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Surgery Partners (SGRY) Financials

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$14.48 +0.17 (+1.19%)
Closing price 04:00 PM Eastern
Extended Trading
$14.48 -0.01 (-0.03%)
As of 06:39 PM Eastern
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Annual Income Statements for Surgery Partners

Annual Income Statements for Surgery Partners

This table shows Surgery Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-66 1.43 9.45 -238 -111 -156 -81 -55 -12 -168 -78
Consolidated Net Income / (Loss)
-27 73 85 -96 45 1.30 71 87 135 13 99
Net Income / (Loss) Continuing Operations
-27 73 85 -96 45 1.30 71 87 135 13 99
Total Pre-Tax Income
-11 -76 92 -69 55 -19 81 110 135 147 117
Total Operating Income
51 145 196 78 236 183 302 345 328 349 390
Total Gross Profit
149 291 324 497 774 771 944 1,083 1,029 1,192 2,338
Total Revenue
403 960 1,145 1,772 1,831 1,860 2,225 2,539 2,743 3,114 3,309
Operating Revenue
403 960 1,145 1,772 1,831 1,860 2,225 2,539 2,743 3,114 3,309
Total Cost of Revenue
254 669 821 1,275 1,058 1,089 1,281 1,456 1,714 1,922 971
Operating Cost of Revenue
254 669 821 1,275 1,058 1,089 1,281 1,456 1,714 1,922 971
Total Operating Expenses
98 146 128 419 538 588 642 738 701 843 1,948
Selling, General & Admin Expense
31 56 60 94 353 401 466 528 418 496 1,603
Depreciation Expense
15 35 40 67 77 95 99 115 118 153 176
Other Operating Expenses / (Income)
28 40 34 110 83 36 53 96 101 116 97
Restructuring Charge
22 18 8.74 32 19 23 40 48 62 100 74
Other Special Charges / (Income)
1.80 -2.62 -14 42 -1.20 -0.50 -16 -48 3.10 -21 -1.40
Total Other Income / (Expense), net
-62 -221 -104 -147 -181 -202 -221 -235 -193 -202 -273
Interest & Investment Income
-62 -101 -101 -147 -179 -202 -221 -235 -193 -202 -273
Income Tax Expense
16 -149 7.10 26 9.50 -20 11 23 -0.30 135 18
Net Income / (Loss) Attributable to Noncontrolling Interest
39 71 76 143 156 157 142 142 147 181 177
Basic Earnings per Share
($2.04) $0.04 $0.20 ($4.96) ($2.29) ($3.19) ($1.12) ($0.59) ($0.09) ($1.33) ($0.61)
Weighted Average Basic Shares Outstanding
32.30M 36.07M 48.02M 48.03M 48.28M 48.78M 72.43M 91.95M 125.61M 126.12M 127.21M
Diluted Earnings per Share
($2.04) $0.04 $0.20 ($4.96) ($2.29) ($3.19) ($1.12) ($0.59) ($0.09) ($1.33) ($0.61)
Weighted Average Diluted Shares Outstanding
32.30M 37.46M 48.19M 48.03M 48.28M 48.78M 72.43M 91.95M 125.61M 126.12M 127.21M
Weighted Average Basic & Diluted Shares Outstanding
- 35.70M 48.63M 48.03M 48.28M 48.78M 89.36M 126.03M 126.61M 127.61M 129.42M

Quarterly Income Statements for Surgery Partners

This table shows Surgery Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
-4.90 -1.00 -12 -16 -32 -109 -38 -2.50 -23 -15 -36
Consolidated Net Income / (Loss)
30 47 24 28 6.40 -47 -0.30 45 25 29 -2.10
Net Income / (Loss) Continuing Operations
30 47 24 28 6.40 -47 -0.30 45 25 29 -2.10
Total Pre-Tax Income
33 53 29 33 11 74 -0.30 44 31 43 -3.30
Total Operating Income
83 101 76 85 61 127 62 112 106 110 66
Total Gross Profit
479 768 259 294 292 97 278 376 579 1,061 564
Total Revenue
674 735 717 762 770 864 776 826 822 885 811
Operating Revenue
674 735 717 762 770 864 776 826 822 885 811
Total Cost of Revenue
195 -33 458 468 478 767 498 450 243 -176 247
Operating Cost of Revenue
195 -33 458 468 478 767 498 450 243 -176 247
Total Operating Expenses
397 667 183 209 232 -30 216 264 473 951 498
Selling, General & Admin Expense
329 575 116 133 120 -123 131 194 384 850 420
Depreciation Expense
29 31 34 35 50 34 36 40 40 60 39
Other Operating Expenses / (Income)
23 38 20 28 33 34 22 14 33 28 23
Restructuring Charge
13 24 17 19 29 34 25 18 13 19 16
Other Special Charges / (Income)
2.40 -1.80 -3.80 -6.00 -1.70 -9.30 2.20 -2.10 3.40 -4.90 0.80
Total Other Income / (Expense), net
-50 -49 -47 -52 -50 -53 -62 -68 -75 -68 -69
Interest & Investment Income
-50 -49 -47 -52 -50 -53 -62 -68 -75 -68 -69
Income Tax Expense
3.10 6.00 4.40 4.90 4.50 121 0.00 -1.10 5.50 14 -1.20
Net Income / (Loss) Attributable to Noncontrolling Interest
35 48 37 44 38 62 37 47 48 44 34
Basic Earnings per Share
($0.04) - ($0.10) ($0.12) ($0.25) ($0.86) ($0.30) ($0.02) ($0.18) ($0.11) ($0.28)
Weighted Average Basic Shares Outstanding
125.75M 125.61M 125.97M 126.13M 126.17M 126.12M 126.60M 126.98M 127.21M 127.21M 128.37M
Diluted Earnings per Share
($0.04) - ($0.10) ($0.12) ($0.25) ($0.86) ($0.30) ($0.02) ($0.18) ($0.11) ($0.28)
Weighted Average Diluted Shares Outstanding
125.75M 125.61M 125.97M 126.13M 126.17M 126.12M 126.60M 126.98M 127.21M 127.21M 128.37M
Weighted Average Basic & Diluted Shares Outstanding
126.49M 126.61M 127.09M 127.12M 127.11M 127.61M 128.16M 128.21M 129.34M 129.42M 130.79M

