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Stock research / United States / SGRY · Services-General Medical & Surgical Hospitals, Nec · Nasdaq

Surgery Partners, Inc. (SGRY)

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Surgery Partners, Inc. (SGRY) reported revenue of $849 million for Q2 FY2026, the quarter ended 30 June 2026, up 2.7% on the same quarter a year earlier. Net income was -$15 million, and diluted earnings per share $-0.12. The figures are the company's own, from the 10-Q it filed with the SEC on 10 August 2026.

Revenue$849 millionup 2.7%
Net income-$15 million
Diluted EPS$-0.12
QuarterQ2 FY2026ended 30 June 2026

Surgery Partners (SGRY) in brief

Surgery Partners (SGRY) reported revenue of $3.3 billion for fiscal 2025, the year ended 31 December 2025, up 6.2% on the year before.
Read moreNet loss was $78 million and the diluted loss per share $0.61. Revenue was $3.1 billion in fiscal 2024, $2.7 billion in fiscal 2023, $2.5 billion in fiscal 2022 and $2.2 billion in fiscal 2021. Net income in the same years was a loss of $168 million, a loss of $12 million, a loss of $55 million and a loss of $71 million. Over the twelve months to 30 June 2026, Surgery Partners reported revenue of $3.4 billion and net loss of $89 million. Revenue grew 12.2% a year, compounded, over the five years to fiscal 2025. Surgery Partners had 131 million shares outstanding at the latest filed count. At 30 June 2026 it carried $3.8 billion of debt and $217 million of cash. At the close of 27 October 2026 the market cap of Surgery Partners was $3.1 billion.

Ratios

From the filings

ROE-5.3%
ROCE7.1%
Operating margin11.4%
Net margin-2.6%
FCF margin5.6%
Interest covern/a
Debt to equity2.25
Cash conversionn/a
Share count, last 12 months2.1%
Sales CAGR, 3 years9.2%
Profit CAGR, 3 yearsn/a
EPS, TTM-$0.70

At the close of 27 October 2026

Price$23.36
Market cap$3.1 billion
Stock P/En/a
Price to book1.83
EV / EBITDA11.75
Dividend yieldn/a
Market cap / sales0.91
52-week high$23.36
52-week low$11.49
Price, 1 year2.0%
Price CAGR, 3 years1.4%
Price CAGR, 5 years-10.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Surgery Partners, Inc.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
SGRYgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on SGRY

Dividendsno dividend in its filings for fiscal 2013 onward
Filings22 in twelve months: 12 current reports (8-K), about 4 regulation FD disclosure; 4 results of operations; 3 material agreement; 1 acquisition or disposition completed; 1 shareholder vote
Planned insider sales13 Form 144 notices in twelve months, $1.3 million; latest 16 March 2026
Options tapeput/call 0.32 by open interest at the 27 October 2026 close; the straddle prices a 4.1% move to 20 November 2026
13F holders187 funds reported a position for the quarter to 30 June 2026; largest Bain Capital Investors LLC
Insider trading12 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest14.3 million shares short, 10.34 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue559610596615621707666668674735717762770864776826822885811849
Operating income63.611510076.574.194.246.497.682.610176.084.860.912761.911210611065.8102
Operating margin11%19%17%12%12%13%7%15%12%14%11%11%8%15%8%14%13%12%8%12%
Net income-22.9-0.112.2-18.4-25.0-23.4-24.918.9-4.9-1.0-12.4-15.5-31.7-108-37.7-2.5-22.7-15.0-35.9-15.0
Net margin-4%-0%2%-3%-4%-3%-4%3%-1%-0%-2%-2%-4%-13%-5%-0%-3%-2%-4%-2%
Diluted EPS-$0.28$0.12$0.14-$0.21-$0.28-$0.23-$0.20$0.15-$0.04-$0.01-$0.10-$0.12-$0.25-$0.86-$0.30-$0.02-$0.18-$0.12-$0.28-$0.12
Operating cash flow14.919.779.842.129.77.274.552.110562.640.782.865.21116.081.383.610311.759.3
Capital expenditure15.514.118.222.417.322.724.325.818.919.821.026.920.222.322.723.419.812.816.021.8
Free cash flow-0.65.661.619.712.4-15.550.226.385.742.819.755.945.089.1-16.757.963.890.6-4.337.5
Shares outstanding82m89m90m90m90m126m126m126m126m127m127m127m127m127m128m128m129m129m131m131m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 13 fiscal years and the trailing twelve months

FY2013FY2014FY2015FY2016FY2017 ‡FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue2854039601,1451,3411,7711,8311,8602,2252,5392,7433,1143,3093,366
Cost of revenue1702546698211,0141,3611,408n/an/an/an/an/an/an/a
Gross profit115149291324327410424n/an/an/an/an/an/an/a
Gross margin40.3%37.0%30.3%28.3%24.4%23.1%23.1%n/an/an/an/an/an/an/a
Operating income58.250.814519615877.8236183302345328349390384
Operating margin20.5%12.6%15.1%17.2%11.8%4.4%12.9%9.8%13.6%13.6%12.0%11.2%11.8%11.4%
Income tax7.615.8-1497.153.626.49.5-20.110.523.3-0.313518.020.5
Net income-9.1-65.91.49.5-53.0-206-74.8-116-70.9-54.6-11.9-168-77.9-88.6
Net margin-3.2%-16.3%0.1%0.8%-4.0%-11.6%-4.1%-6.2%-3.2%-2.2%-0.4%-5.4%-2.4%-2.6%
Diluted EPS-$0.28-$2.04$0.04$0.20n/a-$4.96-$2.29-$3.19-$1.12-$0.59-$0.09-$1.33-$0.61-$0.70
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed. ‡ Filed in two parts, up to 31 August 2017 and after it, on the old and the new accounting basis; shown added together, with per-share figures left blank.

