Surgery Partners (SGRY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue increased 2.7% year-over-year to $848.9 million, driven by 5.0% same-facility revenue growth and a 4.8% increase in revenue per case, with same-facility cases up 0.3%.

• Adjusted EBITDA for Q2 2026 was $125.2 million with a 14.7% margin; year-to-date revenue was $1.66 billion, up 3.6% year-over-year, and Adjusted EBITDA was $227.5 million.

• Net loss attributable to shareholders was $15.0 million for Q2 2026, compared to $2.5 million in Q2 2025.

• Strong physician recruitment continued, with approximately 190 new physicians in Q2 and 330 year-to-date.

• Announced definitive agreements to sell Idaho Falls market assets for ~$795 million, sharpening focus on core short-stay surgical facilities and simplifying operations.

Financial highlights

• Q2 2026 net revenue: $848.9 million (up 2.7% year-over-year); Adjusted EBITDA: $125.2 million (14.7% margin); same-facility revenue up 5.0%.

• Year-to-date net revenue: $1.66 billion (up 3.6%); Adjusted EBITDA: $227.5 million (13.7% margin).

• Excluding Idaho Falls, Q2 revenue was $660.1 million and Adjusted EBITDA $98.3 million; YTD revenue was $1.29 billion and Adjusted EBITDA $173.4 million.

• Net loss attributable to shareholders: $15.0 million in Q2 2026; Adjusted net income per share (basic): $0.10.

• Cash and cash equivalents at quarter-end: $216.7 million; operating cash flow for Q2 2026: $59.3 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $3.35–$3.45 billion and Adjusted EBITDA of at least $530 million, excluding the Idaho Falls divestiture.

• Updated guidance to be provided after Idaho Falls transaction closes.

• Organic Adjusted EBITDA growth expected at 4.2%+ and same-facility revenue growth at 3.0%+.

• Management expects continued growth, operational efficiency, and disciplined capital deployment.