Overview

* Tenet Q3 2025 revenue beats analyst expectations, growing 3.2% yr/yr

* Adjusted EPS for Q3 2025 beats consensus, rising 26.3% yr/yr

* Company raises FY 2025 Adjusted EBITDA outlook by $50 mln at midpoint

Outlook

* Tenet raises FY 2025 Adjusted EBITDA outlook to $4.47 bln-$4.57 bln

* Company expects FY 2025 net operating revenues of $21.15 bln-$21.35 bln

* Tenet forecasts FY 2025 diluted EPS of $14.66-$15.37

Result Drivers

* SAME-FACILITY REVENUE - Strong growth in same-facility net patient service revenues drove Q3 results, particularly in Ambulatory Care

* FAVORABLE PAYER MIX - Higher acuity volumes and favorable payer mix boosted net revenue per case in Q3 2025

* EXPENSE MANAGEMENT - Disciplined expense management contributed to 12.1% growth in Q3 Adjusted EBITDA

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net Beat $5.28 $5.25

Operatin bln bln (16

g Analysts

Revenue )

Q3 Beat $3.70 $3.30

Adjusted (18

EPS Analysts

)

Q3 EPS $3.86

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 20 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the healthcare facilities & services peer group is "buy"

* Wall Street's median 12-month price target for Tenet Healthcare Corp ( THC ) is $225.00, about 3.9% above its October 27 closing price of $216.17

* The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)