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Sep 30, 2025
Surgery Partners Q3 2025 Earnings Report
Surgery Partners reported a net loss of $22.7 million for Q3 2025, despite growth in revenue and adjusted EBITDA.
Key Takeaways
Surgery Partners delivered revenue growth of 6.6% in Q3 2025 with improved Adjusted EBITDA, but posted a net loss due to higher interest and other operating expenses.
Revenue grew to $821.5 million, up 6.6% YoY
Adjusted EBITDA rose to $136.4 million, up from $128.6 million
Same-facility revenue growth was 6.3%, driven by higher case volumes and revenue per case
Net loss attributable to Surgery Partners, Inc. was $22.7 million
Forward Guidance
Surgery Partners revised its full-year 2025 guidance slightly downward due to a softer volume and payor mix and slower capital deployment, but remains confident in its platform and long-term growth outlook.
Positive Outlook
- Revenue guidance maintained between $3.275B and $3.30B
- Adjusted EBITDA guidance maintained between $535M and $540M
- Orthopedic procedures continue to drive topline growth
- Ongoing evaluation of M&A and portfolio optimization opportunities
- Strong liquidity with $203.4M in cash and $405.9M in borrowing capacity
Challenges Ahead
- Volume and payor mix trends were softer than anticipated
- Delayed cadence of capital deployment activities
- Higher cash interest payments impacted operating cash flow
- Decreased number of consolidated surgical facilities YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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