Slide 1: 4th Quarter 2025 Earnings Release Presentation
4th Quarter 2025 Earnings Release Presentation February 11, 2026
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: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Consolidated Adjusted EBITDA of $1.183 billion, at the high end of our fourth quarter Outlook range 13% Consolidated Adjusted EBITDA Growth Ambulatory Hospitals • 9.4% Adjusted EBITDA growth • 16.4% Adjusted EBITDA growth 37% Adjusted Diluted • 7.2% same-facility reven
Slide 4: 2026 Financial Outlook
2026 Financial Outlook* Net operating revenues $21.5 to $22.3B Changes vs. Prior Year Ambulatory same facility system-wide revenues Up 3 - 6% Adjusted EBITDA Ambulatory $2.13 to $2.23B Inpatient admissions Up 1 - 2% Hospitals $2.355 to $2.555B Adjusted admissions Up 1 - 2% Consolidated $4.485 to $4.
Slide 5: FY 2026 Adjusted EBITDA Outlook Bridge from 2025
FY 2026 Adjusted EBITDA* Outlook Bridge from 2025 ($ in millions) ($ 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 $4,418 Non-recurring Conif
Slide 6: Conifer – CommonSpirit Transaction 2026 Impacts
Conifer – CommonSpirit Transaction 2026 Impacts ($ in millions) 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 finan
Slide 7: USPI
USPI
Slide 8: 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) $5,172 $2,026 CAGR $4,534 CAGR 15.7% 14.6% $1,810 $3,865 $1,544 $3,248 $1,327 $1,197 $2,718 $2,158 $2,072 $895 $868 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 Consistent Track Re
Slide 9: 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% 279 Service Line Additions FY 2025 9.7% 9.2% Expansion of High 7.8% 7.
Slide 10: USPI Case Mix / Clinical Quality
USPI Case Mix / Clinical Quality 2025 Case Mix Commitment to Quality Drives Strong Patient Experience Ophthalmology 11% All Other Specialties 17% Musculoskeletal 30% 96.7 Gastrointestinal 2025 Overall 42% Patient Experience Score 10
Slide 11: 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 559 8-10x 5-7x <2.0x Initial Acquisition Exceeded Exceeded Multiple Targeted Acquisition Targeted De Novo Effective Multiple* Effective Multiple 267
Slide 12: Cash Flow and Capital
Cash Flow and Capital
Slide 13: 2025 Cash Flows Continue to Support Growth / De-leveraging
2025 Cash Flows Continue to Support Growth / De-leveraging ▪ Our cash flow and balance sheet position provide us capital allocation financial flexibility: $2.53B ✓ Ample liquidity and access to capital markets to pursue our growth strategy FY 2025 Free while returning capital to shareholders Cash Fl
Slide 14: 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 2.85x 2.25x 2017 2023 2024 2025 2017 2023 2024 2025 Substantial reduction in leverage following significant performance improvement and hospital sales 14
Slide 15: 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 16: 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 17: 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 Years Ended December 31, December 31, (Dollars in millions, except per share
Slide 18: 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 Years Ended December 31, December 31, (Dollars in millions) 2025 2024 2025 2024 Net income available to Tenet Hea
Slide 19: Supplemental Non-GAAP disclosures
Supplemental Non-GAAP disclosures 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
Slide 20: 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 2026 (1) The figures shown represent the Company's estimate for (Dollars in
Slide 21: 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 2026 (1) The figures shown represent the Company's estimate for (Dollars in millions) Low High restructuring char
Slide 22: 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 2026 (1) The figures shown represent the Company's estimate for (Dollars in millions) Low High restructuring
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