---
schema_version: "secwatch.filing_event.v1"
accession: "0001638833-25-000159"
form_type: "8-K"
ticker: "SGRY"
cik: "0001638833"
company_name: "Surgery Partners, Inc."
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:25:25.536148+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001638833-25-000159
- form_type: 8-K
- ticker: SGRY
- cik: 0001638833
- company_name: Surgery Partners, Inc.
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1638833/000163883325000159/0001638833-25-000159-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1638833/000163883325000159/sgry-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001638833-25-000159
- JSON: https://secwatch.observer/filing/0001638833-25-000159.json
- Plain text: https://secwatch.observer/filing/0001638833-25-000159.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.