Exhibit 99.1
tenethealthrgba.jpg

Tenet Reports Strong Second Quarter 2025 Results;
Raises 2025 Financial Outlook

•Net income available to common shareholders in second quarter 2025 was $288 million, or $3.14 per diluted share

•Adjusted diluted earnings per share1 increased 74% to $4.02 in second quarter 2025 compared to $2.31 in second quarter 2024

•Consolidated Adjusted EBITDA1 in second quarter 2025 increased 18.6% to $1.121 billion compared to second quarter 2024; Second quarter 2025 Adjusted EBITDA margin was 21.3%

•Second quarter 2025 Ambulatory Care Adjusted EBITDA of $498 million increased 11.4% over second quarter 2024

•Board of Directors authorized a $1.5 billion increase to the share repurchase program

•FY 2025 Adjusted EBITDA Outlook is now expected to be in the range of $4.40 billion to $4.54 billion, a $395 million increase at the midpoint



DALLAS — July 22, 2025 — Tenet Healthcare Corporation (Tenet) (NYSE: THC) today announced its results for the quarter ended June 30, 2025.

"Our strong second quarter results extend our track record of attractive same store revenue growth, operational performance driven by fundamentals, and robust free cash flow generation," said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. "We continue to make investments both organically and inorganically to expand our capabilities and innovate to better serve our patients."









Page 1

Tenet’s results for second quarter 2025 versus second quarter 2024 are as follows:

Three Months Ended June 30,Six Months Ended June 30,
($ in millions, except per share results)2025202420252024
Net operating revenues
$5,271
$5,108
$10,494
$10,476
Net income available to Tenet common shareholders
$288
$259
$694
$2,410
Net income available to Tenet common shareholders per diluted share
$3.14
$2.64
$7.43
$24.22
Adjusted EBITDA1
$1,121
$945
$2,284
$1,969
Adjusted diluted earnings per share1
$4.02$2.31$8.38$5.53

•Net income available to the Company’s common shareholders in second quarter 2025 was $288 million, or $3.14 per diluted share, versus $259 million, or $2.64 per diluted share, in second quarter 2024.

•Adjusted EBITDA1 in second quarter 2025 was $1.121 billion compared to $945 million in second quarter 2024, reflecting strong growth in same facility revenue, higher acuity, favorable payer mix, and disciplined expense management.

•In the second quarter of 2025, the Hospital segment recognized a $79 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior periods, including the recently approved program in Tennessee. Second quarter 2024 results included a $30 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years.



Page 2

Balance Sheet and Cash Flows

•Cash flows provided by operating activities for the six months ended June 30, 2025 were $1.751 billion versus $1.333 billion for the six months ended June 30, 2024.

•The Company produced free cash flow1 of $1.385 billion for the six months ended June 30, 2025 versus $948 million for the six months ended June 30, 2024.

•In the three months ended June 30, 2025, the Company repurchased 4.6 million shares of common stock for $747 million. In the six months ended June 30, 2025, the Company repurchased 7.2 million shares of common stock for $1.095 billion.

•The Company's Board of Directors authorized a $1.5 billion increase to the share repurchase program. With this new authorization, the Company has $1.781 billion remaining under its repurchase authorization as of July 22, 2025. Repurchases will be made at management's discretion from time to time in the open market or through privately negotiated transactions, subject to market conditions and other relevant factors.

•The Company’s ratio of net debt to Adjusted EBITDA1 was 2.45x at June 30, 2025 compared to 2.46x at March 31, 2025 and 2.54x at December 31, 2024.








Page 3

Ambulatory Care (Ambulatory) Segment

Tenet’s Ambulatory business segment is comprised of the operations of United Surgical Partners International (USPI). As of June 30, 2025, USPI had interests in 521 ambulatory surgery centers (385 consolidated) and 26 surgical hospitals (eight consolidated) in 37 states.

