Slides
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3rd Quarter 2025 Earnings Release Presentation October 28, 2025
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Cautionary Statements This presentation includes “forward looking statements.” These statements relate to future events, including, but not limited to, statements regarding our liquidity, operating results, future earnings, financial position, operational and strategic initiatives, and developments in legislation, regulation, and the healthcare industry more generally. These forward-looking statements represent management’s expectations, based on currently available information, as to the outcome and timing of future events, but, by their nature, address matters that are uncertain. Actual results, performance or achievements could differ materially from those expressed in any forward-looking statement. Examples of uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by forward looking statements include, but are not limited to, the factors described under “Forward Looking Statements” and “Risk Factors” in our Forms 10-Q, 10-K, and other filings with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements or information subsequent to the dates such statements are made. Investors are cautioned not to place undue reliance on our forward-looking statements. NON-GAAP FINANCIAL INFORMATION This presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Reconciliations of these non-GAAP measures to the most comparable GAAP measures and management’s reasoning for using these non-GAAP financial measures are included in our earnings press releases dated February 12, 2025 and October 28, 2025, which are available on our website at www.tenethealth.com/investors. We are not able to reconcile certain forward looking non-GAAP financial measures to the most comparable U.S. GAAP financial measures without unreasonable efforts due to uncertainty regarding items outside of our control. 2
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Third Quarter 2025 Highlights 3 FY 2025 Adjusted EBITDA Outlook* Increased $50 million – Now Expect $4.47 to $4.57 billion FY 2025 Free Cash Flow – NCI Outlook* Increased $250 million - Now Expect $1.495 to $1.695 billion Consolidated Adjusted EBITDA of $1.099 billion, above the upper end of our third quarter Outlook range Ambulatory • 12% Adjusted EBITDA growth • 8.3% same-facility revenue growth • 38.6% Adjusted EBITDA margin • 13 facilities added in third quarter Hospitals • 13% Adjusted EBITDA growth • 7.5% Same-Hospital revenue growth • 1.4% Same-Hospital adjusted admissions growth • 15.1% Adjusted EBITDA margin * 2025 Financial Outlook is based on the Company's Outlook as of October 28, 2025. Initial FY 2025 Adjusted EBITDA Outlook of $3.975 to $4.175 billion and Original FY 2025 Free Cash Flow – NCI Outlook of $1.05 to $1.25 billion 12% Consolidated Adjusted EBITDA Growth 20.8% Consolidated Adjusted EBITDA Margin 26% Adjusted Diluted EPS Growth
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2025 Financial Outlook* 4 Net operating revenues $21.15 to $21.35B Adjusted EBITDA Ambulatory $2.00 to $2.04B Hospitals $2.47 to $2.53B Consolidated $4.47 to $4.57B Adjusted EBITDA margin 21.1% to 21.4% Changes vs. prior year Ambulatory same facility system-wide revenues Up 5.5 – 7.5% Inpatient admissions Up 2 - 3% Adjusted admissions Up 1.5 - 2.5% Capital Deployment Net cash provided by operating activities $3.15 to $3.50B Capital expenditures $875 to $975M Free cash flow $2.275 to $2.525B NCI cash distributions $780 to $830M Free cash flow less NCI distributions $1.495 to $1.695B *2025 Financial Outlook is based on the Company’s Outlook as of October 28, 2025 Significant Increases to expectations for Investments in Capital Expenditures and Free Cash Flow - NCI
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USPI
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USPI Track Record of Mid-teens Growth and Strong Margins $2,158 $2,072 $2,718 $3,248 $3,865 $4,534 $5,125 2019 2020 2021 2022 2023 2024 2025E Midpoint * Net Revenue ($M) $895 $868 $1,197 $1,327 $1,544 $1,810 $2,020 2019 2020 2021 2022 2023 2024 2025E Midpoint * Adjusted EBITDA ($M) 6 CAGR 15.5% CAGR 14.5% * 2025E is based on the Company’s outlook as of October 28, 2025 Consistent Track Record of ~40% Adjusted EBITDA Margins
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9.7% 4.4% 4.9% 6.0% 14.5% 4.6% 9.2% 7.8% 7.5% 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 6.2% Same-facility System-wide Revenue CAGR from 2015-2025 USPI Long Term Organic Growth Consistency Established Expertise in Starting New Service Lines Expansion of High Acuity Cases Organic Growth Rates Driven by USPI Leadership in Strategy & Execution *Same-facility ASCs excludes acquired facilities or de novos opened after June 30, 2024 7 Pandemic Shutdown 11.1% Same-facility ASC Total Joints Growth Q3 2025* 211 Service Line Additions YTD 2025
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USPI Case Mix / Clinical Quality 8 All Other Specialties 20% Musculoskeletal 31% Gastrointestinal 38% Ophthalmology 11% 96.6 2024 Overall Patient Experience Score Commitment to Quality Drives Strong Patient Experience 2024 Case Mix
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USPI Acquisitions and De Novos Deliver Significant Returns on Invested Capital 9 12/31/2017 9/30/2025 Total Number of Facilities 2017 – 2025 Achievement of Attractive Returns Dedicated development team and strong partnership economic returns drive competitive deal advantages 8-10x Initial Acquisition Multiple 5-7x Exceeded Targeted Acquisition Effective Multiple* <2.0x Exceeded Targeted De Novo Effective Multiple 267 556 * Targeted Acquisition Effective Multiple generally realized over a three-year period post-acquisition
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Cash Flow and Capital
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2025 Cash Flows Continue to Support Growth / De-leveraging ▪ Our cash flow and balance sheet position provide us capital allocation financial flexibility: ✓ Ample liquidity and access to capital markets to pursue our growth strategy while returning capital to shareholders ▪ Third quarter 2025 M&A and de novo activity: ✓ Acquired 11 ambulatory centers ✓ Opened 2 de novo centers ✓ $290 million of M&A spend YTD ▪ Repurchased ~0.6 million shares in third quarter 2025 for $93 million ✓ Repurchased ~7.8 million shares YTD for $1.2 billion 11 $778M Q3 2025 Free Cash Flow ($567M Free Cash Flow- NCI) 2.30x EBITDA Leverage Ratio (2.93x EBITDA-NCI) $2.98B Cash on Hand at 9/30/25 $1.5B Unused Line of Credit* * Subject to periodic updates to overall borrowing base capacity
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Significant Deleveraging of the Balance Sheet 12 6.95x 4.85x 3.24x 2.93x 2017 2023 2024 9/30/2025 LEVERAGE RATIO (EBITDA-NCI) 5.86x 3.89x 2.54x 2.30x 2017 2023 2024 9/30/2025 LEVERAGE RATIO (EBITDA) Substantial reduction in leverage following significant performance improvement and hospital sales
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Capital Deployment Priorities We prioritize the deployment of the free cash flow generated by our businesses to the following areas: 13 Investments in our ASC platform M&A and de novo investments – baseline intention is $250 million per year Investments in our Hospital Business Continued investment in technology, robotics, and targeted surgical hospital expansion focused on higher acuity services Maintain deleveraged balance sheet Commitment to a deleveraged balance sheet through earnings growth and debt repayment Share repurchase program $1.688 billion share repurchase authorization remaining
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GAAP to Non-GAAP Reconciliations NON-GAAP FINANCIAL INFORMATION This presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Reconciliations of these non-GAAP measures to the most comparable GAAP measures and management’s reasoning for using these non-GAAP measures are included in our earnings press release dated October 28, 2025. GAAP to non-GAAP reconciliations for those measures used in this slide presentation are also included on the following slides. 14
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Supplemental Non-GAAP disclosures 15 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) 2025 2024 2025 2024 Net income available to Tenet Healthcare Corporation common shareholders $ 342 $ 472 $ 1,036 $ 2,882 Less: Impairment and restructuring charges, and acquisition-related costs (23) (19) (66) (75) Litigation and investigation benefit (costs) 11 (9) (34) (18) Net gains on sales, consolidation and deconsolidation of facilities 20 348 4 2,906 Loss from early extinguishment of debt — — — (8) Tax and noncontrolling interests impact of above items 6 (130) 21 (755) Adjusted net income available to common shareholders $ 328 $ 282 $ 1,111 $ 832 Diluted earnings per share $ 3.86 $ 4.89 $ 11.28 $ 29.27 Less: Impairment and restructuring charges, and acquisition-related costs (0.26) (0.20) (0.72) (0.76) Litigation and investigation benefit (costs) 0.12 (0.09) (0.37) (0.19) Net gains on sales, consolidation and deconsolidation of facilities 0.23 3.60 0.04 29.50 Loss from early extinguishment of debt — — — (0.08) Tax and noncontrolling interests impact of above items 0.07 (1.35) 0.23 (7.67) Adjusted diluted earnings per share $ 3.70 $ 2.93 $ 12.10 $ 8.47 Weighted average basic shares outstanding (in thousands) 87,951 95,665 91,109 97,505 Weighted average dilutive shares outstanding (in thousands) 88,610 96,652 91,805 98,518
