Surgery Partners, Inc. (SGRY) SEC Filings & Earnings Calls
EquiReason read 15 Surgery Partners, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-17 — Surgery Partners completed disposition of Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health for ~$796.6 million. Proceeds to be used primarily for d.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
17 Sep 20268-K · 2.01Surgery Partners completed disposition of Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health for ~$796.6 million. Proceeds to be used primarily for debt repayment.being acquiredopen
Figures in the filing · each found in the filing text
| Consideration | $797M |
10 Aug 20268-K · 2.02Surgery Partners Q2 2026 revenue $848.9M (+2.7% YoY), same-facility revenue +5.0%, Adj. EBITDA $125.2M, net loss $15.0M; reaffirms FY2026 revenue $3.35-3.45B and Adj. EBITDA ≥$530M.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $849M | +3% y/y |
| Same-facility revenue growth · Q2-2026 | 5.0% | |
| Same-facility case growth · Q2-2026 | 0.3% | |
| Revenue per case growth · Q2-2026 | 4.8% | |
| Net loss · Q2-2026 | $-15M | |
| Adjusted EBITDA · Q2-2026 | $125M | -3% y/y |
| Cash and cash equivalents · 2026-06-30 | $217M | |
| Revolving credit facility capacity · 2026-06-30 | $618M | |
| Operating cash flow · Q2-2026 | $59M | -27% y/y |
| Net debt to EBITDA · 2026-06-30 | $4.40 |
Guidance
FY2026 revenue $3.35-3.45B; Adjusted EBITDA at least $530M
Full-year guidance reaffirmed; management expresses confidence in strategic initiatives and portfolio optimization.
Risks flagged
Adjusted EBITDA declined YoY despite revenue growth, indicating margin pressure.
“Adjusted EBITDA $125.2M vs $129.0M YoY”
Operating cash flow declined significantly YoY, potentially impacting liquidity flexibility.
“Operating cash flow $59.3M vs $81.3M YoY”
Pending divestiture subject to closing conditions, creating execution risk.
“Idaho Falls transaction remains subject to closing conditions including physician members and governing board approvals”
10 Aug 202610-QSurgery Partners reported Q2 2026 revenue growth of 2.7% YoY but Adjusted EBITDA declined 2.9% and net loss widened, with margin pressure from cost increases and payor mix shift.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q2-2026 | $849M | +3% y/y |
| Same-facility revenue growth (days adjusted) · Q2-2026 | 5.0% | |
| Same-facility revenue per case growth · Q2-2026 | 4.8% | |
| Same-facility case volume growth · Q2-2026 | 0.3% | |
| Adjusted EBITDA · Q2-2026 | $125M | -3% y/y |
| Net loss attributable to Surgery Partners, Inc. · Q2-2026 | $-15M | |
| Cash and cash equivalents · 2026-06-30 | $217M | |
| Operating cash flow · H1-2026 | $71M | -19% y/y |
Risks flagged
Payor mix deterioration
“Government payors increased from 42.9% to 46.1% of patient service revenues year-over-year.”
Margin compression from cost inflation
“Cost of revenues as a percentage of revenues increased from 76.3% to 77.6% year-over-year.”
Interest expense pressure
“Interest expense, net increased to $69.8 million from $67.9 million year-over-year.”
24 Jul 20268-K · 1.01, 7.01Surgery Partners subsidiary enters agreement to sell ownership interests in Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health for ~$795M consideration; transaction subject to approvals, no assurance of closinbeing acquiredopen
Guidance
Company reaffirms guidance, excluding the impact of the transaction, indicating confidence in ongoing operations.
Risks flagged
Transaction subject to regulatory approvals and third-party consents, with no assurance of completion.
“Completion of the transaction is subject to customary closing conditions, including the execution of binding Securities Purchase Agreements... there is no assurance regarding the completion of the transaction.” · word for word
5 May 20268-K · 2.02Revenue $811M (+4% y/y); Same-facility revenue growth 4.4; Same-facility case growth 0.6; Guidance: Revenue $3.35B-$3.45B; Adjusted EBITDA at least $530Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $811M | +5% y/y |
| Same-facility revenue growth · Q1-2026 | 4.4% | |
| Same-facility case growth · Q1-2026 | 0.6% | |
| Net loss · Q1-2026 | $-36M | |
| Adjusted EBITDA · Q1-2026 | $102M | -2% y/y |
| Cash and cash equivalents · Q1-2026 | $182M | |
| Borrowing capacity · Q1-2026 | $666M | |
| Cash flows from operating activities · Q1-2026 | $12M | +95% y/y |
| Total net debt to EBITDA ratio · Q1-2026 | $4.30 | |
| Adjusted EBITDA guidance (full year) · FY2026 | $530M |
Guidance
Revenue $3.35B-$3.45B; Adjusted EBITDA at least $530M
Guidance reaffirmed but Q1 performance was in line, not above; management tone cautious about near-term dynamics.
