SGRY Surgery Partners, Inc.

Overview and Growth

Fiscal 2025 results for Surgery Partners, Inc. combined $3.31B of revenue with net loss of $77.90M and an operating cash inflow of $274.30M. Revenue of $3.31B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 6.2% above fiscal 2024 revenue of $3.11B, marking a year-over-year increase. On a per-share basis, diluted EPS was -$0.61, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $8.12B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.41x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced $389.50M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 11.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The company ended the period with a net loss of $77.90M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 2.4% after all recognized items. EBITDA was $565.50M, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. The reported income-tax provision was $18.00M, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 2.5%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 1.0%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $168.10M in fiscal 2024 to $77.90M.

Liquidity and Capital Structure

Total assets were $8.12B, supported by $4.59B of liabilities and $3.13B of shareholder equity. At period end, current assets of $1.15B compared with current liabilities of $615.50M, defining the company’s short-term resource position. Current assets covered current liabilities by 1.87x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $239.90M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 39.0% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $3.74B, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 1.19x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 46.0% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 38.6%, placing book capital against the total resource base. The liabilities-to-assets relationship was 56.6%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 3.0%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 2.9% from $7.89B in fiscal 2024, leaving current total assets higher year over year. Book equity was 2.0% lower than fiscal 2024 equity of $3.20B, showing how shareholder capital changed year over year. Cash and equivalents were 11.0% lower than fiscal 2024 cash of $269.50M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $274.30M, a reported cash inflow that can be compared directly with net income and capital spending. The cash-flow statement records $78.70M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 28.7% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $195.60M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 5.9%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 2.4%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.