Tenet Health(US:THC) Benzinga·2026-02-11 17:34Core 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]