SGRY at a glance
Surgery Partners, Inc. (SGRY, SEC CIK 1638833) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on September 17, 2026 and Form 4 insider filings as recently as August 20, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Surgery Partners, Inc. (SGRY) reported revenue of $3.3 billion (up 6.2% from FY2024) and a net loss of $77.9 million. Diluted EPS was -$0.61.
- As of June 30, 2026, 26 institutional investment managers tracked by SignalX reported holding Surgery Partners, Inc. (SGRY) shares worth $497.3 million in 13F-HR filings.
- The most recent insider open-market purchase reported on Form 4 was by DeLuca Teresa on August 18, 2026 of 10,000 shares at $14.35 per share.
- In the last 90 days, SGRY insiders reported 2 open-market purchases ($305K) and 0 open-market sales ($0) on Form 4, a net purchase of $305K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $3.3B
- +6.2% vs prior year
- Insiders · 90 days
- 2 buys · 0 sells
- Net +$305K
- 13F holders
- 26 funds
- $497.3M · −1 vs prior quarter
- Latest 8-K
- Sep 17, 2026
- Item 2.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Management and operation of surgical facilities primarily focused on outpatient surgical procedures
- New emphasis: Increased revenue diversification from management and administrative services in non-owned surgical facilities
- Strategic shift: Improved operational efficiency reflected in decreased general and administrative expenses ratio, from 4.5% in 2024 to 3.6% in 2025
- Quantitative metric: Revenue growth to $3.31 billion in 2025, up 6.3% from $3.11 billion in 2024, driven by 3.4% volume and 1.4% revenue per case increases
- Noteworthy fact: Significant increase in interest expense to $272.6 million (8.2% of revenues) due to maturity of interest rate swaps and new unsecured notes
Risk Factors
- Regulatory risk from One Big Beautiful Bill Act (OBBBA), effective July 4, 2025, increasing Medicaid and Medicare regulatory burdens
- Macroeconomic exposure to government payors, comprising 42.8% of patient service revenues in 2025
- Operational risk tied to partnership model with physicians owning majority in 86 of 176 surgical facilities
- Competitive threat from decline in ophthalmology cases, dropping from 24.4% to 21.7% of surgical mix 2023-2025
- Financial leverage risk with $692.8 million borrowing capacity under Revolver and $239.9 million cash holdings as of 12/31/2025
Management Discussion & Analysis
- Adjusted EBITDA $526.2M in 2025 vs $508.2M in 2024, income before taxes $116.9M vs $147.1M in 2024
- Operating cash flow $274.3M in 2025, Credit Agreement EBITDA $578.2M reflecting acquisitions and synergies
- Refinanced $1.4B term loans with interest rate ~6.22%, issued $425M senior unsecured notes due 2032 at 101%
- Net working capital $535.2M at Dec 31, 2025 vs $495.0M in 2024, total debt obligations $5.7B including interest
- Management highlights economic risks: interest rate inflation could pressure payor mix, patient volume and liquidity; expects capital markets access to meet liquidity needs
AI summary of the SGRY 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $848.9M, up 2.7% YoY from $826.2M; same-facility revenue up 5.0%
- Operating margin 12.0% vs 13.5% YoY; net loss $15.0M vs $2.5M
- Best case mix orthopedics and pain management at 40.1%; ophthalmology fell to 20.8% from 22.2%
- Cash $216.7M vs $239.9M at December 31; Revolver capacity $617.8M
- Operating cash flow $71.0M vs $87.3M; economic uncertainty, inflation, supply-chain risks and interest rates remain headwinds
Risk Factors
- No material changes to 2025 Form 10-K risk factors
- No newly added risk factor or quarter-specific trigger disclosed
- No updated regulatory, legal, or compliance risk disclosed
- No new operational, competitive, or market risk disclosed
- No new liquidity, debt, currency, or concentration risk disclosed
AI summary of the SGRY 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.01: Completion of Acquisition or Disposition of Assets
- Completed sale of Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health on September 14, 2026
- Aggregate consideration approximately $796.6 million, subject to customary post-closing adjustments
Item EX-99.1: Item EX-99.1
- Proposed sale of Mountain View and Idaho Falls hospitals to Intermountain Health for approximately $796.6M
- Estimated net cash proceeds of $586.5M after $219.7M closing cash and indebtedness and $9.6M working-capital adjustments
Item 2.02: Results of Operations and Financial Condition
- Earnings release covers three and six months ended June 30, 2026
- Results and non-GAAP reconciliations available in Exhibit 99.1
Item 7.01: Regulation FD Disclosure
- Conference call scheduled August 10, 2026 at 8:30 a.m. Eastern for second-quarter and six-month results
- Earnings presentation available through Surgery Partners’ Investor Relations website
Item EX-99.1: Item EX-99.1
- Q2 revenue rose 2.7% to $848.9M, but Adjusted EBITDA fell to $125.2M from $129.0M
- Same-facility revenue growth of 5.0% was driven by 4.8% higher revenue per case, while cases increased only 0.3%
Item EX-99.1: Item EX-99.1
- Proposed sale of Idaho Falls facilities to Intermountain Health values assets at approximately $1.15 billion
