Surgery Partners’ Q3 Revenue Rises 6.6% but Misses Forecasts, With Guidance Reaffirmed

Overview

• Revenue rose 6.6% to $821.5 million, and adjusted EBITDA increased 6.1% to $136.4 million.
• The company reported a GAAP net loss attributable to the company of $22.7 million, or a loss of $0.18 per share, with adjusted EPS of $0.13.
• The quarter missed Wall Street estimates, with adjusted EPS below the 19-cent consensus and revenue slightly under the $824.1 million forecast.
• Same-facility revenues increased 6.3% and same-facility cases grew 3.4%, reflecting continued operational momentum.
• Full-year 2025 guidance stands at $3.275–$3.30 billion in revenue and $535–$540 million in adjusted EBITDA, as the company notes liquidity of $203.4 million in cash, $405.9 million in revolver capacity, and leverage of roughly 4.2x net debt to EBITDA.