Tenet Healthcare (THC) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$22,154	$5,662	2.4%	$22,289	0.6%
Adj. EBITDA	$6,559	$1,315	12.6%	$5,088	(22.4%)
Free Cash Flow	$3,328	$725	97.4%	$2,740	(17.7%)
Net Debt, end of period	$10,569	$9,844		$7,829	(25.9%)
Net Debt / Adj. EBITDA	1.6x	1.5x		1.5x	-0.1x
Total Liquidity, end of period	$4,574	$5,299		$7,314	59.9%

The credit over the next year

Tenet is now two businesses: USPI, a fast growing ambulatory surgery chain that earned about 40% of third quarter 2026 Adjusted EBITDA, and 51 acute care hospitals whose margin rose to 19.2% on volume growth and tight labor cost. Over the next year the credit turns on whether hospital pricing per adjusted admission keeps up as exchange enrollment falls after the enhanced ACA subsidies ended and as the 2025 federal reconciliation law starts to cap Medicaid supplemental payments in 2027, whether salaries per adjusted admission stay near $8,300 to $8,700, and whether USPI keeps adding cases and revenue per case through acquisitions and higher acuity. Cash flow also gets a lift from the first $453mm CommonSpirit note payment in January 2027, while Conifer revenue from CommonSpirit ends after October 2026; net leverage was 2.11x at September 30, 2026 with no secured notes left due before 2028.

Leverage falls from 1.6x to 1.5x over the next four quarters on the starting case.
Free cash flow of $2.74bn is projected over the next year, with no itemised debt due in that time.
Net debt shrinks from $10.57bn to $7.83bn.
Liquidity a year out is $7.31bn, against $4.57bn today.
Company guidance for fiscal 2026: adjusted EBITDA of $5.05bn to $5.20bn on its own definition, free cash flow of $2.83bn to $3.13bn.

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$2,674.0
4.625% Senior Secured First Lien Notes due 2028	600.0	99.2%*	5.16%	0.1x	Bullish
4.250% Senior Secured First Lien Notes due 2029	1,400.0	97.4%*	5.37%	0.3x	Bullish
6.125% Senior Secured First Lien Notes due 2030	2,000.0	100.7%*	4.66%	0.6x	Neutral
4.375% Senior Secured First Lien Notes due 2030	1,450.0	96.9%*	5.37%	0.8x	Bullish
Senior Secured ABL Revolving Credit Facility (2025 Credit Agreement)	0.0	100.0%	N/a	0.8x	Bullish
6.750% Senior Secured First Lien Notes due 2031	1,350.0	102.2%*	5.68%	1.0x	Neutral
5.500% Senior Secured First Lien Notes due 2032	1,500.0	98.6%*	5.77%	1.3x	Bullish
Finance leases, mortgages and other notes	679.0	100.0%	N/a	1.4x	Bullish
6.125% Senior Notes due 2028	1,250.0	100.1%*	5.92%	1.6x	Neutral
6.875% Senior Notes due 2031	362.0	106.2%*	5.45%	1.6x	Bullish
6.000% Senior Notes due 2033	750.0	100.2%*	5.96%	1.7x	Bullish
6.250% Senior Notes due 2034	2,000.0	100.0%	6.25%	2.0x	Bullish
Total Debt	$13,243.0			2.0x
Net Debt	$10,569.0			1.6x

Last Twelve Months

Revenue	$22,154
Implied Costs	(15,595)
Adj. EBITDA	$6,559
(-) Interest Expense	(830)
(-) Capex	(910)
Memo: FCF	$3,328
Total Liquidity	$4,574.0

Next 12 months, starting case▶ Revenue $22.15bn → $22.29bn▼ Adj. EBITDA $6.56bn → $5.09bn▼ Free cash flow $3.33bn → $2.74bn▼ Net leverage 1.6x → 1.5x▲ Liquidity $4.57bn → $7.31bn

Tenet Healthcare

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$2,674.0
Undrawn Revolver ($1,900mm facility)			1,900.0
Total Liquidity			$4,574.0

