SGRY on Nasdaq

Surgery Partners

Healthcare services company.1

Price unavailable

Last updated Oct 19, 2026.

Overview

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  • TickerSGRY on Nasdaq1
  • Industryhealth care industry1
  • HeadquartersNashville, United States1
  • Websitesurgerypartners.com
  • Incorporated inDE4
  • Business address340 Seven Springs Way, Suite 600, Brentwood, Tn4
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation3
  • LEI549300LC82HG33S19I033
  • StatusActive3
  • LEI statusLapsed (not renewed)3
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 57221383

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We are a leading healthcare services company with an integrated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. We are one of the largest and fastest growing surgical services businesses in the United States ("U.S."), with more than 200 locations in 30 states, including ambulatory surgery centers ("ASCs"), short-stay surgical hospitals ("surgical hospitals"), and multi-specialty physician practices, among others. Patient services provided in our ASCs and surgical hospitals (collectively, "surgical facilities" or "facilities") generated approximately $3.2 billion in revenue during 2025.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

11.8%Operating margin7
-2.4%Net margin7
6.2%Revenue growth, 20257
-4.5%Return on equity7
2.18×Debt to equity7
$195.6MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Private Insurance brought in 51% of the revenue Surgery Partners broke down this way in fiscal 2025.

  1. Private Insurance$1.7B751%up 3% from 2024
  2. Government Revenue$1.4B742%up 10% from 2024
  3. Self-Pay Revenue$87.6M73%up 6% from 2024
  4. Other Services$82.4M72%up 38% from 2024
  5. Other Patient Service Revenue Sources$71.2M72%down 12% from 2024
Products and services by year
Products and services202320242025
Private Insurance$1.4B$1.6B$1.7B
Government Revenue$1.1B$1.3B$1.4B
Self-Pay Revenue$68.1M$82.3M$87.6M
Other Services$42.9M$59.9M$82.4M
Other Patient Service Revenue Sources$85.6M$81.1M$71.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs99¢$3.3B
  • Income tax1¢$18.0M

Out of $3.3B in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending29¢$78.7M
  • Kept or used elsewhere71¢$195.6M

Out of $274.3M of cash from operations.7

Financial statements

Revenue8910117$3.3B in 2025+81% since 2019
0$1.0B$2.0B$3.0B$4.0B2019: $1.8B$1.8B20192020: $1.9B$1.9B2020+2%2021: $2.2B$2.2B2021+20%2022: $2.5B$2.5B2022+14%2023: $2.7B$2.7B2023+8%2024: $3.1B$3.1B2024+14%2025: $3.3B$3.3B2025+6%
Operating income8910117$389.5M in 2025+65% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $235.9M$235.9M20192020: $183.0M$183.0M2020−22%2021: $302.2M$302.2M2021+65%2022: $345.2M$345.2M2022+14%2023: $328.0M$328.0M2023−5%2024: $348.8M$348.8M2024+6%2025: $389.5M$389.5M2025+12%
Net income8910117-$77.9M in 2025+4% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$74.8M-$74.8M20192020: -$116.1M-$116.1M2020+55%2021: -$70.9M-$70.9M2021−39%2022: -$54.6M-$54.6M2022−23%2023: -$11.9M-$11.9M2023−78%2024: -$168.1M-$168.1M2024+1313%2025: -$77.9M-$77.9M2025−54%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenues$3.3B$3.1B$2.7B
Salaries and benefits$971.0M$907.5M$793.8M
Supplies$878.9M$812.9M$745.0M
Professional and medical fees$404.5M$357.1M$296.8M
Lease expense$87.9M$89.5M$84.9M
Other operating expenses$201.4M$201.7M$175.3M
Cost of revenues$2.5B$2.4B$2.1B
General and administrative expenses$118.2M$138.7M$120.9M
Depreciation and amortization$176.0M$152.6M$118.1M
Transaction and integration costs$73.9M$100.1M$61.7M
Net loss on disposals, consolidations and deconsolidations$30.4M$40.6M$14.4M
Equity in earnings of unconsolidated affiliates-$22.9M-$19.5M-$14.2M
Litigation settlements$7.3M-$800.0K$10.6M
Loss on debt extinguishment$1.3M$5.1M$15.5M
Other income, net-$8.7M-$20.0M-$7.5M
Total operating expenses$2.9B$2.8B$2.4B
Operating income$389.5M$348.8M$328.0M
Interest expense, net-$272.6M-$201.7M-$193.0M
Income before income taxes$116.9M$147.1M$135.0M
Income tax (expense) benefit-$18.0M-$134.6M$300.0K
Net income$98.9M$12.5M$135.3M
Less: Net income attributable to non-controlling interests-$176.8M-$180.6M-$147.2M
Net loss attributable to Surgery Partners, Inc.-$77.9M-$168.1M-$11.9M
Basic (in USD per share)-$0.61-$1.33-$0.09
Diluted (in USD per share)-$0.61-$1.33-$0.09
Basic (shares)127.2M shares126.1M shares125.6M shares
Diluted (shares)127.2M shares126.1M shares125.6M shares