Three Months Ended June 30,Six Months Ended June 30,
Ambulatory segment results ($ in millions)
2025202420252024
Revenues
Net operating revenues$1,270$1,141
$2,464
$2,136
Same-facility system-wide net patient service revenues2
$2,067$1,920$3,999$3,735
Changes versus the Prior-Year Period
Same-facility system-wide net patient service revenues7.7 %7.1 %7.1 %6.8 %
Same-facility system-wide net patient service revenue per case8.3 %6.8 %8.6 %6.8 %
Same-facility system-wide surgical cases2
(0.6)%0.2 %(1.4)%— %
Same-facility system-wide surgical cases on same-business day basis2
(0.6)%0.2 %(0.6)%— %
Adjusted EBITDA, Margins and NCI
Adjusted EBITDA
$498
$447
$954
$841
Adjusted EBITDA margin
39.2%
39.2%
38.7%
39.4%
Adjusted EBITDA less NCI
$303
$273
$582
$514

•Second quarter 2025 net operating revenues increased 11.3% compared to second quarter 2024 driven by strong net revenue per case growth, acquisitions of facilities, and increased service lines.

•Surgical business same-facility system-wide net patient service revenues increased 7.7% in second quarter 2025 compared to second quarter 2024, with cases down 0.6% and net revenue per case up 8.3%. Net revenue per case growth was driven by favorable case mix, increases in higher acuity volumes over the prior year, as well as favorable payer mix.

•Second quarter 2025 Adjusted EBITDA increased 11.4% compared to second quarter 2024, due to strong net revenue per case growth, disciplined expense management, and contributions from acquisitions.








Page 4

Hospital Operations and Services (Hospital) Segment
Tenet’s Hospital business segment is primarily comprised of acute care and specialty hospitals, imaging centers, ancillary outpatient facilities, micro-hospitals and physician practices. It also provides comprehensive end-to-end and focused point services, including hospital and physician revenue cycle management, patient communications and engagement support and value-based care solutions.

Three Months Ended June 30,Six Months Ended June 30,
Hospital segment results ($ in millions)
2025202420252024
Revenues
Net operating revenues
$4,001$3,967
$8,030
$8,340
Same-hospital net patient service revenues3
$3,414
$3,233
$6,874
$6,504
Same-Hospital Volume Changes versus the Prior-Year Period
Admissions
1.6%
5.2%
3.0%
4.7%
Adjusted admissions4
0.4%
2.4%
1.6%
2.1%
Outpatient visits (including outpatient ER visits)
(3.2)%
0.6%
(1.3)%
(0.1)%
Emergency Room visits (inpatient and outpatient)
(4.7)%
1.7%
(1.6)%
2.8%
Hospital surgeries
(1.7)%
1.5%
(1.6)%
(0.3)%
Adjusted EBITDA
Adjusted EBITDA
$623
$498
$1,330
$1,128
Adjusted EBITDA margin
15.6%
12.6%
16.6%
13.5%

•Second quarter 2025 net operating revenues increased 0.9% from second quarter 2024 primarily due to growth in same hospital admissions, favorable payer mix and higher acuity, partially offset by the impact of hospital divestitures in 2024.

•Same-hospital net patient service revenue per adjusted admission increased 5.2% year-over-year for second quarter 2025 primarily due to favorable payer mix, and our focus on growing higher acuity services.

•Adjusted EBITDA in second quarter 2025 was $623 million compared to $498 million in second quarter 2024, reflecting strong same-hospital revenue growth, favorable payer mix, and disciplined expense management.

•In the second quarter of 2025, the Hospital segment recognized a $79 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior periods, including the recently approved program in Tennessee. Second quarter 2024 results included a $30 million favorable pre-tax impact associated with additional Medicaid supplemental revenues related to prior years.




Page 5

2025 Outlook1

Tenet’s Outlook for full year 2025 (consolidated and by segment) follows.