4.625% Senior Secured First Lien Notes due 2028	4.625%	6/15/2028	600.0	99.2%*	5.16%	6/15/2025 @ 100	6.20%	Bullish
4.250% Senior Secured First Lien Notes due 2029	4.25%	6/1/2029	1,400.0	97.4%*	5.37%	6/1/2026 @ 100	9.68%	Bullish
6.125% Senior Secured First Lien Notes due 2030	6.125%	6/15/2030	2,000.0	100.7%*	5.89%	6/15/2027 @ 100	4.66%	Neutral
4.375% Senior Secured First Lien Notes due 2030	4.375%	1/15/2030	1,450.0	96.9%*	5.37%	12/1/2026 @ 100	11.01%	Bullish
Senior Secured ABL Revolving Credit Facility (2025 Credit Agreement)	S + 125 to 150	11/4/2030	0.0	100.0%	N/a	N/a	N/a	Bullish
6.750% Senior Secured First Lien Notes due 2031	6.75%	5/15/2031	1,350.0	102.2%*	6.19%	5/15/2027 @ 101.688	5.68%	Neutral
5.500% Senior Secured First Lien Notes due 2032	5.50%	11/15/2032	1,500.0	98.6%*	5.77%	11/15/2028 @ 102.75	7.54%	Bullish
Finance leases, mortgages and other notes	N/a	N/a	679.0	100.0%	N/a	N/a	N/a	Bullish
Total Secured Debt			$8,979.0						2.3x	2.6x	2.5x	1.3x	2.0x	1.4x	1.8x	1.8x
Net Secured Debt			$6,305.0						1.6x	1.8x	1.8x	0.9x	1.4x	1.0x	1.2x	1.2x

6.125% Senior Notes due 2028	6.125%	10/1/2028	1,250.0	100.1%*	6.07%	10/1/2025 @ 100	5.92%	Neutral
6.875% Senior Notes due 2031	6.875%	11/15/2031	362.0	106.2%*	5.45%	N/a	N/a	Bullish
6.000% Senior Notes due 2033	6.00%	11/15/2033	750.0	100.2%*	5.96%	11/15/2028 @ 103	7.29%	Bullish
6.250% Senior Notes due 2034	6.25%	9/15/2034	2,000.0	100.0%	6.25%	9/15/2029 @ 103.125	7.20%	Bullish
Other debt, discounts and issuance costs	N/a	N/a	(98.0)
Total Debt			$13,243.0						3.4x	3.8x	3.7x	1.9x	2.9x	2.0x	2.6x	2.6x
Net Debt			$10,569.0						2.7x	3.1x	3.0x	1.5x	2.3x	1.6x	1.5x	1.0x
						Adj. EBITDA			$3,847	$3,442	$3,568	$6,904	$4,580	$6,559	$5,088	$5,088

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$19,485	$19,174	$20,564	$20,675	$21,310	$22,154	$22,289	$22,289
Y/Y Growth		(1.6%)	7.2%	0.5%	3.1%		0.6%	0.0%
Implied Costs	(15,638)	(15,732)	(16,996)	(13,771)	(16,730)	(15,595)	(17,201)	(17,201)
Adj. EBITDA	$3,847	$3,442	$3,568	$6,904	$4,580	$6,559	$5,088	$5,088
Margin	19.7%	18.0%	17.4%	33.4%	21.5%	29.6%	22.8%	22.8%
(-) Restructuring and other cash add-backs	(57)	(118)	(79)	(56)	(44)	(65)	--	--
Cash EBITDA	$3,790	$3,324	$3,489	$6,848	$4,536	$6,494	$5,088	$5,088
(-) Interest Expense (Cash Only)	(937)	(848)	(882)	(851)	(865)	(830)	(818)	(818)
(-) Cash Taxes	(92)	(161)	(243)	(1,271)	(450)	(614)	(614)	(614)
(-) Capex	(658)	(762)	(751)	(931)	(1,010)	(910)	(916)	(916)
(+/-) Working Capital and Other	(1,193)	(1,232)	10	(2,679)	319	(812)	--	--
Memo: FCF	$910	$321	$1,623	$1,116	$2,530	$3,328	$2,740	$2,740
% of Debt	6.9%	2.4%	12.3%	8.4%	19.1%	25.1%	20.7%	20.7%

Liquidity

Unrestricted Cash	$2,674.0
Undrawn Revolver	1,900.0
Total Liquidity	$4,574.0
(-) Debt due through 2028	(1,850.0)
(+/-) Free cash flow, last twelve months	3,328.0
Liquidity after maturities and a year of cash flow	$6,052.0

