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, 2025 (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 16, 2026. Copies of this Proxy Statement, the Company’s proxy card and the Form 10-K are available atwww.proxydocs.com/THC.

2026 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, 2025, Tenet had approximately 99,000 employees delivering and supporting care through two business segments — Hospital Operations and Services (Hospital Operations) and Ambulatory Care. As of December 31, 2025, our Hospital Operations segment was comprised of our 50 acute care and specialty hospitals, a network of employed physicians and 132 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 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 and 26 surgical hospitals at December 31, 2025.

Growth in Care Delivery Portfolio

During 2025, we opened the newly constructed, 54-bed Florida Coast Medical Center in Port St. Lucie, Florida. In addition, we opened six de novo ambulatory surgery centers (ASCs) and acquired controlling ownership interests in 27 ASCs and one surgical hospital. Moreover, we increased our strategic deployment of capital in 2025 to enhance high-acuity hospital services, with capital expenditures of over $1 billion. Our efforts include capacity expansion, new construction in high-growth, attractive locations and investments in innovation. Our transformed portfolio and disciplined operations have empowered us to expand margins and drive substantial cash flow generation, which has enabled us to further deleverage, strengthen our balance sheet and increase our financial flexibility. Across our comprehensive network of facilities, we are focused on introducing new services at a lower cost and offering an excellent patient experience 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.

Track Record of Performance

Overview of Director Nominees

AC: Audit Committee HR: Human Resources Committee

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

= Independent = Chair✓ = Member

Director Nominees’ Experience and Composition

Having an independent Board is a core element of our governance philosophy. Under our Corporate Governance Principles, at least two-thirds of the Board must consist of independent directors. Of our 12 Board nominees, 11 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 six independent directors added since 2018, including two new independent directors added in 2023.1