $4.57 billion, reflecting a 14% growth over 2024 [4][11] - The full-year adjusted EBITDA margin improved by 200 basis points to 21.4% compared to the prior year [4][12] - In Q4 2025, total net operating revenues were $5.5 billion, with consolidated adjusted EBITDA of $1.183 billion, a 13% increase year-over-year [11][12] Business Line Data and Key Metrics Changes - The USPI segment's adjusted EBITDA grew 12% in 2025 to $2.026 billion, with same-facility revenues increasing by 7.2% [4][12] - The hospital segment's adjusted EBITDA rose 16% to $2.54 billion, with same-store revenues per adjusted admission up 5.3% [5][12] - Same facility revenues in the ASCs grew by 7.5%, driven by double-digit growth in total joint replacements [5] Market Data and Key Metrics Changes - The company anticipates a 20% reduction in overall enrollment due to the expiration of enhanced premium tax credits, particularly affecting states like Arizona, Michigan, and California [9][10] - In Q4, exchange admissions accounted for approximately 7.5% of total admissions, contributing over 6% to consolidated revenues [68] Company Strategy and Development Direction - Tenet plans to continue focusing on organic growth supplemented by M&A, with nearly $350 million invested in 2025 and 35 facilities added to the portfolio [5][6] - The company is tackling expense management more structurally, leveraging technology for sustainable cost reductions [25][26] - The strategic focus includes expanding service lines and enhancing capabilities in high-acuity procedures, particularly in the USPI segment [8][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong core earnings growth for 2026, despite anticipated headwinds from the expiration of enhanced tax credits [10][14] - The company expects adjusted EBITDA for 2026 to be in the range of $4.485 billion to $4.785 billion, driven by ongoing demand and acuity [7][16] - Management highlighted the importance of monitoring enrollment levels and effectuation rates as they impact future performance [10][81] Other Important Information - Tenet has been active in share repurchases, retiring approximately 22% of outstanding shares for around $2.5 billion since Q4 2022 [6][14] - The company generated $2.53 billion of free cash flow for the full year 2025, with $2.8 billion in cash on hand as of December 31, 2025 [13][14] Q&A Session Summary Question: Can you expand on the same-store hospital volume performance in the quarter? - Management noted that while acuity was good, the respiratory season was weaker than expected, impacting volumes [23] Question: What do you mean by tackling expense management more structurally? - Management explained that they are focusing on technology deployment for sustainable expense reductions, moving beyond traditional annual management [25][26] Question: Can you clarify the hospital admission growth guidance of 1%-2%? - Management indicated that the guidance reflects anticipated impacts from exchange enrollment reductions and investments in higher acuity capabilities [30][31] Question: What is the payer mix for USPI in Q4? - Management reported a consistent payer mix, with net revenue per case growth of 5.5% and EBITDA margins above 40% [83]

4th Quarter 2025 Earnings Release Presentation February 11, 2026 Cautionary Statements This presentation includes "forward looking statements." These statements relate to future events, including, but not limited to, statements regarding our liquidity, operating results, future earnings, financial position, operational and strategic initiatives, and developments in legislation, regulation, and the healthcare industry more generally. These forward-looking statements represent management's expectations, based ...

分组1 - Tenet Healthcare reported quarterly earnings of $4.7 per share, exceeding the Zacks Consensus Estimate of $4.08 per share, and up from $3.44 per share a year ago, representing an earnings surprise of +15.23% [1] - The company posted revenues of $5.53 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.38%, and an increase from $5.07 billion year-over-year [2] - Tenet has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has underperformed the market, losing about 2.9% since the beginning of the year compared to the S&P 500's gain of 1.4% [3] - The current consensus EPS estimate for the upcoming quarter is $4.21 on revenues of $5.55 billion, and for the current fiscal year, it is $16.67 on revenues of $22.27 billion [7] - The Zacks Industry Rank for Medical - Hospital is currently in the bottom 14% of over 250 Zacks industries, indicating potential challenges for the sector [8]