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$19,485	$19,174	$20,564	$20,675	$21,310	$22,154	$22,289	$22,289
Y/Y Growth		(1.6%)	7.2%	0.5%	3.1%		0.6%	0.0%
Implied Costs	(15,638)	(15,732)	(16,996)	(13,771)	(16,730)	(15,595)	(17,201)	(17,201)
Adj. EBITDA	$3,847	$3,442	$3,568	$6,904	$4,580	$6,559	$5,088	$5,088
Margin	19.7%	18.0%	17.4%	33.4%	21.5%	29.6%	22.8%	22.8%
(-) Restructuring and other cash add-backs	(57)	(118)	(79)	(56)	(44)	(65)	--	--
Cash EBITDA	$3,790	$3,324	$3,489	$6,848	$4,536	$6,494	$5,088	$5,088
(-) Interest Expense (Cash Only)	(937)	(848)	(882)	(851)	(865)	(830)	(818)	(818)
(-) Cash Taxes	(92)	(161)	(243)	(1,271)	(450)	(614)	(614)	(614)
(-) Capex	(658)	(762)	(751)	(931)	(1,010)	(910)	(916)	(916)
(+/-) Working Capital and Other	(1,193)	(1,232)	10	(2,679)	319	(812)	--	--
Memo: FCF	$910	$321	$1,623	$1,116	$2,530	$3,328	$2,740	$2,740
% of Debt	6.9%	2.4%	12.3%	8.4%	19.1%	25.1%	20.7%	20.7%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Hospital adjusted admissions thousands per quarter	214.8	215.4	218.2	223.6	219.0	215.4	218.2	223.6	219.0	215.4	218.2	223.6	$16.1mm on revenue	68
Hospital net patient service revenue per adjusted admission $ per adjusted admission	16,517	16,132	16,807	16,062	16,680	16,132	16,807	16,062	16,680	16,132	16,807	16,062	$0.2mm on revenue	36
Hospital salaries, wages and benefits per adjusted admission $ per adjusted admission	8,766	8,565	8,675	8,261	8,450	8,565	8,675	8,261	8,450	8,565	8,675	8,261	$0.2mm on other operating costs	(70)
USPI net patient service revenue per consolidated case $ per case	2,685	2,647	2,569	2,588	2,747	2,647	2,569	2,588	2,747	2,647	2,569	2,588	$0.5mm on revenue	32
Conifer contract termination revenue and transition items $mm per quarter	0	413	413	793	0	0	0	0	0	0	0	0	$-1.0mm on other operating costs	1,619

Tenet is now two businesses: USPI, a fast growing ambulatory surgery chain that earned about 40% of third quarter 2026 Adjusted EBITDA, and 51 acute care hospitals whose margin rose to 19.2% on volume growth and tight labor cost. Over the next year the credit turns on whether hospital pricing per adjusted admission keeps up as exchange enrollment falls after the enhanced ACA subsidies ended and as the 2025 federal reconciliation law starts to cap Medicaid supplemental payments in 2027, whether salaries per adjusted admission stay near $8,300 to $8,700, and whether USPI keeps adding cases and revenue per case through acquisitions and higher acuity. Cash flow also gets a lift from the first $453mm CommonSpirit note payment in January 2027, while Conifer revenue from CommonSpirit ends after October 2026; net leverage was 2.11x at September 30, 2026 with no secured notes left due before 2028.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$5,527	$5,368	$5,628	$5,631	$5,662	$5,368	$5,628	$5,631	$5,662	$5,368	$5,628	$5,631
Y/Y Growth	8.9%	2.8%	6.8%	6.5%	2.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Adj. EBITDA	$1,168	$1,571	$1,786	$2,034	$1,315	$1,159	$1,369	$1,245	$1,315	$1,159	$1,369	$1,245
Margin	21.1%	29.3%	31.7%	36.1%	23.2%	21.6%	24.3%	22.1%	23.2%	21.6%	24.3%	22.1%
Free Cash Flow	$367	$1,461	$417	$1,083	$725	$580	$780	$655	$725	$580	$780	$655
Cash, end of period	2,883	2,967	2,170	2,674	3,399	3,979	4,759	5,414	6,138	6,719	7,498	8,153
Total Debt, end of period	13,171	13,209	13,248	13,243	13,243	13,243	13,243	13,243	13,243	13,243	13,243	13,243
Net Debt / Adj. EBITDA	2.2x	2.1x	1.9x	1.6x	1.5x	1.5x	1.4x	1.5x	1.4x	1.3x	1.1x	1.0x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Oct 29, 2026

Slides Webcast and audio replay Investor relations site

Tenet beat its own plan in Q3 2026, raised full-year EBITDA and free cash flow guidance, and pushed out its 2027 secured maturity with a $2.0 billion 2034 note.