CONSOLIDATED ($ in millions, except per share amounts)
FY 2025 Outlook
Net operating revenues
$20,950 to $21,250
Net income available to Tenet common stockholders
$1,279 to $1,379
Adjusted EBITDA
$4,400 to $4,540
Adjusted EBITDA margin
21.0% to 21.4%
Diluted income per common share
$14.05 to $15.15
Adjusted net income
$1,415 to $1,475
Adjusted diluted earnings per share
$15.55 to $16.21
Equity in earnings of unconsolidated affiliates$255 to $265
Depreciation and amortization
$805 to $835
Interest expense
$815 to $825
Income tax expense5
$475 to $505
Net income available to NCI
$940 to $990
Weighted average diluted common shares
~91 million
Net cash provided by operating activities
$2,750 to $3,100
Adjusted net cash provided by operating activities
$2,900 to $3,200
Capital expenditures
$725 to $825
Free cash flow
$2,025 to $2,275
Adjusted free cash flow
$2,175 to $2,375
NCI cash distributions$780 to $830
















Page 6

Ambulatory Segment ($ in millions)
FY 2025 Outlook
Net operating revenues$5,000 to $5,150
Adjusted EBITDA$1,990 to $2,050
NCI$790 to $820
Adjusted EBITDA less NCI$1,200 to $1,230
Changes versus prior year6:
Same-facility system-wide revenueUp 4.0% to 7.0%

Hospital Segment ($ in millions)
FY 2025 Outlook
Net operating revenues$15,950 to $16,100
Adjusted EBITDA$2,410 to $2,490
NCI$150 to $170
Changes versus prior year6:
Inpatient admissionsUp 2.0% to 3.0%
Adjusted admissionsUp 1.5% to 2.5%




Management’s Webcast Discussion of Results
Tenet management will discuss the Company’s second quarter 2025 results in a webcast scheduled for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on July 22, 2025. Investors can access the webcast through the Company’s website at www.tenethealth.com/investors.

The slide presentation associated with the webcast referenced above, a copy of this earnings press release, and a related supplemental financial disclosures document will be available on the Company’s Investor Relations website on July 22, 2025.



Page 7

Cautionary Statement
This release contains “forward-looking statements” - that is, statements that relate to future, not past, events. In this context, forward-looking statements often address the Company’s expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “assume,” “believe,” “budget,” “estimate,” “forecast,” “intend,” “plan,” “predict,” “project,” “seek,” “see,” “target,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Particular uncertainties that could cause the Company’s actual results to be materially different than those expressed in the Company’s forward-looking statements include, but are not limited to the factors disclosed under “Forward-Looking Statements” and “Risk Factors” in our Form 10-K for the year ended December 31, 2024 and other filings with the Securities and Exchange Commission.

Footnotes
1.Tables and discussions throughout this earnings release include certain financial measures, including those related to our full year 2025 Outlook, that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Reconciliations of GAAP measures to the Adjusted (non-GAAP) measures used are detailed in Tables #1-6 included at the end of this earnings release. Management’s reasoning for the use of these non-GAAP measures and descriptions of the various non-GAAP measures are included in the Non-GAAP Financial Measures section of this earnings release.
2.Same-facility system-wide revenues and statistical information include the results of the facilities in which the Ambulatory segment has an investment that are not consolidated by Tenet. To help analyze the segment’s results of operations, management uses system-wide measures, which include revenues and cases of both consolidated and unconsolidated facilities.
3.For 2025, same-hospital revenues and statistical data include those for hospitals and hospital-affiliated outpatient centers operated by the Company’s Hospital segment continuously from January 1, 2024 through June 30, 2025. Amounts associated with physician practices are excluded.
4.Adjusted admissions represent actual patient admissions adjusted to include outpatient services provided by facilities in our Hospital segment by multiplying actual patient admissions by the sum of gross inpatient revenues and outpatient revenues, then dividing that result by gross inpatient revenues.
5.Income tax expense is calculated by multiplying 24% (the federal corporate tax rate of 21% plus an estimate of state taxes) by the sum of: pretax income less GAAP facility level NCI expense plus permanent differences, and non-deductible interest expense.
6.Change versus prior year is presented on a same-facility system-wide basis for USPI Ambulatory surgical cases and on a same-hospital basis for hospital statistics.



