Surgery Partners vs. USPI vs. Optum in Q3: 6 earnings notes

Here are six notes on the Q3 earnings of Surgery Partners, USPI and Optum, three of the biggest players in the ASC industry. 

1. Brentwood, Tenn.-based ASC chain Surgery Partners’ third-quarter revenue rose 6.6% year over year, reaching $821.5 million.
2. Dallas-based United Surgical Partners International, the ASC arm of Tenet Healthcare, reported third-quarter revenue of $1.28 billion, an 11.9% increase from the same period last year.
3. Optum, UnitedHealth Group’s healthcare services arm that includes ASC chain SCA Health, reported $69.2 billion in total revenue for the third quarter of 2025, up about 2.9% from the same period last year. 
4. Surgery Partners and USPI both had about a 2% increase in surgical cases in the third quarter. 
5. Tenet Healthcare, the parent company of USPI, had a 16.8% operating margin in the quarter, compared to Optum’s 4.6% operating margin. 
6. USPI has ownership interests in 530 ASCs and Surgery Partners operates 165 surgical facilities. 

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