Annual Cash Flow Statements for Surgery Partners

This table details how cash moves in and out of Surgery Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
62 -17 12 9.40 -92 225 72 -107 -87 74 -30
Net Cash From Operating Activities
22 84 125 145 130 247 87 159 294 300 274
Net Cash From Continuing Operating Activities
22 84 125 145 130 247 87 159 294 300 274
Net Income / (Loss) Continuing Operations
-27 73 85 -96 45 1.30 71 87 135 13 99
Consolidated Net Income / (Loss)
-27 73 85 -96 45 1.30 71 87 135 13 99
Depreciation Expense
15 35 40 67 77 95 99 115 118 153 176
Non-Cash Adjustments To Reconcile Net Income
36 165 37 114 68 93 -16 96 106 122 93
Changes in Operating Assets and Liabilities, net
-5.65 -194 -37 59 -60 58 -67 -139 -65 13 -94
Net Cash From Investing Activities
-271 -135 -185 -129 -85 -88 -332 -308 -226 -489 -247
Net Cash From Continuing Investing Activities
-271 -135 -185 -129 -85 -88 -332 -308 -226 -489 -247
Purchase of Property, Plant & Equipment
-7.74 -33 -39 -40 -74 -43 -58 -81 -89 -90 -79
Acquisitions
-263 -113 -146 -107 -14 -105 -286 -242 -130 -381 -175
Sale of Property, Plant & Equipment
- - - 19 18 59 6.00 13 26 2.60 47
Divestitures
0.00 11 0.77 - - 0.00 5.40 13 1.40 4.60 1.50
Other Investing Activities, net
- - 0.00 -1.50 -0.20 0.60 0.30 -12 -34 -25 -41
Net Cash From Financing Activities
311 33 71 -6.30 -136 67 316 42 -155 262 -57
Net Cash From Continuing Financing Activities
311 33 71 -6.30 -136 67 316 42 -155 262 -57
Repayment of Debt
-1,035 -336 -493 -168 -518 -226 -373 -883 -844 -1,307 -1,035
Payment of Dividends
-128 -82 -86 -119 -124 -137 -165 -150 -138 -161 -225
Issuance of Debt
1,477 196 651 283 507 429 299 218 827 1,730 1,203
Cash Interest Paid
50 97 79 145 180 204 194 219 170 200 257
Cash Income Taxes Paid
0.68 1.09 0.66 2.20 1.60 1.70 1.50 1.80 1.40 1.60 1.20

Quarterly Cash Flow Statements for Surgery Partners

This table details how cash moves in and out of Surgery Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
59 -40 -11 28 8.30 48 -40 21 -47 37 -58
Net Cash From Operating Activities
105 63 41 83 65 111 6.00 81 84 103 12
Net Cash From Continuing Operating Activities
105 63 41 83 65 111 6.00 81 84 103 12
Net Income / (Loss) Continuing Operations
30 47 24 28 6.40 -47 -0.30 45 25 29 -2.10
Consolidated Net Income / (Loss)
30 47 24 28 6.40 -47 -0.30 45 25 29 -2.10
Depreciation Expense
29 31 34 35 50 34 36 40 40 60 39
Non-Cash Adjustments To Reconcile Net Income
24 41 18 36 34 34 27 14 32 20 26
Changes in Operating Assets and Liabilities, net
23 -57 -35 -16 -26 90 -57 -18 -13 -5.00 -51
Net Cash From Investing Activities
-26 -58 -83 -244 -50 -112 -76 2.10 -46 -126 -13
Net Cash From Continuing Investing Activities
-26 -58 -83 -244 -50 -112 -76 2.10 -46 -126 -13
Purchase of Property, Plant & Equipment
-19 -20 -21 -27 -20 -22 -23 -23 -20 -13 -16
Acquisitions
-7.10 -31 -57 -210 -27 -88 -48 -4.00 -14 -109 -4.20
Sale of Property, Plant & Equipment
-0.30 - 1.50 - - 1.10 4.80 38 - 3.60 0.00
Divestitures
1.00 0.40 - - - 0.60 0.00 - - 1.50 0.90
Other Investing Activities, net
-0.30 -7.40 -7.00 -12 -2.80 -3.50 -11 -8.60 -12 -9.00 5.90
Net Cash From Financing Activities
-20 -45 32 190 -7.30 48 30 -63 -84 59 -56
Net Cash From Continuing Financing Activities
-20 -45 32 190 -7.30 48 30 -63 -84 59 -56
Repayment of Debt
-79 -724 -122 -873 -139 -174 -123 -179 -159 -574 -194
Payment of Dividends
-34 -28 -39 -41 -37 -44 -61 -53 -53 -59 -58
Issuance of Debt
93 707 193 1,103 168 266 214 169 128 693 195

