Tenet Healthcare Corp.

Strong Q2 fundamentals; margins up despite payer headwinds - Q2 2026 net operating revenues: $5.6B - Consolidated adjusted EBITDA: $1.304B = 23.2% margin (+16.3% YoY) - Adjusted diluted EPS: $6.12 (+52% YoY) - Management attributes margin strength to execution on technology-enabled expense management plus improved productivity/cost initiatives.

Guidance raised for full-year 2026 (confidence in 2H performance) - Full-year 2026 adjusted EBITDA guidance raised to $4.83B–$5.03B (+$295M / +6% at midpoint vs prior) - Revenue guidance also raised: $21.9B–$22.5B (midpoint +$300M vs prior) - Segment targets: - USPI adjusted EBITDA: $2.16B–$2.22B - Hospitals adjusted EBITDA: $2.67B–$2.81B - Supporting narrative: ~$100M fundamental outperformance in 1H plus ~$60M carry into 2H, and expectation that core growth + expense discipline continue. - M&A spend expectation increased: now expects >$300M full-year 2026.

Payer/exchange pressure is real, but largely anticipated and being managed - Exchange revenues down 17% YoY in Q2; exchange volume admissions down ~13.5% - Biggest hit states called out: Florida, Arizona, Michigan, South Carolina, Texas - Management says these results were roughly in line with expectations and they didn’t change guidance. - Cost flexing is underway (building a baseline to grow again while controlling margins amid enrollment uncertainty). - Mentioned dynamic: exchange patient volume shifting into uninsured at roughly a near one-to-one conversion trend.