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Side-by-side financial comparison of Surgery Partners, Inc. (SGRY) and WEX Inc. (WEX). Click either name above to swap in a different company.
Surgery Partners, Inc. is the larger business by last-quarter revenue ($885.0M vs $673.8M, roughly 1.3× WEX Inc.). WEX Inc. runs the higher net margin — 11.5% vs -1.7%, a 13.2% gap on every dollar of revenue. On growth, WEX Inc. posted the faster year-over-year revenue change (5.8% vs 2.4%). Surgery Partners, Inc. produced more free cash flow last quarter ($90.6M vs $49.5M). Over the past eight quarters, WEX Inc.'s revenue compounded faster (18.7% CAGR vs 11.1%).
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
WEX Inc. is a provider of payment processing and information management services to the United States commercial and government vehicle fleet industry. The company is headquartered in Portland, Maine and provides services in the United States, Canada, South America, Europe, Asia, and Australia.
SGRY vs WEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $885.0M | $673.8M |
| Net Profit | $-15.0M | $77.7M |
| Gross Margin | — | — |
| Operating Margin | 12.5% | 23.5% |
| Net Margin | -1.7% | 11.5% |
| Revenue YoY | 2.4% | 5.8% |
| Net Profit YoY | 86.2% | 8.7% |
| EPS (diluted) | $-0.11 | $2.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $673.8M | ||
| Q4 25 | $885.0M | $465.1M | ||
| Q3 25 | $821.5M | $481.6M | ||
| Q2 25 | $826.2M | $454.4M | ||
| Q1 25 | $776.0M | $444.3M | ||
| Q4 24 | $864.4M | $440.3M | ||
| Q3 24 | $770.4M | $479.0M | ||
| Q2 24 | $762.1M | $478.6M |
| Q1 26 | — | $77.7M | ||
| Q4 25 | $-15.0M | $84.2M | ||
| Q3 25 | $-22.7M | $80.3M | ||
| Q2 25 | $-2.5M | $68.1M | ||
| Q1 25 | $-37.7M | $71.5M | ||
| Q4 24 | $-108.5M | $63.9M | ||
| Q3 24 | $-31.7M | $102.9M | ||
| Q2 24 | $-15.5M | $77.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 39.0% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 40.0% | ||
| Q1 25 | — | 39.2% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 44.9% |
| Q1 26 | — | 23.5% | ||
| Q4 25 | 12.5% | 35.7% | ||
| Q3 25 | 12.9% | 38.1% | ||
| Q2 25 | 13.5% | 34.5% | ||
| Q1 25 | 8.0% | 35.4% | ||
| Q4 24 | 14.7% | 35.7% | ||
| Q3 24 | 7.9% | 41.0% | ||
| Q2 24 | 11.1% | 35.1% |
| Q1 26 | — | 11.5% | ||
| Q4 25 | -1.7% | 18.1% | ||
| Q3 25 | -2.8% | 16.7% | ||
| Q2 25 | -0.3% | 15.0% | ||
| Q1 25 | -4.9% | 16.1% | ||
| Q4 24 | -12.6% | 14.5% | ||
| Q3 24 | -4.1% | 21.5% | ||
| Q2 24 | -2.0% | 16.1% |
| Q1 26 | — | $2.22 | ||
| Q4 25 | $-0.11 | $2.38 | ||
| Q3 25 | $-0.18 | $2.30 | ||
| Q2 25 | $-0.02 | $1.98 | ||
| Q1 25 | $-0.30 | $1.81 | ||
| Q4 24 | $-0.86 | $1.60 | ||
| Q3 24 | $-0.25 | $2.52 | ||
| Q2 24 | $-0.12 | $1.83 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $239.9M | $633.5M |