Annual Balance Sheets for Surgery Partners

This table presents Surgery Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
2,104 2,305 4,623 4,676 5,019 5,413 6,118 6,682 6,877 7,890 8,120
Total Current Assets
311 362 563 588 526 802 946 921 895 1,119 1,151
Cash & Equivalents
58 70 175 184 93 318 390 283 196 270 240
Accounts Receivable
178 221 288 308 327 382 430 456 496 579 602
Inventories, net
26 29 45 43 46 56 61 71 75 88 97
Prepaid Expenses
35 43 17 16 18 18 26 31 31 36 41
Other Current Assets
15 - 39 37 42 27 39 79 97 146 171
Plant, Property, & Equipment, net
185 0.00 0.00 426 523 0.00 0.00 877 969 1,088 1,153
Total Noncurrent Assets
1,609 1,943 4,060 3,662 3,970 4,612 5,172 4,885 5,013 5,682 5,816
Long-Term Investments
34 35 74 79 93 90 89 190 184 215 234
Goodwill
1,408 1,555 3,347 3,383 3,402 3,468 3,912 4,137 4,326 5,068 5,236
Other Noncurrent Operating Assets
19 16 49 37 329 882 1,013 423 359 353 346
Total Liabilities & Shareholders' Equity
2,104 2,305 4,623 4,676 5,019 5,413 6,118 6,682 6,877 7,890 8,120
Total Liabilities
1,623 1,800 2,656 2,892 3,320 3,790 3,818 3,399 3,515 4,255 4,593
Total Current Liabilities
181 187 303 349 398 557 537 493 523 624 616
Short-Term Debt
27 28 59 56 56 64 60 63 73 101 99
Accounts Payable
45 50 85 83 97 100 125 152 172 209 209
Current Employee Benefit Liabilities
26 29 50 55 54 65 77 69 74 60 65
Other Current Liabilities
82 80 110 155 191 217 210 210 204 254 243
Total Noncurrent Liabilities
1,442 1,613 2,353 2,542 2,921 3,233 3,281 2,906 2,992 3,630 3,977
Long-Term Debt
1,228 1,414 2,131 2,271 2,525 2,792 2,878 2,559 2,702 3,269 3,603
Noncurrent Deferred & Payable Income Tax Liabilities
120 122 - - - - - - 0.00 39 53
Other Noncurrent Operating Liabilities
94 76 222 271 397 441 403 347 290 322 321
Redeemable Noncontrolling Interest
183 181 630 686 716 741 330 342 327 439 396
Total Equity & Noncontrolling Interests
298 325 1,337 1,099 983 882 1,970 2,941 3,035 3,196 3,131
Total Preferred & Common Equity
-4.03 9.68 655 405 297 116 1,089 1,998 1,987 1,790 1,713
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
-4.03 9.68 655 405 297 116 1,089 1,998 1,987 1,790 1,713
Common Stock
317 321 696 674 663 608 1,623 2,479 2,499 2,522 2,542
Retained Earnings
-321 -311 -41 -247 -316 -432 -503 -557 -569 -737 -815
Accumulated Other Comprehensive Income / (Loss)
- - 0.00 -22 -51 -61 -32 76 58 4.80 -14
Noncontrolling Interest
302 315 682 694 687 767 881 943 1,047 1,407 1,418

