Surgery Partners (SGRY) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 0.8% YoY to $815.3M, reflecting the Idaho divestiture, partly offset by 6.0% days-adjusted same-facility revenue growth.

• Adjusted EBITDA was $132.7M, down 2.7% YoY; net loss attributable to common stockholders narrowed to $21.1M from $22.7M.

• The amended merger agreement provides $25.00 cash per eligible share, with closing expected in Q1 2027 subject to approvals and other conditions.

Financial highlights

• Q3 revenue was $815.3M vs. $821.5M; operating income was $85.6M vs. $105.7M, and consolidated net income was $14.1M vs. $25.3M.

• Q3 diluted loss per share was $0.16 vs. $0.18; 9M loss per share was $0.56 vs. $0.50.

• 9M revenue was $2,475.1M vs. $2,423.7M; net loss attributable to common stockholders was $72.0M vs. $62.9M.

• 9M operating income was $253.5M vs. $279.3M; Adjusted EBITDA was $360.2M vs. $369.3M.

Outlook and guidance

• Forward-looking guidance was discontinued during the pending transaction, and no earnings conference call will be held.

• Operating cash flow, cash on hand, Revolver capacity and anticipated capital-market access are expected to meet liquidity needs at current operating levels.

• Priorities remain same-facility performance, selective acquisitions of established facilities, new-facility development and portfolio management initiatives.