Takeaways

Revenue rose 6.5% to $5.63 billion and Adjusted EBITDA rose 23% to $1.355 billion, a 24.1% margin. About $147 million of that came from one-off effects of exiting the CommonSpirit revenue cycle contract at Conifer.
Underlying trends were solid. USPI ambulatory EBITDA grew 9.1% at a 39.2% margin. Hospital adjusted admissions rose 3.2%, but fewer exchange patients hurt payer mix.
Cash generation is strong. Adjusted free cash flow was $2.52 billion for nine months and about $1.1 billion in the quarter.
Net leverage fell to 2.11x EBITDA (2.58x after NCI) from 2.33x at June 30. Cash was $2.67 billion with $1.9 billion undrawn on the revolver.
Conifer transition items add about $450 million of 2026 EBITDA that management says will not recur in 2027, so 2027 comparisons start from a lower base.
Shareholder returns stay large. Buybacks were $255 million in Q3 and $1.615 billion year to date, with $1.88 billion of authorization left.

Debt and capital

On September 22, 2026 Tenet issued $2.0 billion of 6.250% senior unsecured notes due 2034, upsized from a planned $1.5 billion.
Proceeds plus cash redeemed all $1.5 billion of 5.125% first lien secured notes due November 2027 and $500 million of 6.125% senior notes due October 2028.
The company says it has no significant debt maturities until 2028. Long-term debt was $13.08 billion plus $164 million current at September 30, 2026.
The new notes have no debt or restricted payment covenants. They are callable at a make-whole before September 15, 2029.
Capital priorities: about $250 million a year for ambulatory M&A and de novos, hospital investment, buybacks, and keeping the balance sheet deleveraged.

Guidance

FY 2026 Adjusted EBITDA raised to $5.05 to $5.20 billion, up $195 million at the midpoint.
FY 2026 adjusted free cash flow raised to $2.825 to $3.125 billion, up $100 million. This includes a $150 million tax payment tied to the RCM contract termination.
FY 2026 net operating revenues guided to $22.05 to $22.45 billion. Adjusted EPS guided to $22.05 to $23.01.
Segment outlook: Ambulatory EBITDA $2.16 to $2.22 billion and Hospital EBITDA $2.89 to $2.98 billion. Capex held at $700 to $800 million.
Q4 2026 will reverse the Q3 timing benefit, with $233 million less contract termination revenue and $97 million less net revenue, partly offset by about $110 million of further transition benefits.

Tone: Confident and upbeat, with management stressing margin strength, free cash flow and a cleaner maturity profile while flagging the non-recurring Conifer benefit.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release, slide presentation and related 8-K filings. Tenet does not publish a transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

Tenet raised its 2026 outlook again after third-quarter Adjusted EBITDA rose 23% to $1.36bn, including $147mm of Conifer transition benefits.

Results

Net operating revenues were $5.63bn, up 6.5% from $5.29bn a year earlier. Separately, the company booked $646mm of revenue from contract termination tied to Conifer, which it excludes from net operating revenues and Adjusted EBITDA.
Adjusted EBITDA was $1.355bn versus $1.099bn, and the margin rose to 24.1% from 20.8%. The quarter includes a $147mm net favorable impact from the faster Conifer revenue cycle transition ($97mm timing catch-up in revenue plus about $50mm of transition benefits).
Ambulatory (USPI) Adjusted EBITDA was $537mm, up 9.1%, at a 39.2% margin. Hospital Adjusted EBITDA was $818mm, up from $607mm, at a 19.2% margin.
Adjusted free cash flow was $1.102bn in the quarter on $198mm of capex. Reported free cash flow was $1.083bn.
Net income available to common shareholders was $1.0bn, or $12.41 per diluted share, lifted by the contract termination revenue.

Why

Hospital same-hospital adjusted admissions rose 3.2% and ER visits rose 4.0%, but revenue per adjusted admission rose only 0.2% as fewer exchange admissions weighed on payer mix.
USPI same-facility system-wide revenue rose 4.5%, with revenue per case up 6.1% on higher acuity and cases down 1.5%.
Salaries, wages and benefits fell 1.4% year over year while revenue grew, which the company credits to expense discipline.
The Hospital segment also recognized $32mm of prior-year Medicaid supplemental revenue, versus $38mm in the same quarter of 2025.

