Nashville, Tenn.-based HCA Healthcare, Dallas-based United Surgical Partners International and Brentwood, Tenn.-based Surgery Partners, three of the largest ASC operators in the U.S., all had significant increases to their revenue in 2025.
Here are 10 stats on how the ASC giants stacked up:
- HCA Healthcare reported $75.6 billion in total revenue from 2025, an increase of $5 billion from 2024.
- Net income attributable to HCA Healthcare was $6.8 billion in 2025, an increase of more than $1 billion over 2024.
- HCA Healthcare’s outpatient revenues as a percentage of patient revenues was 38.4% for the full year.
- HCA is projecting 2026 revenue to be between $76.5 billion and $80 billion.
- USPI reported $5.2 billion in net operating revenues for 2025, a 14.1% increase from $4.53 billion in 2024.
- The company recorded $8.48 billion in same-facility net patient service revenues for 2025, up from $7.89 billion in 2024.
- USPI’s full-year 2026 outlook calls for net operating revenues of $5.5 billion to $5.7 billion.
- Surgery Partners reported $3.3 billion in revenue for 2025, a 6.2% increase year over year.
- The company’s same-facility revenue increased 4.9% in 2025 compared to the year prior.
- Surgery Partners issued 2026 guidance of at least $530 million in adjusted EBITDA and revenue between $3.35 billion and $3.45 billion.
