Filing Flows › Surgery Partners (SGRY) › Q1 2026 › vs Q4 2025
Surgery Partners (SGRY) Q1 2026 vs Q4 2025 (quarter over quarter)
Surgery Partners's revenue fell $74.1M (-8%) from $885M in Q4 2025 to $811M in Q1 2026. The biggest changes: Patient service revenues −$74.2M (-9%); Other +$100K (+0.6%).
Surgery Partners, Q1 2026: revenue $811M (+4% year over year), operating margin 8.1%, net loss $2.1M, operating cash flow $11.7M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Private insurance | $399M | $460M | −$61.6M | -13% |
| Government | $357M | $369M | −$11.2M | -3% |
| Self-pay | $19.2M | $19.6M | −$400K | -2% |
| Other service revenues | $18.8M | $19.8M | −$1.0M | -5% |
| Patient service revenues | $794M | $868M | −$74.2M | -9% |
| Other | $16.6M | $16.5M | $100K | +0.6% |
| Revenue | $811M | $885M | −$74.1M | -8% |
| Income tax benefit | $1.2M | −$13.6M | $14.8M | — |
| Net loss | $2.1M | −$29.0M | $31.1M | — |
| Costs & expenses | $814M | $885M | −$70.8M | -8% |
| Operating costs | $745M | $775M | −$29.7M | -4% |
| Interest & other, net | $69.1M | $67.6M | $1.5M | +2% |
| General & admin | $39.3M | $23.7M | $15.6M | +66% |
| Other operating costs | $706M | $751M | −$45.3M | -6% |
| Operating cash sources | $44.3M | $59.9M | −$15.6M | -26% |
| Depreciation & amortization | $38.5M | $59.9M | −$21.4M | -36% |
| Share-based compensation | $5.8M | $0 | $5.8M | — |
| Net loss absorbed | $2.1M | −$29.0M | $31.1M | — |
| Working capital & other | $30.5M | −$14.5M | $45.0M | — |
| Operating cash flow | $11.7M | $103M | −$91.7M | -89% |
| Capital expenditures | $16.0M | $12.8M | $3.2M | +25% |
| Negative free cash flow (OCF − capex) | $4.3M | −$90.6M | $94.9M | — |
Questions
How much did Surgery Partners's revenue grow quarter over quarter in Q1 2026?
Surgery Partners's revenue fell $74.1M (-8%) from $885M in Q4 2025 to $811M in Q1 2026.
What drove Surgery Partners's revenue change in Q1 2026?
Patient service revenues −$74.2M (-9%); Other +$100K (+0.6%).