TENET HEALTHCARE CORP

Below are highlights of certain information in this Proxy Statement. Please refer to the complete Proxy Statement and our Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”) before you vote.

Information:

The Notice of Internet Availability, this Proxy Statement and related proxy materials are being mailed or made available to shareholders on or about April 11, 2025. Copies of this Proxy Statement, the Company’s proxy card and the Form 10-K are available atwww.proxydocs.com/THC.

2025 PROXY STATEMENT

Business Overview

Tenet is a diversified healthcare services company focused on our mission to provide quality, compassionate care in the communities we serve. At December 31, 2024, Tenet had approximately 98,000 employees delivering and supporting care through two business segments — Hospital Operations and Services (Hospital Operations) and Ambulatory Care. As of December 31, 2024, our Hospital Operations segment was comprised of our 49 acute care and specialty hospitals, a network of employed physicians and 135 outpatient facilities, including urgent care centers, imaging centers, off-campus hospital emergency departments and micro-hospitals. Our Hospital Operations segment also provides revenue cycle management and value-based care services to hospitals, health systems, physician practices, employers and other clients through our Conifer Health Solutions, LLC joint venture. Our Ambulatory Care segment through our USPI Holding Company, Inc. subsidiary (USPI) held indirect ownership interests in 518 ambulatory surgery centers and 25 surgical hospitals at December 31, 2024.

Repositioned Care Delivery Portfolio

We substantially transformed our portfolio of care delivery offerings through the divestiture of 14 hospitals and related operations in 2024. Additionally, strategic investments in USPI remain a top priority, and we established new ownership positions in nearly 70 ambulatory surgery centers in 2024 through both M&A and de novo development. We also continue our strategic deployment of capital to enhance high-acuity hospital services. Our efforts include capacity expansion, new construction in high-growth, attractive locations and investments in innovation. The proceeds from the hospital sales have enabled us to further deleverage, strengthen our balance sheet and provide enhanced financial flexibility. Across our comprehensive network of facilities, we are focused on introducing new services at a lower cost and offering patients excellent service in the most clinically appropriate setting. Our focus is on markets where we can provide a strong value to consumers and payers, and the evolution of our care delivery locations reflects our strategy to grow USPI.

Overview of Director Nominees

AC: Audit Committee ESG: Environmental, Social and Governance Committee HR: Human Resources Committee

NCG: Nominating and Corporate Governance Committee QCE: Quality, Compliance & Ethics Committee

= Chair = Independent✓ = Member

Director Nominees’ Experience and Composition

Having an independent Board is a core element of our governance philosophy. Under our Corporate Governance Principles, at leasttwo-thirds of the Board must consist of independent directors. Of our 13 Board nominees, 12 are independent in accordance with the requirements set forth in our Corporate Governance Principles. Moreover, our Board believes that having a mix of directors with complementary qualifications, expertise and attributes is essential to meeting its oversight responsibility. The following highlights the core skills and experience of our Board nominees:

Tenet’s Board refreshment activities have cultivated a balanced mix of backgrounds, age, tenure and viewpoints in the boardroom. The Board believes the current composition of directors contributes to strong governance and successful oversight of the Company.

Board Refreshment

Tenet maintains a commitment to Board refreshment practices, with seven new independent directors added since 2018, including three new independent directors added in 2023.