Page 8

About Tenet Healthcare
Tenet Healthcare Corporation (NYSE: THC) is a diversified healthcare services company headquartered in Dallas. Our care delivery network includes United Surgical Partners International, the largest ambulatory platform in the country, which operates ambulatory surgery centers and surgical hospitals. We also operate a national portfolio of acute care and specialty hospitals, other outpatient facilities, a network of leading employed physicians and a global business center in Manila, Philippines. Our Conifer Health Solutions subsidiary provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients. Across the Tenet enterprise, we are united by our mission to deliver quality, compassionate care in the communities we serve. For more information, please visit www.tenethealth.com.

Contact Information
Investor ContactMedia Contact
Will McDowellRobert Dyer
469-893-2387469-893-2640
william.mcdowell@tenethealth.com
mediarelations@tenethealth.com



Page 9

Non-GAAP Financial Measures
The Company believes the non-GAAP measures described below are useful to investors and analysts because they present additional information on the Company’s financial performance. Investors, analysts, Company management and the Company’s Board of Directors utilize these non-GAAP measures, in addition to GAAP measures, to track the Company’s financial and operating performance and compare the Company’s performance to its peer companies, which use similar non-GAAP financial measures in their presentations and earnings releases. The Human Resources Committee of the Company’s Board of Directors also uses certain of these measures to evaluate management’s performance for the purpose of determining incentive compensation. Additional information regarding the purpose and utility of specific non-GAAP measures used in this release is set forth below.
•Adjusted EBITDA is defined by the Company as net income available (loss attributable) to Tenet common shareholders before (1) the cumulative effect of changes in accounting principles, (2) net loss attributable (income available) to noncontrolling interests, (3) income (loss) from discontinued operations, net of tax, (4) income tax benefit (expense), (5) gain (loss) from early extinguishment of debt, (6) other non-operating income (expense), net, (7) interest expense, (8) litigation and investigation benefit (costs), net of insurance recoveries, (9) net gains (losses) on sales, consolidation and deconsolidation of facilities, (10) impairment and restructuring charges and acquisition-related costs, (11) depreciation and amortization and (12) income (loss) from divested and closed businesses (i.e., health plan businesses). Litigation and investigation costs excluded do not include ordinary course of business malpractice and other litigation and related expenses.
•Adjusted diluted earnings (loss) per share is defined by the Company as Adjusted net income available (loss attributable) to Tenet common shareholders, divided by the weighted average diluted shares outstanding in the reporting period.
•Adjusted net income available (loss attributable) to Tenet common shareholders is defined by the Company as net income available (loss attributable) to Tenet common shareholders before (1) income (loss) from discontinued operations, net of tax, (2) gain (loss) from early extinguishment of debt, (3) litigation and investigation benefit (costs), net of insurance recoveries, (4) net gains (losses) on sales, consolidation and deconsolidation of facilities, (5) impairment and restructuring charges and acquisition-related costs, (6) income (loss) from divested and closed businesses (i.e., health plan businesses) and (7) the associated impact of these items on taxes and noncontrolling interests. Litigation and investigation costs excluded do not include ordinary course of business malpractice and other litigation and related expenses.
•Free Cash Flow is defined by the Company as (1) net cash provided by (used in) operating activities, less (2) purchases of property and equipment.
•Adjusted Free Cash Flow is defined by the Company as (1) Adjusted net cash provided by (used in) operating activities, less (2) purchases of property and equipment.
•Adjusted net cash provided by (used in) operating activities is defined by the Company as cash provided by (used in) operating activities prior to (1) payments for restructuring charges, acquisition-related costs and litigation costs and settlements, and (2) net cash provided by (used in) operating activities from discontinued operations.
The Company believes that Adjusted EBITDA is a useful measure, in part, because certain investors and analysts use both historical and projected Adjusted EBITDA, in addition to other GAAP and non-GAAP measures, as factors in determining the estimated fair value of shares of the Company’s common stock. Company management also regularly reviews the Adjusted EBITDA performance for each operating segment. The Company does not use Adjusted EBITDA to measure liquidity, but instead to measure operating performance.
The Company uses, and believes investors use, Free Cash Flow and Adjusted Free Cash Flow as supplemental non-GAAP measures to analyze cash flows generated from the Company’s operations. The Company believes these measures are useful to investors in evaluating its ability to fund distributions paid to noncontrolling interests or for acquisitions, purchasing equity interests in joint ventures or repaying debt.
These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Because these measures exclude many items that are included in the Company’s financial statements, they do not provide a complete measure of the Company’s operating performance. For example, the Company’s definitions of Free Cash Flow and Adjusted Free Cash Flow do 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, or (ii) distributions paid to noncontrolling interests. Accordingly, investors are encouraged to use GAAP measures when evaluating the Company’s financial performance.
See corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable GAAP financial measures in Tables #1 - 6 below.


