BTSG earnings analysis
What we found in BTSG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased by $735.6 million, or 25.6%, to $3.61 billion compared to Q1 2025.
- Substantial EPS Increase
- Diluted EPS rose to $0.34 from $0.05 in the prior year, reflecting a growth of $0.29.
- Operating Income Soars
- Operating income jumped 139.4% from $50.7 million to $121.4 million year-over-year.
- Segment Performance
- Pharmacy Solutions revenue surged by $639.2 million, or 25.2%, to $3.17 billion.
- Improved EBITDA
- Adjusted EBITDA increased by 44.8% to $189.8 million, up from $131.1 million.
- Cash Flow Positive
- Operating cash flow rose to $122.9 million, up from $101.6 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Operational Costs
- Selling, general, and administrative expenses increased by 25.4% to $360.8 million due to growth-related factors.
- Interest Rate Exposure
- Company's leverage increased to 2.27x amid rising interest rates posing cash flow challenges.
- Regulatory Changes Impacting Pharmacy Segment
- Home and Community Pharmacy revenue dropped 9.2%, affected by the Inflation Reduction Act.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.34
- Gross margin
- 13.3%
- Operating margin
- 3.4%
- Segment
- Pharmacy Solutions
- Segment
- Provider Services
What they said about what is next.
Management anticipates continued growth in Pharmacy Solutions and Provider Services, but does not provide specific numeric guidance.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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