Risks flagged
Revenue growth deceleration and margin pressure
“Revenue growth of 4.5% and same-facility revenue growth of 4.4% are below historical trends; adjusted EBITDA declined year-over-year.”
High leverage
“Total net debt to EBITDA ratio of 4.3x indicates elevated leverage.”
5 May 202610-QTotal revenues $811M (+4% y/y); Patient service revenues $792M (+4% y/y); Adjusted EBITDA $102M (-2% y/y)open
Figures in the filing · each found in the filing text
| Total revenues · Q1-2026 | $811M | +5% y/y |
| Patient service revenues · Patient service · Q1-2026 | $792M | +4% y/y |
| Adjusted EBITDA · Q1-2026 | $102M | -2% y/y |
| Net loss attributable to Surgery Partners, Inc. · Q1-2026 | $-36M | +5% y/y |
| Same-facility revenue per case growth · Same-facility · Q1-2026 | 3.8% | |
| Same-facility case volume growth · Same-facility · Q1-2026 | 0.6% |
Risks flagged
Margin pressure from cost inflation and payor mix shift
“As a percentage of revenues, cost of revenues was 80.2% and 79.1% for the three months ended March 31, 2026 and 2025, respectively.” · word for word
Interest expense increase from debt refinancing
“Interest expense, net was $69.1 million for the three months ended March 31, 2026 compared to $62.2 million for the three months ended March 31, 2025.” · word for word
Government payor mix increase
“Government payors 45.1 % 43.3 %” · word for word
23 Apr 2026DEF 14AAnnual proxy statement disclosing executive compensation, governance, and 2025 financial performance.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $3.31B | +6% y/y |
| Net loss attributable to common stockholders · FY2025 | $-78M | |
| Adjusted EBITDA · FY2025 | $526M | +4% y/y |
| Days adjusted same-facility revenue growth · FY2025 | 4.9% | |
| Net loss per share · FY2025 | $-0.61 |
Risks flagged
Performance below expectations
“We ended 2025 and entered 2026 with unanticipated headwinds that culminated in 2025 results that did not meet our expectations.” · word for word
Significant stockholder with 38.2% ownership
“Bain Capital Investors, LLC 49,946,972 38.2%”
Negative net income
“Net loss attributable to common stockholders of $77.9 million” · word for word
2 Mar 20268-K · 2.02, 7.01Revenue $885M (+2% y/y); Net loss attributable to Surgery Partners, Inc. $-15M; Adjusted EBITDA $157M (-4% y/y); Guidance: Adjusted EBITDA at least $530M, revenue $3.35-3.45Bearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2025 | $885M | +2% y/y |
| Net loss attributable to Surgery Partners, Inc. · Q4-2025 | $-15M | |
| Adjusted EBITDA · Q4-2025 | $157M | -4% y/y |
| Same-facility revenue growth · Q4-2025 | 3.5% | |
| Same-facility case growth · Q4-2025 | 1.3% | |
| Adjusted EBITDA guidance 2026 · FY2026 | $530M |
Guidance
Adjusted EBITDA at least $530M, revenue $3.35-3.45B
2026 guidance reflects measured approach amid near-term headwinds, but management optimistic on long-term ASC growth.
Risks flagged
Margin pressure from unanticipated headwinds impacting profitability
“fourth quarter results reflect a degree of margin pressure, which impacted our full-year performance” · word for word
High leverage at 4.9x net debt/EBITDA
“Leverage calculated using consolidated debt from our balance sheet divided by Adjusted EBITDA was 4.9x” · word for word
2 Mar 202610-KNet loss attributable to Surgery Partners, Inc. $-78M (+54% y/y); Total indebtedness $3.70B; Federal NOL carryforwards $532Mopen
Figures in the filing · each found in the filing text
| Net loss attributable to Surgery Partners, Inc. · FY2025 | $-78M | +54% y/y |
| Total indebtedness · 2025-12-31 | $3.70B | |
| Federal NOL carryforwards · 2025-12-31 | $532M | |
| State NOL carryforwards · 2025-12-31 | $657M | |
| Revenue concentration in Idaho · FY2025 | 28.0% | |
| Intercompany loans · 2025-12-31 | $44M |
Risks flagged
High leverage and debt service risk
“As of December 31, 2025, we and our subsidiaries had approximately $3.7 billion aggregate principal amount of indebtedness outstanding.” · word for word
History of net losses
“We had net losses attributable to Surgery Partners, Inc. of $77.9 million, $168.1 million and $11.9 million, in 2025, 2024 and 2023, respectively.” · word for word
Geographic concentration in Idaho
“As of December 31, 2025, we owned and operated three consolidated surgical hospitals and four consolidated ASCs in Idaho, representing approximately 28% of our revenue during fiscal year 2025.” · word for word
Labor cost pressure
“In some markets, the lack of availability of clinical personnel, such as nurses, has become a significant operating issue facing all health care providers.” · word for word
16 Dec 20258-K · 1.01, 2.03Aggregate principal amount of notes $425Mopen
Figures in the filing · each found in the filing text
| Aggregate principal amount of notes · 2025-12-16 | $425M |
Risks flagged
Increased debt burden with $425M add-on notes at 7.25% interest rate.
