Tenet Reports Strong Third Quarter 2026 Results; Raises 2026 Financial Outlook

Net income available to common shareholders in third quarter 2026 was $1.000 billion, or $12.41 per diluted share compared to $342 million, or $3.86 in third quarter 2025 Adjusted diluted earnings per share 1 increased 79.5% to $6.64 in third quarter 2026 compared to $3.70 in third quarter 2025 Third quarter 2026 Consolidated Adjusted EBITDA 1 increased 23.3% over third quarter 2025 to $1.355 billion; Third quarter 2026 Adjusted EBITDA margin was 24.1% Third quarter 2026 Ambulatory Care Adjusted EBITDA of $537 million increased 9.1% over third quarter 2025 FY 2026 Adjusted EBITDA Outlook is now expected to be in the range of $5.05 billion to $5.20 billion, a $195 million increase at the midpoint of the range; FY 2026 Adjusted Free Cash Flow outlook now expected to be in the range of $2.825 billion to $3.125 billion, a $100 million increase DALLAS--(BUSINESS WIRE)-- Tenet Healthcare Corporation (Tenet) (NYSE: THC) today announced its results for the quarter ended September 30, 2026. "Our outperformance in the third quarter of 2026 was driven by sustained strength in same-store revenue growth and effective expense management," said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. "Our focus on patient-centered care, support for physician partners, technology-enabled growth and operating initiatives continue to deliver strong margins and free cash flow." Tenet’s results for third quarter 2026 versus third quarter 2025 are as follows: Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share results) 2026 2025 2026 2025 Net operating revenues 7 $5,631 $5,289 $16,627 $15,783 Net income available to Tenet common shareholders $1,000 $342 $2,528 $1,036 Net income available to Tenet common shareholders per diluted share $12.41 $3.86 $30.08 $11.28 Adjusted EBITDA 1 $1,355 $1,099 $3,821 $3,383 Adjusted diluted earnings per share 1 $6.64 $3.70 $17.50 $12.10 Net income available to the Company’s common shareholders in third quarter 2026 was $1.000 billion, or $12.41 per diluted share, versus $342 million, or $3.86 per diluted share, in third quarter 2025. The Company had previously entered into certain agreements with CommonSpirit Health, related to Conifer Health Solutions, LLC ("Conifer"), whereby the parties agreed, in part, to the early conclusion and transition of our revenue cycle management services by December 31, 2026, (collectively, the "RCM Agreements"). The transition of certain revenue cycle management services under the RCM Agreements occurred during the third quarter of 2026 and will be substantially complete by October 30, 2026. As a result of this revised timeline, during the three months ended September 30, 2026, we recognized cumulative catch-up adjustments that increased revenue from contract termination by $233 million and net operating revenues by $97 million. These are timing-related adjustments and as such, do not impact total or full year 2026 expectations for revenue from contract termination or net operating revenues associated with the RCM Agreements. In addition, we recognized a benefit of approximately $50 million during the three months ended September 30, 2026 due to various transition activities, including efficiencies from the revised timeline described above. This, combined with the $97 million timing-related adjustment to net operating revenue mentioned above, resulted in a favorable net impact to Adjusted EBITDA of $147 million in the third quarter of 2026. Adjusted EBITDA 1 was $1.355 billion in third quarter 2026 compared to $1.099 billion in third quarter 2025, reflecting strong same facility revenue growth and disciplined expense management partially offset by unfavorable payer mix due to lower exchange admissions. Results also include the $147 million favorable net impact described above. Balance Sheet and Cash Flows Net cash flows provided by operating activities for the nine months ended September 30, 2026 were $3.507 billion versus $2.809 billion for the nine months ended September 30, 2025. The Company generated adjusted free cash flow 1 of $2.524 billion for the nine months ended September 30, 2026 versus $2.247 billion for the nine months ended September 30, 2025. In the three months ended September 30, 2026, the Company repurchased 970,000 shares of common stock for $255 million. In the nine months ended September 30, 2026, the Company repurchased 7.99 million shares of common stock for $1.615 billion. In September 2026, the Company completed a private placement of $2.0 billion in aggregate principal amount of newly issued 6.250% senior notes maturing in 2034. The Company used the net proceeds from the sale of the notes, after payment of fees and expenses, to