Tenet Healthcare saw the highest operating margin, and HCA Healthcare posted the highest net income among the country’s largest publicly traded for-profit health systems in the second quarter of 2026.
HCA, Tenet, Community Health Systems and Universal Health Services have reported second-quarter results, with all four reporting positive net income for the quarter. Tenet and CHS both posted operating margins above 13%.
Here’s how their second-quarter financial and operational metrics compare:
HCA Healthcare (Nashville, Tenn.)
Operating income: $2.5 billion (12.3% operating margin), up from $2.4 billion (13% margin) in the second quarter of 2025.
Operating revenue: $20.2 billion, up from $18.6 billion
Operating expenses: $17.7 billion, up from $16.2 billion
Net income: $1.7 billion (8.4% margin), roughly flat with $1.7 billion (8.9% margin) a year earlier
“As we look at the first half of the year, our expectations proved accurate, although the [ACA] impact was greater than our estimates,” Sam Hazen, CEO of HCA Healthcare, said during the system’s July 24 earnings call. “Our colleagues, however, have continued to deliver high quality, compassionate care to an increased number of patients during the first half of the year, while managing well through the various headwinds we faced.”
Operating income: $1.5 billion (26.7% margin), up from $823 million (15.6% margin)
Operating revenue: $5.6 billion, up from $5.3 billion
Operating expenses: $4.6 billion, up from $4.5 billion
Net income: $826 million, up from $288 million
“Strong same-store revenue growth and effective expense management drove our fundamental outperformance in the second quarter of 2026 compared to our original assumptions,” Tenet Chairman and CEO Saum Sutaria, MD, said in the report. “We are actively navigating current industry dynamics through excellent operational execution, investments in innovation, and a continued focus on higher acuity services to sustain growth, margins and significant free cash flow.”
Community Health Systems (Franklin, Tenn.)
Operating income: $389 million (13.8% margin), down from $512 million (16.3% margin)
Operating revenue: $2.8 billion, down from $3.1 billion
Operating expenses: $2.4 billion, down from $2.6 billion
Net income: $70 million, down 75% from $282 million
“Our dedicated team is making measurable progress across top priorities that include clinical quality, patient and physician experience and employee satisfaction, while also investing in initiatives designed to fuel future growth,” CEO Kevin Hammons said in a July 22 news release. “We are confident in our ability to deliver long-term value by managing the factors within our control and successfully navigating the dynamic macroeconomic environment.”
Universal Health Services (King of Prussia, Pa.)
Operating income: $516.7 million (11.1% margin), up from $500.3 million (11.7% margin) in the second quarter of 2025
Operating revenue: $4.6 billion, up from $4.3 billion
Operating expenses: $4.1 billion, up from $3.8 billion
Net income: $364.6 million, up from $362.6 million
https://www.beckershospitalreview.com/finance/how-hca-tenet-chs-and-uhs-performed-in-q2-2/
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