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Surgery Partners (SGRY) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Surgery Partners (SGRY) Q2 2026 earnings results →
Q2 2026 Revenue up 3% year over year to $849M · 3¢ of every $1 of revenue kept as net profit · operating margin 12.0%
Surgery Partners made $849M in Q2 2026 (+3% Y/Y): Patient service revenues $828M, Other $20.6M. Operating margin 12.0%, net earnings $29.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
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What changed this quarter
Revenue was $848.9M in Q2 2026, up 3% year over year and up 5% from the previous quarter. Private insurance was the largest line at 47% of revenue. Government added $35.5M year over year (up 10%), 156% of the total change. Private insurance declined 4%.
Operating profit was $102.1M, a 12.0% margin (down 1.5 points year over year). Operating profit fell $9.6M even though revenue rose $22.7M versus Q2 2025, so costs grew faster than sales. Total costs grew 5% against revenue growth of 3%. Net earnings were −$15.0M. The effective tax rate was 8.0%.
Operating cash flow was $59.3M (down 27% year over year), 200% of net income including minority interests. Non-cash charges added back $39.3M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $13.5M. Capital expenditures of $21.8M left free cash flow of $37.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $849M | +3% | 12.0% | $29.7M | $59.3M |
| Q1 2026 | 10-Q | May 5, 2026 | $811M | +4% | 8.1% | −$2.1M | $11.7M |
| Q4 2025 | 10-K | Mar 2, 2026 | $885M | +2% | 12.5% | $29.0M | $103M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $822M | +7% | 12.9% | $25.3M | $83.6M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $826M | +8% | 13.5% | $44.9M | $81.3M |
| Q1 2025 | 10-Q | May 12, 2025 | $776M | +8% | 8.0% | −$300K | $6.0M |
| Q4 2024 | 10-K | Mar 7, 2025 | $864M | +18% | 14.7% | −$46.6M | $111M |
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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 43% of its revenue · Stated in 10-K (sentence) · source
About Surgery Partners
Surgery Partners, Inc., a Delaware corporation, acting through its subsidiaries, owns and operates a national network of surgical facilities and ancillary services. Unless the context otherwise indicates, Surgery Partners, Inc. and its subsidiaries are referred to herein as "Surgery Partners," "we," "us," "our" or the "Company." We are a leading healthcare services company with an integrated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. We are one of the largest and fastest growing surgical services businesses in the United States ("U.S."), with more than 200 locations in 30 states, including ambulatory surgery centers ("ASCs"), short-stay surgical hospitals ("surgical hospitals"), and multi-specialty physician practices, among others.
In its own words, from its 10-K, filed Mar 2, 2026.
Surgery Partners against its Services-General Medical & Surgical Hospitals, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +4%. Operating margin: 12.0% against the peers' median 11.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SGRY Surgery Partners | Q2 2026 | $849M | +3% | 12.0% |
| HCA HCA Healthcare | Q3 2026 | $19.8B | +4% | 11.9% |
| THC Tenet Healthcare | Q3 2026 | $5.6B | +6% | 31.1% |
| UHS Universal Health Services | Q3 2026 | $4.7B | +5% | 9.6% |
| CYH Community Health Systems | Q3 2026 | $2.8B | -11% | 5.3% |
| ARDT Ardent Health | Q3 2026 | $1.6B | +3% | 5.0% |
Source: Surgery Partners 10-Q on SEC EDGAR · CIK 1638833 · Services-General Medical & Surgical Hospitals, NEC
13F: who owns SGRY and who is buying
More on SGRY
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results