Surgery Partners reports mixed fourth quarter results and share buyback

Surgery Partners Inc. (NASDAQ: SGRY) reported fourth quarter revenue of $885.0 million, up 2.4% from the prior year period, though the company posted a net loss of $15.0 million for the quarter.

For the full year 2025, the surgical facility operator generated revenue of $3.3 billion, representing a 6.2% increase compared to 2024. However, the company recorded a net loss attributable to Surgery Partners of $77.9 million for the year.

Same-facility revenues increased 3.5% in the fourth quarter and 4.9% for the full year. Surgical cases decreased 2.1% in the fourth quarter but rose 2.0% for the full year, with same-facility cases growing 1.3% and 3.4% respectively.

Adjusted EBITDA declined 4.2% to $156.9 million in the fourth quarter but increased 3.5% to $526.2 million for the full year. The company's adjusted EBITDA margin was 17.7% for the quarter and 15.9% for the year.

Surgery Partners provided initial 2026 guidance with adjusted EBITDA of at least $530 million and revenue projected between $3.35 billion and $3.45 billion, excluding mergers and acquisitions.

The company announced a new share repurchase program authorized by its board on February 26, 2026, permitting buybacks of up to $200 million of common stock.

As of December 31, 2025, Surgery Partners operated 176 surgical facilities and maintained cash and cash equivalents of $239.9 million. The company's debt-to-EBITDA ratio was approximately 4.3 times under its credit agreement.

Chief Executive Officer Eric Evans noted that while demand for services remains strong, the company faced "significant and unanticipated headwinds" during the year that impacted fourth quarter performance.

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