Cash flow and capital returned

FY2013FY2014FY2015FY2016FY2017 ‡FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow49.121.984.512512114513024787.1159294300274258
Capital expenditure4.27.733.439.129.639.873.642.957.680.688.890.478.770.4
Free cash flow44.914.251.086.191.310555.920429.578.2205210196188
Free cash flow margin15.8%3.5%5.3%7.5%6.8%5.9%3.1%11.0%1.3%3.1%7.5%6.7%5.9%5.6%
Cash from investing-3.6-271-135-185-783-129-85.2-88.4-332-308-226-488-247-206
Cash from financing-37.731133.471.3768-6.3-13666.731642.1-155262-57.3-85.9
Depreciation and amortisation11.715.134.539.651.967.476.594.898.8115118153176177
Share-based compensation0.50.97.52.05.69.310.213.217.418.417.733.314.810.0
Buybacks0.03.10.00.02.02.00.00.0n/an/an/an/an/an/a
Diluted shares, weighted32m32m37m48mn/a48m48m49m72m92m126m126m127m129m
Shares outstanding at period endn/a1,00048m48m49m49m49m50m89m126m127m127m129m131m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2013FY2014FY2015FY2016FY2017 ‡FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity-14.4-264-4.09.76554052971161,0891,9981,9871,7901,7131,671
Non-controlling interestn/a2943023156826946877668819431,0471,4071,4181,431
Redeemable equity0.01931831813313593954340.0342327439396367
Debtn/a1,3391,2861,4752,1862,3282,5962,8772,9582,6342,8043,4053,7353,751
Operating lease liabilitiesn/an/an/an/an/a0.0283301316271249292280266
Finance lease liabilitiesn/an/an/an/an/a150238262346565668766896880
Other liabilitiesn/a297339325769740524657528n/an/an/an/an/a
Total liabilities and equityn/a1,8592,1072,3054,6234,6765,0195,4136,1186,6826,8777,8908,1208,050
Owned
Fixed assetsn/an/an/an/an/a426n/an/an/an/an/an/an/an/a
Goodwill3401,2991,4081,5553,3473,3833,4023,4683,9124,1374,3265,0685,1955,204
Intangible assets27.054.953.648.058.954.347.346.943.742.354.845.741.0n/a
Cash and equivalents13.074.957.969.717518492.7318390283196270240217
Receivablesn/a145178221288308327382430456496579602617
Inventoryn/a23.725.628.845.043.446.356.461.171.475.288.496.698.8
Other assetsn/a2623843837092781,1031,1421,2811,6921,7281,8391,9451,914
Total assetsn/a1,8592,1072,3054,6234,6765,0195,4136,1186,6826,8777,8908,1208,050
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded13.2%12.2%9.2%4.0%
Profit growth, compoundedn/an/an/an/a
Return on equity, average-11.1%-4.8%-4.8%-4.5%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Surgery Partners' revenue in fiscal 2025?

Surgery Partners (SGRY) reported revenue of $3.3 billion for fiscal 2025, the year ended 31 December 2025, up 6.2% on the year before.

How much did Surgery Partners earn in fiscal 2025?

Net loss was $78 million for fiscal 2025, and the diluted loss per share $0.61.

What is Surgery Partners' market cap?

The market cap of Surgery Partners was $3.1 billion at the close of 27 October 2026.

How much debt does Surgery Partners have?

At 30 June 2026 Surgery Partners carried $3.8 billion of debt and $217 million of cash.