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Leadership

Who has led Surgery Partners, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Thomas Doyle2015–2017
  2. Clifford G. Adlerz2017–2018
  3. Wayne DeVeydt2018–2019
  4. Jason Eric Evans2020–now

Chair

  1. Wayne DeVeydt2020–now

President

  1. Anthony Taparo2018–2019
  2. Carollee Brinkman2019
  3. Bradley R. Owens2021–2024
  4. Harrison R. Bane2022–2026
  5. Justin Robert Oppenheimer2026–now

Chief financial officer

  1. Teresa Sparks2015–2018
  2. R. David Kretschmer2018
  3. Thomas F. Cowhey2018–2021
  4. David T. Doherty2022–now

Chief operating officer

  1. Bryan S. Fisher2017–2018
  2. Jason Eric Evans2019
  3. Justin Robert Oppenheimer2026–now
20202025
Board members and other officers (30)

Subsidiaries and ownership

Subsidiaries (GLEIF)

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. Mar 17, 2020New chief executive Jason Eric Evans becomes CEO16
  2. Jan 8, 2018New chief executive Wayne DeVeydt becomes CEO17
  3. Sep 11, 2017New chief executive Clifford G. Adlerz becomes CEO18
  4. Sep 30, 2015New chief executive Michael Thomas Doyle becomes CEO19
  5. Apr 2, 2015Founded Surgery Partners is founded3
  6. 2015Went public Listed on NASDAQ1

Filings

453 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 214 insider forms, 39 large holders, 128 other. The latest 20:

  1. Oct 13, 2026SCHEDULE 13G EDGAR
  2. Sep 17, 20268-K EDGAR
  3. Aug 20, 20264/A EDGAR
  4. Aug 19, 20264 EDGAR
  5. Aug 14, 2026SCHEDULE 13G EDGAR
  6. Aug 10, 202610-Q EDGAR
  7. Aug 10, 20268-K EDGAR
  8. Jul 24, 20268-K EDGAR
  9. Jul 14, 20264 EDGAR
  10. Jun 9, 20264 EDGAR
  11. Jun 9, 20264 EDGAR
  12. Jun 9, 20264 EDGAR
  13. Jun 9, 20264 EDGAR
  14. Jun 9, 20264 EDGAR
  15. Jun 9, 20264 EDGAR
  16. Jun 9, 20264 EDGAR
  17. Jun 5, 20268-K EDGAR
  18. May 15, 2026SCHEDULE 13G/A EDGAR
  19. May 6, 2026SCHEDULE 13G/A EDGAR
  20. May 5, 202610-Q EDGAR

