Tenet Healthcare shares surged 11.60% in after-hours and overnight trading, as the company released second-quarter results that significantly exceeded Wall Street expectations and raised its full-year financial guidance.

The company reported adjusted earnings per share of $6.12, well above the analyst consensus estimate of $4.22 to $4.26. Net operating revenue climbed 6.8% to $5.63 billion, beating the projected $5.43 billion. Tenet also lifted its 2026 outlook, now forecasting adjusted EPS in a range of $20.30 to $21.69, far higher than the prior consensus of $17.94, and revenue between $21.9 billion and $22.5 billion. Additionally, the board authorized a $2 billion increase to the share repurchase program, with $1.04 billion in buybacks executed during the quarter.

The strong performance was driven by same-facility revenue growth, a favorable shift in service mix toward higher acuity cases, and disciplined expense management. The robust earnings beat and dramatically improved guidance fueled the sharp rally in the stock.