Surgery Partners (SGRY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 4.5% year-over-year to $810.9 million, with same-facility revenue up 4.4% and case growth of 0.6%.

• Adjusted EBITDA was $102.3 million, with a margin of 12.6%, slightly down from $103.9 million in the prior year.

• Net loss attributable to the company was $35.9 million, an improvement from $37.7 million in Q1 2025.

• Physician recruiting and investment in surgical robotics supported higher acuity case growth, with approximately 140 new physicians recruited.

• Operated 180 surgical facilities across 30 states, consolidating 122 for reporting.

Financial highlights

• Revenue per case increased 3.8% year-over-year to $5,073.

• Patient service revenues were $792.1 million, with other service revenues at $18.8 million.

• Cost of revenues rose to $650.7 million (80.2% of revenues), and general and administrative expenses were $39.3 million (4.8% of revenues).

• Interest expense increased to $69.1 million, reflecting higher rates and new debt.

• Cash and cash equivalents at quarter-end were $182.3 million, with $666.1 million available on the Revolver.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $3.35–$3.45 billion and Adjusted EBITDA of at least $530 million.

• Q2 2026 revenue expected to be 24–24.5% of annual target, with Adjusted EBITDA at 23–23.5%.

• Management expressed confidence in meeting or exceeding 2026 objectives, citing cost management, physician recruitment, and operational efficiency.