Quarterly Balance Sheets for Surgery Partners

This table presents Surgery Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
6,537 6,643 6,621 6,780 6,976 7,489 7,534 7,949 7,955 7,947 8,042
Total Current Assets
738 869 810 876 896 1,013 1,036 1,075 1,105 1,102 1,083
Cash & Equivalents
155 246 177 236 185 214 222 229 250 203 182
Accounts Receivable
422 453 450 463 494 523 543 571 563 579 603
Inventories, net
69 72 70 69 77 81 82 88 87 92 101
Prepaid Expenses
36 29 39 35 32 45 45 36 46 45 39
Other Current Assets
57 69 73 73 108 150 144 150 159 183 158
Plant, Property, & Equipment, net
0.00 0.00 0.00 940 983 1,006 1,005 1,151 1,180 1,164 1,135
Total Noncurrent Assets
5,798 5,774 5,810 4,964 5,097 5,470 5,494 5,724 5,670 5,680 5,825
Long-Term Investments
189 192 192 196 189 227 215 219 220 229 225
Goodwill
4,187 4,253 4,291 4,301 4,451 4,859 4,862 5,171 5,140 5,135 5,245
Other Noncurrent Operating Assets
1,320 1,237 1,221 362 370 303 339 334 310 316 354
Total Liabilities & Shareholders' Equity
6,537 6,643 6,621 6,780 6,976 7,489 7,534 7,949 7,955 7,947 8,042
Total Liabilities
4,092 3,355 3,310 3,461 3,614 3,870 3,986 4,363 4,376 4,394 4,561
Total Current Liabilities
624 475 459 501 523 552 575 569 573 586 582
Short-Term Debt
117 63 65 62 77 92 97 104 110 103 100
Accounts Payable
138 144 132 149 174 174 171 165 175 175 169
Current Employee Benefit Liabilities
69 68 64 82 69 63 65 67 59 70 77
Other Current Liabilities
292 200 198 208 204 222 242 234 229 239 236
Total Noncurrent Liabilities
3,468 2,880 2,851 2,960 3,091 3,318 3,411 3,793 3,803 3,808 3,979
Long-Term Debt
3,103 2,531 2,505 2,640 2,794 3,040 3,094 3,447 3,465 3,461 3,614
Noncurrent Deferred & Payable Income Tax Liabilities
- - - - - - - 39 37 43 52
Other Noncurrent Operating Liabilities
365 349 346 320 297 279 317 308 300 304 314
Redeemable Noncontrolling Interest
339 346 328 332 324 442 436 431 422 411 383
Total Equity & Noncontrolling Interests
2,105 2,943 2,983 2,987 3,038 3,176 3,112 3,156 3,157 3,142 3,098
Total Preferred & Common Equity
1,173 1,962 2,018 2,005 1,967 1,952 1,897 1,740 1,748 1,730 1,688
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
1,173 1,962 2,018 2,005 1,967 1,952 1,897 1,740 1,748 1,730 1,688
Common Stock
1,624 2,479 2,503 2,496 2,497 2,512 2,515 2,527 2,539 2,544 2,550
Retained Earnings
-534 -582 -563 -568 -582 -597 -629 -775 -778 -800 -851
Accumulated Other Comprehensive Income / (Loss)
83 65 79 77 52 37 11 -12 -13 -14 -11
Noncontrolling Interest
933 981 965 982 1,071 1,224 1,215 1,416 1,408 1,413 1,410

Annual Metrics And Ratios for Surgery Partners

This table displays calculated financial ratios and metrics derived from Surgery Partners' official financial filings.

Metric 2014 2015 2016 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 129,341,779.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 129,341,779.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - -0.60
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
36 101 181 54 195 128 263 272 329 30 330
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 4.89% 5.66% 0.45% 4.82%
Earnings before Interest and Taxes (EBIT)
51 25 193 78 234 183 302 345 328 349 390
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
70 65 232 145 310 278 401 460 446 501 566
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-1,434 -74 -17 0.00 -51 150 -425 -399 3.23 -734 95
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
1,469 1,644 1,842 3,849 4,094 4,072 4,760 5,432 5,757 6,521 6,755
Increase / (Decrease) in Invested Capital
1,469 175 198 0.00 246 -22 688 672 326 764 235
Book Value per Share
($8.18) ($0.08) $0.20 $8.28 $6.00 $2.29 $13.21 $22.21 $15.71 $14.08 $13.24
Tangible Book Value per Share
($50.09) ($30.43) ($32.86) ($62.03) ($63.69) ($67.32) ($34.77) ($24.25) ($18.92) ($26.15) ($27.24)
Total Capital
1,583 1,737 1,947 4,111 4,280 4,480 5,239 5,905 6,137 7,006 7,229
Total Debt
1,361 1,255 1,442 2,327 2,581 2,857 2,939 2,622 2,775 3,370 3,702
Total Long-Term Debt
1,339 1,228 1,414 2,271 2,525 2,792 2,878 2,559 2,702 3,269 3,603
Net Debt
1,253 1,163 1,337 2,064 2,395 2,449 2,460 2,149 2,395 2,885 3,228
Capital Expenditures (CapEx)
7.74 33 39 21 56 -16 52 68 63 88 32
Debt-free, Cash-free Net Working Capital (DFCFNWC)
74 99 133 110 91 -8.80 80 208 249 327 395
Debt-free Net Working Capital (DFNWC)
149 157 203 295 183 309 470 490 445 596 635
Net Working Capital (NWC)
127 130 175 239 127 245 409 428 372 495 535
Net Nonoperating Expense (NNE)
63 28 96 150 150 127 192 185 193 17 231
Net Nonoperating Obligations (NNO)
1,247 1,163 1,337 2,064 2,395 2,449 2,460 2,149 2,395 2,885 3,228
Total Depreciation and Amortization (D&A)
19 40 40 67 77 95 99 115 118 153 176
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.04 $0.20 ($4.96) ($2.29) ($3.19) ($1.12) ($0.59) ($0.09) ($1.33) ($0.61)
Adjusted Weighted Average Basic Shares Outstanding
0.00 36.07M 48.02M 48.03M 49.29M 59.86M 72.43M 91.95M 125.61M 126.12M 127.21M
Adjusted Diluted Earnings per Share
$0.00 $0.04 $0.20 ($4.96) ($2.29) ($3.19) ($1.12) ($0.59) ($0.09) ($1.33) ($0.61)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 37.46M 48.19M 48.03M 49.29M 59.86M 72.43M 91.95M 125.61M 126.12M 127.21M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 ($2.29) ($3.19) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 48.16M 48.63M 48.80M 48.28M 48.78M 89.36M 126.03M 126.61M 127.61M 129.42M
Normalized Net Operating Profit after Tax (NOPAT)
52 112 176 158 216 167 284 272 275 300 391
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Quarterly Metrics And Ratios for Surgery Partners

