Surgery Partners reported FY 2025 results with total revenues up 6.2% to USD 3.3 billion and patient service revenues up 5.6% to USD 3.2 billion, while other service revenues rose to USD 82.4 million. FY 2025 net loss attributable to shareholders was USD 77.9 million, and Adjusted EBITDA increased 3.5% to USD 526.2 million. Operating income was USD 389.5 million, interest expense (net) was USD 272.6 million, and income tax expense was USD 18.0 million (effective tax rate: 15.4%). For FY 2025, Surgery Partners said days adjusted same-facility revenues increased 4.9%, driven by a 1.4% increase in revenue per case and a 3.4% increase in same-facility cases; FY 2025 payor mix included 52.3% private insurance and 42.8% government payors. The company ended FY 2025 with USD 239.9 million in cash and cash equivalents and USD 692.8 million of Revolver borrowing capacity, and highlighted 2025 acquisitions of controlling interests in 12 surgical facilities plus physician practices and ancillary businesses for USD 162.1 million in aggregate cash consideration (net of cash acquired). Surgery Partners also detailed a credit agreement amendment adding USD 1.4 billion of refinancing term loans maturing in 2030, and the issuance of USD 425.0 million of senior unsecured notes due 2032.

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