Filing Flows › Surgery Partners (SGRY) › Q4 2025
Surgery Partners (SGRY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Surgery Partners (SGRY) reported revenue of $885M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +8% from the quarter before. Operating margin was 12.5%, net earnings $29.0M (3.3% of revenue).
Surgery Partners, Q4 2025: revenue $885M (+2% year over year), operating margin 12.5%, net earnings $29.0M, operating cash flow $103M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $885M | +8% | +2% |
| Operating profit | $110M | +4% | -13% |
| Net earnings | $29.0M | +15% | — |
| Operating cash flow | $103M | +24% | -7% |
| Free cash flow | $90.6M | +42% | +2% |
What changed
Revenue was $885.0M in Q4 2025, up 2% year over year and up 8% from the previous quarter. Private insurance was the largest line at 52% of revenue.
Operating profit was $110.2M, a 12.5% margin (down 2.3 points year over year). Operating profit fell $16.9M even though revenue rose $20.6M versus Q4 2024, so costs grew faster than sales. Total costs grew 5% against revenue growth of 2%. Net earnings were −$15.0M. The effective tax rate was 31.9%.
Operating cash flow was $103.4M (down 7% year over year), 357% of net income including minority interests. Non-cash charges added back $59.9M of depreciation and amortization. Working capital and other items added $14.5M. Capital expenditures of $12.8M left free cash flow of $90.6M.
Questions
What was Surgery Partners' revenue in the fourth quarter 2025?
Surgery Partners (SGRY) reported revenue of $885M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and +8% from the quarter before.
Was Surgery Partners profitable in the fourth quarter 2025?
Operating profit was $110M (12.5% of revenue) and net earnings $29.0M.
Source: Surgery Partners 10-K on SEC EDGAR.