finance, together with cash on hand, the redemption of all $1.5 billion aggregate principal amount then outstanding of its 5.125% senior secured first lien notes due in 2027 and the partial redemption of $500 million outstanding of its 6.125% senior notes due in 2028. The Company’s ratio of net debt to Adjusted EBITDA 1 was 2.11x at September 30, 2026 compared to 2.33x at June 30, 2026 and 2.25x at December 31, 2025. Ambulatory Care (Ambulatory) Segment Tenet’s Ambulatory business segment is comprised of the operations of United Surgical Partners International (USPI). As of September 30, 2026, USPI had interests in 535 ambulatory surgery centers (406 consolidated) and 25 surgical hospitals (seven consolidated) in 37 states. Three Months Ended September 30, Nine Months Ended September 30, Ambulatory segment results ($ in millions) 2026 2025 2026 2025 Revenues Net operating revenues $1,371 $1,275 $4,079 $3,739 Same-facility system-wide net patient service revenues 2 $2,224 $2,129 $6,515 $6,196 Changes versus the Prior-Year Period Same-facility system-wide net patient service revenues 4.5 % 8.3 % 5.1 % 7.5 % Same-facility system-wide net patient service revenue per case 6.1 % 6.1 % 6.0 % 7.7 % Same-facility system-wide surgical cases 2 (1.5) % 2.1 % (0.8) % (0.2) % Same-facility system-wide surgical cases on same-business day basis 2 (1.5) % 2.1 % (0.8) % 0.4 % Adjusted EBITDA, Margins and NCI Adjusted EBITDA $537 $492 $1,563 $1,446 Adjusted EBITDA margin 39.2 % 38.6 % 38.3 % 38.7 % Adjusted EBITDA less NCI $327 $292 $948 $874 Third quarter 2026 net operating revenues increased 7.5% compared to third quarter 2025 driven by strong growth in consolidated same-facility net patient service revenues, acquisitions of facilities, and increased service lines. Surgical business same-facility system-wide net patient service revenues increased 4.5% in third quarter 2026 compared to third quarter 2025, with cases down 1.5% and net revenue per case up 6.1%. Net revenue per case growth was driven by higher acuity and favorable service mix. Third quarter 2026 Adjusted EBITDA increased 9.1% compared to third quarter 2025, due to strong growth in same-facility net patient service revenues, disciplined expense management, and contributions from acquisitions. Hospital Operations and Services (Hospital) Segment Tenet’s Hospital business segment is primarily comprised of acute care and specialty hospitals, imaging centers, ancillary outpatient facilities, micro-hospitals and physician practices. It also provides comprehensive end-to-end and focused point services, including hospital and physician revenue cycle management, patient communications and engagement support and value-based care solutions. Three Months Ended September 30, Nine Months Ended September 30, Hospital segment results ($ in millions) 2026 2025 2026 2025 Revenues Net operating revenues 7 $4,260 $4,014 $12,548 $12,044 Same-hospital net patient service revenues 3 $3,571 $3,453 $10,678 $10,385 Same-Hospital Volume Changes versus the Prior-Year Period Admissions 2.8 % 1.5 % 1.8 % 2.5 % Adjusted admissions 4 3.2 % 1.4 % 2.1 % 1.6 % Outpatient visits (including outpatient ER visits) 0.1 % (1.5) % (0.9) % (1.4) % Emergency Room visits (inpatient and outpatient) 4.0 % (2.0) % 0.9 % (1.8) % Hospital surgeries (1.1) % 0.7 % (0.9) % (0.8) % Adjusted EBITDA Adjusted EBITDA $818 $607 $2,258 $1,937 Adjusted EBITDA margin 19.2 % 15.1 % 18.0 % 16.1 % Third quarter 2026 net operating revenues increased 6.1% from third quarter 2025 driven by an increase in adjusted admissions as well as continued pricing strength, partially offset by unfavorable payer mix due to lower exchange admissions. In addition, third quarter 2026 net operating revenues include a timing-related benefit of $97 million associated with the RCM Agreements as described on page 2. Same-hospital net patient service revenue per adjusted admission increased 0.2% year-over-year for third quarter 2026 primarily due to strength in commercial employer net patient revenues offset by unfavorable payer mix related to lower exchange admissions. Adjusted EBITDA in third quarter 2026 was $818 million compared to $607 million in third quarter 2025, reflecting strong growth in same-hospital revenue and disciplined expense management, partially offset by unfavorable payer mix due to lower exchange admissions. Results also include the net favorable impact of $147 million from transition activities described on page 2. In the third quarter of 2026, the Hospital segment recognized a $32 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years. Third quarter 2025 results included a $38 million favorable pre-tax impact for additional Medicaid supplemental revenues related to prior years. 