This table displays calculated financial ratios and metrics derived from Surgery Partners' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
- - - - - - - - - 129,341,779.00 129,419,836.00
DEI Adjusted Shares Outstanding
- - - - - - - - - 129,341,779.00 129,419,836.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - -0.12 -0.28
Growth Metrics
- - - - - - - - - - -
Revenue Growth
8.62% 4.00% 7.69% 14.16% 14.29% 17.54% 8.17% 8.41% 6.63% - 4.50%
EBITDA Growth
7.31% 7.03% 36.95% -1.97% -0.36% 21.51% -10.48% 27.09% 30.69% - 6.21%
EBIT Growth
11.47% 7.64% 63.79% -13.11% -26.27% 25.35% -18.55% 31.72% 73.56% - 6.30%
NOPAT Growth
141.52% 35.92% 98.12% -35.92% -52.19% -188.83% -32.66% 58.33% 142.81% - 6.30%
Net Income Growth
430.36% 100.43% 1,925.00% -50.78% -78.45% -199.79% -101.23% 58.10% 295.31% - -600.00%
EPS Growth
85.71% 0.00% 50.00% -180.00% -525.00% 0.00% -200.00% 83.33% 28.00% - 6.67%
Operating Cash Flow Growth
252.19% 769.44% -45.37% 58.93% -37.67% 77.96% -85.26% -1.81% 28.22% - 95.00%
Free Cash Flow Firm Growth
80.47% 61.08% 20.35% -130.69% -249.67% -257.92% -125.38% 64.31% 56.72% - 93.39%
Invested Capital Growth
5.05% 5.99% 7.60% 14.50% 12.78% 13.26% 14.18% 5.93% 6.04% - 1.47%
Revenue Q/Q Growth
0.97% 9.09% -2.45% 6.23% 1.09% 12.20% -10.23% 6.47% -0.57% - -8.37%
EBITDA Q/Q Growth
-8.61% 18.83% -17.21% 9.02% -7.11% 44.91% -39.01% 54.79% -4.47% - -38.68%
EBIT Q/Q Growth
-15.37% 22.76% -25.05% 11.58% -28.18% 108.70% -51.30% 80.45% -5.37% - -40.29%
NOPAT Q/Q Growth
-33.73% 20.14% -28.39% 12.39% -50.56% -323.23% 154.28% 164.26% -24.17% - -38.60%
Net Income Q/Q Growth
-48.53% 57.24% -47.97% 16.87% -77.46% -828.13% 99.36% 15,066.67% -43.65% - -107.24%
EPS Q/Q Growth
-126.67% 0.00% 0.00% -20.00% -108.33% -244.00% 65.12% 93.33% -800.00% - -154.55%
Operating Cash Flow Q/Q Growth
100.77% -40.15% -34.98% 103.44% -21.26% 70.86% -94.61% 1,255.00% 2.83% - -88.68%
Free Cash Flow Firm Q/Q Growth
38.39% -21.40% -48.25% -108.04% 6.61% -24.26% 6.65% 67.06% -13.25% - 67.37%
Invested Capital Q/Q Growth
1.41% 3.01% 1.77% 7.70% -0.11% 3.45% 2.59% -0.08% 0.00% - 0.48%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
71.07% 104.43% 36.14% 38.55% 70.35% 11.23% 41.44% 45.51% 70.44% - 69.49%
EBITDA Margin
16.54% 18.02% 15.29% 15.69% 14.42% 18.63% 12.65% 18.40% 17.68% - 12.86%
Operating Margin
12.25% 13.79% 10.59% 11.13% 7.91% 14.70% 7.98% 13.52% 12.87% - 8.11%
EBIT Margin
12.25% 13.79% 10.59% 11.13% 7.91% 14.70% 7.98% 13.52% 12.87% - 8.11%
Profit (Net Income) Margin
4.41% 6.35% 3.39% 3.73% 0.83% -5.39% -0.04% 5.43% 3.08% - -0.26%
Tax Burden Percent
90.55% 88.61% 84.67% 85.29% 58.72% -62.80% 100.00% 102.51% 82.14% - 63.64%
Interest Burden Percent
39.71% 51.97% 37.76% 39.27% 17.90% 58.38% -0.48% 39.21% 29.14% - -5.02%
Effective Tax Rate
9.45% 11.39% 15.33% 14.71% 41.28% 162.80% 0.00% -2.51% 17.86% - 0.00%
Return on Invested Capital (ROIC)
5.52% 5.99% 4.44% 4.64% 2.33% -4.68% 2.82% 6.91% 5.35% - 2.82%
ROIC Less NNEP Spread (ROIC-NNEP)
3.77% 4.09% 2.71% 2.84% 1.16% -3.43% 1.27% 4.50% 3.26% - 1.32%
Return on Net Nonoperating Assets (RNNOA)
3.37% 2.80% 1.90% 2.01% 0.85% -2.59% 1.02% 3.63% 2.70% - 1.19%
Return on Equity (ROE)
8.89% 8.79% 6.33% 6.65% 3.18% -7.27% 3.84% 10.53% 8.05% - 4.01%
Cash Return on Invested Capital (CROIC)
0.77% 0.06% -1.21% -8.41% -7.44% -11.96% -13.79% -5.56% -4.88% - 3.52%
Operating Return on Assets (OROA)
5.00% 5.58% 4.35% 4.56% 3.30% 6.20% 3.39% 5.67% 5.47% - 3.39%
Return on Assets (ROA)
1.80% 2.57% 1.39% 1.53% 0.35% -2.27% -0.02% 2.28% 1.31% - -0.11%
Return on Common Equity (ROCE)
4.90% 5.27% 3.74% 3.81% 1.81% -3.92% 2.05% 5.42% 4.11% - 1.95%
Return on Equity Simple (ROE_SIMPLE)
5.58% 0.00% 8.05% 6.61% 5.58% 0.00% -0.70% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)
75 90 64 72 36 -80 43 115 87 75 46
NOPAT Margin
11.10% 12.22% 8.97% 9.49% 4.64% -9.23% 5.58% 13.86% 10.57% - 5.68%
