Surgery Partners Q1 Revenue Climbs 4.5% to $810.9M, EBITDA $102.3M
Surgery Partners reported first-quarter revenue of $810.9 million, a 4.5% year-over-year increase, with same-facility revenue up 4.4% and net loss of $35.9 million. Adjusted EBITDA reached $102.3 million, and the company reaffirmed full-year 2026 guidance of $3.35–$3.45 billion revenue and at least $530 million EBITDA.
1. Q1 Financial Performance
Surgery Partners delivered first-quarter 2026 revenue of $810.9 million, up 4.5% year-over-year, driven by a 4.4% rise in same-facility revenues and a 0.6% increase in case volume. The company reported a net loss of $35.9 million and Adjusted EBITDA of $102.3 million.
2. Liquidity and Debt Profile
As of March 31, Surgery Partners held $182.3 million in cash and $666.1 million in available revolving credit, supporting operating cash flow of $11.7 million. The company’s total net debt to EBITDA ratio stood at approximately 4.3x, reflecting ongoing leverage reduction efforts.
3. Guidance Reaffirmed for Full Year
Management affirmed 2026 revenue guidance between $3.35 billion and $3.45 billion, with Adjusted EBITDA of at least $530 million. Executives highlighted cost management, physician recruitment, and portfolio optimization as key drivers to meeting long-term growth objectives.