Tenet Healthcare Stock Climbed to a 22-Year High Today. Here's Why

Core Insights - Tenet Healthcare's stock has reached a two-decade high due to strong earnings growth and an improved revenue outlook [1] - The company reported second-quarter adjusted EPS of $2.31 and net operating revenue of $5.1 billion, both exceeding forecasts [1] - Tenet's full-year operating revenue guidance has been raised to between $20.6 billion and $21.0 billion [1] Financial Performance - Adjusted EBITDA increased by $102 million to $945 million [1] - Net operating revenue for the ambulatory segment rose by 21.1% to $1.14 billion, driven by higher patient services spending [1] - Hospital segment revenue decreased by 4.3% to $3.96 billion, attributed to a reduction in facilities, despite an increase in admissions [1] Market Reaction - Shares of Tenet rose nearly 5% in a single day, contributing to a year-to-date increase of over 90% [1] - The stock is currently at levels last seen in 2002 [1] - Tenet is the second hospital provider this week to report strong numbers, following HCA Healthcare [1]