Tenet Healthcare Corporation (THC) reported third-quarter 2026 net operating revenues of $5.631 billion, up 6.5% from $5.289 billion, and net income available to common shareholders of $1.000 billion, versus $342 million a year earlier. Adjusted EBITDA was $1.355 billion, up 23.3%; adjusted diluted EPS was $6.64, up 79.5% from $3.70. Adjusted EBITDA included a $147 million favorable impact from RCM transition activities and timing adjustments.
RCM catch-up adjustments increased revenue from contract termination by $233 million and net operating revenues by $97 million; Tenet said they do not affect full-year expectations for revenue from contract termination or RCM-related net operating revenues. Together, the $97 million adjustment and an approximately $50 million transition benefit resulted in the $147 million Adjusted EBITDA impact. The transition was expected to be substantially complete by October 30, 2026. FY 2026 outlook is $5.05 billion to $5.20 billion adjusted EBITDA and $2.825 billion to $3.125 billion adjusted free cash flow, with midpoint increases of $195 million and $100 million.
In September, Tenet issued $2.0 billion of 6.250% senior notes due 2034; net proceeds and cash on hand funded redemption of all $1.5 billion then outstanding of 5.125% notes due 2027 and partial redemption of $500 million of 6.125% notes due 2028.
TENET HEALTHCARE CORP (THC) issued $2.0 billion in aggregate principal amount of 6.250% senior notes due 2034 under its existing indenture with The Bank of New York Mellon Trust Company, N.A. Tenet plans to use the net proceeds, together with cash on hand, to finance the redemption of $1.5 billion of its 5.125% senior secured first lien notes due November 2027 and a partial redemption of $0.5 billion of its 6.125% senior notes due October 2028.
The new Indenture covenants limit Tenet’s and its subsidiaries’ ability to incur liens, enter into sale and lease-back transactions, or consolidate, merge or sell substantially all assets, subject to exceptions. The notes may be redeemed at Tenet’s option, including make-whole redemption before September 15, 2029 and scheduled redemption prices thereafter, and may become redeemable upon a defined change of control.
TENET HEALTHCARE CORP (THC) director Robert J. Kerrey reported selling a total of 12,010 shares of common stock on September 14, 2026 in three open-market transactions. The weighted average prices for these sales were about $263.04, $264.10, and $264.62 per share, each executed over stated intraday price ranges. No Rule 10b5-1 trading plan is indicated.
Tenet Healthcare Corp (THC) director Richard J. Mark reported selling 10,000 shares of common stock on September 10, 2026 in an open-market transaction at a weighted average price of $263.42 per share, with individual trade prices ranging from $263.15 to $264.03. After this sale, he directly holds 25,121 shares of Tenet Healthcare common stock. No Rule 10b5-1 trading plan is indicated for this transaction.
TENET HEALTHCARE CORP (THC) received a Rule 144 notice covering a proposed sale of up to 12,010 shares of common stock held for the account of director Kerrey J. Robert. The shares, acquired through restricted stock vesting in May 2019 and May 2020 as compensation, may be sold through Fidelity Brokerage Services LLC on the NYSE.
TENET HEALTHCARE CORP (THC) has a notice of proposed sale under Rule 144 filed on behalf of director Richard J. Mark. The filing covers the potential sale of 10,000 shares of common stock through Fidelity Brokerage Services LLC on the NYSE. Listed share amounts arise from multiple restricted stock vesting compensation awards scheduled between May 2024 and May 2026.
Tenet Healthcare Corporation (THC) announced a private placement of $2.0 billion aggregate principal amount of 6.250% senior notes due September 15, 2034, upsized from a previously announced $1.5 billion offering. Completion is expected on September 22, 2026, subject to customary closing conditions.
Tenet plans to use the net proceeds, together with cash on hand, to redeem $1.5 billion of its 5.125% senior secured first lien notes due November 2027 and $0.5 billion of its 6.125% senior notes due October 2028, with redemptions expected on September 23, 2026. The new notes will be unsecured senior obligations, ranking pari passu with other senior unsecured debt, senior to subordinated obligations, effectively subordinated to secured debt to the extent of collateral value, and structurally subordinated to obligations of subsidiaries.
TENET HEALTHCARE CORPORATION (THC) is reported to have 8,083,830 shares of its common stock beneficially owned by BlackRock, Inc. under an amended Schedule 13G filing. As of August 31, 2026, this position represents 10.0% of Tenet Healthcare’s common stock outstanding.
BlackRock reports sole voting power over 7,837,557 shares and sole dispositive power over all 8,083,830 shares, with no shared voting or dispositive power. Various underlying clients or accounts have rights to dividends or sale proceeds, but no single person has more than five percent of Tenet Healthcare’s outstanding common shares.
TENET HEALTHCARE CORP (THC) director Nadja West reported selling 1,152 shares of common stock on September 2, 2026 in a sale described as an open market or private transaction at $258.80 per share. After this transaction, she reported directly holding 23,653 shares of Tenet Healthcare common stock. No Rule 10b5-1 trading plan is reported.
TENET HEALTHCARE CORP (THC) director Nadja Y. West has filed a notice of proposed sale under Rule 144 for up to 1,152 shares of Tenet common stock through Fidelity Brokerage Services LLC on or after September 2, 2026, to be sold on the NYSE.
The shares derive from restricted stock vesting awards from the issuer, including 978 shares that vested on May 23, 2025 and 174 shares that vested on May 26, 2026, reported as compensation. No other sales are listed for the prior three months.