2026 Outlook 1 Tenet’s Outlook for full year 2026 (consolidated and by segment) follows. Contract termination revenue recognized from the early conclusion of the RCM Agreements is not included in net operating revenues. CONSOLIDATED ($ in millions, except per share amounts) FY 2026 Outlook Net operating revenues 7 $22,050 to $22,450 Net income available to Tenet common shareholders $2,973 to $3,078 Adjusted EBITDA $5,050 to $5,200 Adjusted EBITDA margin 22.9% to 23.2% Diluted income per common share $35.82 to $37.08 Adjusted net income $1,830 to $1,910 Adjusted diluted earnings per share $22.05 to $23.01 Equity in earnings of unconsolidated affiliates $265 to $275 Depreciation and amortization $865 to $915 Interest expense $815 to $825 Income tax expense 5 $1,135 to $1,170 Net income available to NCI $910 to $960 Weighted average diluted common shares ~83 million Net cash provided by operating activities $3,885 to $4,315 Adjusted net cash provided by operating activities $3,525 to $3,925 Capital expenditures $700 to $800 Free cash flow $3,185 to $3,515 Adjusted free cash flow $2,825 to $3,125 NCI cash distributions $900 to $970 Ambulatory Segment ($ in millions) FY 2026 Outlook Net operating revenues $5,530 to $5,670 Adjusted EBITDA $2,160 to $2,220 NCI $865 to $895 Adjusted EBITDA less NCI $1,295 to $1,325 Changes versus prior year 6 : Same-facility system-wide revenues Up 3.0% to 6.0% Hospital Segment ($ in millions) FY 2026 Outlook Net operating revenues 7 $16,520 to $16,780 Adjusted EBITDA $2,890 to $2,980 NCI $45 to $65 Changes versus prior year 6 : Inpatient admissions Up 1.0% to 2.0% Adjusted admissions Up 1.0% to 2.0% Management’s Webcast Discussion of Results Tenet management will discuss the Company’s third quarter 2026 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on October 29, 2026. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors. The slide presentation associated with the webcast referenced above, a copy of this earnings press release, and a related supplemental financial disclosures document will be available on the Company’s Investor Relations website on October 29, 2026. Cautionary Statement This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address the Company’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,” “plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause the Company’s actual results to be materially different than those expressed in the Company’s forward-looking statements include, but are not limited to the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission. Footnotes Tables and discussions throughout this earnings release include certain financial measures, including those related to our full year 2026 Outlook, that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Reconciliations of GAAP measures to the Adjusted (non-GAAP) measures used are detailed in Tables #1-6 included at the end of this earnings release. Management’s reasoning for the use of these non-GAAP measures and descriptions of the various non-GAAP measures are included in the Non-GAAP Financial Measures section of this earnings release. Same-facility system-wide revenues and statistical information include the results of the facilities in which the Ambulatory segment has an investment that are not consolidated by Tenet. To help analyze the segment’s results of operations, management uses system-wide measures, which include revenues and cases of both consolidated and unconsolidated facilities. For 2026, same-hospital revenues and statistical data include those for hospitals and hospital-affiliated outpatient centers operated by the Company’s Hospital segment continuously from January 1, 2025 through September 30, 2026. Amounts associated with physician practices are excluded. Adjusted admissions represent actual patient admissions adjusted to include outpatient services provided by facilities in our Hospital segment by multiplying actual patient admissions by the sum of gross inpatient revenues and outpatient revenues, then dividing that result by gross inpatient revenues. Income tax expense is calculated by multiplying 24% (the federal corporate tax rate of 21% plus an estimate of state taxes) by the sum of: pretax income less NCI expense plus permanent differences, and non-deductible interest expense. Change versus prior year is presented on a same-facility system-wide basis for USPI Ambulatory surgical cases and on a same-hospital basis for hospital statistics. Contract termination revenue recognized from the early conclusion of the RCM Agreements is not included in net operating revenues. About Tenet Healthcare Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We also operate a national portfolio of acute care and specialty