Page 10

Tenet Healthcare Corporation
Financial Statements and Reconciliations
Second Quarter Earnings Release
Table of Contents
DescriptionPage
12

Page 11


    
TENET HEALTHCARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in millions, except per share amounts)Three Months Ended June 30,
2025%2024%Change
Net operating revenues$5,271 100.0 %$5,108 100.0 %3.2 %
Equity in earnings of unconsolidated affiliates61 1.2 %61 1.2 %— %
Operating expenses:  
Salaries, wages and benefits2,160 41.0 %2,168 42.4 %(0.4)%
Supplies932 17.7 %908 17.8 %2.6 %
Other operating expenses, net1,119 21.3 %1,148 22.4 %(2.5)%
Depreciation and amortization208 3.9 %208 4.1 %
Impairment and restructuring charges, and acquisition-related costs24 0.5 %29 0.6 %
Litigation and investigation costs28 0.5 %5 0.1 %
Net losses (gains) on sales, consolidation and deconsolidation of facilities38 0.7 %(58)(1.1)%
Operating income823 15.6 %761 14.9 %
Interest expense(206)(203)
Other non-operating income, net25 29 
Income before income taxes642 587 
Income tax expense(120)(110)
Net income522 477 
Less: Net income available to noncontrolling interests234 218 
Net income available to Tenet Healthcare Corporation common shareholders$288 $259 
Earnings per share available to Tenet Healthcare Corporation common shareholders:
Basic$3.16 $2.66 
Diluted$3.14 $2.64 
Weighted average shares and dilutive securities outstanding (in thousands):
Basic91,135 97,267
Diluted91,791 98,444


Page 12

    
TENET HEALTHCARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in millions, except per share amounts)Six Months Ended June 30,
2025%2024%Change
Net operating revenues$10,494 100.0 %$10,476 100.0 %0.2 %
Equity in earnings of unconsolidated affiliates117 1.1 %120 1.1 %(2.5)%
Operating expenses:  
Salaries, wages and benefits4,279 40.8 %4,489 42.9 %(4.7)%
Supplies1,839 17.5 %1,836 17.5 %0.2 %
Other operating expenses, net2,209 21.1 %2,302 21.9 %(4.0)%
Depreciation and amortization414 3.9 %416 4.0 %
Impairment and restructuring charges, and acquisition-related costs43 0.4 %56 0.5 %
Litigation and investigation costs45 0.4 %9 0.1 %
Net losses (gains) on sales, consolidation and deconsolidation of facilities16 0.2 %(2,558)(24.4)%
Operating income1,766 16.8 %4,046 38.6 %
Interest expense(410)(421)
Other non-operating income, net51 54 
Loss from early extinguishment of debt— (8)
Income before income taxes1,407 3,671 
Income tax expense(263)(860)
Net income1,144 2,811 
Less: Net income available to noncontrolling interests450 401 
Net income available to Tenet Healthcare Corporation common shareholders$694 $2,410 
Earnings per share available to Tenet Healthcare Corporation common shareholders:
Basic$7.49 $24.49 
Diluted$7.43 $24.22 
Weighted average shares and dilutive securities outstanding (in thousands):
Basic92,688 98,424
Diluted93,408 99,557


