Surgery Partners Inc. (SGRY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.06	$0.1	+66.7%	—	$848.9M	—
Q1 26	-$0.14	-$0.03	+78.6%	—	$810.9M	—
Q4 25	$0.3	$0.12	-60.0%	—	$885M	—
Q3 25	$0.16	$0.13	-18.8%	—	$821.5M	—
Q2 25	$0.14	$0.17	+21.4%	—	$826.2M	—
Q1 25	$0.05	$0.04	-20.0%	—	$776M	—
Q4 24	$0.38	$0.44	+15.8%	—	$864.4M	—
Q3 24	$0.26	$0.19	-26.9%	—	$770.4M	—
Q2 24	$0.2	$0.21	+5.0%	—	$762.1M	—
Q1 24	$0.08	$0.1	+25.0%	—	$717.4M	—
Q4 23	$0.38	$0.44	+15.8%	—	$735.4M	—
Q3 23	$0.15	$0.19	+26.7%	—	$674.1M	—
Q2 23	$0.08	$0.28	+250.0%	—	$667.6M	—
Q1 23	—	$0.08	—	—	$666.2M	—
Q4 22	$0.18	$0.27	+50.0%	—	$707.1M	—
Q3 22	$0.05	-$0.02	-140.0%	—	$620.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.61	—	—	$3.3B	—
FY24	—	-$1.33	—	—	$3.1B	—
FY23	—	-$0.09	—	—	$2.7B	—
FY22	—	-$0.59	—	—	$2.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	—	$1.8B	$1.8B	$1.9B	$2.2B	$2.5B	$2.7B	$3.1B	$3.3B
YoY change	+19.3%	—	—	+3.38%	+1.57%	+19.6%	+14.1%	+8.03%	+13.5%	+6.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	—	1.8B	1.8B	1.9B	2.2B	2.5B	2.7B	3.1B	3.3B
Cost of revenue	821.2M	—	1.4B	1.4B	1.5B	1.7B	2B	2.1B	2.4B	2.5B
Gross profit	324.2M	—	410.1M	423.8M	379.8M	491.4M	574.9M	647.5M	745.6M	765M
Gross margin	28.3%	—	23.1%	23.1%	20.4%	22.1%	22.6%	23.6%	23.9%	23.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	60.2M	—	93.6M	88.6M	97.1M	104M	102.2M	120.9M	138.7M	118.2M
Operating expenses	59.9M	—	89.8M	87.2M	50.9M	66.1M	99.8M	119.8M	138.7M	118.2M
Operating income	200.6M	—	249.1M	258.7M	234.1M	326.5M	360.3M	409.6M	454.3M	470.8M
Operating margin	17.5%	—	14.1%	14.1%	12.6%	14.7%	14.2%	14.9%	14.6%	14.2%
Non-operating income, net	-7.8M	—	-171.3M	-25.2M	-51.1M	-24.3M	-15.1M	-81.6M	-105.5M	-81.3M
Pretax income	92.2M	—	-69.2M	54.6M	-18.8M	81.2M	110.3M	135M	147.1M	116.9M
Income tax	7.1M	—	26.4M	9.5M	-20.1M	10.5M	23.3M	300K	134.6M	18M
Net income	85.1M	—	-95.6M	45.1M	1.3M	70.7M	87M	135.3M	12.5M	98.9M
Net margin	7.43%	—	-5.4%	2.46%	0.07%	3.18%	3.43%	4.93%	0.4%	2.99%
EBITDA	241.2M	—	329.1M	344.4M	341.4M	452.1M	504.2M	548.3M	646.4M	678.4M
EPS	0.2	-1.64	-4.96	-2.27	-3.19	-1.12	-0.59	-0.09	-1.33	-0.61
Diluted EPS	0.2	-1.64	-4.96	-2.27	-3.19	-1.12	-0.59	-0.09	-1.33	-0.61

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	674.1M	735.4M	717.4M	762.1M	770.4M	864.4M	776M	826.2M	821.5M	885M	810.9M	848.9M
Cost of revenue	508.3M	541.8M	562.1M	582.9M	592.9M	630.8M	614.1M	630.6M	626.2M	672.8M	650.7M	658.7M
Gross profit	165.8M	193.6M	155.3M	179.2M	177.5M	233.6M	161.9M	195.6M	195.3M	212.2M	160.2M	190.2M
Gross margin	24.6%	26.3%	21.6%	23.5%	23%	27%	20.9%	23.7%	23.8%	24%	19.8%	22.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	36.8M	20.9M	33.2M	40.3M	29.2M	36M	36M	36.1M	22.4M	23.7M	39.3M	36.3M
