BTSGUHIGH SIGNALFINANCIAL10-K

BrightSpring Health Services achieved a dramatic turnaround with net income swinging from -$18.1M to $190.7M while significantly expanding operations and reducing debt service costs.

This represents a fundamental transformation of the company's financial health, moving from losses to substantial profitability while demonstrating strong operational leverage. The massive increase in operating cash flow to $490.2M provides substantial financial flexibility and validates the sustainability of the turnaround.

Comparing 2026-02-27 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

BrightSpring delivered exceptional financial performance with revenue growing 14.6% to $12.9B while achieving dramatic profitability improvements through operational leverage and a 31.1% reduction in interest expense. The company strengthened its balance sheet with 52.9% growth in current assets and 44.3% increase in cash, though current liabilities also rose 29.5% reflecting business expansion. The 1961.8% surge in operating cash flow to $490.2M and the swing to $190.7M in net income signal a successful business transformation with strong cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+6542%
$650K→$43.2M

Share repurchases increased 6542% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+1961.8%
$23.8M→$490.2M

Operating cash flow surged 1961.8% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+1155.6%
-$18.1M→$190.7M

Net income grew 1155.6% — bottom-line growth signals improving overall business health.

Current Assets
Balance Sheet
+52.9%
$1.9B→$2.9B

Current assets grew 52.9% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+44.3%
$61.3M→$88.4M

Cash position surged 44.3% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
+43.1%
$206.4M→$295.3M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
-31.1%
$228.4M→$157.3M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Current Liabilities
Balance Sheet
+29.5%
$1.4B→$1.8B

Current liabilities rose 29.5% — increased short-term obligations, watch current ratio.

Inventory
Balance Sheet
+27.3%
$640.6M→$815.2M

Inventory built 27.3% — monitor whether demand supports this build or if write-downs may follow.

Revenue
P&L
+14.6%
$11.3B→$12.9B

Revenue growing 14.6% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-06
ADDED
ABA means applied behavioral analysis, a type of therapy that focuses on improving specific behaviors; ABI/TBI means acquired/traumatic brain injury; ACO means accountable care organization; Behavioral patients and populations mean individuals with intellectual and developmental disabilities including mental illness; BrightSpring, BrightSpring Health Services, Company, we, us, and our refer to BrightSpring Health Services, Inc.
A performance measure over 80% is considered compliant under our contracts with a payor; neuro patients and populations mean individuals who have acquired a traumatic brain injury, spinal cord injury, pediatric autism, or other neurological condition; NPS represents Net Promoter Score, which is a metric used to gauge patient satisfaction based on how likely a patient or physician would be to recommend a company to a friend or colleague.
Americans with five or more chronic conditions make up over 12% of the population and account for 41% of total health care spending, on average spending 14 times more on health services than those without chronic conditions.
Combined, our daily pharmacy and provider services are delivered from and to approximately 7,700 office, clinic, and customer locations across the country, with over 465,000 patients serviced at any one time, including approximately 330,000 patients served in their homes at any one time.
The Company filled over 43 million prescriptions in 2025 from over 175 pharmacies across all 50 states, with services delivered to approximately 6,600 customer locations, approximately 73,000 individual or group homes, and over 410,000 patients, all through over 4,500 unique customer and payor contracts.
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REMOVED
and its subsidiaries in March 2019; BrightSpring, BrightSpring Health Services, Company, we, us, and our refer to BrightSpring Health Services, Inc.
A designation of Promoter is assigned to respondents who provide a score of 9 or 10, a designation of Passive is assigned to respondents who provide a score of 7 or 8, and a designation of Detractor is assigned to respondents who provide a score of 0 to 6.
Any forward-looking statement made by us in this Annual Report on Form 10-K speaks only as of the date of this Annual Report on Form 10-K and are expressly qualified in their entirety by the cautionary statements included in this Annual Report on Form 10-K.
Americans with five or more chronic conditions make up over 10% of the population and account for 40% of total health care spending, on average spending 10 times more on health services than those without chronic conditions.
Our complex Behavioral clients, often with three or more comorbidities and requiring eight or more medications, are still able to spend 359 days a year at home on average.
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