Slides
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4th Quarter 2025 Earnings Release Presentation February 11, 2026
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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 February 11, 2026, 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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Fourth Quarter 2025 Highlights 3 FY 2026 Adjusted EBITDA Outlook* – $4.485 to $4.785 billion FY 2026 Adjusted Free Cash Flow – NCI Outlook* - $1.60 to $1.83 billion** Consolidated Adjusted EBITDA of $1.183 billion, at the high end of our fourth quarter Outlook range Ambulatory • 9.4% Adjusted EBITDA growth • 7.2% same-facility revenue growth • 40.5% Adjusted EBITDA margin • 8 facilities added in fourth quarter Hospitals • 16.4% Adjusted EBITDA growth • 7.5% Same-Hospital revenue growth • 14.7% Adjusted EBITDA margin, 110 basis points higher than Q4 2024 • *2026 Financial Outlook is based on the Company's Outlook as of February 11, 2026 • **Includes $150M income tax payment associated with the CommonSpirit transaction 13% Consolidated Adjusted EBITDA Growth 21.4% Consolidated Adjusted EBITDA Margin 37% Adjusted Diluted EPS Growth
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2026 Financial Outlook* 4 Net operating revenues $21.5 to $22.3B Adjusted EBITDA Ambulatory $2.13 to $2.23B Hospitals $2.355 to $2.555B Consolidated $4.485 to $4.785B Adjusted EBITDA margin 20.9% to 21.5% Changes vs. Prior Year Ambulatory same facility system-wide revenues Up 3 - 6% Inpatient admissions Up 0 - 2% Adjusted admissions Up 0 - 2% Capital Deployment Adjusted Net cash provided by operating activities $3.2 to $3.6B** Capital expenditures $700 to $800M Adjusted Free cash flow $2.5 to $2.8B** NCI cash distributions $900 to $970M Adjusted Free cash flow less NCI distributions $1.60 to $1.83B** *2026 Financial Outlook is based on the Company’s Outlook as of February 11, 2026 **Includes $150M income tax payment associated with the CommonSpirit transaction First Quarter 2026 Adjusted EBITDA ~24% of 2026 Adjusted EBITDA at the mid-point of the range
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FY 2026 Adjusted EBITDA* Outlook Bridge from 2025 ($ in millions) 5 *2026 Adjusted EBITDA Outlook is based on the Company’s Outlook as of February 11, 2026 and does not assume any contributions from potential increases in supplemental Medicaid programs that are not yet approved. Expect strong revenue growth and operational performance to drive attractive Adjusted EBITDA growth ($ in millions) Ambulatory Hospital Total 2025 Adjusted EBITDA $2,026 $2,540 $4,566 Supplemental Medicaid Revenue favorable out-of-period adjustments - ($148) ($148) 2025 Normalized Performance $2,026 $2,392 $4,418 Non-recurring Conifer Deferred Revenue Recognition - $40 $40 Impact from expiration of enhanced premium tax credits ($30) ($220) ($250) Growth & Cost Efficiencies $184 $243 $427 2026 Adjusted EBITDA Guidance Mid-Point $2,180 $2,455 $4,635 2026 Anticipated Growth versus 2025 Normalized 7.6% 2.6% 4.9% 2026 Anticipated Growth & Cost Efficiencies versus 2025 Normalized 9.1% 10.2% 9.7%
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Conifer – CommonSpirit Transaction 2026 Impacts ($ in millions) 6 As described in our earnings release, on January 27, 2026, Tenet entered into an agreement with CommonSpirit Health (“CommonSpirit”) relating to Conifer Health Solutions, LLC (“Conifer”). This transaction is expected to impact our financial statements primarily in the following ways in 2026: - Approximately $1.65 billion of revenue from contract termination will be reported in a separate line on the income statement, outside of net operating revenues and excluded from our definition of Adjusted EBITDA. This amount represents the present value of the $1.9 billion of consideration related to the early termination of the contract, net of amortization of an associated contract asset. We will receive the first installment payment in first quarter 2026, which will be recorded in cash flows from operations, and pay an offsetting amount of $540 million which will be recorded in cash flows from financing activities. For reporting purposes, we will exclude the $540 million inflow from our calculation of Adjusted Free Cash Flow. - We will recognize a $40 million favorable benefit to net operating revenues in the first quarter of 2026. - We expect a reduction of approximately $100 million in our NCI expenses due to the transaction, as we now own 100% of Conifer. - We will record approximately $500 million of incremental income tax expense, of which we expect to make approximately $150 million in income tax payments this year. - Finally, we will record a reduction of $885 million in our redeemable non-controlling interest and other liabilities, and a $305 million increase to our additional paid in capital in the first quarter of 2026.
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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 $5,172 2019 2020 2021 2022 2023 2024 2025 Net Revenue ($M) $895 $868 $1,197 $1,327 $1,544 $1,810 $2,026 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA ($M) 8 CAGR 15.7% CAGR 14.6% 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 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 December 31, 2024 9 Pandemic Shutdown 12.2% Same-facility ASC Total Joints Growth FY 2025* 279 Service Line Additions FY 2025
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USPI Case Mix / Clinical Quality 10 All Other Specialties 17% Musculoskeletal 30% Gastrointestinal 42% Ophthalmology 11% 96.7 2025 Overall Patient Experience Score Commitment to Quality Drives Strong Patient Experience 2025 Case Mix
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USPI Acquisitions and De Novos Deliver Significant Returns on Invested Capital 11 12/31/2017 12/31/2025 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 267 559 * 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 ▪ 2025 M&A and de novo activity: ✓ Acquired 29 ambulatory centers ✓ Opened 6 de novo centers ✓ $339 million of M&A spend FY 2025 ▪ Repurchased ~943,000 shares in fourth quarter 2025 for $198 million ✓ Repurchased ~8.8 million shares in 2025 for $1.39 billion ▪ Retired our $1.5 billion senior secured notes due in 2027 and $750 million senior notes due in 2028 using newly issued $1.5 billion senior secured notes due in 2032 and $750 million senior notes due in 2033 ✓ No significant debt maturities until late 2027 13 $2.53B FY 2025 Free Cash Flow ($1.72B Free Cash Flow- NCI) 2.25x EBITDA Leverage Ratio (2.85x EBITDA-NCI) $2.9B Cash on Hand at 12/31/25 $1.9B Unused Line of Credit* * Subject to periodic updates to overall borrowing base capacity
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Significant Deleveraging of the Balance Sheet 14 6.95x 4.85x 3.24x 2.85x 2017 2023 2024 2025 LEVERAGE RATIO (EBITDA-NCI) 5.86x 3.89x 2.54x 2.25x 2017 2023 2024 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: 15 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 Share repurchase program $1.49 billion share repurchase authorization remaining Maintain deleveraged balance sheet Commitment to a deleveraged balance sheet through earnings growth and debt repayment
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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 February 11, 2026. GAAP to non-GAAP reconciliations for those measures used in this slide presentation are also included on the following slides. 16
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Supplemental Non-GAAP disclosures 17 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 Years Ended December 31, December 31, (Dollars in millions, except per share amounts) 2025 2024 2025 2024 Net income available to Tenet Healthcare Corporation common shareholders $ 371 $ 318 $ 1,407 $ 3,200 Less: Impairment and restructuring charges, and acquisition-related costs (64) (27) (130) (102) Litigation and investigation costs (30) (17) (64) (35) Net gains (losses) on sales, consolidation and deconsolidation of facilities (5) 10 (1) 2,916 Loss from early extinguishment of debt (4) — (4) (8) Tax and noncontrolling interests impact of above items 61 22 82 (733) Adjusted net income available to common shareholders $ 413 $ 330 $ 1,524 $ 1,162 Diluted earnings per share $ 4.22 $ 3.32 $ 15.49 $ 32.70 Less: Impairment and restructuring charges, and acquisition-related costs (0.73) (0.28) (1.43) (1.04) Litigation and investigation costs (0.34) (0.18) (0.71) (0.36) Net gains (losses) on sales, consolidation and deconsolidation of facilities (0.06) 0.11 (0.01) 29.79 Loss from early extinguishment of debt (0.04) — (0.04) (0.08) Tax and noncontrolling interests impact of above items 0.69 0.23 0.90 (7.49) Adjusted diluted earnings per share $ 4.70 $ 3.44 $ 16.78 $ 11.88 Weighted average basic shares outstanding (in thousands) 87,271 95,102 90,150 96,904 Weighted average dilutive shares outstanding (in thousands) 87,917 95,882 90,833 97,881