Net Nonoperating Expense Percent (NNEP)
1.75% 1.90% 1.72% 1.80% 1.17% -1.26% 1.56% 2.40% 2.09% - 1.50%
Return On Investment Capital (ROIC_SIMPLE)
- 1.55% - - - -1.22% 0.65% 1.70% 1.29% 1.10% 0.68%
Cost of Revenue to Revenue
28.93% -4.43% 63.86% 61.45% 29.65% 88.77% 58.56% 54.49% 29.56% - 30.51%
SG&A Expenses to Revenue
48.81% 78.15% 16.14% 17.41% 48.00% -14.17% 22.54% 23.43% 46.78% - 51.75%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue
58.82% 90.64% 25.55% 27.42% 62.45% -3.47% 33.47% 31.99% 57.58% - 61.38%
Earnings before Interest and Taxes (EBIT)
83 101 76 85 61 127 62 112 106 110 66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
112 133 110 120 111 161 98 152 145 170 104
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.85 2.04 1.92 1.55 2.16 1.50 1.74 1.63 1.60 - 0.91
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Price to Revenue (P/Rev)
1.36 1.48 1.35 1.05 1.37 0.86 0.96 0.88 0.84 - 0.46
Price to Earnings (P/E)
0.00 0.00 6,288.82 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield
0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)
1.30 1.36 1.31 1.17 1.35 1.14 1.19 1.16 1.16 - 0.98
Enterprise Value to Revenue (EV/Rev)
2.68 2.85 2.74 2.55 2.85 2.38 2.52 2.40 2.35 - 1.99
Enterprise Value to EBITDA (EV/EBITDA)
16.65 17.52 16.11 15.59 17.99 14.80 16.29 14.90 13.89 - 11.62
Enterprise Value to EBIT (EV/EBIT)
22.71 23.83 21.43 21.41 26.32 21.28 23.84 21.53 19.02 - 16.88
Enterprise Value to NOPAT (EV/NOPAT)
23.44 23.78 22.21 24.46 31.25 250.40 0.00 629.20 121.21 - 19.81
Enterprise Value to Operating Cash Flow (EV/OCF)
30.55 26.60 29.48 25.39 33.84 24.73 30.07 29.50 27.38 - 23.72
Enterprise Value to Free Cash Flow (EV/FCFF)
173.84 2,420.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 27.99
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.81 0.83 0.85 0.87 0.90 0.93 0.99 1.00 1.00 - 1.07
Long-Term Debt to Equity
0.80 0.80 0.83 0.84 0.87 0.90 0.96 0.97 0.97 - 1.04
Financial Leverage
0.89 0.68 0.70 0.71 0.73 0.75 0.81 0.81 0.83 - 0.91
Leverage Ratio
2.31 2.04 2.05 2.04 2.08 2.11 2.15 2.15 2.18 - 2.26
Compound Leverage Factor
0.92 1.06 0.77 0.80 0.37 1.23 -0.01 0.84 0.64 - -0.11
Debt to Total Capital
44.88% 45.22% 46.06% 46.40% 47.35% 48.11% 49.75% 49.97% 50.07% - 51.62%
Short-Term Debt to Total Capital
1.03% 1.19% 1.24% 1.37% 1.44% 1.45% 1.46% 1.54% 1.45% - 1.40%
Long-Term Debt to Total Capital
43.85% 44.02% 44.83% 45.03% 45.91% 46.66% 48.29% 48.44% 48.63% - 50.22%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital
21.83% 22.40% 22.37% 24.68% 24.51% 26.34% 25.87% 25.59% 25.62% - 24.92%
Common Equity to Total Capital
33.29% 32.38% 31.56% 28.92% 28.14% 25.55% 24.38% 24.44% 24.30% - 23.46%
Debt to EBITDA
6.18 6.22 6.04 6.62 6.75 6.72 7.25 6.85 6.40 - 6.50
Net Debt to EBITDA
5.19 5.37 5.25 5.69 5.83 5.75 6.33 5.94 5.63 - 5.78
Long-Term Debt to EBITDA
6.04 6.06 5.87 6.42 6.54 6.52 7.04 6.63 6.22 - 6.32
Debt to NOPAT
8.69 8.44 8.32 10.38 11.73 113.71 -103.55 288.98 55.89 - 11.07
Net Debt to NOPAT
7.30 7.29 7.23 8.92 10.12 97.35 -90.49 250.96 49.10 - 9.86
Long-Term Debt to NOPAT
8.49 8.22 8.09 10.07 11.37 110.29 -100.52 280.08 54.27 - 10.77
Altman Z-Score
1.03 1.09 1.01 0.85 1.00 0.77 0.78 0.79 0.77 - 0.57
Noncontrolling Interest Sharing Ratio
44.86% 40.02% 40.91% 42.70% 43.19% 46.02% 46.64% 48.58% 48.94% - 51.49%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.75 1.71 1.71 1.83 1.80 1.79 1.89 1.93 1.88 - 1.86
Quick Ratio
1.39 1.32 1.30 1.34 1.33 1.36 1.40 1.42 1.34 - 1.35
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-194 -236 -349 -727 -679 -843 -787 -259 -294 -159 -52
Operating Cash Flow to CapEx
544.79% 316.16% 208.72% 307.81% 322.77% 525.47% 33.52% 0.00% 422.22% - 73.13%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.41 0.40 0.41 0.41 0.42 0.42 0.43 0.42 0.42 - 0.42
Accounts Receivable Turnover
6.13 5.76 5.90 5.94 5.94 5.79 5.96 5.96 5.86 - 5.70
Inventory Turnover