Operating expenses	35.6M	23M	31.2M	40.3M	27M	36M	36M	34M	20.7M	23.7M	37.6M	34.4M
Operating income	101.3M	139.5M	90.4M	104.1M	100.3M	153M	89.6M	121.3M	135.1M	124.8M	84.1M	116.5M
Operating margin	15%	19%	12.6%	13.7%	13%	17.7%	11.5%	14.7%	16.4%	14.1%	10.4%	13.7%
Non-operating income, net	-18.7M	-38.1M	-14.4M	-19.3M	-39.4M	-25.9M	-27.7M	-9.6M	-29.4M	-14.6M	-18.3M	-14.4M
Pretax income	32.8M	52.7M	28.7M	33.3M	10.9M	74.2M	-300K	43.8M	30.8M	42.6M	-3.3M	32.3M
Income tax	3.1M	6.6M	4.4M	4.9M	4.5M	120.8M	0	-1.1M	5.5M	13.6M	-1.2M	2.6M
Net income	29.7M	46.7M	24.3M	28.4M	6.4M	-46.6M	-300K	44.9M	25.3M	29M	-2.1M	29.7M
Net margin	4.41%	6.35%	3.39%	3.73%	0.83%	-5.39%	-0.04%	5.43%	3.08%	3.28%	-0.26%	3.5%
EBITDA	133.7M	181.8M	126.8M	149.8M	155.7M	214.1M	131.5M	167.1M	179.8M	200M	126.7M	162.2M
EPS	-0.04	-0.01	-0.1	-0.12	-0.25	-0.86	-0.3	-0.02	-0.18	-0.12	-0.28	-0.12
Diluted EPS	-0.04	-0.01	-0.1	-0.12	-0.25	-0.86	-0.3	-0.02	-0.18	-0.12	-0.28	-0.12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	583.1M	470.2M	755.8M	1.4B	—	—	—	2.7B	2B	1.9B
Enterprise value	—	2.7B	2.8B	3.6B	4.3B	—	—	—	6.1B	5.8B	7.5B
Shares outstanding	48M	48.2M	48M	48.3M	48.8M	72.4M	92M	125.6M	126.1M	127.2M	127.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	16.8	1.1K	—	—	—	213.6	19.9	3K
P/S	—	—	0.27	0.41	0.76	—	—	—	0.86	0.59	0.57
P/B	—	0.3	0.26	0.44	0.87	—	—	—	0.73	0.56	1.13
EV/EBITDA	—	—	8.39	10.3	12.6	—	—	—	9.44	8.48	11.6
EV/Sales	—	—	1.56	1.95	2.31	—	—	—	1.96	1.74	2.23
Earnings yield	—	—	—	5.97%	0.09%	—	—	—	0.47%	5.03%	0.03%
FCF yield	—	—	22.3%	7.4%	14.4%	—	—	—	7.85%	9.95%	9.54%
PEG	—	—	—	—	—	—	—	—	—	—	5.91

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.3%	—	23.1%	23.1%	20.4%	22.1%	22.6%	23.6%	23.9%	23.1%	22.4%
Operating margin	17.5%	—	14.1%	14.1%	12.6%	14.7%	14.2%	14.9%	14.6%	14.2%	13.7%
Net margin	7.43%	—	-5.4%	2.46%	0.07%	3.18%	3.43%	4.93%	0.4%	2.99%	-2.63%
ROE	16.8%	—	-5.36%	2.65%	0.08%	3.07%	2.65%	4.02%	0.34%	2.8%	2.32%
ROA	3.69%	—	-2.04%	0.9%	0.02%	1.16%	1.3%	1.97%	0.16%	1.22%	3.67%
ROIC	9.58%	—	6.11%	4.74%	5.2%	5.46%	4.79%	6.56%	0.55%	5.45%	5.04%
Return on tangible assets	-9.44%	—	4.35%	-2.4%	-0.08%	-3.94%	-5.19%	-7.18%	-0.53%	-4.21%	2.92%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.94	1.86	1.68	1.32	1.44	1.76	1.87	1.71	1.79	1.87	1.95
Quick ratio	1.78	1.71	1.56	1.2	1.34	1.65	1.72	1.57	1.65	1.71	1.78
Debt / equity	2.96	1.17	1.39	1.71	1.97	1.43	0.89	0.91	1.02	1.14	1.17
Debt / assets	0.65	0.5	0.53	0.58	0.59	0.54	0.44	0.45	0.47	0.5	0.5
Net debt / EBITDA	5.92	—	6.96	8.15	8.43	6.42	5.25	5.23	5.31	5.58	5.74
