CONSOLIDATED ($ in millions, except per share amounts)

FY 2024 Outlook

Third Quarter
2024 Outlook

Net operating revenues

$20,600 to $21,000

$5,000 to $5,100

Net income available to Tenet common stockholders

$2,825 to $2,930

$195 to $240

Adjusted EBITDA

$3,825 to $3,975

$900 to $950

Adjusted EBITDA margin

18.6% to 18.9%

18.0% to 18.6%

Diluted income per common share

$28.83 to $29.90

$2.01 to $2.47

Adjusted net income

$1,020 to $1,090

$210 to $250

Adjusted diluted earnings per share

$10.41 to $11.12

$2.16 to $2.58

Equity in earnings of unconsolidated affiliates

$260 to $270

$60 to $70

Depreciation and amortization

$830 to $860

$210 to $220

Interest expense

$815 to $825

$195 to $205

Income tax expense5

$1,040 to $1,075

$90 to $105

Net income available to NCI

$820 to $870

$195 to $205

Weighted average diluted common shares

~98 million

~97 million

NCI cash distributions

$725 to $775

Net cash provided by operating activities6

$1,900 to $2,250

Adjusted net cash provided by operating activities6

$2,025 to $2,325

Capital expenditures

$800 to $900

Free cash flow6

$1,100 to $1,350

Adjusted free cash flow6

$1,225 to $1,425

Ambulatory Segment ($ in millions)

FY 2024 Outlook

Net operating revenues

$4,325 to $4,475

Adjusted EBITDA

$1,750 to $1,810

NCI

$685 to $715

Adjusted EBITDA less NCI

$1,065 to $1,095

Changes versus prior year7:

Surgical cases volumes

Up 1.0% to 2.0%

Net revenues per surgical case

Up 4.5% to 5.5%

Hospital Segment ($ in millions)

FY 2024 Outlook

Net operating revenues

$16,275 to $16,525

Adjusted EBITDA

$2,075 to $2,165

NCI

$135 to $155

Changes versus prior year7:

Inpatient admissions

Up 3.0% to 4.0%

Adjusted admissions

Up 1.0% to 3.0%