THC

EX-99.1

2 thc-20260630ex991earningsr.htm

EX-99.1

Document

Exhibit 99.1

Tenet Reports Strong Second Quarter 2026 Results;

Raises 2026 Financial Outlook

•Net income available to common shareholders in second quarter 2026 was $826 million, or $9.84 per diluted share compared to $288 million, or $3.14 in second quarter 2025

•Adjusted diluted earnings per share1 increased 52.2% to $6.12 in second quarter 2026 compared to $4.02 in second quarter 2025

•Second quarter 2026 Consolidated Adjusted EBITDA1 increased 16.3% over second quarter 2025 to $1.304 billion; Second quarter 2026 Adjusted EBITDA margin was 23.2%; Our second quarter 2026 Consolidated Adjusted EBITDA well exceeded the high end of our second quarter guidance range of 24-25% of our previous full year guidance of $4.635 billion at the mid-point

•Second quarter 2026 Ambulatory Care Adjusted EBITDA of $542 million increased 8.8% over second quarter 2025

•Hospital Adjusted EBITDA margin increased to 18.0% in second quarter 2026 compared to 15.6% in second quarter 2025 despite payer mix headwinds

•Board of Directors authorized a $2.0 billion increase to the share repurchase program

•FY 2026 Adjusted EBITDA Outlook is now expected to be in the range of $4.83 billion to $5.03 billion, a $295 million increase at the midpoint of the range; FY 2026 Adjusted Free Cash Flow outlook now expected to be in the range of $2.725 billion to $3.025 billion, a $225 million increase

DALLAS — July 23, 2026 — Tenet Healthcare Corporation (Tenet) (NYSE: THC) today announced its results for the quarter ended June 30, 2026.

"Strong same-store revenue growth and effective expense management drove our fundamental outperformance in the second quarter of 2026 compared to our original assumptions," said Saum Sutaria, M.D., Chairman and Chief Executive Officer of Tenet. "We are actively navigating current industry dynamics through excellent operational execution, investments in innovation, and a continued focus on higher acuity services to sustain growth, margins and significant free cash flow."

Page 1

Tenet’s results for second quarter 2026 versus second quarter 2025 are as follows:

Three Months Ended June 30,Six Months Ended June 30,

($ in millions, except per share results)2026202520262025

Net operating revenues7

$5,628 $5,271 $10,996 $10,494

Net income available to Tenet common shareholders $826 $288 $1,528 $694

Net income available to Tenet common shareholders per diluted share $9.84 $3.14 $17.81 $7.43

Adjusted EBITDA1

$1,304 $1,121 $2,466 $2,284

Adjusted diluted earnings per share1 $6.12$4.02$10.91$8.38

•Net income available to the Company’s common shareholders in second quarter 2026 was $826 million, or $9.84 per diluted share, versus $288 million, or $3.14 per diluted share, in second quarter 2025.

•Adjusted EBITDA1 in second quarter 2026 was $1.304 billion compared to $1.121 billion in second quarter 2025, reflecting strong growth in same facility revenue and disciplined expense management, partially offset by unfavorable payer mix due to lower exchange admissions.

Page 2

Balance Sheet and Cash Flows

•Net cash flows provided by operating activities for the six months ended June 30, 2026 were $2.226 billion versus $1.751 billion for the six months ended June 30, 2025.

•The Company generated adjusted free cash flow1 of $1.422 billion for the six months ended June 30, 2026 versus $1.466 billion for the six months ended June 30, 2025.

•In the three months ended June 30, 2026, the Company repurchased 5.68 million shares of common stock for $1.042 billion. In the six months ended June 30, 2026, the Company repurchased 7.02 million shares of common stock for $1.360 billion.

•The Company's Board of Directors authorized a $2.0 billion increase to the share repurchase program. With this new authorization, the Company has $2.13 billion remaining under its repurchase authorizations as of July 23, 2026. 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 2.33x at June 30, 2026 compared to 2.24x at March 31, 2026 and 2.25x at December 31, 2025.

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, 2026, USPI had interests in 538 ambulatory surgery centers (405 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) 2026202520262025

Revenues

Net operating revenues$1,388$1,270 $2,708

$2,464

Same-facility system-wide net patient service revenues2

$2,221$2,115$4,305$4,090

Changes versus the Prior-Year Period

Same-facility system-wide net patient service revenues5.0 %7.7 %5.3 %7.1 %

Same-facility system-wide net patie

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thc-202602110000070318false00000703182026-02-112026-02-110000070318exch:XNYSus-gaap:CommonStockMember2026-02-112026-02-110000070318exch:XNYSus-gaap:SeniorNotesMember2026-02-112026-02-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: February 11, 2026 (Date of earliest event reported)

TENET HEALTHCARE CORPORATION

(Exact name of registrant as specified in its charter)

Nevada 1-7293 95-2557091 (State of Incorporation) (Commission File Number) (IRS Employer Identification Number)

14201 Dallas Parkway Dallas, TX 75254 (Address of principal executive offices, including zip code) (469) 893-2200 (Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common stock, $0.05 par valueTHCNYSE 6.875% Senior Notes due 2031THC31NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging Growth Company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

The information contained herein is being furnished pursuant to Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On February 11, 2026, Tenet Healthcare Corporation (the “Company”) issued a press release reporting the financial results of the Company for the quarter ended December 31, 2025. A copy of the press release is attached to this report as Exhibit 99.1 and incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.Description 99.1 Press Release issued on February 11, 2026

104 Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TENET HEALTHCARE CORPORATION

Date: February 11, 2026 By:/s/ R. SCOTT RAMSEY R. Scott Ramsey Senior Vice President, Controller