Surgery Partners, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Surgery Partners, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	960	1,145	1,772	1,831	1,860	2,225	2,539	2,743	3,114	3,309
Cost of revenue	669	821	1,361	1,408
Gross profit	291	324	410	424
General and administrative	56	60.2	93.6	88.6	97.1	104	102	121	139	118
Operating expenses	815	949	1,694	1,596	1,677	1,923	2,194	2,415	2,766	2,919
Operating income	145	196	77.8	236	183	302	345	328	349	390
Other non-operating income						-0.2	1.5	8.6
Pre-tax income	-76.1	92.2	-69.2	54.6	-18.8	81.2	110	135	147	117
Income tax	-149	7.1	26.4	9.5	-20.1	10.5	23.3	-0.3	135	18
Net income to minority interests	71.4	75.6	110	120	117	142	142	147	181	177
Net income	1.43	9.45	-206	-74.8	-116	-70.9	-54.6	-11.9	-168	-77.9
EBITDA	179	236	145	312	278	401	460	446	501	566
EPS, basic	0.04	0.20	-4.96	-2.29	-3.19	-1.12	-0.59	-0.09	-1.33	-0.61
EPS, diluted	0.04	0.20	-4.96	-2.29	-3.19	-1.12	-0.59	-0.09	-1.33	-0.61
Shares, basic (weighted)	36.1	48	48	48.3	48.8	72.4	92	126	126	127
Shares, diluted (weighted)	37.5	48.2	48	48.3	48.8	72.4	92	126	126	127

Balance sheet

	FY2015	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	57.9	69.7	184	92.7	318	390	283	196	270	240
Receivables	178	221	308	327	382	430	456	496	579	602
Inventory	25.6	28.8	43.4	46.3	56.4	61.1	71.4	75.2	88.4	96.6
Other current assets	8.41	11.3	36.8	41.8	27.4	39.3	79	96.5	146	171
Total current assets	311	362	588	526	802	946	921	895	1,119	1,151
Property, plant and equipment			426	523	545	630	877	969	1,088	1,153
Lease right-of-use assets			0	298	310	324	279	255	296	289
Goodwill	1,408	1,555	3,383	3,402	3,468	3,912	4,137	4,326	5,068	5,195
Intangible assets	53.6	48	54.3	47.3	46.9	43.7	42.3	54.8	45.7	41
Other non-current assets	10.5	16.4	36.9	30.8	27	59.1	144	103	57.5	56.8
Total assets	2,104	2,305	4,676	5,019	5,413	6,118	6,682	6,877	7,890	8,120
Accounts payable	45.3	49.8	83.3	96.7	100	125	152	172	209	209
Accrued liabilities	26.3	29.3	55.2	54.2	65.4	77.1	68.9	73.8	60.4	64.9
Short-term debt	27.2	27.8	55.6	56	64.4	60.4	62.8	73.3	101	99.3
Total current liabilities	181	187	349	398	557	537	493	523	624	616
Long-term debt	1,228	1,414	2,271	2,525	2,792	2,878	2,559	2,702	3,269	3,603
Lease liabilities			0	283	301	316	271	249	292	280
Other non-current liabilities	85.6	76.3	271	114	140	87	75.4	41.1	30.2	41.2
Total liabilities	1,807	1,980	3,577	4,036	4,531	4,148	3,741	3,842	4,694	4,988
Total debt	1,286	1,475	2,328	2,596	2,877	2,958	2,634	2,804	3,405	3,735
Paid-in capital	316	321	674	663	608	1,622	2,478	2,498	2,521	2,541
Retained earnings	-321	-311	-247	-316	-432	-503	-557	-569	-737	-815
Other comprehensive income			-22.4	-50.7	-61	-31.5	76.2	57.5	4.8	-13.8
Shareholders' equity	-4.03	9.68	405	297	116	1,089	1,998	1,987	1,790	1,713
Minority interests	302	315	694	687	767	881	943	1,047	1,407	1,418
Total equity	298	325	1,099	983	882	1,970	2,941	3,035	3,196	3,131
Total liabilities and equity	2,104	2,305	4,676	5,019	5,413	6,118	6,682	6,877	7,890	8,120
Shares outstanding	48.2	48.5	48.9	49.3	50.5	89.3	126	127	127	129

