TENET HEALTHCARE CORP

Tenet Healthcare Corporation ( Tenet ) is a diversified healthcare services company with its headquarters in Dallas, Texas, and a Global Business Center ( GBC ) in the Philippines that supports various enterprise-wide administrative functions. We operate our expansive, nationwide care delivery network through direct and indirect subsidiaries, as well as downstream partnerships and joint ventures; the terms we, our and us, as used in this report and unless otherwise stated or indicated by the context, refer to Tenet and these entities. Our business is organized into two separate reporting segments Hospital Operations and Services ( Hospital Operations ) and Ambulatory Care. At December 31, 2025, our Hospital Operations segment was comprised of: (1) 50 acute care and specialty hospitals, a network of employed physicians, and 132 outpatient facilities, including urgent care centers (each, a UCC ), imaging centers, off-campus hospital emergency departments ( EDs ) and micro hospitals; and (2) the revenue cycle management and value based care services we provide to hospitals, health systems, physician practices, employers and other clients through Conifer Health Solutions, LLC. Our Ambulatory Care segment is comprised of the operations of USPI Holding Company, Inc. (together with its subsidiaries, USPI ), which held ownership interests in 533 ambulatory surgery centers (each, an ASC ) and 26 surgical hospitals at December 31, 2025.