Surgery Partners Q1 revenue up 4.5% but EBITDA falls 1.5% as margin pressures offset growth

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~1 min read

Key Changes

• high

  Adjusted EBITDA declined 1.5% to $102.3M despite 4.5% revenue growth, driven by cost of revenues rising to 80.2% of sales (from 79.1%) due to high-acuity procedures and increased hospital provider taxes.

  MD&A: Adjusted EBITDA verify on EDGAR →
• high

  Same-facility revenue growth slowed to 4.4% from 5.2%, with volume growth collapsing to 0.6% (from 6.5%) while pricing improved 3.8% (reversing prior year's 1.2% decline). Government payor mix rose to 45.1% from 43.3%, pressuring margins.

  MD&A: Same-facility performance verify on EDGAR →
• high

  Portfolio expanded to 180 facilities from 164, adding 16 ASCs, but acquisition spending plunged 90% to $4.2M (from $44.0M) as the company shifted to debt paydown and deleveraging.

  MD&A: Portfolio & Acquisitions verify on EDGAR →