Interest coverage	1.92	—	0.53	1.31	0.91	1.37	1.47	1.7	1.73	1.43	1.36
Effective tax rate	7.7%	—	0%	17.4%	0%	12.9%	21.1%	0.22%	91.5%	15.4%	20%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	23.9	—	36.9	37.9	38.1	30.7	27.6	21.8	24.7	26	26.3
EPS (basic)	0.2	-1.64	-4.96	-2.27	-3.19	-1.12	-0.59	-0.09	-1.33	-0.61	-0.61
EPS (diluted)	0.2	-1.64	-4.96	-2.27	-3.19	-1.12	-0.59	-0.09	-1.33	-0.61	-0.69
Book value per share	10.5	40.8	37.2	35.2	33.3	31.8	35.7	26.8	28.8	27.7	12.9
FCF per share	1.79	—	2.18	1.16	4.18	0.41	0.85	1.63	1.66	1.54	1.46
Cash per share	1.45	3.63	3.84	1.92	6.52	5.38	3.08	1.56	2.14	1.89	1.67
Capex per share	0.81	—	0.43	1.16	0.32	0.71	0.74	0.5	0.7	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.41%	—	1.16%	3.06%	0.84%	2.32%	2.67%	2.3%	2.82%	—	—
Capex / operating cash flow	44.6%	—	53.9%	49.1%	7.53%	68.3%	50.3%	23.7%	34.2%	—	—
Payout ratio	0%	—	-8.16%	0%	0%	7.21%	0%	0%	—	—	0%
Dividend yield	—	—	1.66%	0%	0%	—	—	—	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$674.1M	$735.4M	$717.4M	$762.1M	$770.4M	$864.4M	$776M	$826.2M	$821.5M	$885M	$810.9M	$848.9M
YoY change	+8.62%	+4%	+7.69%	+14.2%	+14.3%	+17.5%	+8.17%	+8.41%	+6.63%	+2.38%	+4.5%	+2.75%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	69.7M	174.9M	184.3M	92.7M	317.9M	389.9M	282.9M	195.9M	269.5M	239.9M
Receivables	220.6M	288M	307.6M	326.9M	382.2M	430.2M	456.3M	496.4M	579.1M	602.2M
Inventory	28.8M	45M	43.4M	46.3M	56.4M	61.1M	71.4M	75.2M	88.4M	96.6M
Total current assets	362M	563.2M	588.3M	525.5M	801.5M	946.1M	921M	895M	1.1B	1.2B
Property, plant & equipment	86.1M	210M	225.9M	714.4M	745M	822.5M	991.7M	998.7M	1.1B	1.2B
Goodwill & intangibles	3.2B	6.8B	6.9B	6.9B	7B	7.9B	8.4B	8.8B	10.2B	10.5B
Total assets	2.3B	4.6B	4.7B	5B	5.4B	6.1B	6.7B	6.9B	7.9B	8.1B
Accounts payable	49.8M	84.7M	83.3M	96.7M	100.2M	124.9M	151.6M	171.8M	208.7M	208.7M
Short-term debt	27.8M	58.7M	55.6M	93.3M	103.6M	100.5M	99.3M	110.9M	142.4M	142M
Total current liabilities	186.7M	303M	349.3M	398.1M	556.8M	536.8M	493.4M	523M	624.4M	615.5M
Long-term debt	1.5B	2.3B	2.4B	2.8B	3.1B	3.2B	2.8B	3B	3.6B	3.9B
Total liabilities	1.8B	2.7B	2.9B	3.3B	3.8B	3.8B	3.4B	3.5B	4.3B	4.6B
Shareholders' equity	505.2M	2B	1.8B	1.7B	1.6B	2.3B	3.3B	3.4B	3.6B	3.5B
Total debt	1.5B	2.3B	2.5B	2.9B	3.2B	3.3B	2.9B	3.1B	3.7B	4B
Net debt	1.4B	2.1B	2.3B	2.8B	2.9B	2.9B	2.6B	2.9B	3.4B	3.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	203.4M	239.9M	182.3M	216.7M
Receivables	—	—	—	—	—	—	—	—	579.3M	602.2M	603.4M	616.6M
Inventory	—	—	—	—	—	—	—	—	92.3M	96.6M	100.5M	98.8M
Total current assets	—	—	—	—	—	—	—	—	1.1B	1.2B	1.1B	1.1B
Property, plant & equipment	-425.5M	-454.4M	-485.4M	-519.1M	-558.8M	-553.9M	-587M	-588.8M	1.4B	1.2B	1.4B	1.4B
