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Surgery Partners cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$37.5M in Q2 2026 · $188M over twelve months

Operating cash flow$59.3M
Capital spending−$21.8M
Free cash flow+$37.5M
Cash / net income2.0×

Analysis

In Q2 2026, Surgery Partners generated $59.3M of operating cash flow and spent $21.8M on capital projects, leaving free cash flow of $37.5M. That is $20.4M less than in Q2 2025 ($57.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $258M; the largest uses were partners ($213M), acquisitions ($118M), capital spending ($70.4M); besides operations, cash came from net borrowing (+) / repaid (−) ($76.6M), other financing ($50.2M); the cash balance fell by $33.4M.

Operating cash flow was $59.3M against net income of $29.7M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$39.3M, receivables −$15.0M, other operating capital −$13.2M.

Free cash flow

Surgery Partners: free cash flow by quarterSurgery Partners: free cash flow by quarter$45.0MQ3 2024$89.1MQ4 2024−$16.7MQ1 2025$57.9MQ2 2025$63.8MQ3 2025$90.6MQ4 2025−$4.3MQ1 2026$37.5MQ2 2026
Operating cash flow less capital spending.
Surgery Partners: operating cash flow against capital spendingSurgery Partners: operating cash flow against capital spendingOperating cash flowCapital spending$65.2M$20.2MQ3 2024$111M$22.3MQ4 2024$6.0M$22.7MQ1 2025$81.3M$23.4MQ2 2025$83.6M$19.8MQ3 2025$103M$12.8MQ4 2025$11.7M$16.0MQ1 2026$59.3M$21.8MQ2 2026
Latest (Q2 2026): Operating cash flow $59.3M, Capital spending $21.8M.

Capital allocation, year by year

Surgery Partners: where the cash came from (up) and went (down), by fiscal yearSurgery Partners: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $87.1MFY2021: Net borrowing −$63.9MFY2021: Shares issued $582MFY2021: Asset sales $6.0MFY2021: Capital spending −$57.6MFY2021: Acquisitions −$286M$675MFY2021FY2022: Operating cash flow $159MFY2022: Net borrowing −$669MFY2022: Shares issued $883MFY2022: Asset sales $12.9MFY2022: Capital spending −$80.6MFY2022: Acquisitions −$146M$1.1BFY2022FY2023: Operating cash flow $294MFY2023: Net borrowing −$7.2MFY2023: Asset sales $25.8MFY2023: Capital spending −$88.8MFY2023: Acquisitions −$80.0M$320MFY2023FY2024: Operating cash flow $300MFY2024: Net borrowing $417MFY2024: Asset sales $2.6MFY2024: Capital spending −$90.4MFY2024: Acquisitions −$379M$720MFY2024FY2025: Operating cash flow $274MFY2025: Net borrowing $124MFY2025: Asset sales $46.5MFY2025: Capital spending −$78.7MFY2025: Acquisitions −$162M$444MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were acquisitions ($1.1B) and net borrowing ($740M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$217M
Debt$3.8B
Net debt$3.5B
Due within a year$99.3M

Surgery Partners funds itself: free cash flow was $188M over the last twelve months, and $217M of cash and investments stands against $3.8B of debt ($99.3M due within a year, 2.2× covered by cash).

Surgery Partners: debt maturities by year (FY2025)Surgery Partners: debt maturities by year (FY2025)$99.3MYear 1$91.1MYear 2$83.1MYear 3$72.2MYear 4$1.4BYear 5$2.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $217M of cash and investments now.

Where the cash came from and went

Surgery Partners: sources (+) and uses (−) of cash, Q2 2026Surgery Partners: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$59.3MPartners−$43.0MNet borrowing (+) / repaid (−)$38.2MCash drawn (+) / kept (−)−$34.4MCapital spending−$21.8MOther investing$1.6MAsset & business sales$300KOther financing−$300KAcquisitions$100K
Surgery Partners: sources (+) and uses (−) of cash, TTM to Q2 2026Surgery Partners: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$258MPartners−$213MAcquisitions−$118MNet borrowing (+) / repaid (−)$76.6MCapital spending−$70.4MOther financing$50.2MCash drawn (+) / kept (−)$33.4MOther investing−$20.8MAsset & business sales$3.9M

From profit to cash

Surgery Partners: net income to operating cash flow, Q2 2026Surgery Partners: net income to operating cash flow, Q2 2026Net income$29.7MDepreciation & amortization$39.3MStock-based pay$3.8MDeferred taxes$2.2MReceivables−$15.0MOther operating capital−$13.2MOperating cash flow$59.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$59.3M−$21.8M$100K$38.2M−$34.4M$37.5M
Q1 2026$11.7M−$16.0M−$4.2M$1.6M$57.6M−$4.3M
Q4 2025$103M−$12.8M−$110M$103M−$36.5M$90.6M
Q3 2025$83.6M−$19.8M−$4.6M−$43.3M$46.7M$63.8M
Q2 2025$81.3M−$23.4M−$4.0M−$11.5M−$20.8M$57.9M
Q1 2025$6.0M−$22.7M−$44.0M$94.3M$40.2M−$16.7M
Q4 2024$111M−$22.3M−$87.6M$95.4M−$47.7M$89.1M
Q3 2024$65.2M−$20.2M−$26.6M$33.4M−$8.3M$45.0M

Surgery Partners: income statement and cash flow

Surgery Partners, Q2 2026: revenue $849M (+3% year over year), operating margin 12.0%. The chart follows the revenue to costs, profit and cash.

Surgery Partners: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.