Surgery Partners, Inc.
SGRY Nasdaq Services-General Medical & Surgical Hospitals, Nec Financials FY2015–FY2025
Last close · Oct 23, 2026
$15.75
0.9%
Revenue
Total sales reported in the income statement.
$3.3B
6.2%
vs prior year
Operating margin
Operating income as a share of revenue.
11.8%
0.6 pts
Net income
Profit after all expenses, interest and tax.
−$77.9M
Free cash flow
Cash from operations minus capital spending.
$196M
6.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.3%
1.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$2.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.69 EPS (TTM)
What Surgery Partners, Inc. does
No business description yet.
- Legal name
- Surgery Partners, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001638833-26-000008
0001638833
Revenue and margins
Surgery Partners, Inc. had $3.3B of revenue in fiscal 2025, up 6.2% on the year before.
FY15
Revenue $960M
FY16
Revenue $1.1B
FY18
Revenue —
FY19
Revenue $1.8B
FY20
Revenue $1.9B
FY21
Revenue $2.2B
FY22
Revenue $2.5B
FY23
Revenue $2.7B
FY24
Revenue $3.1B
FY25
Revenue $3.3B
Q3 '23
Revenue $674M
Q4 '23
Revenue $735M
Q1 '24
Revenue $717M
Q2 '24
Revenue $762M
Q3 '24
Revenue $770M
Q4 '24
Revenue $864M
Q1 '25
Revenue $776M
Q2 '25
Revenue $826M
Q3 '25
Revenue $822M
Q4 '25
Revenue $885M
Q1 '26
Revenue $811M
Q2 '26
Revenue $849M
FY15
Gross 30.3%
Operating 15.1%
Net 0.1%
FCF 5.3%
FY16
Gross 28.3%
Operating 17.2%
Net 0.8%
FCF 7.5%
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross 23.1%
Operating 12.9%
Net −4.1%
FCF 3.1%
FY20
Gross —
Operating 9.8%
Net −6.2%
FCF 11.0%
FY21
Gross —
Operating 13.6%
Net −3.2%
FCF 1.3%
FY22
Gross —
Operating 13.6%
Net −2.2%
FCF 3.1%
FY23
Gross —
Operating 12.0%
Net −0.4%
FCF 7.5%
FY24
Gross —
Operating 11.2%
Net −5.4%
FCF 6.7%
FY25
Gross —
Operating 11.8%
Net −2.4%
FCF 5.9%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 12.3%
Net −0.7%
FCF 12.7%
Q4 '23
Gross —
Operating 13.8%
Net −0.1%
FCF 5.8%
Q1 '24
Gross —
Operating 10.6%
Net −1.7%
FCF 2.7%
Q2 '24
Gross —
Operating 11.1%
Net −2.0%
FCF 7.3%
Q3 '24
Gross —
Operating 7.9%
Net −4.1%
FCF 5.8%
Q4 '24
Gross —
Operating 14.7%
Net −12.6%
FCF 10.3%
Q1 '25
Gross —
Operating 8.0%
Net −4.9%
FCF −2.2%
Q2 '25
Gross —
Operating 13.5%
Net −0.3%
FCF 7.0%
Q3 '25
Gross —
Operating 12.9%
Net −2.8%
FCF 7.8%
Q4 '25
Gross —
Operating 12.5%
Net −1.7%
FCF 10.2%
Q1 '26
Gross —
Operating 8.1%
Net −4.4%
FCF −0.5%
Q2 '26
Gross —
Operating 12.0%
Net −1.8%
FCF 4.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY15
Net income $1.4M
FY16
Net income $9.5M
FY18
Net income —
FY19
Net income −$74.8M
FY20
Net income −$116M
FY21
Net income −$70.9M
FY22
Net income −$54.6M
FY23
Net income −$11.9M
FY24
Net income −$168M
FY25
Net income −$77.9M
Q3 '23
Net income −$4.9M
Q4 '23
Net income −$1.0M
Q1 '24
Net income −$12.4M
Q2 '24
Net income −$15.5M
Q3 '24
Net income −$31.7M
Q4 '24
Net income −$109M
Q1 '25
Net income −$37.7M
Q2 '25
Net income −$2.5M
Q3 '25
Net income −$22.7M
Q4 '25
Net income −$15.0M
Q1 '26
Net income −$35.9M
Q2 '26
Net income −$15.0M
FY15
Diluted EPS $0.04
FY16
Diluted EPS $0.20
FY18
Diluted EPS —
FY19
Diluted EPS −$2.29
FY20
Diluted EPS −$3.19
FY21
Diluted EPS −$1.12
FY22
Diluted EPS −$0.59
FY23
Diluted EPS −$0.09
FY24
Diluted EPS −$1.33
FY25
Diluted EPS −$0.61
Q3 '23
Diluted EPS −$0.04
Q4 '23
Diluted EPS $0.00
Q1 '24
Diluted EPS −$0.10
Q2 '24
Diluted EPS −$0.12
Q3 '24
Diluted EPS −$0.25
Q4 '24
Diluted EPS −$0.86
Q1 '25
Diluted EPS −$0.30
Q2 '25
Diluted EPS −$0.02