Goodwill & intangibles	—	—	—	—	—	—	—	—	5.1B	10.5B	5.2B	5.2B
Total assets	—	—	—	—	—	—	—	—	7.9B	8.1B	8B	8B
Accounts payable	—	—	—	—	—	—	—	—	174.6M	208.7M	168.6M	175.2M
Short-term debt	—	—	—	—	—	—	—	—	144.3M	142M	142.6M	143.5M
Total current liabilities	—	—	—	—	—	—	—	—	586M	615.5M	581.7M	578.5M
Long-term debt	—	—	—	—	—	—	—	—	3.7B	3.9B	3.9B	3.9B
Total liabilities	—	—	—	—	—	—	—	—	4.4B	4.6B	4.6B	4.6B
Shareholders' equity	—	—	—	—	—	—	—	—	3.6B	3.5B	3.5B	3.5B
Total debt	—	—	—	—	—	—	—	—	3.9B	4B	4B	4.1B
Net debt	—	—	—	—	—	—	—	—	3.7B	3.8B	3.8B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	72.8M	85.1M	-95.6M	45.1M	1.3M	70.7M	87M	135.3M	12.5M	98.9M
Depreciation & amortization	34.5M	39.6M	67.4M	76.5M	94.8M	98.8M	114.8M	118.1M	152.6M	176M
Stock-based compensation	7.5M	2M	9.3M	10.2M	13.2M	17.4M	18.4M	17.7M	33.3M	14.8M
Change in working capital	-44.3M	-43.4M	33.2M	-68.8M	-55.3M	-75.5M	-102.3M	-62.3M	-118.9M	-110.4M
Operating cash flow	47.4M	87.6M	38.2M	114M	207.2M	75.6M	134.6M	266.1M	256.4M	274.3M
Capital expenditure	-33.4M	-39.1M	-20.6M	-56M	15.6M	-51.6M	-67.7M	-63M	-87.8M	—
Investing cash flow	-134.8M	-184.7M	-128.9M	-85.2M	-88.4M	-331.7M	-307.9M	-225.6M	-488.5M	-214.4M
Dividends paid	—	0	-7.8M	0	0	-5.1M	0	0	—	—
Share repurchases	—	0	-2M	0	0	—	—	—	—	—
Financing cash flow	29.8M	72.2M	-6.3M	-135.9M	66.7M	316.3M	42.1M	-155.2M	262M	-57.3M
Net change in cash	-57.6M	-24.9M	-97M	-107.1M	185.5M	60.2M	-131.2M	-114.7M	29.9M	2.6M
Free cash flow	51M	86.1M	104.8M	55.9M	204M	29.5M	78.2M	205M	209.7M	195.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	29.7M	46.7M	24.3M	28.4M	6.4M	-46.6M	-300K	44.9M	25.3M	29M	-2.1M	29.7M
Depreciation & amortization	28.9M	31.1M	33.7M	34.8M	50.2M	33.9M	36.3M	40.3M	39.5M	59.9M	38.5M	39.3M
Stock-based compensation	4.4M	4.5M	4.9M	15.1M	7.1M	6.2M	7.6M	6.8M	2.6M	-2.2M	5.8M	3.8M
Change in working capital	21.8M	-65.7M	-37.7M	-21.5M	-28.2M	-31.5M	-56.9M	-16.7M	-18.4M	-18.4M	-49.6M	-28.2M
Operating cash flow	100.7M	39.7M	38.2M	73.2M	50.4M	94.6M	-1.5M	81.3M	83.6M	103.4M	11.7M	59.3M
Capital expenditure	-19.2M	-19.8M	-19.5M	-26.9M	-20.2M	-21.2M	-17.9M	—	—	—	—	—
Investing cash flow	-25.6M	-58.1M	-83.1M	-244.1M	-49.6M	-111.7M	-76.4M	-12.6M	-13M	-130.3M	2.6M	1.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-20.4M	-44.6M	31.7M	189.6M	-7.3M	48M	30.2M	-62.6M	-84.1M	59.2M	-55.9M	-5.1M
Net change in cash	54.7M	-63M	-13.2M	18.7M	-6.5M	30.9M	-47.7M	6.1M	-13.5M	32.3M	-41.6M	55.9M
Free cash flow	85.7M	42.8M	19.7M	55.9M	45M	89.1M	-16.7M	57.9M	63.8M	90.6M	-4.3M	37.5M

Surgery Partners Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement