Filing Flows › Surgery Partners (SGRY) › Q3 2025
Surgery Partners (SGRY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Surgery Partners (SGRY) reported revenue of $822M for the third quarter 2025 (Q3 2025), +7% from a year earlier and -0.6% from the quarter before. Operating margin was 12.9%, net earnings $25.3M (3.1% of revenue).
Surgery Partners, Q3 2025: revenue $822M (+7% year over year), operating margin 12.9%, net earnings $25.3M, operating cash flow $83.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $822M | -0.6% | +7% |
| Operating profit | $106M | -5% | +74% |
| Net earnings | $25.3M | -44% | +295% |
| Operating cash flow | $83.6M | +3% | +28% |
| Free cash flow | $63.8M | +10% | +42% |
What changed
Revenue was $821.5M in Q3 2025, up 7% year over year and down 1% from the previous quarter. Private insurance was the largest line at 49% of revenue. Government added $28.7M year over year (up 9%), 56% of the total change. Other declined 5%.
Operating profit was $105.7M, a 12.9% margin (up 5.0 points year over year). Of the extra revenue versus a year earlier, 88% reached operating profit, above the 8% margin then. Total costs grew 1% against revenue growth of 7%. Net earnings were −$22.7M. The effective tax rate was 17.9%.
Operating cash flow was $83.6M (up 28% year over year), 330% of net income including minority interests. Non-cash charges added back $39.5M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $16.2M. Capital expenditures of $19.8M left free cash flow of $63.8M.
Questions
What was Surgery Partners' revenue in the third quarter 2025?
Surgery Partners (SGRY) reported revenue of $822M for the third quarter 2025 (Q3 2025), +7% from a year earlier and -0.6% from the quarter before.
Was Surgery Partners profitable in the third quarter 2025?
Operating profit was $106M (12.9% of revenue) and net earnings $25.3M.
Source: Surgery Partners 10-Q on SEC EDGAR.