Tenet (THC) Reports $5.4 Billion Revenue in Q1 2026 Earnings Call

In Q1 2026, Tenet Healthcare (THC) reported net operating revenues of $5.4 billion and adjusted EBITDA of $1.16 billion, yielding an adjusted EBITDA margin of 21.6%. USPI contributed $484 million to adjusted EBITDA, a 6% increase from 2025, while same-facility revenues grew 5.3%. Despite challenges from winter storms and cyberattacks, the company rescheduled many procedures to mitigate impacts. They also invested $125 million in acquiring seven ASCs and began operations in three de novo centers, completing half of their full-year capital expenditure target in the first quarter.