THC
Tenet Healthcare Corporation196.88
-0.44-0.22%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A clarifies volumes, tech costs, exchange
Q&A shed light on Q4 hospital volume softness from a milder flu season, contrasting strong acuity, with 2026 gains expected from 2025 growth capex returns. Management elaborated 'structural' expense management via AI, automation, and clinical throughput tech—beyond annual tweaks—for multi-year resilience amid exchange headwinds. They assumed 10-15% of 20% enrollment drop shifts to alt coverage, pegging Q4 exchanges at 7.5% admissions. Conifer transaction unlocked $1.1B post-tax NPV. No new savings quantified. Confident tone persists; watch exchange effectuation and cost pull-through.
Key Stats
Market Cap
17.39BP/E (TTM)
13.38Basic EPS (TTM)
14.71Dividend Yield
0%Recent Filings
10-K
FY2025 results
Tenet Healthcare delivered FY2025 ended December 31, 2025 with Hospital Operations net operating revenues flat at $16.1B despite divestitures, while Ambulatory Care surged 14.1% to $5.2B on acquisitions and 7.5% same-facility growth. Q4 accelerated: Hospital revenues up 7.3% y/y to $4.1B with 0.9% adjusted admission growth, surgeries +0.9%, and ED visits +0.4%; Ambulatory consolidated cases jumped 7.7% y/y. Margins held firm amid labor and supply pressures, but $2.9B divestiture gains faded. Q4 repurchased $198M stock; $13.2B debt at year-end with $1.9B revolver availability. OBBBA looms over Medicaid funding.
8-K
Tenet Q4 EBITDA surges 12.9%
8-K
Tenet regains Conifer control
Tenet finalized an Omnibus Agreement on January 27, 2026, regaining full ownership of Conifer Health by redeeming CommonSpirit's 23.8% stake for $540 million (effective January 1, 2026) and securing $1.9 billion in payments over three years. This cuts redeemable non-controlling interest and liabilities by $885 million while boosting additional paid-in capital $305 million. Balance sheet strengthens instantly. Tenet eyes 2025 Adjusted EBITDA at the high end of $4.47-$4.57 billion guidance.
8-K
Tenet issues $2.25B notes
Tenet issued $1.5B of 5.500% senior secured first lien notes due 2032 and $750M of 6.000% senior notes due 2033 on November 18, 2025. Proceeds will redeem all $1.5B of 6.250% second lien notes due 2027 and part of $0.75B 6.125% notes due 2028. New debt extends maturities. Covenants limit liens and mergers, with exceptions.
IPO
Website
Employees
Sector
Industry
ARDT
Ardent Health, Inc.
8.93+0.03
CYH
Community Health Systems, Inc.
3.25+0.03
EHC
Encompass Health Corporation
108.01+0.42
HCA
HCA Healthcare, Inc.
469.79-7.19
HCSG
Healthcare Services Group, Inc.
19.09-0.27
NHC
National HealthCare Corporation
138.93-0.94
NUTX
Nutex Health Inc.
171.72-4.06
SGRY
Surgery Partners, Inc.
15.52+0.08
TH
Target Hospitality Corp.
8.52-0.06
UHS
Universal Health Services, Inc.
222.64-1.23