BrightSpring Health Services, Inc. (BTSG): Results of Operations and Financial Condition
BrightSpring Health Services, Inc. (BTSG) filed an SEC Form 8-K — Results of Operations and Financial Condition. BrightSpring Health Services, Inc. Reports Second Quarter 2026 Financial Results and Increases Full Year 2026 Guidance LOUISVILLE, Ky., July 31, 2026 — BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG), a leading provider of home and community-ba
How this was made
The 30-second read
Why it matters
The key tradable inputs are the Q2 continuing-operations performance and the raised full-year ranges for revenue and Adjusted EBITDA, plus capital structure actions (paydown and secondary offering with concurrent repurchase).
Market read
This is a guidance-raising earnings update with concrete financial metrics and capital structure actions, which can drive near-term repricing ahead of the scheduled call.
What to watch
The guidance excludes future closed acquisitions and the Community Living business; traders should watch whether the acquisition contribution ($35M Adjusted EBITDA) is on track and whether interest savings from the First Lien Facility materially offsets any cost inflation.
BrightSpring Health Services, Inc. Reports Second Quarter 2026 Financial Results and Increases Full Year 2026 Guidance
Second-quarter continuing-operations revenue increased 23%, gross profit increased 31.5%, net income rose to $87 million from $9 million, and Adjusted EBITDA increased 44.2%. The company also increased full-year 2026 Revenue and Adjusted EBITDA guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenue, three months ended June 30, 2026GAAP | $3,873 million | – | 23% |
| Total Revenue, six months ended June 30, 2026GAAP | $7,487 million | – | 24% |
| Gross profit, three months ended June 30, 2026GAAP | $493 million | – | 31.5% |
| Net income, three months ended June 30, 2026GAAP | $87 million | – | – |
| Pharmacy Solutions segment EBITDA, three months ended June 30, 2026non-GAAP | $180 million | – | 44% |
| Pharmacy Solutions segment EBITDA, six months ended June 30, 2026non-GAAP | $349 million | – | 45% |
| Provider Services segment EBITDA, three months ended June 30, 2026non-GAAP | $75 million | – | 33% |
| Provider Services segment EBITDA, six months ended June 30, 2026non-GAAP | $141 million | – | 31% |
| Total Segment Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $255 million | – | 41% |
| Total Segment Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $490 million | – | 41% |
| Corporate Costs, three months ended June 30, 2026non-GAAP | $(49) million | – | n.m. |
| Corporate Costs, six months ended June 30, 2026non-GAAP | $(95) million | – | n.m. |
| Total Company Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $206 million | – | 44% |
| Total Company Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $395 million | – | 45% |
| Pharmacy Solutions prescriptions dispensed, three months ended June 30, 2026other | 10,844,038 | – | (0%) |
| Pharmacy Solutions prescriptions dispensed, six months ended June 30, 2026other | 21,573,914 | – | (1%) |
| Pharmacy Solutions revenue per script, three months ended June 30, 2026other | 314.20 | – | 22% |
| Pharmacy Solutions revenue per script, six months ended June 30, 2026other | 304.93 | – | 25% |
| Pharmacy Solutions gross profit per script, three months ended June 30, 2026other | 27.50 | – | 28% |
| Pharmacy Solutions gross profit per script, six months ended June 30, 2026other | 27.76 | – | 38% |
| Provider Services Home Health Care average daily census, three months ended June 30, 2026other | 46,448 | – | 54% |
| Provider Services Home Health Care average daily census, six months ended June 30, 2026other | 46,258 | – | 53% |
| Provider Services Rehab Care persons served, three months ended June 30, 2026other | 7,755 | – | 9% |
| Provider Services Rehab Care persons served, six months ended June 30, 2026other | 7,688 | – | 11% |
| Provider Services Personal Care persons served, three months ended June 30, 2026other | 16,357 | – | 1% |
| Provider Services Personal Care persons served, six months ended June 30, 2026other | 16,219 | – | 1% |
| Leverage as of June 30, 2026other | 2.15x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Pharmacy SolutionsRevenue per script ($) was 314.20, up 22%, while prescriptions dispensed were 10,844,038, or (0%). | $3,407 million | – | 22% |
| Provider ServicesHome Health Care average daily census was 46,448, up 54%; Rehab Care persons served were 7,755, up 9%; and Personal Care persons served were 16,357, up 1%. | $466 million | – | 30% |
full year 2026 outlook
- RevenueRevenues of $15,100 million to $15,425 million, or 17.0% to 19.5% growth
- NotePharmacy Segment Revenue of $13,200 million to $13,500 million, or 15.3% to 17.9% growth
- NoteProvider Segment Revenue of $1,900 million to $1,925 million, or 29.7% to 31.4% growth
- NoteTotal Adjusted EBITDA of $820 million to $845 million, or 32.8% to 36.8% growth
- NoteThe Amedisys and LHC branches acquisition is expected to contribute approximately $35 million in Adjusted EBITDA in 2026
- NoteGuidance excludes the Community Living business and the effects of any future closed acquisitions.
