Tenet Healthcare posts mixed Q1 results, raises 2026 earnings forecast despite sales miss

Tenet Healthcare reported Q1 adjusted earnings of $4.82 per share, beating estimates, but sales slightly missed at $5.37 billion. The hospital operator faced challenges from an unfavorable payer mix and lower exchange admissions, limiting hospital segment growth. Despite these headwinds, ambulatory care revenues rose 10.6%, and operating cash flow nearly doubled year-over-year. The company raised its full-year 2026 adjusted earnings guidance to $16.38-$18.68 per share, reaffirming sales guidance, while noting external pressures like insurance enrollment uncertainty and weather disruptions affecting operations.