J P M O R G A N North America Equity Research 23 July 2026 Tenet Healthcare 2Q Earnings Ahead Ex-Medicaid OOP Benefit; 2026 Guidance Increased on Core Outperformance This evening, THC reported 2Q26 adj EBITDA well above expectations ($1,304M vs JPMe/cons of $1,134M/$1,144M) on revenue also above ($5,628M vs JPMe/ cons $5,407M/$5,420M) for a margin of 23.2% (vs JPMe/cons 21.0%/21.1%). Adj EPS of $6.12 also came in well ahead of JPMe/cons of $4.07/$4.22 on continued share repo activity. Excluding the +$92M OO ...