Jun 2026 (Q2 FY26) — Jul 24, 2026
Tenet Q2 FY26 — Strong Performance Driven by Acuity Focus and Expense Management
Read the full callTenet earnings: last reported Fri, 24 Jul 2026, for the quarter ended Jun 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,628 | +6.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 26.7 | +11.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
12 of 12 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year consolidated adjusted EBITDA (FY26) | $4.485 billion to $4.785 billion | Dec 2025 | we are raising our full year 2026 adjusted EBITDA guidance to a range of $4.83 billion to $5.03 billion, which represents an increase of $295 million or 6% at the midpoint of the range over our prior guidance. | Revised Up |
10 of TENET HEALTHCARE CORP's 22 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 21 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $205.12 on 22 Oct 2025 → $268.45. High $280.77 (21 Aug 2026), low $161.37 (4 Jun 2026).
Overview
Guidance
12 of 12 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year consolidated adjusted EBITDA (FY26) | $4.485 billion to $4.785 billion | Dec 2025 | we are raising our full year 2026 adjusted EBITDA guidance to a range of $4.83 billion to $5.03 billion, which represents an increase of $295 million or 6% at the midpoint of the range over our prior guidance. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Tenet Q2 FY26 — Strong Performance Driven by Acuity Focus and Expense Management
Read the full callEvery analysed call
Financials
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,126 | 5,072 | 5,223 | 5,271 | 5,289 | 5,527 | 5,368 | 5,628 |
| Operating profit | 1,089 | 821 | 943 | 823 | 889 | 853 | 1,296 | 1,501 |
| Operating margin | 21.2% | 16.2% | 18.1% | 15.6% | 16.8% | 15.4% | 24.1% | 26.7% |
| Interest | 202 | 203 | 204 | 206 | 206 | 205 | 205 | 204 |
| Profit before tax | 922 | 655 | 765 | 642 | 712 | 681 | 1,132 | — |
| Tax rate | 26.1% | 12.7% | 18.7% | 18.7% | 18.7% | 5.4% | 20.0% | — |
| EPS ($ per share) | 4.93 | — | 4.31 | 3.16 | 3.89 | — | 8.09 | 9.89 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 |
| Reserves | -2,236 | -2,513 | -2,128 | -1,214 | -803 | -192 | 3,008 | 4,415 |
| Total liabilities | 20,302 | 21,422 | 24,217 | 23,322 | 22,548 | 22,804 | 20,389 | 20,704 |
| Fixed assets | 6,993 | 6,878 | 6,692 | 6,427 | 6,462 | 6,236 | 6,049 | 6,315 |
| Total assets | 22,430 | 23,365 | 27,106 | 27,579 | 27,156 | 28,312 | 28,936 | 29,677 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,049 | 1,233 | 3,407 | 1,568 | 1,083 | 2,374 | 2,047 | 3,540 |
| Cash from investing | -115 | -619 | -1,608 | -714 | -808 | -969 | 3,429 | -1,275 |
| Cash from financing | -1,134 | -763 | 385 | -936 | -1,781 | -1,035 | -3,685 | -2,401 |
| Net cash flow | -200 | -149 | 2,184 | -82 | -1,506 | 370 | 1,791 | -136 |
| Capital expenditure | -617 | -670 | -540 | -658 | -762 | -751 | -931 | -1,010 |
| Free cash flow | 432 | 563 | 2,867 | 910 | 321 | 1,623 | 1,116 | 2,530 |
Ambulatory Care grew from 22% to 25% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Hospital Operations | 78% | 75% | 77% | 76% | 76% | 74% | 75% | 75% | +6.0% |
| Ambulatory Care | 22% | 25% | 23% | 24% | 24% | 26% | 25% | 25% | +9.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
106 filings between Oct 29, 2025 and Sep 14, 2026.
Purchases
None
No insider bought shares.
