10-K · February 27, 2026
BrightSpring’s 2025 results show a clear inflection: FY revenue grew to approximately $12.91B (sum of quarters) from ~$10.08B in 2024, driven by scale in pharmacy and provider services, while GAAP profitability and cash…
Earnings analysis · 10-Q
BTSG earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
In Q1 2026, BrightSpring Health Services reported strong revenue growth of 25.6%, reaching $3.61 billion, with a notable increase in net income from $9.2 million to $74.3 million. The Pharmacy Solutions segment drove…
Read full summary
In Q1 2026, BrightSpring Health Services reported strong revenue growth of 25.6%, reaching $3.61 billion, with a notable increase in net income from $9.2 million to $74.3 million. The Pharmacy Solutions segment drove much of the growth, contributing $3.17 billion in sales. Adjusted EPS rose to $0.39, up from $0.19 in the prior year, indicating a bullish outlook despite rising operational costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.34
- Segment
- Pharmacy Solutions
- Segment
- Provider Services
What stood out
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Strong Revenue Growth
Revenue increased by $735.6 million, or 25.6%, to $3.61 billion compared to Q1 2025.
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Substantial EPS Increase
Diluted EPS rose to $0.34 from $0.05 in the prior year, reflecting a growth of $0.29.
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Operating Income Soars
Operating income jumped 139.4% from $50.7 million to $121.4 million year-over-year.
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Segment Performance
Pharmacy Solutions revenue surged by $639.2 million, or 25.2%, to $3.17 billion.
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Improved EBITDA
Adjusted EBITDA increased by 44.8% to $189.8 million, up from $131.1 million.
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Cash Flow Positive
Operating cash flow rose to $122.9 million, up from $101.6 million in Q1 2025.
What to watch
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Rising Operational Costs
Selling, general, and administrative expenses increased by 25.4% to $360.8 million due to growth-related factors.
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Interest Rate Exposure
Company's leverage increased to 2.27x amid rising interest rates posing cash flow challenges.
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Regulatory Changes Impacting Pharmacy Segment
Home and Community Pharmacy revenue dropped 9.2%, affected by the Inflation Reduction Act.
Management's outlook
Management anticipates continued growth in Pharmacy Solutions and Provider Services, but does not provide specific numeric guidance.
Earlier filings 4
10-Q · August 1, 2025
BrightSpring reported strong top-line growth in Q2 (three months ended June 30, 2025) with total revenues of $3,147,698,000, up $709,444,000 (+29.1%) versus Q2 2024. Gross margin compressed to 11.91% from 12.81% a year…
10-Q · November 1, 2024
BrightSpring reported Q3 revenue of $2,906,823,000 (up from $2,256,529,000 a year ago) and a move to positive operating income of $56,840,000 versus an operating loss of $(52,253,000) in Q3 2023. The Pharmacy Solutions…
10-Q · August 2, 2024
BrightSpring reported a revenue beat: Q2 revenue was $2,730,210,000 (up 26.0% year-over-year and 5.96% quarter-over-quarter). Profitability improved sequentially (Q2 operating income $62,414,000; diluted EPS $0.10), but…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.