hospitals, other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com. Non-GAAP Financial Measures The Company believes the non-GAAP measures described below are useful to investors and analysts because they present additional information on the Company’s financial performance. Investors, analysts, Company management and the Company’s Board of Directors utilize these non-GAAP measures, in addition to GAAP measures, to track the Company’s financial and operating performance and compare the Company’s performance to its peer companies, which use similar non-GAAP financial measures in their presentations and earnings releases. The Human Resources Committee of the Company’s Board of Directors also uses certain of these measures to evaluate management’s performance for the purpose of determining incentive compensation. Additional information regarding the purpose and utility of specific non-GAAP measures used in this release is set forth below. Adjusted EBITDA is defined by the Company as net income available (loss attributable) to Tenet common shareholders before (1) the cumulative effect of changes in accounting principles, (2) net loss attributable (income available) to noncontrolling interests, (3) income (loss) from discontinued operations, net of tax, (4) income tax benefit (expense), (5) gain (loss) from early extinguishment of debt, (6) other non-operating income (expense), net, (7) interest expense, (8) litigation and investigation benefit (costs), net of insurance recoveries, (9) net gains (losses) on sales, consolidation and deconsolidation of facilities, (10) impairment and restructuring charges and acquisition-related costs, (11) depreciation and amortization, (12) income (loss) from divested and closed businesses (i.e., health plan businesses) and (13) revenue from contract termination. Revenue from contract termination represents the present value of the $1.9 billion of consideration related to the early termination of Conifer’s revenue cycle services agreement with CommonSpirit (as further described in the Company’s Form 8-K dated February 2, 2026), net of amortization of an associated contract asset. Litigation and investigation benefit (costs) excluded do not include ordinary course of business malpractice and other litigation and related expenses. Adjusted diluted earnings (loss) per share is defined by the Company as Adjusted net income available (loss attributable) to Tenet common shareholders, divided by the weighted average diluted shares outstanding in the reporting period. Adjusted net income available (loss attributable) to Tenet common shareholders is defined by the Company as net income available (loss attributable) to Tenet common shareholders before (1) income (loss) from discontinued operations, net of tax, (2) gain (loss) from early extinguishment of debt, (3) litigation and investigation benefit (costs), net of insurance recoveries, (4) net gains (losses) on sales, consolidation and deconsolidation of facilities, (5) impairment and restructuring charges and acquisition-related costs, (6) income (loss) from divested and closed businesses (i.e., health plan businesses), (7) revenue from contract termination and (8) the associated impact of these items on taxes and noncontrolling interests. Revenue from contract termination represents the present value of the $1.9 billion of consideration related to the early termination of Conifer’s revenue cycle services agreement with CommonSpirit (as further described in the Company’s Form 8-K dated February 2, 2026), net of amortization of an associated contract asset. Litigation and investigation benefit (costs) excluded do not include ordinary course of business malpractice and other litigation and related expenses. Free Cash Flow is defined by the Company as (1) net cash provided by (used in) operating activities, less (2) purchases of property and equipment. Adjusted Free Cash Flow is defined by the Company as (1) Adjusted net cash provided by (used in) operating activities, less (2) purchases of property and equipment. Adjusted net cash provided by (used in) operating activities is defined by the Company as cash provided by (used in) operating activities prior to (1) payments for restructuring charges, acquisition-related costs and litigation costs and settlements, (2) net cash provided by (used in) operating activities from discontinued operations and (3) cash received for contract termination defined above. The Company believes that Adjusted EBITDA is a useful measure, in part, because certain investors and analysts use both historical and projected Adjusted EBITDA, in addition to other GAAP and non-GAAP measures, as factors in determining the estimated fair value of shares of the Company’s common stock. Company management also regularly reviews the Adjusted EBITDA performance for each operating segment. The Company does not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance. The Company uses, and believes investors use, Free Cash Flow and Adjusted Free Cash Flow as supplemental non-GAAP measures to analyze cash flows generated from the Company’s operations. The Company believes these measures are useful to investors in evaluating its ability to fund distributions paid to noncontrolling interests or for acquisitions, purchasing equity interests in joint ventures or repaying debt. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Because these measures exclude many items that are included in the Company’s financial statements, they do not provide a complete measure of the Company’s operating performance. For example, the Company’s definitions of Free Cash Flow and Adjusted Free Cash Flow do not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows from Financing Activities on the Company’s Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, or (ii) distributions paid to noncontrolling interests. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance. See corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures in Tables #1 - 6 below. TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in millions, except per share amounts) Three Months Ended September 30, 2026 % 2025 % Change Net operating revenues $ 5,631 100.0 % $ 5,289 100.0 % 6.5 % Revenue from contract termination 646 11.5 % — — % 100.0 % Equity in earnings of unconsolidated affiliates 64 1.1 % 64 1.2 % — % Operating expenses: Salaries, wages and benefits 2,173 38.6 % 2,204 41.7 % (1.4 )% Supplies 983 17.5 % 931 17.6 % 5.6 % Other operating expenses, net 1,184 21.0 % 1,119 21.2 % 5.8 % Depreciation and amortization 217 3.8 % 218 4.1 % Impairment and restructuring charges, and acquisition-related costs 37 0.7 % 23 0.4 % Litigation and investigation costs (benefit) 6 0.1 % (11 ) (0.2 )% Net gains on sales, consolidation and deconsolidation of facilities (9 ) (0.2 )% (20 ) (0.4 )% Operating income 1,750 31.1 % 889 16.8 % Interest expense (203 ) (206 ) Other non-operating income, net 37 29 Loss from early extinguishment of debt (5 ) — Income before income taxes 1,579 712 Income tax expense (360 ) (133 ) Net income 1,219 579 Less: Net income available to noncontrolling interests 219 237 Net income available to Tenet Healthcare Corporation common shareholders $ 1,000 $ 342 Earnings per share available to Tenet Healthcare Corporation common shareholders: Basic $ 12.48 $ 3.89 Diluted $ 12.41 $ 3.86 Weighted average shares and dilutive securities outstanding (in thousands): Basic 80,134 87,951 Diluted 80,600 88,610 TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in millions, except per share amounts) Nine Months Ended September 30, 2026 % 2025 % Change Net operating revenues $ 16,627 100.0 % $ 15,783 100.0 % 5.3 % Revenue from contract termination 1,472 8.9 % — — % 100.0 % Equity in earnings of unconsolidated affiliates 180 1.1 % 181 1.1 % (0.6 )% Operating expenses: Salaries, wages and benefits 6,578 39.6 % 6,483 41.1 % 1.5 % Supplies 2,928 17.6 % 2,770 17.6 % 5.7 % Other operating expenses, net 3,480 20.9 % 3,328 21.0 % 4.6 % Depreciation and amortization 661 4.0 % 632 4.0 % Impairment and restructuring charges, and acquisition-related costs 92 0.6 % 66 0.4 % Litigation and investigation costs 36 0.2 % 34 0.2 % Net gains on sales, consolidation and deconsolidation of facilities (43 ) (0.2 )% (4 ) — % Operating income 4,547 27.3 % 2,655 16.8 % Interest expense (612 ) (616 ) Other non-operating income, net 121 80 Loss from early extinguishment of debt (5 ) — Income before income taxes 4,051 2,119 Income tax expense (881 ) (396 ) Net income 3,170 1,723 Less: Net income available to noncontrolling interests 642 687 Net income available to Tenet Healthcare Corporation common shareholders $ 2,528 $ 1,036 Earnings per share available to Tenet Healthcare Corporation common shareholders: Basic $ 30.28 $ 11.37 Diluted $ 30.08 $ 11.28 Weighted average shares and dilutive securities outstanding (in thousands): Basic 83,486 91,109 Diluted 84,053 91,805 TENET HEALTHCARE CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in millions) September 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 2,674 $ 2,883 Accounts receivable 2,595 2,565 Inventories of supplies, at cost 340 348 Assets held for sale 62 62 Other current assets 2,757 1,991 Total current assets 8,428 7,849 Investments and other assets 3,958 2,883 Deferred income taxes 49 84 Property and equipment, at cost, less accumulated depreciation and amortization 6,290 6,315 Goodwill 11,641 11,198 Other intangible assets, at cost, less accumulated amortization 1,226 1,348 