| Total DebtLower is stronger | $3.6B | — |
| Stockholders' EquityBook value | $1.7B | $1.3B |
| Total Assets | $8.1B | $15.4B |
| Debt / EquityLower = less leverage | 2.10× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $633.5M | ||
| Q4 25 | $239.9M | $5.2B | ||
| Q3 25 | $203.4M | $4.9B | ||
| Q2 25 | $250.1M | $4.9B | ||
| Q1 25 | $229.3M | $4.4B | ||
| Q4 24 | $269.5M | $4.4B | ||
| Q3 24 | $221.8M | $4.3B | ||
| Q2 24 | $213.5M | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.5B | — | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.1B | ||
| Q2 25 | $1.7B | $978.7M | ||
| Q1 25 | $1.7B | $810.4M | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $2.0B | $1.8B |
| Q1 26 | — | $15.4B | ||
| Q4 25 | $8.1B | $14.4B | ||
| Q3 25 | $7.9B | $14.4B | ||
| Q2 25 | $8.0B | $14.7B | ||
| Q1 25 | $7.9B | $14.0B | ||
| Q4 24 | $7.9B | $13.3B | ||
| Q3 24 | $7.5B | $14.0B | ||
| Q2 24 | $7.5B | $14.2B |
| Q1 26 | — | — | ||
| Q4 25 | 2.10× | — | ||
| Q3 25 | 2.00× | — | ||
| Q2 25 | 1.98× | — | ||
| Q1 25 | 1.98× | — | ||
| Q4 24 | 1.83× | — | ||
| Q3 24 | 1.63× | — | ||
| Q2 24 | 1.56× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $103.4M | — |
| Free Cash FlowOCF − Capex | $90.6M | $49.5M |
| FCF MarginFCF / Revenue | 10.2% | 7.3% |
| Capex IntensityCapex / Revenue | 1.4% | 5.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $195.6M | $877.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $103.4M | $294.7M | ||
| Q3 25 | $83.6M | $376.6M | ||
| Q2 25 | $81.3M | $264.6M | ||
| Q1 25 | $6.0M | $-481.6M | ||
| Q4 24 | $111.4M | $638.4M | ||
| Q3 24 | $65.2M | $3.3M | ||
| Q2 24 | $82.8M | $-7.0M |
| Q1 26 | — | $49.5M | ||
| Q4 25 | $90.6M | $256.3M | ||
| Q3 25 | $63.8M | $341.6M | ||
| Q2 25 | $57.9M | $230.0M | ||
| Q1 25 | $-16.7M | $-514.2M | ||
| Q4 24 | $89.1M | $599.7M | ||
| Q3 24 | $45.0M | $-31.7M | ||
| Q2 24 | $55.9M | $-46.6M |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 10.2% | 55.1% | ||
| Q3 25 | 7.8% | 70.9% | ||
| Q2 25 | 7.0% | 50.6% | ||
| Q1 25 | -2.2% | -115.7% | ||
| Q4 24 | 10.3% | 136.2% | ||
| Q3 24 | 5.8% | -6.6% | ||
| Q2 24 | 7.3% | -9.7% |
| Q1 26 | — | 5.6% | ||
| Q4 25 | 1.4% | 8.3% | ||
| Q3 25 | 2.4% | 7.3% | ||
| Q2 25 | 2.8% | 7.6% | ||
| Q1 25 | 2.9% | 7.3% | ||
| Q4 24 | 2.6% | 8.8% | ||
| Q3 24 | 2.6% | 7.3% | ||
| Q2 24 | 3.5% | 8.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.50× | ||
| Q3 25 | — | 4.69× | ||
| Q2 25 | — | 3.89× | ||
| Q1 25 | — | -6.74× | ||
| Q4 24 | — | 9.99× | ||
| Q3 24 | — | 0.03× | ||
| Q2 24 | — | -0.09× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
WEX
| Payment processing revenue | $284.2M | 42% |
| Account servicing revenue | $182.5M | 27% |
| Other revenue | $127.0M | 19% |
| Finance fee revenue | $80.1M | 12% |
