What move does the options market price into Tenet Healthcare's report?

Implied ±15.2%, either direction · provisional.

THCNYSEServices-General Medical & Surgical Hospitals, NEC

Tenet Healthcare Corp (THC) earnings date, market-implied expected move, and options open interest by expiry

271.18

+0.61 · +0.23%

post 272.75 +0.58%

Closed18:00 ET

Open269.00Volume1.2MMkt cap$21.7BP/E7.86EPS34.71

Day267.82 – 273.5886%52-wk157.58 – 283.0592%

THC

Tenet Healthcare Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±15.2%implied · straddle

231.73314.77

spot 273.25exp Feb 19ATM strike 270ATM straddle 48.85IV 41%

Oct 30 closeprovisional

Expected move

Inputs

Next report

Feb 1

before open · in 93 days

est.Q4 FY26

Calendar

Next report

Last report

+0.77%

vs ±9.8% implied · ×0.08

shaded = implied · ▲▼ = realized

Oct 29 '26 · confirmed

Implied vs realized

Largest filed tie

—

Supply chain

Largest filed tie

13F top-10 QoQ

−1.41%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

683 managers

Top fund weight

0.53%

THC weight · FTC

N-PORTJul 31 '26

5 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Tenet Healthcare (THC) is expected to report on Feb 1 before open (estimated date).

Implied vs realized

8 reports

—≥ implied

Apr 29 '25Apr 29 '25confirmed—▲+11.65%—

Jul 22 '25Jul 22 '25confirmed—▼−10.70%—

Oct 28 '25Oct 28 '25confirmed—▼−5.34%—

Feb 2 '26Feb 2 '26confirmed—▼−0.66%—

Feb 11 '26Feb 11 '26confirmed—▲+17.26%—

Q1 FY26Apr 30 '26confirmed—▼−1.65%—

Q2 FY26Jul 23 '26confirmed—▲+17.17%—

Q3 FY26Oct 29 '26confirmed±9.8%▲+0.77%×0.08

quarterimplied−20%0+20%realized×

Q3 FY26±9.8%▲+0.77%×0.08

Q2 FY26—▲+17.17%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Oct 26 close

0.16OI · 4 expiries · Oct 26 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,8820%Nov 2020d0.842,253+1%0.84

1,670+74%Dec 1848d1.581,0560%1.58

2,3090%Jan 1576d0.842,7490%0.84

report · Feb 1 · before open · est.

1140%Feb 19111d7280%

ExpiryPutsCallsP/C

Nov 2020d1,8820%2,253+1%0.84

Dec 1848d1,670+74%1,0560%1.58

Jan 1576d2,3090%2,7490%0.84

report · Feb 1 · before open · est.

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±15.2%

Funds 4

FTC±0.1%

MDY±0.1%

REVS±0.0%

VTI±0.0%

Dashed = straddleMethod 1 more fund Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

21.65%as filednet margin · revenue +0.05% QoQ · +6.47% YoY

Revenue

$5.6B+0.05% QoQ

Gross profit

$3.5B+1.80% QoQ

61.41% margin

Operating income

$1.8B+16.59% QoQ

31.08% margin

Pre-tax income

$1.6B+17.84% QoQ

Net income

$1.2B+16.65% QoQ

21.65% margin

Cost of revenue

$2.2B−2.60% QoQ

Operating expenses

$1.7B−9.92% QoQ

SG&A $2.2B

Depreciation $217M

Other expense

$171M

Tax

$360M+22.03% QoQ

Revenue$5.6B+0.05%

Gross profit

$3.5B+1.80%

61.41% margin

Operating income

$1.8B+16.59%

31.08% margin

Pre-tax income

$1.6B+17.84%

Net income

$1.2B+16.65%

21.65% margin

Cost of revenue

$2.2B−2.60%

Operating expenses

$1.7B−9.92%

SG&A $2.2B

Depreciation $217M

Other expense

$171M

Tax$360M+22.03%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Sep 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 18:00 ET

Intraday

Event sensitivity

NFP ×1.87· ±3.4% vs ±1.8% · 10 releases

eventrelease day|move|up · n×base

NFPjobs report±3.4%6 of 10×1.87

PPIproducer prices±2.0%4 of 10×1.11

FOMCrate decision±2.0%15 of 24×1.09

CPIconsumer prices±1.7%3 of 10×0.96

GDPgross domestic product±1.5%12 of 19×0.85

PCEpersonal income & outlays±1.5%9 of 19×0.81

CPROFcorporate profits±1.2%8 of 12×0.68

Bar = avg |move| to ±4% · tick = ±1.8% avg day · ×base = |move| ÷ ±1.8% · min 6 releases

Earnings history

EPS 12.41 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	Oct 29 '26 · confirmed	12.41	—
Q2 FY26	Jul 23 '26 · confirmed	9.84	—
Q1 FY26	Apr 30 '26 · confirmed	8.01	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod