Surgery Partners (SGRY) financial statements
Surgery Partners reported revenue of $3.3B in fiscal 2025, up 14.7% a year over 9 years.
Net income was -$78M and the operating margin 11.8%, against 15.1% in 2015.
Free cash flow was $196M.
The diluted share count rose 240% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Surgery Partners's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $960M | $1.1B | $1.8B | $1.8B | $1.9B | $2.2B | $2.5B | $2.7B | $3.1B | $3.3B |
| Cost of revenue | $669M | $821M | $1.4B | $1.4B | — | — | — | — | — | — |
| Gross profit | $291M | $324M | $410M | $424M | — | — | — | — | — | — |
| Selling, general and admin | $56M | $60M | $94M | $89M | $97M | $104M | $102M | $121M | $139M | $118M |
| Operating income | $145M | $196M | $78M | $236M | $183M | $302M | $345M | $328M | $349M | $390M |
| Pre-tax income | -$76M | $92M | -$69M | $55M | -$19M | $81M | $110M | $135M | $147M | $117M |
| Income tax | -$149M | $7M | $26M | $10M | -$20M | $10M | $23M | -$300,000 | $135M | $18M |
| Net income | $1M | $9M | -$206M | -$75M | -$116M | -$71M | -$55M | -$12M | -$168M | -$78M |
| EPS (diluted) | $0.04 | $0.20 | -$4.96 | -$2.29 | -$3.19 | -$1.12 | -$0.59 | -$0.09 | -$1.33 | -$0.61 |
| Diluted shares | 37M | 48M | 48M | 48M | 49M | 72M | 92M | 126M | 126M | 127M |
| Gross margin | 30.3% | 28.3% | 23.1% | 23.1% | — | — | — | — | — | — |
| Operating margin | 15.1% | 17.2% | 4.4% | 12.9% | 9.8% | 13.6% | 13.6% | 12.0% | 11.2% | 11.8% |
| Net margin | 0.1% | 0.8% | -11.6% | -4.1% | -6.2% | -3.2% | -2.2% | -0.4% | -5.4% | -2.4% |
Balance sheet
Fiscal years, from Surgery Partners's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $58M | $70M | $184M | $93M | $318M | $390M | $283M | $196M | $270M | $240M |
| Receivables | $178M | $221M | $308M | $327M | $382M | $430M | $456M | $496M | $579M | $602M |
| Inventory | $26M | $29M | $43M | $46M | $56M | $61M | $71M | $75M | $88M | $97M |
| Total current assets | $311M | $362M | $588M | $526M | $802M | $946M | $921M | $895M | $1.1B | $1.2B |
| Property, plant and equipment | — | — | $426M | $523M | $545M | $630M | $877M | $969M | $1.1B | $1.2B |
| Goodwill | $1.4B | $1.6B | $3.4B | $3.4B | $3.5B | $3.9B | $4.1B | $4.3B | $5.1B | $5.2B |
| Total assets | $2.1B | $2.3B | $4.7B | $5.0B | $5.4B | $6.1B | $6.7B | $6.9B | $7.9B | $8.1B |
| Total current liabilities | $181M | $187M | $349M | $398M | $557M | $537M | $493M | $523M | $624M | $616M |
| Long-term debt | $1.2B | $1.4B | $2.3B | $2.5B | $2.8B | $2.9B | $2.6B | $2.7B | $3.3B | $3.6B |
| Total liabilities | $1.8B | $2.0B | $3.6B | $4.0B | $4.5B | $4.1B | $3.7B | $3.8B | $4.7B | $5.0B |
| Shareholders' equity | -$4M | $10M | $405M | $297M | $116M | $1.1B | $2.0B | $2.0B | $1.8B | $1.7B |
| Net debt | $1.2B | $1.3B | $2.1B | $2.4B | $2.5B | $2.5B | $2.3B | $2.5B | $3.0B | $3.4B |
Cash flow
Fiscal years, from Surgery Partners's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $84M | $125M | $145M | $130M | $247M | $87M | $159M | $294M | $300M | $274M |
| Capital spending | $33M | $39M | $40M | $74M | $43M | $58M | $81M | $89M | $90M | $79M |
| Free cash flow | $51M | $86M | $105M | $56M | $204M | $30M | $78M | $205M | $210M | $196M |
| Stock-based compensation | $8M | $2M | $9M | $10M | $13M | $17M | $18M | $18M | $33M | $15M |
| Share buybacks (net) | $0 | $0 | -$2M | $0 | $0 | — | — | — | — | — |
| Net borrowing | -$132M | $177M | $125M | $16M | $213M | -$44M | -$644M | $20M | $450M | $163M |
| Free cash flow margin | 5.3% | 7.5% | 5.9% | 3.1% | 11.0% | 1.3% | 3.1% | 7.5% | 6.7% | 5.9% |
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Open SGRY in InvestinglyQuestions
What was Surgery Partners's revenue in 2025?
$3.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Surgery Partners generate?
$196M in fiscal 2025 (operating cash flow minus capital spending).
From Surgery Partners's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.