Surgery Partners Inc Financials
Surgery Partners Inc (SGRY) reported $3.4B in revenue over the twelve months to Jun 30, 2026, up 4.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Growth is translating into operating earnings, but rising leverage and goodwill keep cash conversion from fully strengthening the balance sheet.
Revenue expanded from$2.2B in FY2021 to$3.3B in FY2025, yet operating margin moved from13.6% to11.8% , indicating that added volume has not produced consistent operating leverage. In FY2025, operating cash flow of$274M exceeded free cash flow of$196M , showing that reinvestment absorbed a meaningful portion of internally generated cash rather than leaving all operating cash available for balance-sheet improvement.
Goodwill concentration is substantial:
The FY2025 net loss narrowed to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Surgery Partners Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Surgery Partners Inc has an operating margin of 11.8%, meaning the company retains $12 of operating profit per $100 of revenue. This strong profitability earns a score of 79/100, reflecting efficient cost management and pricing power. This is up from 11.2% the prior year.
Surgery Partners Inc's revenue grew 6.2% year-over-year to $3.3B, a solid pace of expansion. This earns a growth score of 65/100.
Surgery Partners Inc has elevated debt relative to equity (D/E of 2.10), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.
Surgery Partners Inc's current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.
Surgery Partners Inc has a free cash flow margin of 5.9%, earning a moderate score of 54/100. The company generates positive cash flow after capital investments, but with room for improvement.
Surgery Partners Inc posts a -4.5% return on equity (ROE), meaning it loses $5 for every $100 of shareholders' equity. This results in a returns score of 65/100. This is up from -9.4% the prior year.
Surgery Partners Inc scores 0.67, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Surgery Partners Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Surgery Partners Inc reported a net loss of $77.9M while generating $274.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Surgery Partners Inc generated $3.3B in revenue in fiscal year 2025. This represents an increase of 6.2% from the prior year.
Surgery Partners Inc's EBITDA was $565.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.8% from the prior year.
Surgery Partners Inc reported -$77.9M in net income in fiscal year 2025. This represents an increase of 53.7% from the prior year.
Surgery Partners Inc earned -$0.61 per diluted share (EPS) in fiscal year 2025. This represents an increase of 54.1% from the prior year.
Cash & Balance Sheet
Surgery Partners Inc generated $195.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 6.7% from the prior year.
Surgery Partners Inc held $239.9M in cash against $3.6B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Surgery Partners Inc's operating margin was 11.8% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.
Surgery Partners Inc's net profit margin was -2.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.0 percentage points from the prior year.
Surgery Partners Inc's ROE was -4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Surgery Partners Inc invested $78.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.9% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SGRY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $848.9M+4.7% | $810.9M-8.4% | $885.0M+7.7% | $821.5M-0.6% | $826.2M+6.5% | $776.0M-10.2% | $864.4M+12.2% | $770.4M |
| SG&A Expenses | $36.3M-7.6% | $39.3M+65.8% | $23.7M+5.8% | $22.4M-38.0% | $36.1M+0.3% | $36.0M0.0% | $36.0M+23.3% | $29.2M |
| Operating Income | $102.1M+55.2% | $65.8M-40.3% | $110.2M+4.3% | $105.7M-5.4% | $111.7M+80.5% | $61.9M-51.3% | $127.1M+108.7% | $60.9M |
| Income Tax | $2.6M+316.7% | -$1.2M-108.8% | $13.6M+147.3% | $5.5M+600.0% | -$1.1M | $0-100.0% | $120.8M+2584.4% | $4.5M |
| Net Income | -$15.0M+58.2% | -$35.9M-139.3% | -$15.0M+33.9% | -$22.7M-808.0% | -$2.5M+93.4% | -$37.7M+65.3% | -$108.5M-242.3% | -$31.7M |
| EPS (Diluted) | -$0.12+57.1% | -$0.28-154.5% | -$0.11+38.9% | -$0.18-800.0% | -$0.02+93.3% | -$0.30+65.1% | -$0.86-244.0% | -$0.25 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Interest Expense.