Capital returns
- Concurrent $60.0 million repurchase of 1,026,465 shares of common stock from the underwriter.
What drove it
- All financial results provided pertain to continuing operations following the March 30, 2026 divestiture of the Community Living business.
- Pharmacy Solutions revenue increased 22% and Pharmacy Solutions segment EBITDA increased 44%.
- Provider Services revenue increased 30%, supported by Home Health Care average daily census growth of 54%.
- Gross profit increased 31.5% and Total Company Adjusted EBITDA increased 44.2%.
- The company increased full-year 2026 Revenue and Adjusted EBITDA guidance.
- The Amedisys and LHC branches acquisition is expected to contribute approximately $35 million in Adjusted EBITDA in 2026.
Concerns
- Pharmacy Solutions prescriptions dispensed were 10,844,038, or (0%) year over year in the second quarter.
- Personal Care persons served were 16,357, up 1% year over year in the second quarter.
- Corporate Costs were $(49) million in the second quarter of 2026, compared to $(39) million in the second quarter of 2025.
- Full-year 2026 guidance excludes the Community Living business and the effects of any future closed acquisitions.
- The company identified risks including changes to Medicare and Medicaid rates, drug utilization and pricing, PBM contracts, reimbursement, labor recruitment and retention, and relationships with pharmaceutical suppliers.
What to watch
- Pharmacy Solutions prescriptions dispensed and revenue per script ($).
- Provider Services Home Health Care average daily census, Rehab Care persons served, and Personal Care persons served.
- Execution of the Amedisys and LHC branches acquisition and its expected approximately $35 million Adjusted EBITDA contribution in 2026.
- Progress in leverage following the $300.0M First Lien Facility paydown and modification.
- Delivery against full-year 2026 Revenues of $15,100 million to $15,425 million and Total Adjusted EBITDA of $820 million to $845 million.
Balance sheet and cash flow
- Leverage of 2.15x as of June 30, 2026, compared to leverage of 2.27x on March 31, 2026.
- $300.0M paydown and concurrent modification of the First Lien Facility, including interest rate refinancings that resulted in interest savings.
Analysis
BrightSpring reported a strong second quarter from continuing operations. Total Revenue was $3,873 million, up 23% from $3,148 million, while gross profit was $493 million, up 31.5% from $375 million. Net income was $87 million compared to $9 million. Total Company Adjusted EBITDA was $206 million, up 44% from $143 million, with the company reporting that all financial results exclude the divested Community Living business.
Pharmacy Solutions remained the larger business, with revenue of $3,407 million, up 22%, and segment EBITDA of $180 million, up 44%. Prescription volume was essentially flat at 10,844,038, while revenue per script ($) increased 22% to 314.20 and gross profit per script ($) increased 28% to 27.50. The reported growth profile therefore featured substantially higher revenue and gross profit per script alongside flat prescription dispensing.
