NASDAQ$SGRY

Surgery Partners Inc · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

SGRY reported Q4 2025, revenue of $885M, a net loss of $15M.

For Q4 2025, SGRY reported revenue of $885M, a net loss of $15M. Management discusses segment performance, capital allocation, and macro risks in the quarterly filing.

  • Revenue $885M.
  • Net loss $15M.
  • SGRY MD&A covers liquidity, operating priorities, and sector risks.

Headline financials

Total Revenue

$885M

Previous: $864M+2.4%
EPS (adj)

$0.12

Previous: $0.44-72.7%
Adjusted EBITDA

$157M

Previous: $164M-4.2%
Adjusted EBITDA Margin

17.7%

Previous: 18.9%-6.3%
Cases

170.5K

Previous: 174.2K-2.1%
Revenue per Case

$5.19K

Previous: $4.96K+4.6%
Same-Facility Revenue Growth

3.5%

No prior period
Same-Facility Case Growth

1.3%

No prior period
Revenue per Case Growth

2.1%

No prior period
Same-Facility Cases

190.9K

Previous: 188.4K+1.3%
Same-Facility Revenue per Case

$5.22K

Previous: $5.11K+2.1%
Surgical Facilities

176

Previous: 161+9.3%
Consolidated Surgical Facilities

121

Previous: 118+2.5%
Net Income

-$15M

Previous: -$109M+86.2%
Operating Income

$110M

Previous: $127M-13.3%

Revenue & EPS history

Surgery Partners · Revenue · Quarterly

$885M

Q4 2025+2.4%vs Q4 2024
Beat estimate in 9 of 15 quarters(60%)
ActualEstimate

Forward guidance

2026 adjusted EBITDA at least $530M; revenue $3.35B–$3.45B.

Tailwinds

  • Same-facility revenue +3.5% in Q4.
  • FY25 revenue +6.2%.

Headwinds

  • Q4 margin pressure vs expectations.
  • Case volume -2.1% in Q4.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

+1.2%

Avg return

Earnings day

+0.0%

Avg return

5 days after

-1.2%

Avg return

30 days after

57%

28 / 49 earnings

Positive

+26.2%

Q2 2020

Best reaction

-35.9%

Q2 2017

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.4%+1.7%-3.7%
Q4 2025-12.5%-15.9%-23.3%
Q3 2025-25.4%-28.9%-23.1%
Q1 2025+5.1%+8.0%+4.6%
Q4 2024-0.3%-0.1%-2.2%
Q3 2024-18.8%-27.0%-35.6%
Q2 2024-0.4%+3.6%+7.9%
Q1 2024+6.1%+3.9%+1.3%
Q4 2023-3.6%-5.6%-9.4%
Q3 2023+10.4%+5.5%+30.9%
Q2 2023-4.0%-4.6%-6.1%
Q1 2023-6.3%-11.2%-5.5%
Q4 2022-1.8%-0.5%+3.0%
Q3 2022-11.7%+17.9%+5.7%
Q2 2022-2.5%-1.7%-30.6%
Q1 2022+11.2%+0.8%-21.3%
Q4 2021+4.7%+1.6%+6.4%
Q3 2021+17.7%+22.8%+13.0%
Q2 2021-13.1%-15.2%-8.6%
Q1 2021+5.2%+2.1%+22.6%
Q4 2020+3.4%+7.2%+11.9%
Q3 2020-5.8%+0.7%+14.0%
Q2 2020+26.2%+26.1%+25.3%
Q1 2020+1.2%-9.7%+34.5%
Q4 2019-29.6%-34.8%-68.6%
Q3 2019+22.4%+35.2%+60.8%
Q2 2019+7.9%-4.1%+0.3%
Q1 2019-5.1%-6.7%-19.9%
Q4 2018+5.4%+9.0%-9.6%
Q3 2018+6.2%+0.7%-6.7%
Q2 2018+13.0%+10.8%-2.2%
Q1 2018+7.0%+16.1%-12.9%
Q4 2017+0.9%+6.0%+8.2%
Q3 2017+18.5%+8.0%+14.8%
Q2 2017-35.9%-41.4%-47.5%
Q1 2017+17.4%+21.0%+22.1%
Q4 2016-10.2%-6.9%-9.3%
Q3 2016-8.4%-2.8%-7.8%
Q2 2016+1.0%+10.3%+19.2%
Q1 2015-2.7%
Q1 2016-7.6%
Q2 2015+13.1%
Q1 2014+13.1%
Q4 2013+13.1%
Q2 2014+13.1%
Q4 2015+17.1%
Q3 2014+2.8%
Q4 2014+2.8%
Q3 2015-0.2%

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