The 453 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

156 open-market trades by officers, directors and large owners since October 2021: 4 buys and 152 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 18, 2026DeLuca TeresaDirectorBuy11,250$14.33$161.2KForm 4
Aug 18, 2026DeLuca TeresaDirectorBuy10,000$14.35$143.5KForm 4
Mar 16, 2026Doherty David TChief Financial OfficerSale8,867$12.50$110.8KForm 4
Mar 16, 2026Evans Jason EricChief Executive OfficerSale20,400$12.47$254.4KForm 4
Mar 13, 2026Burkhalter DanielleChief Human Resources OfficerSale3,469$12.83$44.5KForm 4
Mar 13, 2026Brittenham MarissaChief Strategy OfficerSale3,657$12.54$45.9KForm 4
Mar 12, 2026Baldock JenniferChief Admin & Dev OfficerSale5,798$13.17$76.4KForm 4
Mar 6, 2026Evans Jason EricChief Executive OfficerSale11,462$13.79$158.1KForm 4
Mar 6, 2026Doherty David TChief Financial OfficerSale14,574$13.84$201.7KForm 4
Mar 6, 2026Baldock JenniferChief Admin & Dev OfficerSale10,082$13.70$138.1KForm 4
Mar 6, 2026Burkhalter DanielleChief Human Resources OfficerSale7,736$13.60$105.2KForm 4
Mar 6, 2026Webb William TrentonAmerican Group PresidentSale272$13.93$3.8KForm 4
Mar 6, 2026Brittenham MarissaChief Strategy OfficerSale8,785$13.70$120.4KForm 4
Mar 5, 2026Webb William TrentonAmerican Group PresidentSale1,794$13.86$24.9KForm 4
Sep 4, 2025Bane Harrison R.National Group PresidentSale9,339$22.48$209.9KForm 4
Aug 11, 2025Maryland Patricia AnneDirectorSale0Form 4
Aug 11, 2025DeLuca TeresaDirectorSale20,018$22.74$455.2KForm 4
Aug 11, 2025Maryland Patricia AnneDirectorSale20,018$22.74$455.2KForm 4
Aug 8, 2025Doherty David TChief Financial OfficerSale47,491$23.39$1.1MForm 4
Mar 14, 2025Baldock JenniferChief Admin & Dev OfficerSale612$23.94$14.7KForm 4

All 156 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bain Capital Investors LLC49,946,972$839.1M17.4%No change
Jupiter Topco LLC13,882,155$233.2M0.1%New
Pentwater Capital Management LP11,630,000$195.4M1.6%−1,025,000
UBS Group AG8,573,413$144.0M0.0%−1,618,368
BlackRock, Inc.6,241,503$104.9M0.0%+580,715
King Street Capital Management, L.P.6,058,141$101.8M53.7%−4,171,589
Dimensional Fund Advisors LP4,943,713$83.1M0.0%−352,698
Clearbridge Investments, LLC3,823,179$64.2M0.1%−294,877
Vanguard Portfolio Management LLC3,737,712$62.8M0.0%+109,281
Vanguard Capital Management LLC3,509,535$59.0M0.0%+78,740
Davidson Kempner Capital Management LP3,336,464$56.1M1.4%No change
Hsbc Holdings PLC2,958,912$48.9M0.0%+1,043,244
Fmr LLC2,149,009$36.1M0.0%−42,456
State Street Corp2,140,905$36.0M0.0%+187,127
Geode Capital Management, LLC2,116,579$35.6M0.0%+114,205
Nomura Holdings Inc1,525,108$25.6M0.1%+801,868
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC1,471,492$24.7M0.0%−117,876
LMR Partners LLP1,360,587$22.9M0.2%+260,587
Morgan Stanley1,232,751$20.7M0.0%+220,574
Bank Of America Corp /de/1,212,766$20.4M0.0%−27,216
Victory Capital Management Inc1,083,812$18.2M0.0%+323,471
Charles Schwab Investment Management Inc1,081,600$18.2M0.0%−25,650
Goldman Sachs Group Inc1,079,626$18.1M0.0%−200,926
Hein Park Capital Management LP1,068,621$18.0M35.7%New
Varde Management, L.P.1,003,447$16.9M25.1%+248,009

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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