Cash flow statement

	FY2015	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	72.8	85.1	-95.6	45.1	1.3	70.7	87	135	12.5	98.9
Depreciation and amortization	34.5	39.6	67.4	76.5	94.8	98.8	115	118	153	176
Stock-based compensation	7.5	2.02	9.3	10.2	13.2	17.4	18.4	17.7	33.3	14.8
Deferred income tax	-150	6.88	25.3	8.5	-21.9	8.9	21.9	-1.7	132	16.7
Change in receivables	-48.8	-60.6	-22.8	-23.5	-46.6	-32.1	-35.3	-47.2	-72.1	-53.8
Cash from operations	84.5	125	145	130	247	87.1	159	294	300	274
Capital expenditures	-33.4	-39.1	-39.8	-73.6	-42.9	-57.6	-80.6	-88.8	-90.4	-78.7
Acquisitions	-113	-146	-107	-13.8	-105	-286	-146	-80	-379	-162
Cash from investing	-135	-185	-129	-85.2	-88.4	-332	-308	-226	-489	-247
Debt issued	196	651	283	507	429	299	218	827	1,730	1,203
Debt repaid	-328	-473	-158	-491	-216	-343	-862	-807	-1,279	-1,040
Stock issued				0	0	582	883	0	0
Share buybacks	0	0	-2	0	0
Cash from financing	33.4	71.3	-6.3	-136	66.7	316	42.1	-155	262	-57.3
Net change in cash	-17	11.8	9.4	-91.6	225	71.7	-107	-87	73.6	-29.6
Free cash flow	51	86.1	105	55.9	204	29.5	78.2	205	210	196
Interest paid	96.8	79.3	145	180	204	194	219	170	200	257
Income taxes paid	1.09	0.66	2.2	1.6	1.7	1.5	1.8	1.4	1.6	1.2

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	11.4%	Operating income / revenue.
EBITDA margin	16.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.0%	Pre-tax income / revenue.
Net margin	-2.6%	Net income / revenue.
FCF margin	5.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.7%	Cash from operations / revenue.
Effective tax rate	20.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-5.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.1%	Net income / average total assets.
Return on invested capital (ROIC)	5.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	4.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-8.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	20.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-6.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	35.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	71.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	21.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.95x	Current assets / current liabilities.
Quick ratio	1.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.6%	Total debt / total assets.
Liabilities / assets	61.5%	Total liabilities / total assets.
Net debt	$3.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$547.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	64.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.53B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	3.00x	Revenue / average property, plant and equipment.
Receivables turnover	5.46x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Capex / operating cash flow	27.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.69	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.13	Revenue / diluted weighted shares.
FCF per share	$1.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.00	Cash from operations / diluted weighted shares.
Book value per share	$12.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$26.99	Tangible book value / shares outstanding.
Cash per share	$1.66	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.89B	Share price x shares outstanding.
Enterprise value	$5.42B	Market cap + total debt - cash - short-term investments.
P/S	0.56x	Market cap / revenue.
P/B	1.13x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.31x	Market cap / cash from operations, when positive.
EV/Sales	1.61x	Enterprise value / revenue.
EV/EBIT	14.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.66x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.0%	Free cash flow / market cap.
Earnings yield	-4.7%	Net income / market cap (the inverse of P/E).

What was Surgery Partners, Inc.'s revenue in fiscal 2025?

Surgery Partners, Inc. reported revenue of $3.31B for fiscal 2025, 6.2% higher than the year before.

Was Surgery Partners, Inc. profitable in fiscal 2025?

No. It reported a net loss of $77.9M.

How much free cash flow did Surgery Partners, Inc. generate in fiscal 2025?

Cash from operations of $274.3M minus capital expenditures of $78.7M left free cash flow of $195.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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