Welcome to our dedicated page for Surgery Partners SEC filings (Ticker: SGRY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Surgery Partners, Inc. filings document the public-company record for a healthcare services operator focused on short-stay surgical facilities. Form 8-K reports furnish quarterly and annual results, non-GAAP reconciliations, guidance updates and Regulation FD materials related to the company’s surgical facility operations.
The filing record also covers governance and capital structure. Proxy materials describe director elections, executive compensation and stockholder voting matters, while current reports disclose debt financing through Surgery Center Holdings, Inc., supplemental indentures for senior notes, leadership appointments, employment agreements and the company’s Nasdaq-listed common stock.
Surgery Partners, Inc. reports that its surgical facilities generated approximately $3.2 billion in revenue during 2025, driven by a national network of more than 200 locations in 30 states, including 157 ambulatory surgery centers and 19 surgical hospitals.
The company focuses on high-volume, non-emergency outpatient procedures across specialties such as orthopedics, pain management, ophthalmology and gastroenterology, and pursues growth through physician partnerships, acquisitions, and new facility development. As of December 31, 2025, it owned or operated 176 surgical facilities and employed about 16,000 people.
Revenue is highly dependent on third-party payors: in 2025, consolidated surgical facilities derived 52.3% of patient service revenue from private insurance and 42.8% from government programs, with management highlighting significant exposure to Medicare, Medicaid, and evolving health policy. The filing also details regulatory and reimbursement risks, including the One Big Beautiful Bill Act’s Medicaid changes and the expiration of Affordable Care Act subsidies, which may increase the uninsured population and pressure margins.
Surgery Partners, Inc. reported higher 2025 revenue but remained unprofitable while setting cautious 2026 goals and launching a new share repurchase program.
Full-year 2025 revenue rose 6.2% to $3.31 billion, with same-facility revenue up 4.9% driven by 3.4% same-facility case growth and a 1.4% increase in revenue per case. Adjusted EBITDA increased 3.5% to $526.2 million, but net loss attributable to Surgery Partners was $77.9 million, though this improved from a larger loss in 2024.
Fourth-quarter 2025 revenue grew 2.4% to $885.0 million, while Adjusted EBITDA slipped 4.2% to $156.9 million, reflecting margin pressure. The company ended 2025 with $239.9 million of cash and total net debt to EBITDA of about 4.3x under its credit agreement.
For 2026, management targets Adjusted EBITDA of at least $530 million and revenue between $3.35 billion and $3.45 billion, implying modest organic growth after factoring provider tax and tariff headwinds. The board also authorized a new share repurchase program of up to $200 million of common stock, signaling confidence while the company focuses on higher-acuity procedures, portfolio optimization and reducing leverage.
Pentwater Capital Management LP and Matthew Halbower reported beneficial ownership of 10,000,000 shares of Surgery Partners, Inc. common stock, representing 7.7% of the class. This percentage is based on 129,341,779 shares outstanding as of November 3, 2025, as disclosed in the company’s Form 10-Q.
The shares are held through certain Pentwater funds, which have the right to receive dividends and sale proceeds. The reporting persons state that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Surgery Partners.
FMR LLC has filed an amended Schedule 13G reporting beneficial ownership of 6,537,015.77 shares of Surgery Partners, Inc. common stock, representing 5.1% of the class as of 12/31/2025.
FMR LLC has sole voting power over 6,536,092 shares and sole dispositive power over 6,537,015.77 shares, with no shared voting or dispositive power. Abigail P. Johnson is also reported as beneficially owning 6,537,015.77 shares with sole dispositive power and no voting power. The securities are certified as acquired and held in the ordinary course of business, not for the purpose of changing or influencing control of Surgery Partners.
Surgery Partners, Inc. reported an equity award for executive Justin Robert Oppenheimer, who serves as COO & National Group President. On January 13, 2026, he received 77,736 shares of common stock as a restricted stock award at a reference price of $16.08 per share. These restricted stock awards vest in a single installment on the first anniversary of the grant date, meaning all shares are scheduled to vest together after one year.
Following this grant, Oppenheimer is shown as beneficially owning 77,736 shares of Surgery Partners common stock with direct ownership. The filing reflects a compensation-related equity grant rather than an open-market purchase or sale.
Surgery Partners, Inc. executive Justin Robert Oppenheimer, who serves as COO & National Group President, filed an initial ownership report on Form 3. The filing states that he beneficially owns 0 shares of Common Stock on a direct basis as of 01/01/2026. The derivative securities table shows no stock options, warrants, or other derivative securities reported as beneficially owned. The form is signed by an attorney-in-fact under a power of attorney, indicating this is a baseline disclosure of his current equity holdings with the company.
Surgery Partners, Inc., through its wholly-owned subsidiary Surgery Center Holdings, Inc., issued an additional $425.0 million aggregate principal amount of 7.250% Senior Notes due 2032. The new notes were issued under a Third Supplemental Indenture dated December 16, 2025, with Wilmington Trust, National Association as trustee.
The additional notes have the same terms as the existing $800.0 million 7.250% Senior Notes due 2032 and will be treated as a single series with those notes under the same CUSIP number. Any notes issued pursuant to Regulation S will trade separately under a different CUSIP number until 40 days after the issue date before becoming fungible for U.S. federal income tax purposes with the existing and other new notes.
Surgery Partners, Inc., through its subsidiary Surgery Center Holdings, Inc., agreed to issue and sell $425.0 million in aggregate principal amount of 7.250% senior unsecured notes due 2032. These notes are being sold under a purchase agreement with Barclays Capital Inc., acting as representative of the initial purchasers. The company plans to use the net proceeds for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility. The completion of this notes offering is described as being subject to market and other conditions, meaning it is not yet finalized. Surgery Partners also announced the pricing of the notes in a press release dated December 11, 2025.
Surgery Partners, Inc., through its subsidiary Surgery Center Holdings, Inc., agreed to issue and sell $425.0 million in aggregate principal amount of 7.250% senior unsecured notes due 2032. These notes are being sold under a purchase agreement with Barclays Capital Inc., acting as representative of the initial purchasers. The company plans to use the net proceeds for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility. The completion of this notes offering is described as being subject to market and other conditions, meaning it is not yet finalized. Surgery Partners also announced the pricing of the notes in a press release dated December 11, 2025.
Surgery Partners, Inc. reported that its wholly owned subsidiary, Surgery Center Holdings, Inc., intends to offer $425.0 million of additional 7.250% Senior Notes due 2032. The notes are expected to be offered in a private transaction conducted under Rule 144A and Regulation S.
The company stated that net proceeds are expected to be used for general corporate purposes, which may include repaying outstanding borrowings under its revolving credit facility. Surgery Partners also cautioned that the offering may not be completed on the terms or in the amounts anticipated, or at all, and referenced existing risk factors in its annual and quarterly reports.
Surgery Partners, Inc. reported that its wholly owned subsidiary, Surgery Center Holdings, Inc., intends to offer $425.0 million of additional 7.250% Senior Notes due 2032. The notes are expected to be offered in a private transaction conducted under Rule 144A and Regulation S.
The company stated that net proceeds are expected to be used for general corporate purposes, which may include repaying outstanding borrowings under its revolving credit facility. Surgery Partners also cautioned that the offering may not be completed on the terms or in the amounts anticipated, or at all, and referenced existing risk factors in its annual and quarterly reports.