Tenet Healthcare Corporation: Strong beat and new $2bn buyback authorization

Research evidence excerpt

Tenet Healthcare Corporation: Strong beat and new $2bn buyback authorization

Update

July 23, 2026 09:45 PM GMT

Morgan Stanley & Co. LLCMTenet Healthcare Corporation | North America Craig Hettenbach

Equity Analyst

Strong beat and new $2bn Craig.Hettenbach@morganstanley.comJialin Jin +1 212 761-6435

Research Associate

Jay.Jin@morganstanley.com +1 212 761-3913

buyback authorization Erin Wright

Erin.Wright1@morganstanley.com +1 212 761-6137

AlphaSignals Earnings Reaction Linda Bolduc

Strengthens our thesis Meaningful upside Meaningful revision higher Linda.Bolduc@morganstanley.com +1 617 856-8009

Impact to our thesis Financial results versus consensus Direction of next 12-month Michelle Foley

consensus EPS

Source: Company data, Morgan Stanley Research Michelle.Foley@morganstanley.com +1 212 761-4056

Derek Gross

Against a growing list of industry concerns and following peer Research Associate

Derek.Gross@morganstanley.com +1 212 761-2455

HCA's EBITDA guide down last week, Tenet delivered upside

once again. Despite industry crosscurrents, THC bought back Tenet Healthcare Corporation (THC.N, THC US)

$1.04bn in stock in the quarter, speaking to the confidence in Healthcare Providers | United States of America

Stock Rating Overweight

their ability to navigate headwinds. Industry View In-Line

Price target $254.00

Tenet beat Q2’26 EBITDA by 14%. Hospital revenue of $4.240bn was more than Shr price, close (Jul 23, 2026) $199.02

Mkt cap, curr (mm) $17,433

5% above the Street at $4.027bn, while ASC revenue of $1.388bn was in line 52-Week Range $247.21-146.99

( Exhibit 1 ). Hospital same-store adjusted admissions increased 2.6% Y/Y (above the Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Street at 1.1%) and revenue per adjusted admission increased 3.3%.