Tenet Healthcare Corporation (NYSE:THC) reported fourth-quarter sales of $5.527 billion, up around 8.9% year over year.

The hospitals and healthcare facilities operator beat the consensus of $5.472 billion. It also reported adjusted earnings of $4.70 per share, up from $3.44 a year ago, beating the consensus of $4.05.

Adjusted EBITDA in the fourth quarter of 2025 was $1.183 billion compared to $1.048 billion a year ago. The upward momentum reflects strong growth in same-facility revenue, higher acuity, and disciplined expense management.

Segment Breakdown

Ambulatory segment revenues increased 13.8% to $1.43 billion, driven by strong growth in same-facility net patient services revenues, facility acquisitions, and increased service lines.

Surgical business same-facility system-wide net patient service revenues increased 7.2%. Cases are up 1.6%, and net revenue per case is up 5.5%. Net revenue per case growth was driven by higher ...