The quarter was modestly ahead of the market’s revenue bar. Net revenue was $848.9 million versus published consensus of approximately $847.0 million, a narrow beat of about 0.2%. Adjusted EBITDA reached $125.2 million, but the filing does not provide a comparable published consensus estimate, so the EBITDA result cannot be called a substantiated beat. (Q2 2026 Highlights)
| Metric | Q2 2026 | Comparison / expectation |
|---|---|---|
| Net revenue | $848.9 million | Published consensus: ~$847.0 million |
| Adjusted EBITDA | $125.2 million | No reliable external consensus disclosed |
| Same-facility revenue growth | 5.0% | Filing metric |
| Same-facility surgical-case growth | 0.3% | Filing metric |
| Same-facility rate growth | 4.8% | Filing metric |
| Adjusted EBITDA margin | 14.7% | 14.9% excluding Idaho Falls |
The quality of growth is less impressive than the headline. Same-facility revenue rose 5.0%, but surgical cases increased only 0.3%; nearly all the comparable-facility growth came from higher revenue per case, reflected in a 4.8% rate increase. That supports reported revenue, but it does not show strong demand or volume acceleration. (Q2 2026 Highlights)
Management gave investors no new upside to underwrite. Full-year revenue guidance of $3.35 billion–$3.45 billion, Adjusted EBITDA of at least $530 million, organic EBITDA growth of at least 4.2%, and same-facility revenue growth of at least 3.0% were reaffirmed rather than raised. (2026 Financial Outlook) The reaffirmation is broadly consistent with the quarter’s delivery, but it limits the positive read to execution versus expectations rather than an improved outlook.
The Idaho Falls divestiture makes the reported growth profile harder to read. The market generated $188.8 million of Q2 revenue and $26.9 million of Adjusted EBITDA, while the company presents continuing operations excluding it at $660.1 million of revenue and $98.3 million of EBITDA. The transaction reduces exposure to Medicaid and state-based supplemental revenue, but also removes a large revenue and EBITDA contributor; guidance explicitly excludes the transaction’s impact. (Q2 2026 Highlights; Idaho Falls Market Key Metrics & Business Mix Impacts)
Net: a narrow positive, not a clean acceleration signal. Revenue slightly exceeded the published bar and EBITDA was solid relative to the company’s quarterly pacing, but weak case growth, reliance on rate, and unchanged full-year guidance keep the result from qualifying as a broad upside surprise.
Read the original 8-K on SEC EDGAR ↗