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Surgery Partners vs Universal Health Services: revenue, profit, margins and growth compared

Surgery Partners brought in $3.3B of revenue in fiscal 2025, Universal Health Services $17.4B in fiscal 2025. Revenue changed by +6.2% at Surgery Partners and +9.7% at Universal Health Services on the year before, so Universal Health Services grew faster. Surgery Partners kept -2.4% of its revenue as net profit, Universal Health Services 8.6%. Free cash flow was $195.6M at Surgery Partners and $849.2M at Universal Health Services.

Side by side, latest fiscal year

SGRYUHS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.3B$17.4B
Revenue growth+6.2%+9.7%
Net income-$77.9M$1.5B
Net margin-2.4%8.6%
Free cash flow$195.6M$849.2M
Free cash flow margin5.9%4.9%
Earnings per share (diluted)-$0.61$23.10
Cash$239.9M$137.8M
Debt$3.7B$4.8B
Price to earningsn/a7.7
Market value$1.9B$10.5B
Dividend yieldn/a0.45%
Rank by revenue in sector#78 of 523 · Health care#31 of 523 · Health care

Over the years

Revenue
SGRY FY2018: $1.8BSGRY FY2019: $1.8BSGRY FY2020: $1.9BSGRY FY2021: $2.2BSGRY FY2022: $2.5BSGRY FY2023: $2.7BSGRY FY2024: $3.1BSGRY FY2025: $3.3BUHS FY2018: $10.8BUHS FY2019: $11.4BUHS FY2020: $11.6BUHS FY2021: $12.6BUHS FY2022: $13.4BUHS FY2023: $14.3BUHS FY2024: $15.8BUHS FY2025: $17.4BFY18FY19FY20FY21FY22FY23FY24FY25
SGRY $3.3BUHS $17.4B
Net income
SGRY FY2018: -$205.7MSGRY FY2019: -$74.8MSGRY FY2020: -$116.1MSGRY FY2021: -$70.9MSGRY FY2022: -$54.6MSGRY FY2023: -$11.9MSGRY FY2024: -$168.1MSGRY FY2025: -$77.9MUHS FY2018: $779.7MUHS FY2019: $814.9MUHS FY2020: $944MUHS FY2021: $991.6MUHS FY2022: $675.6MUHS FY2023: $717.8MUHS FY2024: $1.1BUHS FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
SGRY -$77.9MUHS $1.5B
Net margin
SGRY FY2018: -11.6%SGRY FY2019: -4.1%SGRY FY2020: -6.2%SGRY FY2021: -3.2%SGRY FY2022: -2.2%SGRY FY2023: -0.4%SGRY FY2024: -5.4%SGRY FY2025: -2.4%UHS FY2018: 7.2%UHS FY2019: 7.2%UHS FY2020: 8.2%UHS FY2021: 7.8%UHS FY2022: 5.0%UHS FY2023: 5.0%UHS FY2024: 7.2%UHS FY2025: 8.6%FY18FY19FY20FY21FY22FY23FY24FY25
SGRY -2.4%UHS 8.6%
Revenue growth
SGRY FY2019: +3.4%SGRY FY2020: +1.6%SGRY FY2021: +19.6%SGRY FY2022: +14.1%SGRY FY2023: +8.0%SGRY FY2024: +13.5%SGRY FY2025: +6.2%UHS FY2019: +5.6%UHS FY2020: +1.6%UHS FY2021: +9.4%UHS FY2022: +6.0%UHS FY2023: +6.6%UHS FY2024: +10.8%UHS FY2025: +9.7%FY19FY20FY21FY22FY23FY24FY25
SGRY +6.2%UHS +9.7%
Free cash flow
SGRY FY2018: $104.8MSGRY FY2019: $55.9MSGRY FY2020: $204MSGRY FY2021: $29.5MSGRY FY2022: $78.2MSGRY FY2023: $205MSGRY FY2024: $209.7MSGRY FY2025: $195.6MUHS FY2018: $609.8MUHS FY2019: $804.4MUHS FY2020: $1.6BUHS FY2021: $28MUHS FY2022: $262MUHS FY2023: $524.7MUHS FY2024: $1.1BUHS FY2025: $849.2MFY18FY19FY20FY21FY22FY23FY24FY25
SGRY $195.6MUHS $849.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Surgery Partners and Universal Health Services

Which is bigger by revenue, Surgery Partners or Universal Health Services?

Universal Health Services is bigger by revenue: $17.4B in fiscal 2025, against $3.3B for Surgery Partners in fiscal 2025.

Which keeps more of its revenue as profit, Surgery Partners or Universal Health Services?

Surgery Partners had a net margin of -2.4% in fiscal 2025; Universal Health Services had 8.6% in fiscal 2025.

Which grew revenue faster, Surgery Partners or Universal Health Services?

In their latest fiscal years revenue changed by +6.2% at Surgery Partners and +9.7% at Universal Health Services.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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