Peers: Healthcare

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$98.1 billion15.06n/a12.7%7.3%n/a0.7%
Tenet Healthcare Corp. THC$21.1 billion10.1148.1%20.8%5.4%2.84n/a
Universal Health Services Inc. UHS$10.6 billion7.2220.3%11.4%10.0%0.650.5%
CareDx, Inc. CDNA$3.6 billion34.0926.1%23.6%34.4%0.00n/a
National Healthcare Corp. NHC$3.3 billion23.8612.5%9.3%6.9%0.001.2%
Surgery Partners, Inc. SGRY$3.1 billionn/a-5.3%11.4%4.0%2.25n/a
Aveanna Healthcare Holdings, Inc. AVAH$2.8 billion10.3395.6%10.5%19.5%4.52n/a
Privia Health Group, Inc. PRVA$2.8 billion103.983.6%1.9%24.1%0.00n/a
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Pediatrix Medical Group, Inc. MD$2.3 billion13.8019.8%11.0%0.5%0.66n/a
Fortrea Holdings Inc. FTRE$2.3 billionn/a-16.3%-0.4%-2.1%2.01n/a
Ardent Health, Inc. ARDT$1.7 billion21.535.8%3.2%3.3%0.82n/a
All 41 in Healthcare
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$98.1 billion15.06n/a12.7%7.3%n/a0.7%
Natera, Inc. NTRA$59.0 billionn/a-10.6%-10.7%37.8%0.04n/a
Labcorp Holdings Inc. LH$26.8 billion27.4011.6%10.4%6.4%0.680.9%
Quest Diagnostics Inc. DGX$26.7 billion24.1614.8%14.6%9.1%0.731.4%
Guardant Health, Inc. GH$23.8 billionn/an/a-39.7%42.7%n/an/a
Tenet Healthcare Corp. THC$21.1 billion10.1148.1%20.8%5.4%2.84n/a
Encompass Health Corp. EHC$12.0 billion19.7923.9%18.0%9.5%1.010.6%
Davita Inc. DVA$11.6 billion14.87n/a15.2%6.4%n/an/a
BrightSpring Health Services, Inc. BTSG$11.5 billionn/an/an/an/a1.07n/a
Universal Health Services Inc. UHS$10.6 billion7.2220.3%11.4%10.0%0.650.5%
Ensign Group, Inc. ENSG$9.9 billion25.2115.6%9.0%17.5%0.080.2%
Caris Life Sciences, Inc. CAI$9.5 billion93.5617.8%15.5%n/a0.66n/a
Pacs Group, Inc. PACS$7.6 billion28.6324.2%7.4%16.6%0.220.5%
Grail, Inc. GRAL$6.7 billionn/a-15.4%-338.4%23.1%0.00n/a
Chemed Corp. CHE$6.7 billion25.5833.1%13.5%3.3%0.170.5%
Hims & Hers Health, Inc. HIMS$6.5 billionn/a-43.8%-6.0%28.0%4.21n/a
RadNet, Inc. RDNT$5.8 billionn/a-1.9%3.1%18.9%1.22n/a
Sotera Health Co. SHC$5.3 billion32.4624.6%n/a8.1%3.21n/a
Concentra Group Holdings Parent, Inc. CON$5.1 billion25.8241.7%16.4%14.0%3.300.6%
LifeStance Health Group, Inc. LFST$5.0 billion100.923.4%4.9%20.4%0.19n/a
Option Care Health, Inc. OPCH$4.7 billion23.5316.6%5.9%5.9%0.92n/a
Veracyte, Inc. VCYT$4.1 billion35.768.2%18.8%17.3%0.00n/a
CareDx, Inc. CDNA$3.6 billion34.0926.1%23.6%34.4%0.00n/a
National Healthcare Corp. NHC$3.3 billion23.8612.5%9.3%6.9%0.001.2%
Surgery Partners, Inc. SGRY$3.1 billionn/a-5.3%11.4%4.0%2.25n/a
Aveanna Healthcare Holdings, Inc. AVAH$2.8 billion10.3395.6%10.5%19.5%4.52n/a
Privia Health Group, Inc. PRVA$2.8 billion103.983.6%1.9%24.1%0.00n/a
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Pediatrix Medical Group, Inc. MD$2.3 billion13.8019.8%11.0%0.5%0.66n/a
Fortrea Holdings Inc. FTRE$2.3 billionn/a-16.3%-0.4%-2.1%2.01n/a
Brookdale Senior Living Inc. BKD$2.3 billionn/an/a3.5%-4.4%n/a0.0%
Addus HomeCare Corp. ADUS$2.3 billion21.279.2%10.0%15.9%0.05n/a
Progyny, Inc. PGNY$2.1 billion30.1417.3%8.6%5.5%0.00n/a
GeneDx Holdings Corp. WGS$1.9 billionn/a-43.5%-20.3%25.4%0.41n/a
Personalis, Inc. PSNL$1.7 billionn/a-45.6%-164.1%-13.3%n/an/a
Ardent Health, Inc. ARDT$1.7 billion21.535.8%3.2%3.3%0.82n/a
Healthcare Services Group Inc. HCSG$1.6 billion16.3519.7%n/a4.0%0.003.5%
Sonida Senior Living, Inc. SNDA$1.6 billionn/a-14.2%-13.6%49.4%1.82n/a
agilon health, Inc. AGL$1.5 billion27.83-102.1%-5.2%0.3%0.13n/a
U S Physical Therapy Inc. USPH$1.3 billion98.927.2%9.4%11.3%0.492.1%
AdaptHealth Corp. AHCO$797 millionn/a-16.6%-4.5%-0.4%1.37n/a
4 companies share its SEC industry code (Services-General Medical & Surgical Hospitals, Nec); the rest are the names nearest in size in its wider industry, Healthcare, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202610 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 20252 March 2026EDGAR
10-Q30 September 202510 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-Q31 March 202512 May 2025EDGAR
10-K31 December 20247 March 2025EDGAR
10-Q30 September 202412 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR