Inferra AI / Company / SGRY

Surgery Partners, Inc.

SGRY · Health Care

Last earnings Sep 17, 2026

Key results

Revenuequarter

8.4%

Second Quarter 2025 Financial Highlights (All comparisons are year-over-year unless otherwise noted) Revenue increased 8.4% for the second quarter Same-facility revenues increased 5.1% for the second quarter Same-facility cases increased 3.4% for the second quarter Net loss attributable to Surgery Partners, Inc.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Same-facility revenuequarter

5.1%

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Second Quarter 2025 Results Revenues for the second quarter of 2025 increased 8.4% to $826.2 million as compared to $762.1 million for the second quarter of 2024.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Same-facility revenues for the second quarter of 2025 increased 5.1% as compared to the same period in prior year, with a 1.6% increase in revenue per case and a 3.4% increase in same-facility cases.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Revenueytd

8.3%

Year-to-Date 2025 Results Revenues year-to-date 2025 increased 8.3% to $1,602.2 million as compared to $1,479.5 million for the 2024 period.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

RevenueQ2 2025

$1,602.2 million

Year-to-Date 2025 Results Revenues year-to-date 2025 increased 8.3% to $1,602.2 million as compared to $1,479.5 million for the 2024 period.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Same-facility revenueytd

5.1%

Same-facility revenues for year-to-date 2025 increased 5.1% as compared to the prior year, with a 0.4% increase in revenue per case and a 4.7% increase in same-facility cases.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

For the six months ended June 30, 2025, this amount includes M A costs of $30.9 million and other costs, including severance, IT implementation, revenue cycle standardization of $11.9 million For the six months ended June 30, 2024, this amount includes M A costs of $32.1 million and other costs, including severance, IT implementation, revenue cycle standardization of $4.6 million.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

AI analysis

Q2 2025 · reported Aug 5, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q2 2025

$1,602.2M

EX-99 · Aug 5, 2025

The quarter in charts

Guidance ladder — revenue

Delivered vs the company's guided range

Q2 2025 delivered$1,602.2M

Guided range (company-stated)$0.0B · midpoint $0.0B

0$B

EX-99 · Aug 5, 2025 Guide as stated by the company; range and midpoint computed from the stated figure.

Headline figures

Metric	Q2 2025	Prior qtr	Year ago
Revenue	8.4%	—	—
Same-facility revenue	5.1%	—	—

EX-99 · Aug 5, 2025

Guidance · company-stated

Direction: Raised

Revenue$2.5 million

“was $2.5 million for the second quarter Adjusted EBITDA increased 9.0% to $129.0 million for the second quarter 2025 Guidance Full year 2025 revenue and Adjusted EBITDA guidance reaffirmed to be in the range of $3.30 billion to $3.45 billion and $555 million to $565 million, respectively Eric Evans, Chief Executive Officer, stated, We are proud to report strong growth in Adjusted EBITDA and revenue, demonstrating the strength of our operational strategy as we capitalize on the continued momentum in the ambulatory surgery industry.”

Company outlook — Reiterated

“ANNOUNCES SECOND QUARTER 2025 RESULTS REAFFIRMS FULL YEAR 2025 GUIDANCE BRENTWOOD, Tenn.”

Company outlook — Reiterated

“Dave Doherty, Chief Financial Officer, commented, The results we report today are very much aligned with our internal expectations and give us confidence in reaffirming our guidance for the full year.”

Midpoint vs latest-quarter revenue-99.8%computed from stated figures

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

1 Liquidity Surgery Partners had cash and cash equivalents of $250.1 million and $394.9 million of borrowing capacity under its revolving credit facility as of June 30, 2025.

The Company s ratio of total net debt to EBITDA, as calculated under the Company s credit agreement, was approximately 4.1x at the end of the second quarter of 2025.

What changed vs last quarter

Guide midpoint vs latest-quarter revenue -99.8% computed from stated figures

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

ANNOUNCES SECOND QUARTER 2025 RESULTS REAFFIRMS FULL YEAR 2025 GUIDANCE

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

Revenue: “was $2.5 million for the second quarter Adjusted EBITDA increased 9.0% to $129.0 million for the second quarter 2025 Guidance Full year 2025 revenue and Adjusted EBITDA guidance reaffirmed to be in the range of $3.30 billion to $3.45 billion and $555 million to $565 million, respectively Eric Evans, Chief Executive Officer, stated, We are proud to report strong growth in Adjusted EBITDA and revenue, demonstrating the strength of our operational strategy as we capitalize on the continued momentum in the ambulatory surgery industry.”

Company outlook — Reiterated (“REAFFIRMS”)
“ANNOUNCES SECOND QUARTER 2025 RESULTS REAFFIRMS FULL YEAR 2025 GUIDANCE BRENTWOOD, Tenn.”

Revenue — Raised (“increased”)
“was $2.5 million for the second quarter Adjusted EBITDA increased 9.0% to $129.0 million for the second quarter 2025 Guidance Full year 2025 revenue and Adjusted EBITDA guidance reaffirmed to be in the range of $3.30 billion to $3.45 billion and $555 million to $565 million, respectively Eric Evans, Chief Executive Officer, stated, We are proud to report strong growth in Adjusted EBITDA and revenue, demonstrating the strength of our operational strategy as we capitalize on the continued momentum in the ambulatory surgery industry.”

Company outlook — Reiterated (“reaffirming”)
“Dave Doherty, Chief Financial Officer, commented, The results we report today are very much aligned with our internal expectations and give us confidence in reaffirming our guidance for the full year.”

Classified from the release's primary full-year outlook statement.

Capital allocation

1 Liquidity Surgery Partners had cash and cash equivalents of $250.1 million and $394.9 million of borrowing capacity under its revolving credit facility as of June 30, 2025.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

The Company s ratio of total net debt to EBITDA, as calculated under the Company s credit agreement, was approximately 4.1x at the end of the second quarter of 2025.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Leverage calculated using consolidated debt from our balance sheet divided by Adjusted EBITDA, before reducing it for NCI, was 4.7x times.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Future estimates of fair value could be adversely affected if the actual outcome of one or more of the Company's assumptions changes materially in the future, including a material decline in the Company s stock price and the fair value of its long-term debt, lower than expected surgical case volumes, higher market interest rates or increased operating costs.

SEC original ↗Surgery Partners, Inc. — 10-Q Quarterly report10-QAug 10, 2026

Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value and any financing elements treated as debt instruments are recorded at amortized cost.

SEC original ↗Surgery Partners, Inc. — 10-Q Quarterly report10-QAug 10, 2026

The carrying amounts related to the Company's other long-term debt obligations, including finance lease obligations, approximate their fair values.

SEC original ↗Surgery Partners, Inc. — 10-Q Quarterly report10-QAug 10, 2026

Strategy & priorities

was $2.5 million for the second quarter Adjusted EBITDA increased 9.0% to $129.0 million for the second quarter 2025 Guidance Full year 2025 revenue and Adjusted EBITDA guidance reaffirmed to be in the range of $3.30 billion to $3.45 billion and $555 million to $565 million, respectively Eric Evans, Chief Executive Officer, stated, We are proud to report strong growth in Adjusted EBITDA and revenue, demonstrating the strength of our operational strategy as we capitalize on the continued momentum in the ambulatory surgery industry.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Our continued focus on maximizing portfolio performance, optimistic outlook on surgical trends and regulatory landscape, and focus on exceptional clinical quality and value, positions us for continued growth in 2025 and beyond.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Our growth is the result of a relentless focus on excellence and differentiation in our core short-stay surgical service lines.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

In line with our commitment to enhance shareholder value, we are actively evaluating portfolio optimization opportunities to expedite leverage reduction, accelerate cash flow generation and provide increased flexibility to self-fund our growth algorithm following the conclusion of the recent strategic process.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Our guidance implies continued margin expansion, reflecting our on-going operating system improvements as well as the integration benefits from recent acquisitions and contributions from de novos we expect to open this year.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Risks & headwinds

All forward-looking statements are based on current expectations and beliefs as of the date of this release and are subject to risks, uncertainties and other factors that may cause actual results to differ materially from the expectations discussed in, or implied by, the forward-looking statements.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

(2) This amount includes a litigation settlement loss of $0.5 million for the three months ended June 30, 2024.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

This amount also includes other litigation costs of $0.4 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

This amount includes a litigation settlement loss of $2.2 million and a gain of $1.3 million for the six months ended June 30, 2025 and 2024, respectively.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

This amount also includes other litigation costs of $1.0 million and $1.2 million for the six months ended June 30, 2025 and 2024, respectively.

SEC original ↗Surgery Partners, Inc. — Earnings release (8-K exhibit)EX-99Aug 5, 2025

Legal Proceedings 26 Item 1A.

SEC original ↗Surgery Partners, Inc. — 10-Q Quarterly report10-QAug 10, 2026

Documents

Earnings deck slides

0 decks with slide view

Surgery Partners, Inc. — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors