Filing Flows › Surgery Partners (SGRY) › Q2 2025
Surgery Partners (SGRY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Surgery Partners (SGRY) reported revenue of $826M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +6% from the quarter before. Operating margin was 13.5%, net earnings $44.9M (5.4% of revenue).
Surgery Partners, Q2 2025: revenue $826M (+8% year over year), operating margin 13.5%, net earnings $44.9M, operating cash flow $81.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $826M | +6% | +8% |
| Operating profit | $112M | +80% | +32% |
| Net earnings | $44.9M | — | +58% |
| Operating cash flow | $81.3M | 14× | -2% |
| Free cash flow | $57.9M | — | +4% |
What changed
Revenue was $826.2M in Q2 2025, up 8% year over year and up 6% from the previous quarter. Private insurance was the largest line at 50% of revenue. Government added $38.4M year over year (up 12%), 60% of the total change. Other declined 8%.
Operating profit was $111.7M, a 13.5% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 11% margin then. Total costs grew 5% against revenue growth of 8%. Net earnings were −$2.5M. The effective tax rate was -2.5%.
Operating cash flow was $81.3M (down 2% year over year), 181% of net income including minority interests. Non-cash charges added back $40.3M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items used $10.7M. Capital expenditures of $23.4M left free cash flow of $57.9M.
Questions
What was Surgery Partners' revenue in the second quarter 2025?
Surgery Partners (SGRY) reported revenue of $826M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +6% from the quarter before.
Was Surgery Partners profitable in the second quarter 2025?
Operating profit was $112M (13.5% of revenue) and net earnings $44.9M.
Source: Surgery Partners 10-Q on SEC EDGAR.