Q3 '25
Diluted EPS −$0.18
Q4 '25
Diluted EPS −$0.11
Q1 '26
Diluted EPS −$0.28
Q2 '26
Diluted EPS −$0.12
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY15
Return on capital 9.3%
Return on equity —
Return on assets 0.1%
FY16
Return on capital 12.8%
Return on equity 334.7%
Return on assets 0.4%
FY18
Return on capital —
Return on equity —
Return on assets —
FY19
Return on capital 7.0%
Return on equity −21.3%
Return on assets −1.5%
FY20
Return on capital 5.4%
Return on equity −56.3%
Return on assets −2.2%
FY21
Return on capital 7.2%
Return on equity −11.8%
Return on assets −1.2%
FY22
Return on capital 6.3%
Return on equity −3.5%
Return on assets −0.9%
FY23
Return on capital 7.1%
Return on equity −0.6%
Return on assets −0.2%
FY24
Return on capital 4.6%
Return on equity −8.9%
Return on assets −2.3%
FY25
Return on capital 6.3%
Return on equity −4.4%
Return on assets −1.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $196M in fiscal 2025, 5.9% of revenue. Cash from operations minus capital spending.
FY15
Free cash flow $51.0M
FY16
Free cash flow $86.1M
FY18
Free cash flow —
FY19
Free cash flow $55.9M
FY20
Free cash flow $204M
FY21
Free cash flow $29.5M
FY22
Free cash flow $78.2M
FY23
Free cash flow $205M
FY24
Free cash flow $210M
FY25
Free cash flow $196M
Q3 '23
Free cash flow $85.7M
Q4 '23
Free cash flow $42.8M
Q1 '24
Free cash flow $19.7M
Q2 '24
Free cash flow $55.9M
Q3 '24
Free cash flow $45.0M
Q4 '24
Free cash flow $89.1M
Q1 '25
Free cash flow −$16.7M
Q2 '25
Free cash flow $57.9M
Q3 '25
Free cash flow $63.8M
Q4 '25
Free cash flow $90.6M
Q1 '26
Free cash flow −$4.3M
Q2 '26
Free cash flow $37.5M
FY15
Cash from operations $84.5M
Capital spending $33.4M
FY16
Cash from operations $125M
Capital spending $39.1M
FY18
Cash from operations —
Capital spending —
FY19
Cash from operations $130M
Capital spending $73.6M
FY20
Cash from operations $247M
Capital spending $42.9M
FY21
Cash from operations $87.1M
Capital spending $57.6M
FY22
Cash from operations $159M
Capital spending $80.6M
FY23
Cash from operations $294M
Capital spending $88.8M
FY24
Cash from operations $300M
Capital spending $90.4M
FY25
Cash from operations $274M
Capital spending $78.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations $105M
Capital spending $18.9M
Q4 '23
Cash from operations $62.6M
Capital spending $19.8M
Q1 '24
Cash from operations $40.7M
Capital spending $21.0M
Q2 '24
Cash from operations $82.8M
Capital spending $26.9M
Q3 '24
Cash from operations $65.2M
Capital spending $20.2M
Q4 '24
Cash from operations $111M
Capital spending $22.3M
Q1 '25
Cash from operations $6.0M
Capital spending $22.7M
Q2 '25
Cash from operations $81.3M
Capital spending $23.4M
Q3 '25
Cash from operations $83.6M
Capital spending $19.8M
Q4 '25
Cash from operations $103M
Capital spending $12.8M
Q1 '26
Cash from operations $11.7M
Capital spending $16.0M
Q2 '26
Cash from operations $59.3M
Capital spending $21.8M
Cash from operations
Capital spending
Dividends, buybacks and share count
Surgery Partners, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.9%.
FY15
Dividends —
Buybacks $0.0M
FY16
Dividends —
Buybacks $0.0M
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY15
Diluted shares 0.04B
FY16
Diluted shares 0.05B
FY18
Diluted shares —
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.13B
FY24
Diluted shares 0.13B
FY25
Diluted shares 0.13B
Balance sheet
Cash, debt and the ratios that show how comfortably Surgery Partners, Inc. can carry it.