Page 13

    
TENET HEALTHCARE CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in millions)June 30,December 31,
20252024
ASSETS
Current assets:
Cash and cash equivalents$2,625 $3,019 
Accounts receivable2,533 2,536 
Inventories of supplies, at cost338 346 
Assets held for sale21 21 
Other current assets1,781 1,760 
Total current assets
7,298 7,682 
Investments and other assets2,994 3,037 
Deferred income taxes76 80 
Property and equipment, at cost, less accumulated depreciation and amortization6,024 6,049 
Goodwill10,935 10,691 
Other intangible assets, at cost, less accumulated amortization1,372 1,397 
Total assets
$28,699 $28,936 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$84 $92 
Accounts payable1,360 1,294 
Accrued compensation and benefits793 899 
Professional and general liability reserves275 238 
Accrued interest payable148 149 
Liabilities held for sale12 13 
Income tax payable25 18 
Other current liabilities1,574 1,607 
Total current liabilities
4,271 4,310 
Long-term debt, net of current portion13,091 13,081 
Professional and general liability reserves873 900 
Defined benefit plan obligations297 298 
Deferred income taxes230 227 
Other long-term liabilities1,635 1,573 
Total liabilities
20,397 20,389 
Commitments and contingencies
Redeemable noncontrolling interests in equity of consolidated subsidiaries2,826 2,727 
Equity:  
Shareholders’ equity:  
Common stock8 8 
Additional paid-in capital4,858 4,873 
Accumulated other comprehensive loss(177)(180)
Retained earnings3,702 3,008 
Common stock in treasury, at cost(4,642)(3,538)
Total shareholders’ equity3,749 4,171 
Noncontrolling interests
1,727 1,649 
Total equity 5,476 5,820 
Total liabilities and equity
$28,699 $28,936 






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TENET HEALTHCARE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in millions)Six Months Ended
June 30,
20252024
Net income$1,144 $2,811 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization414 416 
Deferred income tax expense (benefit)11 (93)
Stock-based compensation expense41 36 
Impairment and restructuring charges, and acquisition-related costs43 56 
Litigation and investigation costs45 9 
Net losses (gains) on sales, consolidation and deconsolidation of facilities16 (2,558)
Loss from early extinguishment of debt— 8 
Equity in earnings of unconsolidated affiliates, net of distributions received(8)(3)
Amortization of debt discount and debt issuance costs12 14 
Net gains from the sale of investments and long-lived assets— (1)
Other items, net(1)(3)
Changes in cash from operating assets and liabilities:  
Accounts receivable40 77 
Inventories and other current assets9 16 
Income taxes10 713 
Accounts payable, accrued expenses and other current liabilities24 (124)
Other long-term liabilities32 23 
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements(81)(64)
Net cash provided by operating activities1,751 1,333 
Cash flows from investing activities:  
Purchases of property and equipment(366)(385)
Purchases of businesses or joint venture interests, net of cash acquired(147)(510)
Proceeds from sales of facilities and other assets14 4,048 
Proceeds from sales of marketable securities and long-term investments37 17 
Purchases of marketable securities and long-term investments(38)(26)
Other items, net(1)(10)
Net cash provided by (used in) investing activities(501)3,134 
Cash flows from financing activities:  
Repayments of borrowings(62)(2,179)
Proceeds from borrowings15 8 
Repurchases of common stock(1,095)(548)
Distributions paid to noncontrolling interests(374)(323)
Proceeds from the sale of noncontrolling interests18 10 
Purchases of noncontrolling interests(79)(88)
Advances from managed care payers— 342 
Repayments of advances from managed care payers(12)— 
Other items, net(55)(37)
Net cash used in financing activities(1,644)(2,815)
Net increase (decrease) in cash and cash equivalents(394)1,652 
Cash and cash equivalents at beginning of period3,019 1,228 
Cash and cash equivalents at end of period$2,625 $2,880 
Supplemental disclosures:  
Interest paid, net of capitalized interest$(399)$(459)
Income tax payments, net$(242)$(240)