Provider Services revenue was $466 million, up 30%, and segment EBITDA was $75 million, up 33%. Home Health Care average daily census increased 54% to 46,448. Rehab Care persons served increased 9% to 7,755, while Personal Care persons served increased 1% to 16,357. Corporate Costs increased to $(49) million from $(39) million, although Total Segment Adjusted EBITDA increased 41% to $255 million.
The company strengthened its capital structure through a $300.0M paydown and modification of the First Lien Facility, including interest rate refinancings that resulted in interest savings. Leverage was 2.15x at June 30, 2026, compared with 2.27x at March 31, 2026. BrightSpring also repurchased $60.0 million of common stock, representing 1,026,465 shares, concurrent with a secondary offering by KKR affiliates and certain members of management.
Management increased full-year 2026 Revenue guidance to $15,100 million to $15,425 million and Total Adjusted EBITDA guidance to $820 million to $845 million. The guidance excludes Community Living and the effects of future closed acquisitions. The Amedisys and LHC branches acquisition is expected to contribute approximately $35 million in Adjusted EBITDA in 2026, making acquisition execution, script economics, home health census, and continued leverage reduction central items for the next reporting periods.
Management, verbatim
We are pleased with the Company’s second quarter results that reflect our quality focus, service level performance, and dedication to the patients we serve.
Jon Rousseau, Chairman, President, and Chief Executive Officer of BrightSpring
We remain grounded in disciplined operational execution and delivering high-quality and effective care.
Jon Rousseau, Chairman, President, and Chief Executive Officer of BrightSpring
Our service lines have significant long-term opportunity to better address the needs of all healthcare stakeholders, and we remain committed to innovation and leadership in our industry to impact more patients in the future.
Jon Rousseau, Chairman, President, and Chief Executive Officer of BrightSpring
Not in the filing
stated, not guessed- Previous-release outlook was not provided; comparison of actual results with prior guidance is unavailable.
- GAAP operating income or loss was not reported in the provided filing text.
- GAAP and non-GAAP diluted EPS were not reported in the provided filing text.
- Gross margin was not reported in the provided filing text.
- Operating expenses were not reported in the provided filing text.
- Tax rate was not reported in the provided filing text.
- Cash and debt balances were not reported in the provided filing text.
- Operating cash flow and free cash flow were not reported in the provided filing text.
- Dividend information was not reported in the provided filing text.
- Quarter-over-quarter revenue, earnings, EBITDA, segment, and operating-metric comparisons were not reported in the provided filing text.
- A numerical reconciliation of Adjusted EBITDA to net income from continuing operations was not included in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
BrightSpring filed an 8-K with its Q2 2026 results and an increase to full-year 2026 revenue and Adjusted EBITDA guidance, explicitly excluding the divested Community Living business.
Ticker impact
BrightSpring reported Q2 2026 results and increased full-year 2026 revenue and Adjusted EBITDA guidance for continuing operations.
Moderately positive bias for the next trading session and into the earnings call, assuming no guidance caveats surprise investors.
The filing includes specific Q2 financial outperformance (net revenue +23%, Adjusted EBITDA +44%) and explicit full-year guidance increases, which are actionable for positioning.
Market effects
Home and community-based care providers may see read-through demand for pharmacy and provider services execution, but this is company-specific.
Limited, as the disclosure is not tied to a specific geography beyond nationwide operations.
Low, as the event is a US-listed healthcare services company earnings and guidance update.
Counterpoint
Investors may discount the guidance raise if leverage remains elevated (2.15x) or if continuing-operations adjustments from the Community Living divestiture reduce comparability.
Key entities
- issuerBrightSpring Health Services, Inc.
Home and community-based health services provider reporting Q2 2026 results and raising full-year 2026 guidance.
- debtFirst Lien Facility
Credit facility subject to $300M paydown and modification with interest rate refinancings.
- shareholderKohlberg Kravis Roberts & Co. L.P. (KKR) affiliates
Affiliates participated in an underwritten secondary offering in June 2026.