Total assets $ 31,592 $ 29,677 LIABILITIES AND EQUITY Current liabilities: Current portion of long-term debt $ 164 $ 79 Accounts payable 1,387 1,360 Accrued compensation and benefits 873 858 Professional and general liability reserves 317 276 Accrued interest payable 213 81 Income tax payable 22 — Other current liabilities 2,342 1,809 Total current liabilities 5,318 4,463 Long-term debt, net of current portion 13,079 13,092 Professional and general liability reserves 979 951 Defined benefit plan obligations 238 245 Deferred income taxes 529 240 Other long-term liabilities 1,855 1,713 Total liabilities 21,998 20,704 Commitments and contingencies Redeemable noncontrolling interests in equity of consolidated subsidiaries 2,179 2,956 Equity: Shareholders’ equity: Common stock 8 8 Additional paid-in capital 5,236 4,914 Accumulated other comprehensive loss (178 ) (181 ) Retained earnings 6,943 4,415 Common stock in treasury, at cost (6,565 ) (4,936 ) Total shareholders’ equity 5,444 4,220 Noncontrolling interests 1,971 1,797 Total equity 7,415 6,017 Total liabilities and equity $ 31,592 $ 29,677 TENET HEALTHCARE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30, (Dollars in millions) 2026 2025 Net income $ 3,170 $ 1,723 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 661 632 Deferred income tax expense 324 51 Stock-based compensation expense 104 79 Impairment and restructuring charges, and acquisition-related costs 92 66 Litigation and investigation costs 36 34 Net gains on sales, consolidation and deconsolidation of facilities (43 ) (4 ) Loss from early extinguishment of debt 5 — Equity in earnings of unconsolidated affiliates, net of distributions received (11 ) (13 ) Amortization of debt discount and debt issuance costs 16 18 Other items, net (11 ) (5 ) Changes in cash from operating assets and liabilities: Accounts receivable (11 ) 68 Inventories and other current assets 211 (58 ) Income taxes 63 15 Accounts payable, accrued expenses and other current liabilities (1,042 ) 237 Other long-term liabilities 46 50 Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (103 ) (84 ) Net cash provided by operating activities 3,507 2,809 Cash flows from investing activities: Purchases of property and equipment (546 ) (646 ) Purchases of businesses or joint venture interests, net of cash acquired (201 ) (266 ) Proceeds from sales of facilities and other assets 11 18 Proceeds from sales of marketable securities and long-term investments 66 74 Purchases of marketable securities and long-term investments (122 ) (69 ) Other items, net (26 ) 3 Net cash used in investing activities (818 ) (886 ) Cash flows from financing activities: Repayments of borrowings (2,087 ) (90 ) Proceeds from borrowings 2,041 21 Repurchases of common stock (1,615 ) (1,188 ) Debt issuance costs (22 ) — Distributions paid to noncontrolling interests (614 ) (585 ) Proceeds from the sale of noncontrolling interests 33 27 Purchases of noncontrolling interests (583 ) (88 ) Repayments of advances from managed care payers — (33 ) Taxes paid related to net share settlement, net of proceeds from shares issued under stock‑based compensation plans (84 ) (47 ) Other items, net 33 16 Net cash used in financing activities (2,898 ) (1,967 ) Net decrease in cash and cash equivalents (209 ) (44 ) Cash and cash equivalents at beginning of period 2,883 3,019 Cash and cash equivalents at end of period $ 2,674 $ 2,975 Supplemental disclosures: Interest paid, net of capitalized interest $ (464 ) $ (499 ) Income tax payments, net $ (493 ) $ (329 ) TENET HEALTHCARE CORPORATION SEGMENT REPORTING (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2026 2025 2026 2025 Net operating revenues: Ambulatory Care $ 1,371 $ 1,275 $ 4,079 $ 3,739 Hospital Operations and Services 4,260 4,014 12,548 12,044 Total $ 5,631 $ 5,289 $ 16,627 $ 15,783 Equity in earnings of unconsolidated affiliates: Ambulatory Care $ 64 $ 63 $ 179 $ 176 Hospital Operations and Services — 1 1 5 Total $ 64 $ 64 $ 180 $ 181 Adjusted EBITDA: Ambulatory Care $ 537 $ 492 $ 1,563 $ 1,446 Hospital Operations and Services 818 607 2,258 1,937 Total $ 1,355 $ 1,099 $ 3,821 $ 3,383 Adjusted EBITDA margins: Ambulatory Care 39.2 % 38.6 % 38.3 % 38.7 % Hospital Operations and Services 19.2 % 15.1 % 18.0 % 16.1 % Total 24.1 % 20.8 % 23.0 % 21.4 % Capital expenditures: Ambulatory Care $ 40 $ 38 $ 110 $ 90 Hospital Operations and Services 158 242 436 556 Total $ 198 $ 280 $ 546 $ 646 TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #1 – Reconciliations of Net Income Available to Tenet Healthcare Corporation Common Shareholders to Adjusted Net Income Available to Common Shareholders (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except per share amounts) 2026 2025 2026 2025 Net income available to Tenet Healthcare Corporation common shareholders $ 1,000 $ 342 $ 2,528 $ 1,036 Less: Revenue from contract termination 646 — 1,472 — Impairment and restructuring charges, and acquisition-related costs (37 ) (23 ) (92 ) (66 ) Litigation and investigation benefit (costs) (6 ) 11 (36 ) (34 ) Net gains on sales, consolidation and deconsolidation of facilities 9 20 43 4 Loss from early extinguishment of debt (5 ) — (5 ) — Tax and noncontrolling interests impact of above items (142 ) 6 (325 ) 21 Adjusted net income available to common shareholders $ 535 $ 328 $ 1,471 $ 1,111 Diluted earnings per share $ 12.41 $ 3.86 $ 30.08 $ 11.28 Less: Revenue from contract termination 8.01 — 17.51 — Impairment and restructuring charges, and acquisition-related costs (0.46 ) (0.26 ) (1.09 ) (0.72 ) Litigation and investigation benefit (costs) (0.07 ) 0.12 (0.43 ) (0.37 ) Net gains on sales, consolidation and deconsolidation of facilities 0.11 0.23 0.51 0.04 Loss from early extinguishment of debt (0.06 ) — (0.06 ) — Tax and noncontrolling interests impact of above items (1.76 ) 0.07 (3.86 ) 0.23 Adjusted diluted earnings per share $ 6.64 $ 3.70 $ 17.50 $ 12.10 Weighted average basic shares outstanding (in thousands) 80,134 87,951 83,486 91,109 Weighted average dilutive shares outstanding (in thousands) 80,600 88,610 84,053 91,805 TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #2 – Reconciliations of Net Income Available to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2026 2025 2026 2025 Net income available to Tenet Healthcare Corporation common shareholders $ 1,000 $ 342 $ 2,528 $ 1,036 Less: Net income available to noncontrolling interests (219 ) (237 ) (642 ) (687 ) Net income 1,219 579 3,170 1,723 Income tax expense (360 ) (133 ) (881 ) (396 ) Loss from early extinguishment of debt (5 ) — (5 ) — Other non-operating income, net 37 29 121 80 Interest expense (203 ) (206 ) (612 ) (616 ) Operating income 1,750 889 4,547 2,655 Revenue from contract termination 646 — 1,472 — Depreciation and amortization (217 ) (218 ) (661 ) (632 ) Impairment and restructuring charges, and acquisition-related costs (37 ) (23 ) (92 ) (66 ) Litigation and investigation benefit (costs) (6 ) 11 (36 ) (34 ) Net gains on sales, consolidation and deconsolidation of facilities 9 20 43 4 Adjusted EBITDA $ 1,355 $ 1,099 $ 3,821 $ 3,383 Net operating revenues $ 5,631 $ 5,289 $ 16,627 $ 15,783 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues 17.8 % 6.5 % 15.2 % 6.6 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 24.1 % 20.8 % 23.0 % 21.4 % TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #3 – Reconciliations of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 2026 (Dollars in millions) Q3 YTD Net cash provided by operating activities $ 1,281 $ 3,507 Purchases of property and equipment (198 ) (546 ) Free cash flow $ 1,083 $ 2,961 Net cash used in investing activities $ (298 ) $ (818 ) Net cash used in financing activities $ (479 ) $ (2,898 ) Net cash provided by operating activities $ 1,281 $ 3,507 Less: Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (19 ) (103 ) Cash received for contract termination — 540 Adjusted net cash provided by operating activities 1,300 3,070 Purchases of property and equipment (198 ) (546 ) Adjusted free cash flow $ 1,102 $ 2,524 2025 (Dollars in millions) Q3 YTD Net cash provided by operating activities $ 1,058 $ 2,809 Purchases of property and equipment (280 ) (646 ) Free cash flow $ 778 $ 2,163 Net cash used in investing activities $ (385 ) $ (886 ) Net cash used in financing activities $ (323 ) $ (1,967 ) Net cash provided by operating activities $ 1,058 $ 2,809 Less: Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (3 ) (84 ) Adjusted net cash provided by operating activities 1,061 2,893 Purchases of property and equipment (280 ) (646 ) Adjusted free cash flow $ 781 $ 2,247 TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #4 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted Net Income Available to Common Shareholders (Unaudited) FY 2026 (Dollars in millions, except per share amounts) Low High Net income available to Tenet Healthcare Corporation common shareholders $ 2,973 $ 3,078 Less: Revenue from contract termination 1,650 1,650 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (1) (180 ) (150 ) Net gains on sales, consolidation and deconsolidation of facilities (2) 43 43 Loss from early extinguishment of debt (2) (5 ) (5 ) Tax and noncontrolling interests impact of above items (365 ) (370 ) Adjusted net income available to common shareholders $ 1,830 $ 1,910 Diluted earnings per share $ 35.82 $ 37.08 Less: Revenue from contract termination 19.88 19.88 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (2.17 ) (1.81 ) Net gains on sales, consolidation and deconsolidation of facilities 0.52 0.52 Loss from early extinguishment of debt (0.06 ) (0.06 ) Tax and noncontrolling interests impact of above items (4.40 ) (4.46 ) Adjusted diluted earnings per share $ 22.05 $ 23.01 Weighted average dilutive shares outstanding (in thousands) 83,000 83,000 (1) The figures shown represent the Company's estimate for restructuring charges plus the actual year-to-date results for impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements. The Company does not generally forecast impairment charges, acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook. (2) The Company does not generally forecast net gains (losses) on sales, consolidation and deconsolidation of facilities or gains (losses) from early extinguishment of debt because the Company does not believe that it can forecast these items with sufficient accuracy since it is indeterminable at the time the Company provides its financial Outlook. The figures shown relate to transactions that have already occurred in 2026. TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #5 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted EBITDA (Unaudited) FY 2026 (Dollars in millions) Low High Net income available to Tenet Healthcare Corporation common shareholders $ 2,973 $ 3,078 Less: Net income available to noncontrolling interests (910 ) (960 ) Income tax expense (1,135 ) (1,170 ) Interest expense (825 ) (815 ) Loss from early extinguishment of debt (2) (5 ) (5 ) Other non-operating income, net 150 200 Net gains on sales, consolidation and deconsolidation of facilities (2) 43 43 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (1) (180 ) (150 ) Depreciation and amortization (865 ) (915 ) Revenue from contract termination 1,650 1,650 Adjusted EBITDA $ 5,050 $ 5,200 Net income available to Tenet Healthcare Corporation common shareholders $ 2,973 $ 3,078 Net operating revenues $ 22,050 $ 22,450 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues 13.5 % 13.7 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 22.9 % 23.2 % (1) The figures shown represent the Company's estimate for restructuring charges plus the actual year-to-date results for impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements. The Company does not generally forecast impairment charges, acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook. (2) The Company does not generally forecast net gains (losses) on sales, consolidation and deconsolidation of facilities or gains (losses) from early extinguishment of debt because the Company does not believe that it can forecast these items with sufficient accuracy since it is indeterminable at the time the Company provides its financial Outlook. The figures shown relate to transactions that have already occurred in 2026. TENET HEALTHCARE CORPORATION Additional Supplemental Non-GAAP disclosures Table #6 – Reconciliations of Outlook Net Cash Provided by Operating Activities to Outlook Free Cash Flow and Outlook Adjusted Free Cash Flow (Unaudited) FY 2026 (Dollars in millions) Low High Net cash provided by operating activities $ 3,885 $ 4,315 Purchases of property and equipment (700 ) (800 ) Free cash flow $ 3,185 $ 3,515 Net cash provided by operating activities $ 3,885 $ 4,315 Less: Payments for restructuring charges, acquisition-related costs and litigation costs and settlements (1) (180 ) (150 ) Cash received for contract termination 540 540 Adjusted net cash provided by operating activities 3,525 3,925 Purchases of property and equipment (700 ) (800 ) Adjusted free cash flow (2) $ 2,825 $ 3,125 (1) The figures shown represent the Company's estimate for restructuring payments plus the actual year-to-date payments for restructuring charges, acquisition-related costs, and litigation costs or settlements. The Company does not generally forecast payments for acquisition-related costs, and litigation costs and settlements because it does not believe that it can forecast these items with sufficient accuracy since some of these items are indeterminable at the time the Company provides its financial Outlook. (2) The Company’s definition of Adjusted Free Cash Flow does not include other important uses of cash including (1) cash used to purchase businesses or joint venture interests, or (2) any items that are classified as Cash Flows From Financing Activities on the Company’s Consolidated Statement of Cash Flows, including items such as (i) cash used to repay borrowings, and (ii) distributions paid to noncontrolling interests. Investor Contact Will McDowell 469-893-2387 william.mcdowell@tenethealth.com Media Contact Olivia E. Nadler 469-893-6352 mediarelations@tenethealth.com Source: Tenet Healthcare Corporation