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TENET HEALTHCARE CORPORATION
SEGMENT REPORTING
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in millions)2025202420252024
Net operating revenues:     
Ambulatory Care$1,270 $1,141 $2,464 $2,136 
Hospital Operations and Services4,001 3,967 8,030 8,340 
Total$5,271 $5,108 $10,494 $10,476 
Equity in earnings of unconsolidated affiliates:    
Ambulatory Care$59 $58 $113 $114 
Hospital Operations and Services2 3 4 6 
Total$61 $61 $117 $120 
Adjusted EBITDA:    
Ambulatory Care$498 $447 $954 $841 
Hospital Operations and Services623 498 1,330 1,128 
Total$1,121 $945 $2,284 $1,969 
Adjusted EBITDA margins:
Ambulatory Care39.2 %39.2 %38.7 %39.4 %
Hospital Operations and Services15.6 %12.6 %16.6 %13.5 %
Total21.3 %18.5 %21.8 %18.8 %
Capital expenditures:
Ambulatory Care$27 $19 $52 $37 
Hospital Operations and Services166 126 314 348 
Total$193 $145 $366 $385 


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TENET HEALTHCARE CORPORATION
Additional 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 EndedSix Months Ended
June 30,June 30,
(Dollars in millions, except per share amounts)2025202420252024
Net income available to Tenet Healthcare Corporation common shareholders$288 $259 $694 $2,410 
Less:
Impairment and restructuring charges, and acquisition-related costs
  (24)(29)(43)(56)
Litigation and investigation costs(28)(5)(45)(9)
Net gains (losses) on sales, consolidation and deconsolidation of facilities(38)58 (16)2,558 
Loss from early extinguishment of debt— — — (8)
Tax and noncontrolling interests impact of above items 9 9 15 (625)
Adjusted net income available to common shareholders$369 $226 $783 $550 
Diluted earnings per share$3.14 $2.64 $7.43 $24.22 
Less:
Impairment and restructuring charges, and acquisition-related costs
(0.26)(0.30)(0.46)(0.56)
Litigation and investigation costs(0.31)(0.05)(0.48)(0.09)
Net gains (losses) on sales, consolidation and deconsolidation of facilities(0.41)0.59 (0.17)25.70 
Loss from early extinguishment of debt— — — (0.08)
Tax and noncontrolling interests impact of above items0.10 0.09 0.16 (6.28)
Adjusted diluted earnings per share$4.02 $2.31 $8.38 $5.53 
Weighted average basic shares outstanding (in thousands)91,135 97,267 92,688 98,424 
Weighted average dilutive shares outstanding (in thousands)91,791 98,444 93,408 99,557 


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TENET HEALTHCARE CORPORATION
Additional Supplemental Non-GAAP disclosures
Table #2 – Reconciliations of Net Income Available to Tenet Healthcare Corporation Common Shareholders to Adjusted EBITDA
(Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
(Dollars in millions)2025202420252024
Net income available to Tenet Healthcare Corporation common shareholders$288 $259 $694 $2,410 
Less:
Net income available to noncontrolling interests(234)(218)(450)(401)
Net income522 477 1,144 2,811 
Income tax expense(120)(110)(263)(860)
Loss from early extinguishment of debt— — — (8)
Other non-operating income, net25 29 51 54 
Interest expense(206)(203)(410)(421)
Operating income823 761 1,766 4,046 
Litigation and investigation costs(28)(5)(45)(9)
Net gains (losses) on sales, consolidation and deconsolidation of facilities(38)58 (16)2,558 
Impairment and restructuring charges, and acquisition-related costs(24)(29)(43)(56)
Depreciation and amortization(208)(208)(414)(416)
Adjusted EBITDA$1,121 $945 $2,284 $1,969 
Net operating revenues$5,271 $5,108 $10,494 $10,476 
Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues5.5 %5.1 %6.6 %23.0 %
Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin)21.3 %18.5 %21.8 %18.8 %



