Slide 1: 3rd Quarter 2025 Earnings Release Presentation
3rd Quarter 2025 Earnings Release Presentation October 28, 2025
Slide 2: Cautionary Statements
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
Slide 3: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Consolidated Adjusted EBITDA of $1.099 billion, above the upper end of our third quarter Outlook range 12% Consolidated 26% Adjusted 20.8% Consolidated Adjusted EBITDA Diluted EPS Adjusted EBITDA Growth Growth Margin Ambulatory Hospitals • 12% Adjusted EBITDA growth • 1
Slide 4: 2025 Financial Outlook
2025 Financial Outlook* Net operating revenues $21.15 to $21.35B Changes vs. prior year Ambulatory same facility system-wide revenues Up 5.5 – 7.5% Adjusted EBITDA Ambulatory $2.00 to $2.04B Inpatient admissions Up 2 - 3% Hospitals $2.47 to $2.53B Adjusted admissions Up 1.5 - 2.5% Consolidated $4.47
Slide 5: USPI
USPI
Slide 6: USPI Track Record of Mid-teens Growth and Strong Margins
USPI Track Record of Mid-teens Growth and Strong Margins Net Revenue ($M) Adjusted EBITDA ($M) $5,125 $2,020 CAGR $4,534 CAGR $1,810 15.5% 14.5% $3,865 $1,544 $3,248 $1,327 $1,197 $2,718 $2,158 $2,072 $895 $868 2019 2020 2021 2022 2023 2024 2025E 2019 2020 2021 2022 2023 2024 2025E Midpoint * Midpoi
Slide 7: USPI Long Term Organic Growth Consistency
USPI Long Term Organic Growth Consistency 6.2% Same-facility System-wide Organic Growth Rates Driven by Revenue CAGR from 2015-2025 USPI Leadership in Strategy & Execution Established Expertise in Starting New Service Lines 14.5% 211 Service Line Additions YTD 2025 9.7% 9.2% Expansion of High 7.8% 7
Slide 8: USPI Case Mix / Clinical Quality
USPI Case Mix / Clinical Quality 2024 Case Mix Commitment to Quality Drives Strong Patient Experience Ophthalmology 11% All Other Specialties 20% Gastrointestinal 38% Musculoskeletal 96.6 31% 2024 Overall Patient Experience Score 8
Slide 9: USPI Acquisitions and De Novos Deliver Significant Returns on Invested Capital
USPI Acquisitions and De Novos Deliver Significant Returns on Invested Capital Total Number of Facilities Achievement of Attractive Returns 2017 – 2025 556 8-10x 5-7x <2.0x Initial Acquisition Exceeded Exceeded Multiple Targeted Acquisition Targeted De Novo Effective Multiple* Effective Multiple 267
Slide 10: Cash Flow and Capital
Cash Flow and Capital
Slide 11: 2025 Cash Flows Continue to Support Growth / De-leveraging
2025 Cash Flows Continue to Support Growth / De-leveraging $778M ▪ Our cash flow and balance sheet position provide us capital allocation financial Q3 2025 Free flexibility: Cash Flow ($567M Free ✓ Ample liquidity and access to capital markets to pursue our growth Cash Flow- strategy while returning
Slide 12: Significant Deleveraging of the Balance Sheet
Significant Deleveraging of the Balance Sheet LEVERAGE RATIO (EBITDA) LEVERAGE RATIO (EBITDA-NCI) 6.95x 5.86x 4.85x 3.89x 3.24x 2.54x 2.93x 2.30x 2017 2023 2024 9/30/2025 2017 2023 2024 9/30/2025 Substantial reduction in leverage following significant performance improvement and hospital sales 12
Slide 13: Capital Deployment Priorities
Capital Deployment Priorities We prioritize the deployment of the free cash flow generated by our businesses to the following areas: M&A and de novo investments – baseline intention is Investments in our ASC platform $250 million per year Continued investment in technology, robotics, and Investments
Slide 14: GAAP to Non-GAAP Reconciliations
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 measur
Slide 15: Supplemental Non-GAAP disclosures
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 p
Slide 16: Supplemental Non-GAAP disclosures
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) 2025 2024 2025 2024 Net income available to T
Slide 17: Supplemental Non-GAAP disclosures
Supplemental Non-GAAP disclosures 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) (6
Slide 18: Supplemental Non-GAAP disclosures
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 2025 (1) The figures shown represent the Company's estimate for (Dollars in
Slide 19: Supplemental Non-GAAP disclosures
Supplemental Non-GAAP disclosures Table #5 – Reconciliations of Outlook Net Income Available to Tenet Healthcare Corporation Common Shareholders to Outlook Adjusted EBITDA (Unaudited) FY 2025 (1) The figures shown represent the Company's estimate for (Dollars in millions) Low High restructuring char
Slide 20: Supplemental Non-GAAP disclosures
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 2025 (1) The figures shown represent the Company's estimate for (Dollars in millions) Low High restructuring
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