SGRY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.0B+0.1% | $8.0B-1.0% | $8.1B+2.2% | $7.9B-0.1% | $8.0B+0.1% | $7.9B+0.8% | $7.9B+4.7% | $7.5B |
| Current Assets | $1.1B+4.0% | $1.1B-5.9% | $1.2B+4.4% | $1.1B-0.3% | $1.1B+2.9% | $1.1B-4.0% | $1.1B+8.1% | $1.0B |
| Cash & Equivalents | $216.7M+18.9% | $182.3M-24.0% | $239.9M+17.9% | $203.4M-18.7% | $250.1M+9.1% | $229.3M-14.9% | $269.5M+21.5% | $221.8M |
| Inventory | $98.8M-1.7% | $100.5M+4.0% | $96.6M+4.7% | $92.3M+5.7% | $87.3M-0.9% | $88.1M-0.3% | $88.4M+7.8% | $82.0M |
| Accounts Receivable | $616.6M+2.2% | $603.4M+0.2% | $602.2M+4.0% | $579.3M+2.9% | $563.1M-1.3% | $570.6M-1.5% | $579.1M+6.7% | $542.9M |
| Goodwill | $5.2B0.0% | $5.2B+0.2% | $5.2B+2.0% | $5.1B-0.1% | $5.1B-0.5% | $5.1B+1.1% | $5.1B+5.2% | $4.8B |
| Total Liabilities | $6.4B+0.4% | $6.4B-0.8% | $6.4B+3.1% | $6.2B+0.2% | $6.2B0.0% | $6.2B+1.8% | $6.1B+8.2% | $5.6B |
| Current Liabilities | $578.5M-0.6% | $581.7M-5.5% | $615.5M+5.0% | $586.0M+2.2% | $573.3M+0.7% | $569.4M-8.8% | $624.4M+8.6% | $575.2M |
| Long-Term Debt | $3.6B+1.0% | $3.6B+0.3% | $3.6B+4.1% | $3.5B-0.1% | $3.5B+0.5% | $3.4B+5.4% | $3.3B+5.6% | $3.1B |
| Total Equity | $1.7B-1.0% | $1.7B-1.5% | $1.7B-1.0% | $1.7B-1.1% | $1.7B+0.5% | $1.7B-2.8% | $1.8B-5.6% | $1.9B |
| Retained Earnings | -$866.1M-1.8% | -$851.1M-4.4% | -$815.2M-1.9% | -$800.2M-2.9% | -$777.5M-0.3% | -$775.0M-5.1% | -$737.3M-17.3% | -$628.8M |
SGRY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $59.3M+406.8% | $11.7M-88.7% | $103.4M+23.7% | $83.6M+2.8% | $81.3M+1255.0% | $6.0M-94.6% | $111.4M+70.9% | $65.2M |
| Capital Expenditures | $21.8M+36.3% | $16.0M+25.0% | $12.8M-35.4% | $19.8M-15.4% | $23.4M+3.1% | $22.7M+1.8% | $22.3M+10.4% | $20.2M |
| Free Cash Flow | $37.5M+972.1% | -$4.3M-104.7% | $90.6M+42.0% | $63.8M+10.2% | $57.9M+446.7% | -$16.7M-118.7% | $89.1M+98.0% | $45.0M |
| Investing Cash Flow | -$19.8M-47.8% | -$13.4M+89.4% | -$126.1M-172.9% | -$46.2M-2300.0% | $2.1M+102.7% | -$76.4M+31.6% | -$111.7M-125.2% | -$49.6M |
| Financing Cash Flow | -$5.1M+90.9% | -$55.9M-194.4% | $59.2M+170.4% | -$84.1M-34.3% | -$62.6M-307.3% | $30.2M-37.1% | $48.0M+757.5% | -$7.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SGRY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 12.0%+3.9pp | 8.1%-4.3pp | 12.4%-0.4pp | 12.9%-0.6pp | 13.5%+5.5pp | 8.0%-6.7pp | 14.7%+6.8pp | 7.9% |
| Net Margin | -1.8%+2.7pp | -4.4%-2.7pp | -1.7%+1.1pp | -2.8%-2.5pp | -0.3%+4.6pp | -4.9%+7.7pp | -12.6%-8.4pp | -4.1% |
| Return on Equity | -0.9%+1.2pp | -2.1%-1.3pp | -0.9%+0.4pp | -1.3%-1.2pp | -0.1%+2.0pp | -2.2%+3.9pp | -6.1%-4.4pp | -1.7% |
| Return on Assets | -0.2%+0.3pp | -0.4%-0.3pp | -0.2%+0.1pp | -0.3%-0.3pp | 0.0%+0.4pp | -0.5%+0.9pp | -1.4%-1.0pp | -0.4% |
| Current Ratio | 1.95+0.1x | 1.860.0x | 1.870.0x | 1.880.0x | 1.930.0x | 1.89+0.1x | 1.790.0x | 1.80 |
| Debt-to-Equity | 2.180.0x | 2.140.0x | 2.10+0.1x | 2.000.0x | 1.980.0x | 1.98+0.2x | 1.83+0.2x | 1.63 |
