THC

Latest guidance from the 8-K filed Apr 30, 2026

Metric	Period	Guided	Basis	Actual
Net operating revenues table	FY 2026	$21.5B – $22.3B	—	—
Net income available to Tenet common stockholders table	FY 2026	$2.61B – $2.84B	GAAP	—
Adjusted EBITDA table	FY 2026	$4.49B – $4.79B	Non-GAAP	—
Adjusted EBITDA margin table	FY 2026	20.9% – 21.5%	Non-GAAP	—
Diluted income per common share table	FY 2026	$29.94 – $32.64	GAAP	—
Adjusted net income table	FY 2026	$1.43B – $1.63B	Non-GAAP	—
Adjusted diluted earnings per share table	FY 2026	$16.38 – $18.68	Non-GAAP	—
Equity in earnings of unconsolidated affiliates table	FY 2026	$265M – $275M	—	—
Depreciation and amortization table	FY 2026	$875M – $925M	—	—
Interest expense table	FY 2026	$800M – $810M	—	—
Income tax expense table	FY 2026	$985M – $1.06B	—	—
Net income available to NCI table	FY 2026	$910M – $960M	—	—
Net cash provided by operating activities table	FY 2026	$3.64B – $4.09B	GAAP	—
Adjusted net cash provided by operating activities table	FY 2026	$3.2B – $3.6B	Non-GAAP	—
Capital expenditures table	FY 2026	$700M – $800M	—	—
Free cash flow table	FY 2026	$2.94B – $3.29B	Non-GAAP	—
Adjusted free cash flow table	FY 2026	$2.5B – $2.8B	Non-GAAP	—
NCI cash distributions table	FY 2026	$900M – $970M	—	—
Ambulatory Net operating revenues table	FY 2026	$5.5B – $5.7B	—	—
Ambulatory Adjusted EBITDA table	FY 2026	$2.13B – $2.23B	Non-GAAP	—
Ambulatory NCI table	FY 2026	$865M – $895M	—	—
Ambulatory Adjusted EBITDA less NCI table	FY 2026	$1.27B – $1.34B	Non-GAAP	—
Ambulatory Same-facility system-wide revenues change versus prio table	FY 2026	3% – 6%	—	—

	5D	20D	120D	MTD	YTD
THC	+3.1%	+1.6%	-7.4%	+4.9%	-7.4%
SPY	-0.9%	-2.2%	+7.7%	-2.9%	+7.7%
vs SPY	+4.0%	+3.7%	-15.1%	+7.9%	-15.1%

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