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Dec 31, 2025
Surgery Partners Q4 2025 Earnings Report
Surgery Partners Q4 2025 Earnings Report
Key Takeaways
Surgery Partners reported a 2.4% increase in Q4 revenue to $885 million, though results were impacted by significant and unanticipated headwinds leading to a net loss of $15 million. Despite margin pressure and a decrease in total surgical cases, the company saw growth in same-facility metrics and higher-acuity procedures, while initiating a $200 million share repurchase program.
Revenue grew 2.4% year-over-year to $885.0 million for the fourth quarter.
Same-facility revenues increased 3.5%, driven by a 2.1% increase in revenue per case and a 1.3% increase in same-facility cases.
Adjusted EBITDA decreased 4.2% to $156.9 million due to margin pressure and operational headwinds.
The Board authorized a new $200 million share repurchase program on February 26, 2026.
Forward Guidance
Surgery Partners provided a measured initial outlook for 2026, focusing on organic growth and portfolio optimization while navigating near-term operating environments.
Positive Outlook
- Initial 2026 revenue guidance of $3.35 billion to $3.45 billion.
- Adjusted EBITDA expected to be at least $530 million (excluding M&A).
- Strong structural tailwinds underpinning long-term ASC market growth.
- Focus on shifting into higher-acuity procedures to drive value.
- Improving free cash flow and commitment to reducing leverage.
Challenges Ahead
- Navigating a near-term operating environment with significant headwinds.
- Recent margin pressure impacting full-year performance.
- Fourth quarter results did not meet previous expectations.
- Guidance excludes potential contributions from future M&A.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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