FY15
Cash $57.9M
Debt $1.3B
FY16
Cash $69.7M
Debt $1.5B
FY18
Cash $184M
Debt $2.4B
FY19
Cash $92.7M
Debt $2.8B
FY20
Cash $318M
Debt $3.2B
FY21
Cash $390M
Debt $3.3B
FY22
Cash $283M
Debt $3.2B
FY23
Cash $196M
Debt $3.5B
FY24
Cash $270M
Debt $4.2B
FY25
Cash $240M
Debt $4.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $390M | $283M | $196M | $270M | $240M |
| Debt incl. finance leases | $3.3B | $3.2B | $3.5B | $4.2B | $4.7B |
| Net debt / EBITDA | 7.3x | 6.4x | 7.4x | 7.8x | 7.8x |
| Debt / equity | 2.7x | 1.3x | 1.4x | 1.9x | 2.2x |
| Current ratio | 1.8x | 1.9x | 1.7x | 1.8x | 1.9x |
| Quick ratio | 1.6x | 1.7x | 1.6x | 1.7x | 1.7x |
| Total assets | $6.1B | $6.7B | $6.9B | $7.9B | $8.1B |
| Total liabilities | $5.0B | $4.7B | $4.9B | $6.1B | $6.4B |
| Shareholders' equity | $1.1B | $2.0B | $2.0B | $1.8B | $1.7B |
| Net debt (− = net cash) | $2.9B | $2.9B | $3.3B | $3.9B | $4.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY15 | FY16 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 6 / 9 | — / 5 | 3 / 8 | 6 / 8 | 6 / 8 | 4 / 8 | 3 / 8 | 5 / 8 |
| Accruals ratio | −3.9% | −5.3% | −4.2% | −7.0% | −2.7% | −3.3% | −4.5% | −6.3% | −4.4% |
| Altman Z'' | 0.37 | 0.64 | 0.34 | 0.29 | 0.73 | 0.94 | 0.83 | 0.71 | 0.71 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY15 | FY16 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $960M | $1.1B | — | $1.8B | $1.9B | $2.2B | $2.5B | $2.7B | $3.1B | $3.3B |
| Gross profit | $291M | $324M | — | $424M | — | — | — | — | — | — |
| Operating income | $145M | $196M | — | $236M | $183M | $302M | $345M | $328M | $349M | $390M |
| Pretax income | −$76.1M | $92.2M | — | $54.6M | −$18.8M | $81.2M | $110M | $135M | $147M | $117M |
| Income tax | −$149M | $7.1M | — | $9.5M | −$20.1M | $10.5M | $23.3M | −$0.3M | $135M | $18.0M |
| Net income | $1.4M | $9.5M | — | −$74.8M | −$116M | −$70.9M | −$54.6M | −$11.9M | −$168M | −$77.9M |
| Net income to common | — | — | — | −$111M | −$156M | −$81.2M | −$54.6M | −$11.9M | — | — |
| Diluted EPS | $0.04 | $0.20 | — | −$2.29 | −$3.19 | −$1.12 | −$0.59 | −$0.09 | −$1.33 | −$0.61 |
| Diluted shares | 0.04B | 0.05B | — | 0.05B | 0.05B | 0.07B | 0.09B | 0.13B | 0.13B | 0.13B |
| Cash flow | ||||||||||
| Cash from operations | $84.5M | $125M | — | $130M | $247M | $87.1M | $159M | $294M | $300M | $274M |
| Capital expenditure | $33.4M | $39.1M | — | $73.6M | $42.9M | $57.6M | $80.6M | $88.8M | $90.4M | $78.7M |
| Free cash flow | $51.0M | $86.1M | — | $55.9M | $204M | $29.5M | $78.2M | $205M | $210M | $196M |
| Depreciation and amortization | $34.5M | $39.6M | — | $76.5M | $94.8M | $98.8M | $115M | $118M | $153M | $176M |
| Stock-based compensation | $7.5M | $2.0M | — | $10.2M | $13.2M | $17.4M | $18.4M | $17.7M | $33.3M | $14.8M |
| Acquisitions | $113M | $146M | — | $13.8M | $105M | $286M | $146M | $80.0M | $379M | $162M |
| Share buybacks | $0.0M | $0.0M | — | $0.0M | $0.0M | — | — | — | — | — |
| Dividends and buybacks | $0.0M | $0.0M | — | $0.0M | $0.0M | — | — | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $57.9M | $69.7M | $184M | $92.7M | $318M | $390M | $283M | $196M | $270M | $240M |
| Total debt | $1.3B | $1.5B | $2.3B | $2.6B | $2.9B | $3.0B | $2.6B | $2.8B | $3.4B | $3.7B |
| Finance lease liabilities | — | — | $25.4M | $253M | $281M | $365M | $586M | $694M | $799M | $936M |
| Current assets | $311M | $362M | $588M | $526M | $802M | $946M | $921M | $895M | $1.1B | $1.2B |
| Current liabilities | $181M | $187M | $349M | $398M | $557M | $537M | $493M | $523M | $624M | $616M |
| Inventory | $25.6M | $28.8M | $43.4M | $46.3M | $56.4M | $61.1M | $71.4M | $75.2M | $88.4M | $96.6M |
| Property and equipment, net | — | — | $426M | — | — | — | — | — | — | — |
| Goodwill | $1.4B | $1.6B | $3.4B | $3.4B | $3.5B | $3.9B | $4.1B | $4.3B | $5.1B | $5.2B |
| Intangible assets | $53.6M | $48.0M | $54.3M | $47.3M | $46.9M | $43.7M | $42.3M | $54.8M | $45.7M | $41.0M |
| Total assets | $2.1B | $2.3B | $4.7B | $5.0B | $5.4B | $6.1B | $6.7B | $6.9B | $7.9B | $8.1B |
| Total liabilities | $2.1B | $2.3B | $4.3B | $4.7B | $5.3B | $5.0B | $4.7B | $4.9B | $6.1B | $6.4B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$4.0M | $9.7M | $405M | $297M | $116M | $1.1B | $2.0B | $2.0B | $1.8B | $1.7B |
| Margins | ||||||||||
| Gross margin | 30.3% | 28.3% | — | 23.1% | — | — | — | — | — | — |
| Operating margin | 15.1% | 17.2% | — | 12.9% | 9.8% | 13.6% | 13.6% | 12.0% | 11.2% | 11.8% |
| EBITDA margin | 18.7% | 20.6% | — | 17.1% | 14.9% | 18.0% | 18.1% | 16.3% | 16.1% | 17.1% |
| Net margin | 0.1% | 0.8% | — | −4.1% | −6.2% | −3.2% | −2.2% | −0.4% | −5.4% | −2.4% |
| FCF margin | 5.3% | 7.5% | — | 3.1% | 11.0% | 1.3% | 3.1% | 7.5% | 6.7% | 5.9% |
| Returns | ||||||||||
| Return on capital | 9.3% | 12.8% | — | 7.0% | 5.4% | 7.2% | 6.3% | 7.1% | 4.6% | 6.3% |
| Return on capital employed | 7.5% | 9.3% | — | 5.1% | 3.8% | 5.4% | 5.6% | 5.2% | 4.8% | 5.2% |
| Return on equity | — | 334.7% | — | −21.3% | −56.3% | −11.8% | −3.5% | −0.6% | −8.9% | −4.4% |
| Return on assets | 0.1% | 0.4% | — | −1.5% | −2.2% | −1.2% | −0.9% | −0.2% | −2.3% | −1.0% |
| Growth | ||||||||||
| Revenue growth | — | 19.3% | — | — | 1.6% | 19.6% | 14.1% | 8.0% | 13.5% | 6.2% |
| Net income growth | — | 561.5% | — | — | — | — | — | — | — | — |
| EPS growth | — | 400.0% | — | — | — | — | — | — | — | — |
| FCF growth | — | 68.7% | — | — | 264.9% | −85.5% | 165.1% | 162.1% | 2.3% | −6.7% |
| Share count change | — | 28.6% | — | — | 1.0% | 48.5% | 27.0% | 36.6% | 0.4% | 0.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | 6.8x | 6.0x | — | 8.8x | 10.2x | 7.3x | 6.4x | 7.4x | 7.8x | 7.8x |
| Debt / equity | — | 152.4x | 5.8x | 8.7x | 24.9x | 2.7x | 1.3x | 1.4x | 1.9x | 2.2x |
| Current ratio | 1.7x | 1.9x | 1.7x | 1.3x | 1.4x | 1.8x | 1.9x | 1.7x | 1.8x | 1.9x |
| Quick ratio | 1.6x | 1.8x | 1.6x | 1.2x | 1.3x | 1.6x | 1.7x | 1.6x | 1.7x | 1.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.5% | 3.4% | — | 4.0% | 2.3% | 2.6% | 3.2% | 3.2% | 2.9% | 2.4% |
| Stock comp / revenue | 0.8% | 0.2% | — | 0.6% | 0.7% | 0.8% | 0.7% | 0.6% | 1.1% | 0.4% |
| Payouts / FCF | 0.0% | 0.0% | — | 0.0% | 0.0% | — | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | — | — | 3.0 | 6.0 | 6.0 | 4.0 | 3.0 | 5.0 |
| Altman Z'' | 0.4 | 0.6 | — | 0.3 | 0.3 | 0.7 | 0.9 | 0.8 | 0.7 | 0.7 |
| Accruals ratio | −3.9% | −5.3% | — | −4.2% | −7.0% | −2.7% | −3.3% | −4.5% | −6.3% | −4.4% |
Source: SEC EDGAR XBRL filings (CIK 0001638833). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.