- Surgery Partners’ consideration approximately $795 million, with final net cash proceeds subject to closing adjustments
Item 7.01: Regulation FD Disclosure
- Surgery Partners agreed to sell its Idaho Falls facility interests to Intermountain Health
- Transaction signals portfolio rationalization and potential shift away from Idaho Falls operations
Item 1.01: Entry into a Material Definitive Agreement
- Intermountain Health agreed to acquire Mountain View Hospital and Idaho Falls Community Hospital for approximately $1.15 billion
- Surgery Partners expects approximately $795 million in total consideration, subject to indebtedness, working capital, expenses, and closing adjustments
AI summaries of SGRY 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for SGRY
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| DeLuca Teresa | Buy | Aug 18, 2026 | 10,000 | $14.35 |
| DeLuca Teresa | Buy | Aug 18, 2026 | 11,250 | $14.33 |
| HENDRIX BLAIR E | A | Jun 18, 2026 | 34,364 | $14.55 |
| Forese Laura L | A | Jun 5, 2026 | 11,670 | $13.71 |
| Deane John A | A | Jun 5, 2026 | 11,670 | $13.71 |
| DeLuca Teresa | A | Jun 5, 2026 | 11,670 | $13.71 |
| TURNER BRENT | A | Jun 5, 2026 | 11,670 | $13.71 |
| ADLERZ CLIFFORD G | A | Jun 5, 2026 | 11,670 | $13.71 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $3.1B | $3.3B |
| Operating Income | - | $348.8M | $389.5M |
| Net Income | -$11.9M | -$168.1M | -$77.9M |
| Op. Margin | - | 11.2% | 11.8% |
| Net Margin | - | -5.4% | -2.4% |
| Balance Sheet | |||
| Total Assets | $6.9B | $7.9B | $8.1B |
| Equity | - | $1.8B | $1.7B |
| ROE | - | -9.4% | -4.5% |
| Per Share | |||
| EPS | $-0.09 | $-1.33 | $-0.61 |
| Cash Flow | |||
| Operating CF | - | $300.1M | $274.3M |
| CapEx | $88.8M | $90.4M | $78.7M |
Source: XBRL data in Surgery Partners, Inc. (SGRY)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate SGRY share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 26 | $497.3M |
| Q1 2026 | 27 | $348.2M |
| Q4 2025 | 22 | $518.4M |
| Q3 2025 | 26 | $843.2M |
| Q2 2025 | 26 | $802.1M |
| Q1 2025 | 22 | $678.2M |
| Q4 2024 | 19 | $709.3M |
| Q3 2024 | 16 | $324.3M |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 184 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
SGRY filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 17, 2026 | - | Analysis | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| SC 13G | Aug 14, 2026 | - | - | |
| 10-Q | Aug 10, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| 8-K | Jul 24, 2026 | - | Analysis | - |
| 4 | Jul 14, 2026 | - | - | - |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - | |
| 4 | Jun 9, 2026 | - | - | |
| 8-K | Jun 5, 2026 | - | Analysis | |
| 8-K | May 5, 2026 | - | Analysis | - |
| 10-Q | May 5, 2026 | Mar 31, 2026 | Analysis | |
| 4 | Mar 16, 2026 | - | - | - |
| 4 | Mar 16, 2026 | - | - | - |
| 4 | Mar 16, 2026 | - | - | - |
| 4 | Mar 16, 2026 | - | - | - |
| 4 | Mar 16, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
| 4 | Mar 9, 2026 | - | - | - |
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SGRY SEC filings: frequently asked questions
Are SGRY insiders buying or selling?
In the last 90 days, Surgery Partners, Inc. (SGRY) officers, directors and 10% owners reported 2 open-market purchases worth $304,713 by 1 insider and no open-market sales on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold SGRY stock?
As of June 30, 2026, the largest Surgery Partners, Inc. (SGRY) holders among the 13F filers tracked by SignalX were BlackRock ($104.9 million), Dimensional Fund Advisors ($83.1 million), Vanguard Portfolio Management LLC ($62.8 million), Vanguard Capital Management LLC ($59.0 million), FMR LLC (Fidelity) ($36.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was SGRY's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Surgery Partners, Inc. (SGRY) reported revenue of $3.3 billion (up 6.2% from FY2024) and a net loss of $77.9 million. Diluted EPS was -$0.61. The figures come from the XBRL data in the 10-K.
What are the main risks in SGRY's latest 10-K?
In the 10-K filed March 2, 2026, Surgery Partners, Inc. (SGRY) flagged: Regulatory risk from One Big Beautiful Bill Act (OBBBA), effective July 4, 2025, increasing Medicaid and Medicare regulatory burdens. Macroeconomic exposure to government payors, comprising 42.8% of patient service revenues in 2025. (AI summary of the Risk Factors section.)
What did SGRY report in its latest 8-K?
Surgery Partners, Inc. (SGRY) filed an 8-K on September 17, 2026 reporting Item 2.01 (Completion of Acquisition or Disposition of Assets). Completed sale of Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health on September 14, 2026.
What are the latest SGRY SEC filings?
Surgery Partners, Inc. (SGRY) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 10, 2026, an 8-K current report on September 17, 2026 and a Form 4 insider filing on August 20, 2026.
What is SGRY's SEC CIK number?
Surgery Partners, Inc. (SGRY)'s SEC Central Index Key (CIK) is 1638833. EDGAR lists every SGRY filing under that number.
Ask anything about SGRY
The research agent reads SGRY's filings, financials, insider trades and 13F holders, then answers with sources.