22.67 10.83 27.32 30.50 30.90 23.50 23.24 22.60 19.11 - 7.64
Fixed Asset Turnover
0.00 2.97 0.00 0.00 3.07 3.03 2.97 2.96 3.03 - 2.93
Accounts Payable Turnover
10.89 4.91 12.76 15.10 14.64 10.10 11.31 10.89 9.64 - 4.32
Days Sales Outstanding (DSO)
59.50 63.38 61.86 61.48 61.48 63.03 61.25 61.26 62.29 - 64.08
Days Inventory Outstanding (DIO)
16.10 33.70 13.36 11.97 11.81 15.53 15.71 16.15 19.10 - 47.78
Days Payable Outstanding (DPO)
33.51 74.35 28.59 24.18 24.93 36.13 32.26 33.51 37.86 - 84.51
Cash Conversion Cycle (CCC)
42.09 22.73 46.62 49.27 48.36 42.43 44.70 43.90 43.53 - 27.35
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
5,589 5,757 5,859 6,310 6,303 6,521 6,689 6,684 6,684 6,755 6,788
Invested Capital Turnover
0.50 0.49 0.49 0.49 0.50 0.51 0.51 0.50 0.51 - 0.50
Increase / (Decrease) in Invested Capital
269 326 414 799 715 764 831 374 381 235 98
Enterprise Value (EV)
7,284 7,816 7,665 7,381 8,505 7,422 7,980 7,784 7,729 - 6,642
Market Capitalization
3,700 4,047 3,773 3,024 4,098 2,691 3,031 2,849 2,774 - 1,543
Book Value per Share
$15.85 $15.71 $15.62 $15.36 $14.92 $14.08 $13.64 $13.64 $13.49 $13.24 $13.04
Tangible Book Value per Share
($18.15) ($18.92) ($19.72) ($22.87) ($23.32) ($26.15) ($26.89) ($26.46) ($26.56) ($27.24) ($27.48)
Total Capital
6,021 6,137 6,233 6,751 6,740 7,006 7,137 7,154 7,117 7,229 7,195
Total Debt
2,702 2,775 2,871 3,132 3,192 3,370 3,551 3,575 3,564 3,702 3,714
Total Long-Term Debt
2,640 2,702 2,794 3,040 3,094 3,269 3,447 3,465 3,461 3,603 3,614
Net Debt
2,270 2,395 2,497 2,692 2,755 2,885 3,103 3,105 3,131 3,228 3,306
Capital Expenditures (CapEx)
19 20 20 27 20 21 18 -15 20 9.20 16
Debt-free, Cash-free Net Working Capital (DFCFNWC)
201 249 265 340 336 327 380 392 416 395 419
Debt-free Net Working Capital (DFNWC)
437 445 450 553 558 596 609 642 619 635 601
Net Working Capital (NWC)
375 372 373 461 461 495 505 532 516 535 501
Net Nonoperating Expense (NNE)
45 43 40 44 29 -33 44 70 62 46 48
Net Nonoperating Obligations (NNO)
2,270 2,395 2,497 2,692 2,755 2,885 3,103 3,105 3,131 3,228 3,306
Total Depreciation and Amortization (D&A)
29 31 34 35 50 34 36 40 40 60 39
Debt-free, Cash-free Net Working Capital to Revenue
7.40% 9.09% 9.47% 11.75% 11.26% 10.50% 11.97% 12.11% 12.65% - 12.53%
Debt-free Net Working Capital to Revenue
16.09% 16.23% 16.09% 19.15% 18.69% 19.15% 19.20% 19.83% 18.83% - 17.98%
Net Working Capital to Revenue
13.80% 13.56% 13.33% 15.95% 15.43% 15.89% 15.92% 16.44% 15.70% - 14.98%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.04) $0.00 ($0.10) ($0.12) ($0.25) ($0.86) ($0.30) ($0.02) ($0.18) ($0.11) ($0.28)
Adjusted Weighted Average Basic Shares Outstanding
125.75M 125.61M 125.97M 126.13M 126.17M 126.12M 126.60M 126.98M 127.21M 127.21M 128.37M
Adjusted Diluted Earnings per Share
($0.04) $0.00 ($0.10) ($0.12) ($0.25) ($0.86) ($0.30) ($0.02) ($0.18) ($0.11) ($0.28)
Adjusted Weighted Average Diluted Shares Outstanding
125.75M 125.61M 125.97M 126.13M 126.17M 126.12M 126.60M 126.98M 127.21M 127.21M 128.37M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
126.49M 126.61M 127.09M 127.12M 127.11M 127.61M 128.16M 128.21M 129.34M 129.42M 130.79M
Normalized Net Operating Profit after Tax (NOPAT)
89 110 76 84 52 106 62 89 100 84 58
Normalized NOPAT Margin
13.14% 14.94% 10.57% 10.98% 6.75% 12.29% 8.01% 10.82% 12.17% - 7.10%
Pre Tax Income Margin
4.87% 7.17% 4.00% 4.37% 1.41% 8.58% -0.04% 5.30% 3.75% - -0.41%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
130.56% 101.92% 88.51% 109.45% 136.48% 1,287.20% -1,507.44% 4,418.18% 903.00% - 228.94%
Augmented Payout Ratio
130.56% 101.92% 88.51% 109.45% 136.48% 1,287.20% -1,507.44% 4,418.18% 903.00% - 228.94%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends from Surgery Partners (NASDAQ: SGRY) quarterly statements over the last four years, focusing on the main drivers that retail investors care about.

