Surgery Partners, Inc.SGRYEarnings & Financial Report
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
SGRY Q4 FY2025 Key Financial Metrics
Revenue
$885.0M
Gross Profit
N/A
Operating Profit
$110.2M
Net Profit
$-15.0M
Gross Margin
N/A
Operating Margin
12.5%
Net Margin
-1.7%
YoY Growth
2.4%
EPS
$-0.11
Surgery Partners, Inc. Q4 FY2025 Financial Summary
Surgery Partners, Inc. reported revenue of $885.0M (up 2.4% YoY) for Q4 FY2025, with a net profit of $-15.0M (up 86.2% YoY) (-1.7% margin).
Key Financial Metrics
| Total Revenue | $885.0M |
|---|---|
| Net Profit | $-15.0M |
| Gross Margin | N/A |
| Operating Margin | 12.5% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
Surgery Partners, Inc. Q4 FY2025 revenue of $885.0M breaks down across 5 segments, led by Private Insurance at $460.5M (52.0% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Private Insurance | $460.5M | 52.0% |
| Government Revenue | $368.6M | 41.6% |
| Other | $19.8M | 2.2% |
| Self Pay Revenue | $19.6M | 2.2% |
| Other Patient Service Revenue Sources | $16.5M | 1.9% |
Surgery Partners, Inc. Revenue by Segment — Quarterly Trend
Surgery Partners, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Private Insurance and Government Revenue) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Private Insurance | $460.5M | $404.1M | $416.2M | $406.4M |
| Government Revenue | $368.6M | $347.0M | $348.5M | $316.2M |
| Other | $19.8M | — | $22.0M | — |
| Self Pay Revenue | $19.6M | $26.5M | $21.7M | $19.8M |
| Other Patient Service Revenue Sources | $16.5M | $20.9M | $17.8M | $16.0M |
Surgery Partners, Inc. Annual Revenue by Year
Surgery Partners, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $3.3B).
Surgery Partners, Inc. Quarterly Revenue & Net Profit History
Surgery Partners, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $885.0M | +2.4% | $-15.0M | -1.7% |
| Q3 FY2025 | $821.5M | +6.6% | $-22.7M | -2.8% |
| Q2 FY2025 | $826.2M | +8.4% | $-2.5M | -0.3% |
| Q1 FY2025 | $776.0M | +8.2% | $-37.7M | -4.9% |
| Q4 FY2024 | $864.4M | +17.5% | $-108.5M | -12.6% |
| Q3 FY2024 | $770.4M | +14.3% | $-31.7M | -4.1% |
| Q2 FY2024 | $762.1M | +14.2% | $-15.5M | -2.0% |
| Q1 FY2024 | $717.4M | +7.7% | $-12.4M | -1.7% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $717.4M | $762.1M | $770.4M | $864.4M | $776.0M | $826.2M | $821.5M | $885.0M |
| YoY Growth | 7.7% | 14.2% | 14.3% | 17.5% | 8.2% | 8.4% | 6.6% | 2.4% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $6.98B | $7.49B | $7.53B | $7.89B | $7.95B | $7.95B | $7.95B | $8.12B |
| Liabilities | $5.01B | $5.54B | $5.64B | $6.10B | $6.21B | $6.21B | $6.22B | $6.41B |
| Equity | $1.97B | $1.95B | $1.90B | $1.79B | $1.74B | $1.75B | $1.73B | $1.71B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $40.7M | $82.8M | $65.2M | $111.4M | $6.0M | $81.3M | $83.6M | $103.4M |