Tenet Healthcare (THC) investor relations material

Executive summary

• Consolidated adjusted EBITDA reached $1.304 billion in Q2 2026, up 16.3% year-over-year, with a margin of 23.2%, exceeding expectations due to strong operational performance and high-acuity strategy.

• Adjusted diluted EPS increased 52.2% to $6.12 in Q2 2026 compared to prior year.

• Net income available to common shareholders for Q2 2026 was $826 million ($9.84 per diluted share), up from $288 million ($3.14 per share) in Q2 2025.

• Year-to-date outperformance totals $97 million across both segments.

• Board authorized a $2.0 billion increase to the share repurchase program, with $2.13 billion remaining as of July 23, 2026.

Financial highlights

• Q2 2026 net operating revenues were $5.63 billion, up 6.8% year-over-year; six-month revenues reached $10.996 billion, up 4.8%.

• Q2 2026 adjusted free cash flow was $444 million; year-to-date adjusted free cash flow was $1.422 billion.

• USPI (Ambulatory) Q2 2026 adjusted EBITDA was $542 million, up 8.8% year-over-year, with a 39.0% margin.

• Hospital segment Q2 2026 adjusted EBITDA was $762 million, up 22.3% year-over-year, with an 18.0% margin.

• Recognized $92 million of favorable out-of-period supplemental Medicaid revenues in Q2.

Outlook and guidance

• FY 2026 adjusted EBITDA guidance raised to $4.83–$5.03 billion, a $295 million increase at midpoint.

• FY 2026 net operating revenues projected at $21.9–$22.5 billion, up $300 million at midpoint.

• FY 2026 adjusted free cash flow after NCI expected at $1.825–$2.055 billion, up $225 million at midpoint.

• FY 2026 adjusted diluted EPS forecast at $20.30–$21.69.

• Q3 2026 consolidated adjusted EBITDA expected to be 23–24% of full-year guidance.