  • Revenue growth: Operating revenue rose from about $620.6 million in 2022 (Q3) to about $885 million in 2025 (Q4), roughly a 40%+ increase over the period, signaling a solid top-line expansion.
  • Stable operating profitability: 2025 Q4 operating income was $110.2 million on $885 million revenue, implying an operating margin of about 12%–13% and a pattern of mid-teen margins across 2023–2025.
  • Improving cash generation from operations: Net cash from continuing operating activities reached about $103.4 million in Q4 2025, reflecting stronger cash generation relative to earlier years.
  • Asset and liability scale: As of Q4 2025, total assets were about $7.95 billion and total liabilities around $4.39 billion, indicating a large, asset-rich balance sheet with substantial but manageable leverage.
  • Leverage footprint: Long-term debt hovered around $3.4–3.5 billion across the period, underscoring a high but relatively stable leverage level.
  • Equity base: Total equity excluding noncontrolling interests was in the neighborhood of $1.7–$1.8 billion, providing a modest cushion relative to liabilities.
  • Earnings per share pressures: Net income attributable to common shareholders has been negative in several quarters, including -$15.0 million in Q4 2025, indicating ongoing losses to common shareholders.
  • Significant investing cash outflows: In Q4 2025 the company posted meaningful net cash use in investing activities (e.g., roughly -$126.1 million), driven by PPE purchases and acquisitions.
  • Financing activity volatility: Financing cash flows reflect debt repayments, issuances, and dividends, contributing to cash flow volatility and occasional sizable outflows.
  • Per-share earnings remain negative: Basic and diluted earnings per share were negative in multiple periods (for example, Q4 2025 Basic EPS and Diluted EPS were -$0.11), underscoring ongoing challenges in translating revenue and cash flow into per-share profitability.
05/14/26 10:08 PM ETAI Generated. May Contain Errors.

Surgery Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Surgery Partners' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Surgery Partners' net income appears to be on an upward trend, with a most recent value of $98.90 million in 2025, falling from -$27.05 million in 2014. The previous period was $12.50 million in 2024. View Surgery Partners' forecast to see where analysts expect Surgery Partners to go next.

Surgery Partners' total operating income in 2025 was $389.50 million, based on the following breakdown:
  • Total Gross Profit: $2.34 billion
  • Total Operating Expenses: $1.95 billion

Over the last 10 years, Surgery Partners' total revenue changed from $403.29 million in 2014 to $3.31 billion in 2025, a change of 720.4%.

Surgery Partners' total liabilities were at $4.59 billion at the end of 2025, a 7.9% increase from 2024, and a 183.0% increase since 2015.

In the past 10 years, Surgery Partners' cash and equivalents has ranged from $57.93 million in 2015 to $389.90 million in 2021, and is currently $239.90 million as of their latest financial filing in 2025.

Over the last 10 years, Surgery Partners' book value per share changed from -8.18 in 2014 to 13.24 in 2025, a change of -262.0%.



Financial statements for NASDAQ:SGRY last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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