Balance sheet and guidance

Cash was $2.674bn and total debt was about $13.24bn ($164mm current plus $13.079bn long-term) at September 30, 2026. The release does not give revolver availability or total liquidity.
Net debt to Adjusted EBITDA was 2.11x, down from 2.33x at June 30, 2026 and 2.25x at year-end 2025.
In September the company issued $2.0bn of 6.250% senior notes due 2034 and used the proceeds with cash to redeem all $1.5bn of 5.125% first lien notes due 2027 and $500mm of 6.125% senior notes due 2028. It also bought back $255mm of stock in the quarter and $1.615bn year to date.
FY 2026 Adjusted EBITDA raised to $5.05bn to $5.20bn, from $4.83bn to $5.03bn in the second-quarter release.
FY 2026 net operating revenues narrowed to $22.05bn to $22.45bn, from $21.9bn to $22.5bn; the midpoint is unchanged.
FY 2026 Adjusted free cash flow raised to $2.825bn to $3.125bn, from $2.725bn to $3.025bn. Reported free cash flow is now $3.185bn to $3.515bn.
FY 2026 capex held at $700mm to $800mm. Hospital segment Adjusted EBITDA raised to $2.89bn to $2.98bn; Ambulatory held at $2.16bn to $2.22bn.

What to watch

Fourth-quarter run rate after Conifer: the CommonSpirit revenue cycle work was to be substantially transitioned by October 30, 2026, so the $147mm third-quarter benefit and contract termination revenue should not repeat. The full-year range implies fourth-quarter Adjusted EBITDA of about $1.23bn to $1.38bn.
Payer mix: lower exchange admissions held hospital revenue per adjusted admission to 0.2% growth, and USPI surgical cases fell 1.5%, so volume and mix matter more as one-time items fall away.
Capital allocation versus leverage: $1.615bn of buybacks and $583mm of noncontrolling interest purchases year to date, with $2.13bn of authorization reported in July, against net leverage of 2.11x and the remaining 6.125% notes due 2028.

From the company's press release filed Oct 29, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 29, 20268-K for Oct 29, 2026: Results · Press release
Jul 23, 20268-K for Jul 23, 2026: Results · Press release
Apr 30, 20268-K for Apr 30, 2026: Results · Press release
Feb 11, 20268-K for Feb 11, 2026: Results · Press release
Feb 2, 20268-K for Jan 27, 2026: Results; Regulation FD; Other event
Oct 28, 20258-K for Oct 28, 2025: Results · Press release
Jul 22, 20258-K for Jul 22, 2025: Results · Press release
Apr 29, 20258-K for Apr 29, 2025: Results · Press release

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Sep 22, 20268-K for Sep 22, 2026: Material agreement; New debt
Sep 8, 20268-K for Sep 8, 2026: Regulation FD; Other event
May 29, 20268-K for May 27, 2026: Shareholder vote
Apr 10, 20268-K for Apr 9, 2026: Director or officer change
Mar 30, 20268-K for Mar 25, 2026: Director or officer change
Nov 24, 20258-K for Nov 21, 2025: Director or officer change
Nov 18, 20258-K for Nov 18, 2025: Material agreement; New debt
Nov 5, 20258-K for Nov 4, 2025: Material agreement; New debt
Nov 3, 20258-K for Nov 3, 2025: Regulation FD; Other event
Jun 5, 20258-K for May 30, 2025: Director or officer change
May 27, 20258-K for May 22, 2025: Shareholder vote
Jan 24, 20258-K for Jan 23, 2025: Director or officer change
Aug 5, 20248-K for Aug 5, 2024: Regulation FD; Other event
May 23, 20248-K for May 22, 2024: Shareholder vote
Apr 1, 20248-K for Apr 1, 2024: Other event
Feb 29, 20248-K for Feb 29, 2024: Regulation FD; Other event
Feb 16, 20248-K for Feb 16, 2024: Regulation FD
Feb 1, 20248-K for Feb 1, 2024: Acquisition or disposal completed; Regulation FD
Dec 13, 20238-K for Dec 11, 2023: Director or officer change
Nov 17, 20238-K for Nov 17, 2023: Regulation FD; Other event

Proxy statements 3

Other filings 2

Jul 21, 2015424B3
Jul 9, 2015S-4

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 16, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Jun 15, 2028Maturity. 4.625% Senior Secured First Lien Notes due 2028: $600mm outstanding comes due.
Oct 1, 2028Maturity. 6.125% Senior Notes due 2028: $1,250mm outstanding comes due.

Recent 8-K filings

Oct 29, 2026Reported results
Sep 22, 2026Entered into a material agreement; Took on new debt or an obligation
Sep 8, 2026Regulation FD disclosure; Other event
Jul 23, 2026Reported results