SGRY Surgery Partners, Inc.
FY2025 10-K
Surgery Partners, Inc. (SGRY) filed its fiscal year 2025 10-K annual report with the SEC on Mar 2, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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
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
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