Tenet Healthcare (THC) investor relations material

Executive summary

• Q2 2026 net operating revenues rose 6.8% year-over-year to $5.63 billion, driven by higher patient volumes, acquisitions, and strong same-store revenue growth in both Hospital and Ambulatory segments.

• Consolidated Adjusted EBITDA grew 16.3% year-over-year to $1.304 billion, with a margin of 23.2%, exceeding guidance.

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

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

• 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 EBITDA was $1.304 billion, up from $1.121 billion in Q2 2025; margin improved to 23.2%.

• Adjusted diluted EPS for Q2 2026 was $6.12; diluted EPS was $9.84.

• Cash and cash equivalents were $2.17 billion at June 30, 2026; net cash flows from operating activities for the first half were $2.226 billion.

• Adjusted free cash flow for the first half was $1.422 billion.

Outlook and guidance

• FY 2026 Adjusted EBITDA guidance raised to $4.83–$5.03 billion, up $295 million at midpoint.

• FY 2026 net operating revenues projected at $21.9–$22.5 billion.

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

• Capital expenditures for FY 2026 projected at $700–$970 million.

• Management expects continued growth in Ambulatory Care through acquisitions and new facility development.