Brentwood, Tenn.-based Surgery Partners reported $3.3 billion in revenue for 2025, a 6.2% increase year over year, according to an earnings report released March 2.
Here are 10 things to know:
- Fourth-quarter revenue rose 2.4% to $885 million.
- Same-facility revenue increased 3.5% in Q4 compared to the year prior and 4.9% for the full year.
- Surgical cases declined 2.1% in the fourth quarter but rose 2% across 2025. Same-facility cases rose 1.3% in Q4 and 3.4% annually.
- The company reported a net loss of $15 million in Q4 and $77.9 million for the year.
- Adjusted EBITDA was $156.9 million in Q4, down 4.2%, and $526.2 million for the year, up 3.5%.
- Full-year operating cash flow was $274.3 million, down from $300.1 million in 2024.
- The company ended 2025 with $239.9 million in cash and $692.8 million in revolving credit capacity.
- Facility count grew to 176 surgical sites, up from 161 the year prior.
- On Feb. 26, the board authorized a share repurchase program of up to $200 million.
10. Surgery Partners issued 2026 guidance of at least $530 million in adjusted EBITDA and revenue between $3.35 billion and $3.45 billion.
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