Slides
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3rd Quarter 2026 Earnings Release Presentation October 29, 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 11, 2026 and October 29, 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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Third Quarter 2026 Highlights* 3 FY 2026 Adjusted Outlook** increased $195 million – Now Expect Consolidated Adjusted EBITDA of $5.050 to $5.200 billion Now Expect FY 2026 Adjusted Free Cash Flow – NCI Outlook** of $1.925 to $2.155 billion***, a $100 million increase Consolidated Adjusted EBITDA of $1.355 billion, exceeding our expectations, driven by sustained fundamental performance. Also includes $147 million of favorable net impact from transition activities. Ambulatory • 9.1% Adjusted EBITDA growth; represents 24.5% of FY26 EBITDA guidance • 4.5% same-facility revenue growth • 39.2% Adjusted EBITDA margin • 6 facilities added in third quarter Hospitals • 3.2% Adjusted admissions growth over Q3’25 • 34.8% Adjusted EBITDA growth over Q3’25 • 19.2% Adjusted EBITDA margin • Consolidated SW&B as a % of revenue: 38.6% Q3’26, 41.7% Q3’25 • * Metrics on this slide include $147M of favorable net impact from transition activities • ** 2026 Financial Outlook is based on the Company's Outlook as of October 29, 2026 • *** Includes $150M income tax payment associated with the RCM contract termination 79.5% Adjusted Diluted EPS Growth 24.1% Consolidated Adjusted EBITDA Margin 23.3% Adjusted EBITDA Growth
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2026 Financial Outlook* 4 Net operating revenues $22.05 to $22.45B Adjusted EBITDA Ambulatory $2.16 to $2.22B Hospitals $2.89 to $2.98B Consolidated $5.05 to $5.20B Adjusted EBITDA margin 22.9% to 23.2% Changes vs. Prior Year Ambulatory same-facility system-wide revenues Up 3 - 6% Inpatient admissions Up 1 - 2% Adjusted admissions Up 1 - 2% Capital Deployment Adjusted Net Cash Provided by Operating Activities $3.525 to $3.925B** Capital expenditures $700 to $800M Adjusted Free Cash Flow $2.825 to $3.125B** NCI cash distributions $900 to $970M Adjusted Free Cash Flow less NCI Distributions $1.925 to $2.155B** *2026 Financial Outlook is based on the Company’s Outlook as of October 29, 2026 **Includes $150M income tax payment associated with the RCM contract termination Continued strength in Adjusted EBITDA growth and Free Cash Flow - NCI
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FY 2026 Adjusted EBITDA* Outlook Bridge from 2025 ($ in millions) 5 Expect strong revenue growth and operational performance to drive attractive Adjusted EBITDA growth *2026 Adjusted EBITDA Outlook is based on the Company’s Outlook as of October 29, 2026. ($ 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) Additional Supplemental Medicaid Revenue ($124m related to prior year) - $172 $172 Conifer Transition Impact - $160 $160 Growth & Cost Efficiencies $194 $391 $585 2026 Adjusted EBITDA Guidance Mid-Point $2,190 $2,935 $5,125 2026 Anticipated Growth versus 2025 Normalized 8.1% 22.7% 16.0% 2026 Anticipated Growth & Cost Efficiencies versus 2025 Normalized 9.6% 16.3% 13.2%
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Conifer RCM Agreement Transition 6 As described in our earnings release, the transition of revenue cycle management services under the RCM Agreements occurred d uring the third quarter of 2026 and will be substantially complete by October 30, 2026. This transaction has impacted our financial st atements primarily in the following ways in the third quarter of 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 in 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 adjustments to net operating revenue mentioned above, resulted in a favorable net impact to Adjusted EBITDA of $147 million in the third quarter of 2026. We expect the fourth quarter of 2026 to be impacted by this transition in the following ways: - We expect a reduction in revenue from contract termination of $233 million and net operating revenues of $97 million. - We expect an incremental $110 million of benefits to Adjusted EBITDA due to various transition activities, including efficiencies from the revised timeline described above under the RCM Agreements. For full year 2026, we now expect various contract transition activities to contribute approximately $450 million of Adjusted EBITDA, inclusive of the $40 million deferred revenue adjustment recorded in the first quarter. We do not expect these contributions to recur in 2027. These reflect our best estimate of our current expectations, and we will update based on the actual results from the fourth quarter during our year- end earnings call.
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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% 5.1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 6.1% Same-facility System-wide Revenue CAGR from 2015-2026 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 September 30, 2025 9 Pandemic Shutdown 12.8% Same-facility ASC Total Joints Growth Q3 2026* 381 Service Line Additions YTD 2026
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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 9/30/2026 Total Number of Facilities 2017 – 2026 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 267 560 * 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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2026 Cash Flows Continue to Support Growth / Deleveraging ▪ Our cash flow and balance sheet position provide significant capital allocation flexibility: ✓ Ample liquidity and access to capital markets to pursue our growth strategy while returning capital to shareholders ▪ Third quarter 2026 M&A activity: ✓ Acquired 6 ambulatory centers ▪ Repurchased ~970,000 shares in third quarter 2026 for $255 million ✓ Repurchased 8.0 million shares for $1.615 billion year to date ▪ Retired $1.5 billion senior secured notes due in 2027 and $500 million of senior notes due in 2028 using newly issued $2.0 billion senior notes due in 2034 ✓ No significant debt maturities until 2028 13 $1.1B Q3 2026 Adjusted Free Cash Flow ($886M Adjusted Free Cash Flow- NCI) 2.11x EBITDA Leverage Ratio (2.58x EBITDA-NCI) at 9/30/26 $2.67B Cash on Hand at 9/30/26 $1.9B Unused Line of Credit* * Subject to periodic updates to overall borrowing base capacity (as of September 30, 2026)
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Significant Deleveraging of the Balance Sheet 14 6.95x 4.85x 3.24x 2.85x 2.58x 2017 2023 2024 2025 9/30/2026 LEVERAGE RATIO (EBITDA-NCI) 5.86x 3.89x 2.54x 2.25x 2.11x 2017 2023 2024 2025 9/30/2026 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 $1.88 billion share repurchase authorization remaining Maintain a 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 October 29, 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 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
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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 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 %
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Supplemental Non-GAAP Disclosures 19 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 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
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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 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. 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
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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 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. 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 %
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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 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 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