Filing Flows › Surgery Partners (SGRY) › Q1 2025
Surgery Partners (SGRY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Surgery Partners (SGRY) reported revenue of $776M for the first quarter 2025 (Q1 2025), +8% from a year earlier and -10% from the quarter before. Operating margin was 8.0%, net loss $300K (0.0% of revenue).
Surgery Partners, Q1 2025: revenue $776M (+8% year over year), operating margin 8.0%, net loss $300K, operating cash flow $6.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $776M | -10% | +8% |
| Operating profit | $61.9M | -51% | — |
| Net earnings | −$300K | — | — |
| Operating cash flow | $6.0M | -95% | -85% |
What changed
Revenue was $776.0M in Q1 2025, up 8% year over year and down 10% from the previous quarter. Private insurance was the largest line at 52% of revenue. Private insurance added $45.4M year over year (up 13%), 77% of the total change. Other declined 23%.
Operating profit was $61.9M, a 8.0% margin (down 2.6 points year over year). Operating profit fell $14.1M even though revenue rose $58.6M versus a year earlier, so costs grew faster than sales. Total costs grew 11% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+11%). The quarter ended with a net loss of $300K, narrower than the previous quarter's $46.6M loss. Net interest and other expense of $62.2M was the main reason.
Operating cash flow was $6.0M (down 85% year over year). Non-cash charges added back $36.3M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items used $37.6M. Capital expenditures of $22.7M exceeded it, leaving free cash flow of −$16.7M.
Questions
What was Surgery Partners' revenue in the first quarter 2025?
Surgery Partners (SGRY) reported revenue of $776M for the first quarter 2025 (Q1 2025), +8% from a year earlier and -10% from the quarter before.
Was Surgery Partners profitable in the first quarter 2025?
Operating profit was $61.9M (8.0% of revenue) and net loss $300K.
Source: Surgery Partners 10-Q on SEC EDGAR.