“issued an additional $425.0 million aggregate principal amount of 7.250% Senior Notes due 2032” · word for word
12 Dec 20258-K · 8.01Aggregate principal amount of notes $425Mopen
Figures in the filing · each found in the filing text
| Aggregate principal amount of notes · 2025-12-11 | $425M |
Risks flagged
Debt issuance increases leverage; interest cost at 7.25%.
“7.250% senior unsecured notes due 2032” · word for word
11 Dec 20258-K · 7.01Aggregate principal amount of notes $425Mopen
Figures in the filing · each found in the filing text
| Aggregate principal amount of notes · 2025-12-11 | $425M |
Risks flagged
Planned debt issuance increases leverage; interest cost at 7.25%.
“7.250% senior unsecured notes due 2032” · word for word
12 Nov 20258-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Leadership change may cause short-term uncertainty but brings external expertise.
10 Nov 202510-QSurgery Partners reported Q3 2025 revenue growth of 6.6% YoY and improved margins, but net loss attributable to the company was $22.7 million.earningsopen
Figures in the filing · each found in the filing text
| Total revenues · Q3-2025 | $822M | +7% y/y |
| Net loss attributable to Surgery Partners, Inc. · Q3-2025 | $-23M | |
| Adjusted EBITDA · Q3-2025 | $136M | +6% y/y |
| Same-facility revenue growth (days adjusted) · Q3-2025 | 6.3% | |
| Same-facility case volume growth · Q3-2025 | 3.4% | |
| Revenue per case growth · Q3-2025 | 2.8% | |
| Cash and cash equivalents · 2025-09-30 | $203M | |
| Operating cash flow · 9M-2025 | $171M | -9% y/y |
Risks flagged
Interest expense increase
“Interest expense, net was $74.9 million for the three months ended September 30, 2025 compared to $50.0 million for the three months ended September 30, 2024.” · word for word
Payor mix shift to government
“Government payors increased to 43.5% from 42.3% of patient service revenues.”
10 Nov 20258-K · 2.02Revenue $822M (+7% y/y); Adjusted EBITDA $136M (+6% y/y); Same-facility revenue growth 6.3; Guidance: FY2025 revenue $3.275B-$3.30B, Adjusted EBITDA $535M-$540Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $822M | +7% y/y |
| Adjusted EBITDA · Q3-2025 | $136M | +6% y/y |
| Same-facility revenue growth · Q3-2025 | 6.3% | |
| Same-facility case growth · Q3-2025 | 3.4% | |
| Revenue per case growth · Q3-2025 | 2.8% | |
| Net loss · Q3-2025 | $-23M | |
| Cash and cash equivalents · Q3-2025 | $203M | |
| Operating cash flow · Q3-2025 | $84M | |
| Total net debt to EBITDA ratio · Q3-2025 | $4.20 | |
| FY2025 revenue guidance · FY2025 | $3.29B |
Guidance
FY2025 revenue $3.275B-$3.30B, Adjusted EBITDA $535M-$540M
Guidance revised down due to softer volume/payor mix and delayed capital deployment; management remains confident in long-term growth.
Risks flagged
Softer volume and payor mix trends, delayed capital deployment leading to guidance revision.
“volume and payor mix trends were softer than anticipated, coupled with this year's delayed cadence of capital deployment activities” · word for word
Surgery Partners, Inc. — questions
- What did Surgery Partners, Inc. file recently?
- 15 SEC filings in the last 12 months. Latest: 8-K on 2026-09-17 — Surgery Partners completed disposition of Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health for ~$796.6 million. Proceeds to be used primarily for debt repayment.
Every figure on this page comes from Surgery Partners, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.