Surgery Partners, Inc. is one of the largest U.S. outpatient surgical services providers with over 200 facilities across 30 states, generating approximately $3.2 billion in revenue in 2025. The company’s growth has been driven by acquisitions, organic expansion, and strategic partnerships, supported by robust physician engagement and operational efficiencies. Despite growing operating income and positive operating cash flow, Surgery Partners continues to report net losses due to financial leverage and integration costs. Its capital structure features significant long-term debt refinanced recently, which may constrain flexibility amid economic uncertainty and industry headwinds such as reimbursement pressures and regulatory scrutiny.