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Supplemental Non-GAAP disclosures 18 Table #2 – Reconciliations of Net Income Available to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA (Unaudited) Three Months Ended Years Ended December 31, December 31, (Dollars in millions) 2025 2024 2025 2024 Net income available to Tenet Healthcare Corporation common shareholders $ 371 $ 318 $ 1,407 $ 3,200 Less: Net income available to noncontrolling interests (273) (254) (960) (864) Net income 644 572 2,367 4,064 Income tax expense (37) (83) (433) (1,184) Loss from early extinguishment of debt (4) — (4) (8) Other non-operating income, net 37 37 117 126 Interest expense (205) (203) (821) (826) Operating income 853 821 3,508 5,956 Litigation and investigation costs (30) (17) (64) (35) Net gains (losses) on sales, consolidation and deconsolidation of facilities (5) 10 (1) 2,916 Impairment and restructuring charges, and acquisition-related costs (64) (27) (130) (102) Depreciation and amortization (231) (193) (863) (818) Adjusted EBITDA $ 1,183 $ 1,048 $ 4,566 $ 3,995 Net operating revenues $ 5,527 $ 5,073 $ 21,310 $ 20,675 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues 6.7 % 6.3 % 6.6 % 15.5 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 21.4 % 20.7 % 21.4 % 19.3 %
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Supplemental Non-GAAP disclosures 19 Table #3 – Reconciliations of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow and Adjusted Free Cash Flow (Unaudited) 2025 (Dollars in millions) Q4 YTD Net cash provided by operating activities $ 731 $ 3,540 Purchases of property and equipment (364) (1,010) Free cash flow $ 367 $ 2,530 Net cash used in investing activities $ (389) $ (1,275) Net cash used in financing activities $ (434) $ (2,401) Net cash provided by operating activities $ 731 $ 3,540 Less: Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (37) (121) Adjusted net cash provided by operating activities 768 3,661 Purchases of property and equipment (364) (1,010) Adjusted free cash flow $ 404 $ 2,651 2024 (Dollars in millions) Q4 YTD Net cash provided by (used in) operating activities $ (331) $ 2,047 Purchases of property and equipment (330) (931) Free cash flow $ (661) $ 1,116 Net cash provided by (used in) investing activities $ (372) $ 3,429 Net cash used in financing activities $ (372) $ (3,685) Net cash provided by (used in) operating activities $ (331) $ 2,047 Less: Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements (34) (153) Adjusted net cash provided by (used in) operating activities (297) 2,200 Purchases of property and equipment (330) (931) Adjusted free cash flow $ (627) $ 1,269
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Supplemental Non-GAAP disclosures 20 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. 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. FY 2026 (Dollars in millions, except per share amounts) Low High Net income available to Tenet Healthcare Corporation common shareholders $ 2,605 $ 2,840 Less: Revenue from contract termination 1,650 1,650 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1) (100) (50) Tax and noncontrolling interests impact of above items (370) (385) Adjusted net income available to common shareholders $ 1,425 $ 1,625 Diluted earnings per share $ 29.60 $ 32.27 Less: Revenue from contract termination 18.75 18.75 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements (1.14) (0.57) Tax and noncontrolling interests impact of above items (4.20) (4.38) Adjusted diluted earnings per share $ 16.19 $ 18.47 Weighted average dilutive shares outstanding (in thousands) 88,000 88,000
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Supplemental Non-GAAP disclosures 21 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. 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. FY 2026 (Dollars in millions) Low High Net income available to Tenet Healthcare Corporation common shareholders $ 2,605 $ 2,840 Less: Net income available to noncontrolling interests (910) (960) Income tax expense (985) (1,060) Interest expense (810) (800) Other non-operating income, net 150 200 Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1) (100) (50) Depreciation and amortization (875) (925) Revenue from contract termination 1,650 1,650 Adjusted EBITDA $ 4,485 $ 4,785 Net income available to Tenet Healthcare Corporation common shareholders $ 2,605 $ 2,840 Net operating revenues $ 21,500 $ 22,300 Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues 12.1 % 12.7 % Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin) 20.9 % 21.5 %
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Supplemental Non-GAAP disclosures 22 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. 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 2026 (Dollars in millions) Low High Net cash provided by operating activities $ 3,640 $ 4,090 Purchases of property and equipment (700) (800) Free cash flow $ 2,940 $ 3,290 Net cash provided by operating activities $ 3,640 $ 4,090 Less: Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(1) (100) (50) Cash received for contract termination 540 540 Adjusted net cash provided by operating activities 3,200 3,600 Purchases of property and equipment (700) (800) Adjusted free cash flow(2) $ 2,500 $ 2,800