Surgery Partners Reports Mixed Q2 2026 Results, Reaffirms Full-Year Guidance
Event summary
- Q2 revenue increased by 2.7% YoY to $848.9 million, with same-facility revenues up 5.0%.
- Net loss attributable to Surgery Partners was $15.0 million for Q2.
- Adjusted EBITDA stood at $125.2 million, down from $129.0 million in Q2 2025.
- Full-year revenue guidance reaffirmed at $3.35 billion to $3.45 billion, with Adjusted EBITDA of at least $530 million.
- Pending divestiture of Idaho Falls facilities to Intermountain Health remains subject to closing conditions.
The big picture
Surgery Partners' Q2 results reflect a mixed performance, with revenue growth offset by a net loss and declining Adjusted EBITDA. The pending divestiture of Idaho Falls facilities is part of a broader strategy to optimize the portfolio and improve financial metrics. The company's ability to leverage structural tailwinds in the ambulatory surgery center (ASC) market will be key to sustaining growth amidst competitive pressures.
What we're watching
- Portfolio Optimization
- The success of the pending Idaho Falls divestiture will be critical for improving cash conversion and deleveraging.
- Operational Efficiency
- Whether Surgery Partners can sustain revenue per case growth while managing rising operating expenses.
- Market Growth
- The pace at which the company capitalizes on structural tailwinds in the ASC market to drive long-term value.
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