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Supplemental Non-GAAP disclosures 16 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) 2025 2024 2025 2024 Net income available to Tenet Healthcare Corporation common shareholders $ 342 $ 472 $ 1,036 $ 2,882 Less: Net income available to noncontrolling interests (237) (209) (687) (610) Net income 579 681 1,723 3,492 Income tax expense (133) (241) (396) (1,101) Loss from early extinguishment of debt — — — (8) Other non-operating income, net 29 35 80 89 Interest expense (206) (202) (616) (623) Operating income 889 1,089 2,655 5,135 Litigation and investigation benefit (costs) 11 (9) (34) (18) Net gains on sales, consolidation and deconsolidation of facilities 20 348 4 2,906 Impairment and restructuring charges, and acquisition-related costs (23) (19) (66) (75) Depreciation and amortization (218) (209) (632) (625) Adjusted EBITDA $ 1,099 $ 978 $ 3,383 $ 2,947 Net operating revenues $ 5,289 $ 5,126 $ 15,783 $ 15,602 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues 6.5 % 9.2 % 6.6 % 18.5 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 20.8 % 19.1 % 21.4 % 18.9 %
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Supplemental Non-GAAP disclosures 17 Table #3 – Reconciliations of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 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 2024 (Dollars in millions) Q3 YTD Net cash provided by operating activities $ 1,045 $ 2,378 Purchases of property and equipment (216) (601) Free cash flow $ 829 $ 1,777 Net cash provided by investing activities $ 667 $ 3,801 Net cash used in financing activities $ (498) $ (3,313) Net cash provided by operating activities $ 1,045 $ 2,378 Less: Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (55) (119) Adjusted net cash provided by operating activities 1,100 2,497 Purchases of property and equipment (216) (601) Adjusted free cash flow $ 884 $ 1,896
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Supplemental Non-GAAP disclosures 18 Table #4 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted Net Income Available to Common Shareholders (Unaudited) (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 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 2025. FY 2025 (Dollars in millions, except per share amounts) Low High Net income available to Tenet Healthcare Corporation common shareholders $ 1,334 $ 1,399 Less: Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1) (150) (100) Net gains on sales, consolidation and deconsolidation of facilities(2) 4 4 Tax and noncontrolling interests impact of above items 30 15 Adjusted net income available to common shareholders $ 1,450 $ 1,480 Diluted earnings per share $ 14.66 $ 15.37 Less: Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (1.65) (1.10) Net gains on sales, consolidation and deconsolidation of facilities 0.05 0.05 Tax and noncontrolling interests impact of above items 0.33 0.16 Adjusted diluted earnings per share $ 15.93 $ 16.26 Weighted average basic shares outstanding (in thousands) 90,000 90,000 Weighted average dilutive shares outstanding (in thousands) 91,000 91,000
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Supplemental Non-GAAP disclosures 19 Table #5 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted EBITDA (Unaudited) (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 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 2025. FY 2025 (Dollars in millions) Low High Net income available to Tenet Healthcare Corporation common shareholders $ 1,334 $ 1,399 Less: Net income available to noncontrolling interests (940) (990) Income tax expense (510) (535) Interest expense (825) (815) Other non-operating income, net 105 115 Net gains on sales, consolidation and deconsolidation of facilities(2) 4 4 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1) (150) (100) Depreciation and amortization (820) (850) Adjusted EBITDA $ 4,470 $ 4,570 Net income available to Tenet Healthcare Corporation common shareholders $ 1,334 $ 1,399 Net operating revenues $ 21,150 $ 21,350 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues 6.3 % 6.6 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 21.1 % 21.4 %
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Supplemental Non-GAAP disclosures 20 Table #6 – Reconciliations of Outlook Net Cash Provided by Operating Activities to Outlook Free Cash Flow and Outlook Adjusted Free Cash Flow (Unaudited) (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. FY 2025 (Dollars in millions) Low High Net cash provided by operating activities $ 3,150 $ 3,500 Purchases of property and equipment (875) (975) Free cash flow $ 2,275 $ 2,525 Net cash provided by operating activities $ 3,150 $ 3,500 Less: Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(1) (150) (100) Adjusted net cash provided by operating activities 3,300 3,600 Purchases of property and equipment (875) (975) Adjusted free cash flow(2) $ 2,425 $ 2,625