Surgery Partners Q3 revenue up 6.6% to $821.5M, net loss $22.7M; FY guidance cut

Surgery Partners, Inc.

2025-Q3 EPS reported -$0.50 revenue$2,423,700,000

Revenue $821.5M (+6.6% YoY); same-facility revenue +6.3%, cases +3.4%.
Net loss attributable to SGRY of $22.7M; Adjusted EBITDA $136.4M (+6.1% YoY).
Full-year 2025 guidance: revenue $3.275-3.30B, Adjusted EBITDA $535-540M (revised down).
Leverage ratio 4.2x net debt/EBITDA; Q3 operating cash flow $83.6M vs $65.2M YoY.
Management cites softer volume, payor mix, and delayed capital deployment for guidance revision.

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