Compared to Estimates, Tenet (THC) Q4 Earnings: A Look at Key Metrics

Tenet Healthcare (THC) reported $5.53 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 9%. EPS of $4.70 for the same period compares to $3.44 a year ago.

The reported revenue represents a surprise of +1.38% over the Zacks Consensus Estimate of $5.45 billion. With the consensus EPS estimate being $4.08, the EPS surprise was +15.23%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Tenet performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Net patient service revenue per adjusted patient admission: $16,517.00 versus the two-analyst average estimate of $17,109.59.
• Adjusted patient admissions - Same-hospital: 211 thousand compared to the 216.66 thousand average estimate based on two analysts.
• Adjusted admissions: 214.75 thousand compared to the 221.08 thousand average estimate based on two analysts.
• Net Operating revenues: $5.53 billion compared to the $5.46 billion average estimate based on five analysts. The reported number represents a change of +9% year over year.
• Net Operating revenues- Ambulatory Care: $1.43 billion versus the four-analyst average estimate of $1.38 billion. The reported number represents a year-over-year change of +13.8%.
• Net Operating revenues- Hospital Operations and Services: $4.09 billion versus the four-analyst average estimate of $4.07 billion. The reported number represents a year-over-year change of +7.4%.
• Equity in earnings of unconsolidated affiliates: $83 million versus $74.98 million estimated by five analysts on average.
• Adjusted EBITDA- Ambulatory Care: $580 million versus $577.48 million estimated by three analysts on average.
• Equity in earnings of unconsolidated affiliates- Ambulatory Care: $82 million versus the three-analyst average estimate of $70.3 million.
• Adjusted EBITDA- Hospital Operations and Services: $603 million versus the three-analyst average estimate of $563.12 million.
• Equity in earnings of unconsolidated affiliates- Hospital Operations and Services: $1 million versus $1.67 million estimated by three analysts on average.

View all Key Company Metrics for Tenet here>>>

Shares of Tenet have returned -3.1% over the past month versus the Zacks S&P 500 composite's -0.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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This article originally published on Zacks Investment Research (zacks.com).

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