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Surgery Partners Inc Financials

SGRY
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Surgery Partners Inc (SGRY) financial statements, including the 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).

Rhea AI SGRY FY2025

Cash-generative operations are funding a debt-heavy, goodwill-heavy expansion, leaving reported losses less informative than underlying cash economics.

From FY2023 through FY2025, net losses moved around, yet operating cash flow stayed between $274.3M and $300.1M. With FY2025 free cash flow of $195.6M after only $78.7M of capex, the core business appears cash-generative before the below-operating-line drag that keeps GAAP earnings negative.

The balance sheet is liquid in the short term but leveraged in the long term: the current ratio was 1.9x in FY2025 while debt to equity was 2.2x. That matters because goodwill-heavy assets reached $5.19B against only $1.71B of equity, so much of the asset base comes from purchased value rather than hard liquidity.

Growth has added dollars more than margin: revenue rose from $2.74B to $3.31B from FY2023 to FY2025, but operating margin stayed around the low-teens. EBITDA reached $565.5M while free-cash-flow margin eased to 5.9%, suggesting scale is lifting absolute cash generation without yet improving cash yield on each sales dollar.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 55 / 100
Financial Health Score 55/100

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.

Profitability
80

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 80/100, reflecting efficient cost management and pricing power. This is up from 11.2% the prior year.

Growth
65

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.

Leverage
9

Surgery Partners Inc has elevated debt relative to equity (D/E of 2.18), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 9/100, reflecting increased financial risk.

Liquidity
54

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.

Cash Flow
54

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.

Returns
65

Surgery Partners Inc earns a strong -4.5% return on equity (ROE), meaning it generates $-5 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is up from -9.4% the prior year.

Altman Z-Score Distress
0.71

Surgery Partners Inc scores 0.71, 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.

Piotroski F-Score Partial
5/8

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.

Earnings Quality Mixed
-3.52x

For every $1 of reported earnings, Surgery Partners Inc generates $-3.52 in operating cash flow ($274.3M OCF vs -$77.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.3B
YoY+6.2%
5Y CAGR+12.2%
10Y CAGR+23.4%

Surgery Partners Inc generated $3.3B in revenue in fiscal year 2025. This represents an increase of 6.2% from the prior year.

EBITDA
$565.5M
YoY+12.8%
5Y CAGR+15.3%
10Y CAGR+24.0%

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.

Net Income
-$77.9M
YoY+53.7%

Surgery Partners Inc reported -$77.9M in net income in fiscal year 2025. This represents an increase of 53.7% from the prior year.

EPS (Diluted)
$-0.61
YoY+54.1%

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

Free Cash Flow
$195.6M
YoY-6.7%
5Y CAGR-0.8%
10Y CAGR+30.0%

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.

Cash & Debt
$239.9M
YoY-11.0%
5Y CAGR-5.5%
10Y CAGR+12.3%

Surgery Partners Inc held $239.9M in cash against $3.7B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
129M
YoY+1.7%
5Y CAGR+20.7%

Surgery Partners Inc had 129M shares outstanding in fiscal year 2025. This represents an increase of 1.7% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
11.8%
YoY+0.6pp
5Y CAGR+1.9pp
10Y CAGR-0.8pp

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.

Net Margin
-2.4%
YoY+3.0pp
5Y CAGR+3.9pp
10Y CAGR+14.0pp

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.

Return on Equity
-4.5%
YoY+4.8pp
5Y CAGR+95.9pp

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.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$78.7M
YoY-12.9%
5Y CAGR+12.9%
10Y CAGR+26.1%

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.

SGRY Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $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+1.1% $762.1M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $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-27.5% $40.3M
Operating Income $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-28.2% $84.8M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax -$1.2M-108.8% $13.6M+147.3% $5.5M+600.0% -$1.1M $0-100.0% $120.8M+2584.4% $4.5M-8.2% $4.9M
Net Income -$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-104.5% -$15.5M
EPS (Diluted) $-0.28 N/A $-0.18-800.0% $-0.02+93.3% $-0.30 N/A $-0.25-108.3% $-0.12

SGRY Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $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+0.6% $7.5B
Current Assets $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+2.3% $1.0B
Cash & Equivalents $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+3.9% $213.5M
Inventory $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+1.4% $80.9M
Accounts Receivable $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+3.7% $523.4M
Goodwill $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+0.2% $4.8B
Total Liabilities $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+1.8% $5.5B
Current Liabilities $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+4.2% $551.8M
Long-Term Debt $3.6B-3.3% $3.7B+7.9% $3.5B-0.1% $3.5B+0.5% $3.4B+1.2% $3.4B+10.0% $3.1B+1.8% $3.0B
Total Equity $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-2.9% $2.0B
Retained Earnings -$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-5.3% -$597.1M

SGRY Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $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-21.3% $82.8M
Capital Expenditures $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-24.9% $26.9M
Free Cash Flow -$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-19.5% $55.9M
Investing Cash Flow -$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+79.7% -$244.1M
Financing Cash Flow -$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-103.9% $189.6M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

SGRY Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 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%-3.2pp 11.1%
Net Margin -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%-2.1pp -2.0%
Return on Equity -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%-0.9pp -0.8%
Return on Assets -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%-0.2pp -0.2%
Current Ratio 1.860.0 1.87-0.0 1.88-0.0 1.93+0.0 1.89+0.1 1.790.0 1.80-0.0 1.83
Debt-to-Equity 2.14-0.0 2.18+0.2 2.00+0.0 1.980.0 1.98+0.1 1.90+0.3 1.63+0.1 1.56
FCF Margin -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%-1.5pp 7.3%

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Frequently Asked Questions

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.

Surgery Partners Inc (SGRY) revenue grew by 6.2% year-over-year, from $3.1B to $3.3B in fiscal year 2025.

No, Surgery Partners Inc (SGRY) reported a net income of -$77.9M in fiscal year 2025, with a net profit margin of -2.4%.

Surgery Partners Inc (SGRY) reported diluted earnings per share of $-0.61 for fiscal year 2025. This represents a 54.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Surgery Partners Inc (SGRY) had EBITDA of $565.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Surgery Partners Inc (SGRY) had $239.9M in cash and equivalents against $3.7B in long-term debt.

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.

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.

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.

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.

Surgery Partners Inc (SGRY) generated $274.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Surgery Partners Inc (SGRY) had $8.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Surgery Partners Inc (SGRY) invested $78.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Surgery Partners Inc (SGRY) had 129M shares outstanding as of fiscal year 2025.

Surgery Partners Inc (SGRY) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.

Surgery Partners Inc (SGRY) had a debt-to-equity ratio of 2.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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.

Surgery Partners Inc (SGRY) has an Altman Z-Score of 0.71, 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.

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.

Surgery Partners Inc (SGRY) has an earnings quality ratio of -3.52x, considered mixed quality. 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.

Surgery Partners Inc (SGRY) scores 55 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.

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