The adjusted EPS beat is notable but offset by declining EBITDA and cash flow. Monitor the Idaho Falls divestiture closing for potential deleveraging and cash conversion improvement. Guidance reaffirmation provides a floor, but flat case volume and high leverage (4.4x) warrant caution.
Price Chart
Executive Summary
Surgery Partners reported Q2 2026 revenue of $848.9M (+2.7% YoY) and adjusted EPS of $0.10, beating consensus of $0.07 by ~43%. However, Adjusted EBITDA declined to $125.2M from $129.0M, GAAP net loss widened to $(15.0)M, and operating cash flow fell to $59.3M from $81.3M. Full-year guidance was reaffirmed, but the mixed underlying metrics temper the headline beat.
Key Financial Metrics
Key Facts
- Revenue $848.9M (+2.7% YoY) vs consensus $830.3M
- Adjusted EPS $0.10 vs consensus $0.07 (beat ~43%)
- Same-facility revenue +5.0% (rate +4.8%, cases +0.3%)
- Adjusted EBITDA $125.2M vs $129.0M YoY (-2.9%)
- GAAP net loss $(15.0)M vs $(2.5)M YoY
- Operating cash flow $59.3M vs $81.3M YoY
- Full-year 2026 guidance reaffirmed: revenue $3.35B-$3.45B, Adj. EBITDA ≥$530M (excl. Idaho Falls divestiture)
- Total net debt to EBITDA 4.4x
Financial Impact
Adjusted EPS beat of ~43% on a low base, but Adjusted EBITDA declined ~3% and operating cash flow fell ~27% YoY
Risk Factors
- Declining Adjusted EBITDA and operating cash flow
- High leverage at 4.4x net debt/EBITDA
- Flat same-facility case volume (+0.3%)
- Pending divestiture execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3341726 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | DEFA14A | $23.32 | awaiting T+5 | — | $23.25 (−0.30%) |
Oct 26, 2026 today | SC 13D/A | $19.47 | awaiting T+5 | — | $23.25 (+19.41%) |
Oct 26, 2026 today | DEFA14A | $19.47 | awaiting T+5 | — | $23.25 (+19.41%) |
Oct 26, 2026 today | 8-K | $19.47 | awaiting T+5 | — | $23.25 (+19.41%) |
Oct 13, 2026 13d ago | SC 13G | $14.83 $15.40 | ▲ +3.84% | ▲ +3.39% | $23.25 (+56.78%) |
Sep 17, 2026 5w ago | 8-K | $13.35 $14.20 | ▲ +6.37% | ▲ +5.77% | $23.25 (+74.16%) |
Sep 17, 2026 5w ago | Press Release | $13.35 $14.20 | ▲ +6.37% | ▲ +5.52% | $23.25 (+74.16%) |
Aug 20, 2026 9w ago | Insider Buy | $14.52 $13.69 | ▼ −5.72% | ▼ −6.19% | $23.25 (+60.12%) |
Aug 10, 2026 11w ago | 8-K | $15.95 $14.36 | ▼ −9.97% | ▼ −9.92% | $23.25 (+45.77%) |
Aug 10, 2026 11w ago | Press Release | $15.95 $14.36 | ▼ −9.97% | ▼ −9.92% | $23.25 (+45.77%) |
US Market Status
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