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TENET HEALTHCARE CORPORATION
Additional 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)Q2YTD
Net cash provided by operating activities$936 $1,751 
Purchases of property and equipment(193)(366)
Free cash flow$743 $1,385 
Net cash used in investing activities$(314)$(501)
Net cash used in financing activities$(996)$(1,644)
Net cash provided by operating activities$936 $1,751 
Less:
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements(45)(81)
Adjusted net cash provided by operating activities981 1,832 
Purchases of property and equipment(193)(366)
Adjusted free cash flow$788 $1,466 
2024
(Dollars in millions)Q2YTD
Net cash provided by operating activities$747 $1,333 
Purchases of property and equipment(145)(385)
Free cash flow$602 $948 
Net cash provided by (used in) investing activities$(194)$3,134 
Net cash used in financing activities$(154)$(2,815)
Net cash provided by operating activities$747 $1,333 
Less:
Payments for restructuring charges, acquisition-related costs, and litigation costs and settlements(39)(64)
Adjusted net cash provided by operating activities786 1,397 
Purchases of property and equipment(145)(385)
Adjusted free cash flow$641 $1,012 


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TENET HEALTHCARE CORPORATION
Additional 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
(Dollars in millions, except per share amounts)LowHigh
Net income available to Tenet Healthcare Corporation common shareholders$1,279 $1,379 
Less:
Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1)
(150)(100)
Net losses on sales, consolidation and deconsolidation of facilities(2)
(16)(16)
Tax and noncontrolling interests impact of above items30 20 
Adjusted net income available to common shareholders$1,415 $1,475 
Diluted earnings per share$14.05 $15.15 
Less:
Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements
(1.65)(1.10)
Net losses on sales, consolidation and deconsolidation of facilities(0.18)(0.18)
Tax and noncontrolling interests impact of above items0.33 0.22 
Adjusted diluted earnings per share$15.55 $16.21 
Weighted average basic shares outstanding (in thousands)90,000 90,000 
Weighted average dilutive shares outstanding (in thousands)91,000 91,000 
(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 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 2025.
    






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TENET HEALTHCARE CORPORATION
Additional 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
(Dollars in millions)LowHigh
Net income available to Tenet Healthcare Corporation common shareholders$1,279 $1,379 
Less:
Net income available to noncontrolling interests(940)(990)
Income tax expense(475)(505)
Interest expense(825)(815)
Other non-operating income, net90 100 
Net losses on sales, consolidation and deconsolidation of facilities(2)
(16)(16)
Impairment and restructuring charges, acquisition-related costs, and litigation costs and settlements(1)
(150)(100)
Depreciation and amortization(805)(835)
Adjusted EBITDA$4,400 $4,540 
Net income available to Tenet Healthcare Corporation common shareholders$1,279 $1,379 
Net operating revenues$20,950 $21,250 
Net income available to Tenet Healthcare Corporation common shareholders as a % of net operating revenues6.1 %6.5 %
Adjusted EBITDA as a % of net operating revenues (Adjusted EBITDA margin)21.0 %21.4 %
(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 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 2025.



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TENET HEALTHCARE CORPORATION
Additional 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
(Dollars in millions)LowHigh
Net cash provided by operating activities$2,750 $3,100 
Purchases of property and equipment(725)(825)
Free cash flow$2,025 $2,275 
Net cash provided by operating activities$2,750 $3,100 
Less:
Payments for restructuring charges, acquisition-related costs and litigation costs and settlements(1)
(150)(100)
Adjusted net cash provided by operating activities
2,900 3,200 
Purchases of property and equipment(725)(825)
Adjusted free cash flow(2)
$2,175 $2,375 
(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.


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