Surgery Partners
Operates physician-partnered surgery centers and short-stay hospitals for planned procedures.
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Profile
Operates ambulatory surgery centers, short-stay surgical hospitals, anesthesia services, urgent care facilities, and physician practices across the United States. Revenue comes mainly from facility fees under physician and health-system partnerships, with results tied to procedure volumes, payer reimbursement, and continued physician participation.
Provides planned surgical care through a U.S. network of ambulatory surgery centers, short-stay surgical hospitals, anesthesia services, urgent care facilities, and multispecialty physician practices. The portfolio spans orthopedics and pain management, gastroenterology, ophthalmology, and general surgery.
Earns mainly facility fees covering operating rooms, recovery areas, equipment, supplies, nursing, and medications; physicians generally bill their professional fees separately. Partnerships with physicians, physician groups, and health systems combine local clinical relationships with centralized financial, marketing, payer-contracting, acquisition, and facility-development support.
Revenue depends on private-insurance and government reimbursement, favorable payer contracts, continued use by affiliated physicians who are usually not employees, and compliance with healthcare and facility-licensing rules. Operations remain concentrated in the United States and are reported within the Surgical Facilities segment.
Company facts
Key statistics
Year to date −10.3% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 11, 2026 | Raymond James | Target | $18 | ||
| Aug 11, 2026 | RBC Capital | Reiterate | Outperform | $20 | $19 |
| May 6, 2026 | Jefferies | Target | $15 | $17 | |
| Apr 20, 2026 | Jefferies | Target | $16.25 | $15 | |
| Mar 11, 2026 | US Capital Advisors | Target | $21 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.06 | $0.10 | +72.6% | $830.0M | $848.9M | +2.3% | +2.70% |
| May 5, 2026Q1 FY26 | −$0.15 | −$0.03 | +80.0% | $797.7M | $810.9M | +1.7% | +2.31% |
| Mar 2, 2026Q4 FY25 | $0.31 | $0.12 | −61.3% | $866.8M | $885.0M | +2.1% | −12.34% |
| Nov 10, 2025Q3 FY25 | $0.19 | $0.13 | −31.6% | $866.5M | $821.5M | −5.2% | −1.81% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $776.0M | $826.2M | $821.5M | $885.0M | $810.9M | $848.9M | |
| Gross profit | $161.9M | $195.6M | $195.3M | $212.2M | $121.7M | $190.2M | |
| Operating income | $61.9M | $111.7M | $105.7M | $110.2M | $82.4M | $102.1M | |
| Net income | −$37.7M | −$2.5M | −$22.7M | −$15.0M | −$35.9M | −$15.0M | |
| Diluted EPS | −$0.30 | −$0.02 | −$0.18 | −$0.11 | −$0.28 | −$0.12 | |
| Gross margin | 20.9% | 23.7% | 23.8% | 24.0% | 15.0% | 22.4% | |
| Operating margin | 8.0% | 13.5% | 12.9% | 12.5% | 10.2% | 12.0% |
Fiscal years (4-quarter sums)FY21 $2.23B · FY22 $2.54B · FY23 $2.74B · FY24 $3.11B · FY25 $3.31B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $216.7M · Total debt $4.02B · Total assets $8.05B · Shareholders' equity $1.67B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 130.79M · Float 77.94M · 59.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bain Capital Investors LLC | 49.95M | 38.19% | 13F | Aug 14, 2026 |
| BCPE Seminole Holdings II Intermediate, LP | 30.06M | 23.45% | 13D | Jun 17, 2025 |
| Jupiter Topco LLC | 13.88M | 10.61% | 13F | Aug 14, 2026 |
| Janus Henderson Group PLC | 13.04M | 10.20% | 13G | Nov 14, 2025 |
| Pentwater Capital Management LP | 11.63M | 8.89% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Teresa DeLuca | director | +21,250 | $14.34 |
| Mar 12, 2026 | Jennifer Baldock | officer: Chief Admin & Dev Officer | −5,798 | $13.17 |
| Mar 16, 2026 | Jason Eric Evans | officer: Chief Executive Officer | −20,400 | $12.47 |
| Mar 16, 2026 | David T. Doherty | officer: Chief Financial Officer | −8,867 | $12.50 |
| Mar 13, 2026 | Marissa Brittenham | officer: Chief Strategy Officer | −3,657 | $12.54 |
Peers
- Tenet Healthcare
Nation's largest ASC platform via USPI; 533 centers across 37 states
- UnitedHealth Group
Largest US payer operating ~344 ASCs via Optum's SCA Health subsidiary
- HCA Healthcare
Surgery Ventures arm co-owns ~150 ASCs with 3,400+ physician partners nationally
- Community Health Systems
Hospital chain with ~36–47 satellite ASCs competing in orthopedics and GI
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Surgery Partners | $13.40 | −2.12% | $1.79B | — | 31.5 | 0.5 | +2.8% |
| Tenet Healthcare | $266.80 | −0.05% | $21.48B | 10.3 | 13.0 | 1.0 | +6.8% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| HCA Healthcare | $417.82 | −0.00% | $90.46B | 14.0 | 13.6 | 1.2 | +8.7% |
| Community Health Systems | $2.94 | +0.17% | $413.2M | — | — | 0.0 | −9.8% |
| Median | 14.0 | 13.6 | 0.9 | +3.6% |