Sales
$71.70M
43 sales by 14 insiders
Also filed: 8 dispositions to the issuer, 3 gifts.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Sutaria Saumya | — | $27.64M | Aug 25, 2026 |
| Foo Lisa Y | — | $8.97M | Aug 31, 2026 |
| Arnst Thomas W | — | $7.53M | Mar 9, 2026 |
| Romo Tammy | — | $7.52M | Aug 7, 2026 |
| Ramsey R. Scott | — | $4.60M | Mar 2, 2026 |
| Arbour Paola M | — | $4.20M | Jul 27, 2026 |
| KERREY J ROBERT | — | $4.15M | Sep 14, 2026 |
| MARK RICHARD J | — | $2.63M | Sep 10, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | KERREY J ROBERT Director | Sale | 4,025 | $1.06M |
| Sep 14, 2026 | KERREY J ROBERT Director | Sale | 5,483 | $1.44M |
| Sep 14, 2026 | KERREY J ROBERT Director | Sale | 2,502 | $662.1K |
| Sep 10, 2026 | MARK RICHARD J Director | Sale | 10,000 | $2.63M |
| Sep 2, 2026 | West Nadja Director | Sale | 1,152 | $298.1K |
| Aug 31, 2026 | Foo Lisa Y EVP, Chief Operating Officer | Sale | 24,000 | $6.39M |
| Aug 28, 2026 | HANEY CECIL D Director | Gift | 150 | $0 |
| Aug 25, 2026 | Sutaria Saumya CEO | Sale | 24,881 | $6.82M |
| Aug 25, 2026 | Sutaria Saumya CEO | Sale | 17,220 | $4.71M |
| Aug 25, 2026 | Sutaria Saumya CEO | Sale | 7,899 | $2.17M |
| Aug 24, 2026 | HANEY CECIL D Director | Sale | 1,300 | $361.4K |
| Aug 24, 2026 | Sutaria Saumya CEO | Sale | 13,344 | $3.71M |
| Aug 24, 2026 | Sutaria Saumya CEO | Sale | 36,656 | $10.22M |
| Aug 7, 2026 | Romo Tammy Director | Sale | 2,500 | $652.1K |
| Aug 6, 2026 | Romo Tammy Director | Sale | 4,922 | $1.30M |
| Aug 5, 2026 | Blunt Roy Director | Sale | 600 | $157.6K |
| Jul 29, 2026 | Foo Lisa Y EVP, Chief Operating Officer | Sale | 10,000 | $2.58M |
| Jul 27, 2026 | Arbour Paola M EVP, Chief Information Officer | Sale | 10,878 | $2.65M |
| Jul 27, 2026 | BIERMAN JAMES L Director | Sale | 5,000 | $1.22M |
| Jul 27, 2026 | Lynch Christopher S. Director | Sale | 3,837 | $934.1K |
| May 28, 2026 | KERREY J ROBERT Director | Sale | 1,690 | $294.0K |
| May 28, 2026 | KERREY J ROBERT Director | Sale | 1,969 | $340.9K |
| May 28, 2026 | KERREY J ROBERT Director | Sale | 361 | $64.1K |
| May 28, 2026 | KERREY J ROBERT Director | Sale | 905 | $160.1K |
| May 28, 2026 | KERREY J ROBERT Director | Sale | 713 | $124.9K |
| May 27, 2026 | West Nadja Director | Sale | 3,000 | $532.0K |
| May 22, 2026 | Fitzgerald Meghan Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | Fitzgerald Meghan Director | Option exercise | 1,333 | — |
| May 22, 2026 | Agarwala Vineeta Director | Option exercise | 1,333 | — |
| May 22, 2026 | FISHER RICHARD W Director | Option exercise | 1,333 | — |
| May 22, 2026 | MARK RICHARD J Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | MARK RICHARD J Director | Option exercise | 1,333 | — |
| May 22, 2026 | HANEY CECIL D Director | Option exercise | 1,333 | — |
| May 22, 2026 | HANEY CECIL D Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | KERREY J ROBERT Director | Option exercise | 1,643 | — |
| May 22, 2026 | KERREY J ROBERT Director | Disposition to issuer | 607 | $105.5K |
| May 22, 2026 | Blunt Roy Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | BIERMAN JAMES L Director | Option exercise | 1,333 | — |
| May 22, 2026 | West Nadja Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | Lynch Christopher S. Director | Option exercise | 1,333 | — |
| May 22, 2026 | FISHER RICHARD W Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | West Nadja Director | Option exercise | 1,333 | — |
| May 22, 2026 | Romo Tammy Director | Disposition to issuer | 493 | $85.7K |
| May 22, 2026 | Romo Tammy Director | Option exercise | 1,333 | — |
| May 22, 2026 | Blunt Roy Director | Option exercise | 1,333 | — |
| Mar 11, 2026 | Arbour Paola M EVP, Chief Information Officer | Sale | 6,500 | $1.55M |
| Mar 9, 2026 | Arnst Thomas W EVP, Chief Admin. Officer & GC | Sale | 4,714 | $1.12M |
| Mar 9, 2026 | Arnst Thomas W EVP, Chief Admin. Officer & GC | Sale | 3,286 | $786.9K |
| Mar 2, 2026 | Arnst Thomas W EVP, Chief Admin. Officer & GC | Sale | 24,000 | $5.62M |
| Mar 2, 2026 | Ramsey R. Scott Principal Accounting Officer | Sale | 2,125 | $490.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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