TENET HEALTHCARE CORP — Form 8-K
Filed October 29, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
Tenet reported Q3 2026 net income of $1.0B ($12.41/diluted share) vs. $342M ($3.86) in Q3 2025, and adjusted diluted EPS of $6.64 vs. $3.70. Q3 Adjusted EBITDA rose 23.3% to $1.355B. Company raised FY 2026 Adjusted EBITDA guidance midpoint by $195M to $5.05–$5.20B and Adjusted Free Cash Flow by $100M to $2.825–$3.125B. Key driver: $233M revenue catch-up and $50M transition benefit from accelerated Conifer RCM contract wind-down with CommonSpirit Health (completing by Dec 31, 2026). Also repurchased 7.99M shares for $1.615B YTD and refinanced $2.0B new senior notes in Sept 2026.
Why this rating
Strong Q3 beat and raised outlook across key metrics; $295M aggregate benefit boost (~2.4% of $12.2B market cap) material but partially one-time. Solid underlying momentum: +6.5% revenue growth, +23.3% Adjusted EBITDA growth. Leverage improved to 2.11x. Offset by loss of $1.9B Conifer revenue stream by year-end (pre-announced Feb 2026)—a real headwind post-2026.
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