Dallas-based United Surgical Partners International, Tenet Healthcare’s ASC arm, reported $1.39 billion in net operating revenues for the second quarter of 2026, a 9.3% increase from $1.27 billion in the second quarter of 2025, according to Tenet’s earnings release published July 23.
Here are 10 things to know:
1. USPI’s second-quarter 2026 net operating revenues grew 9.3% year over year, driven by strong growth in consolidated same-facility net patient service revenues, facility acquisitions and expanded service lines.
2. Same-facility system-wide net patient service revenues rose 5% year over year in the second quarter, with case volume down 1.2% and net revenue per case up 6.3%, reflecting higher acuity and favorable service mix.
3. USPI’s second-quarter adjusted EBITDA was $542 million, an 8.8% increase from $498 million in the second quarter of 2025, though the adjusted EBITDA margin slipped slightly to 39% from 39.2%.
4. For the first six months of 2026, USPI’s adjusted EBITDA reached $1.03 billion, up from $954 million in the same period of 2025.
5. On a system-wide basis, USPI reported $4.31 billion in same-facility net patient service revenues for the first half of 2026, up from $4.09 billion in the same period of 2025. Net patient service revenue per case rose 5.9% year to date, while same-facility surgical cases fell 0.6%.
USPI’s footprint kept expanding.
6. As of June 30, 2026, the company held interests in 538 ASCs (405 consolidated) and 26 surgical hospitals (eight consolidated) across 37 states.
7. Looking ahead, Tenet’s full-year 2026 outlook calls for USPI net operating revenues of $5.5 billion to $5.7 billion and adjusted EBITDA of $2.16 billion to $2.22 billion, with same-facility system-wide revenue expected to rise 3% to 6%.
8. Overall, Tenet reported $5.63 billion in net operating revenues for the second quarter of 2026, up from $5.27 billion in the second quarter of 2025. Net income available to common shareholders was $826 million, or $9.84 per diluted share, compared to $288 million, or $3.14 per diluted share, a year earlier.
9. Tenet’s consolidated adjusted EBITDA increased 16.3% to $1.304 billion in the second quarter, with an adjusted EBITDA margin of 23.2%, above the high end of the company’s prior guidance. Tenet also raised its full-year adjusted EBITDA outlook to a range of $4.83 billion to $5.03 billion, a $295 million increase at the midpoint.
10. Tenet’s board authorized a $2 billion increase to the company’s share repurchase program. The company repurchased 5.68 million shares for $1.042 billion in the second quarter and had $2.13 billion remaining under its repurchase authorization as of July 23.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.