| FCF Margin | 4.4%+5.0pp | -0.5%-10.8pp | 10.2%+2.5pp | 7.8%+0.8pp | 7.0%+9.2pp | -2.1%-12.5pp | 10.3%+4.5pp | 5.8% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Surgery Partners Inc Ranks
Frequently Asked Questions
What is Surgery Partners Inc's annual revenue?
Surgery Partners Inc (SGRY) reported $3.3B in total revenue for fiscal year 2025. This represents a 6.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Surgery Partners Inc's revenue growing?
Surgery Partners Inc (SGRY) revenue grew by 6.2% year-over-year, from $3.1B to $3.3B in fiscal year 2025.
Is Surgery Partners Inc profitable?
No, Surgery Partners Inc (SGRY) reported a net income of -$77.9M in fiscal year 2025, with a net profit margin of -2.4%.
What is Surgery Partners Inc's EBITDA?
Surgery Partners Inc (SGRY) had EBITDA of $565.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Surgery Partners Inc have?
As of fiscal year 2025, Surgery Partners Inc (SGRY) had $239.9M in cash and equivalents against $3.6B in long-term debt.
What is Surgery Partners Inc's operating margin?
Surgery Partners Inc (SGRY) had an operating margin of 11.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Surgery Partners Inc's net profit margin?
Surgery Partners Inc (SGRY) had a net profit margin of -2.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Surgery Partners Inc's return on equity (ROE)?
Surgery Partners Inc (SGRY) has a return on equity of -4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Surgery Partners Inc's free cash flow?
Surgery Partners Inc (SGRY) generated $195.6M in free cash flow during fiscal year 2025. This represents a -6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Surgery Partners Inc's operating cash flow?
Surgery Partners Inc (SGRY) generated $274.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Surgery Partners Inc's total assets?
Surgery Partners Inc (SGRY) had $8.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Surgery Partners Inc's capital expenditures?
Surgery Partners Inc (SGRY) invested $78.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Surgery Partners Inc's current ratio?
Surgery Partners Inc (SGRY) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.
What is Surgery Partners Inc's debt-to-equity ratio?
Surgery Partners Inc (SGRY) had a debt-to-equity ratio of 2.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Surgery Partners Inc's return on assets (ROA)?
Surgery Partners Inc (SGRY) had a return on assets of -1.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Surgery Partners Inc's Altman Z-Score?
Surgery Partners Inc (SGRY) has an Altman Z-Score of 0.67, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Surgery Partners Inc's Piotroski F-Score?
Surgery Partners Inc (SGRY) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Surgery Partners Inc's earnings high quality?
Surgery Partners Inc (SGRY) reported a net loss of $77.9M while generating $274.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Surgery Partners Inc?
Surgery Partners Inc (SGRY) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.