BTSG at a glance
BrightSpring Health Services, Inc. (BTSG, SEC CIK 1865782) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on July 31, 2026, an 8-K current report on July 31, 2026 and Form 4 insider filings as recently as September 16, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), BrightSpring Health Services, Inc. (BTSG) reported revenue of $12.9 billion (up 14.6% from FY2024) and net income of $190.7 million. Diluted EPS was $0.87.
- As of June 30, 2026, 33 institutional investment managers tracked by SignalX reported holding BrightSpring Health Services, Inc. (BTSG) shares worth $7.3 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Greenwell Scott A. on September 14, 2026 of 15,099 shares at $57.91 per share.
- In the last 90 days, BTSG insiders reported 0 open-market purchases ($0) and 1 open-market sale ($874K) on Form 4, a net sale of $874K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $12.9B
- +14.6% vs prior year
- Insiders · 90 days
- 0 buys · 1 sell
- Net −$874K
- 13F holders
- 33 funds
- $7.3B · +2 vs prior quarter
- Latest 8-K
- Jul 31, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Integrated home and community-based healthcare platform delivering complementary pharmacy and provider services to complex Senior and Specialty patients
- Strategic shift: Divestiture of Community Living business for $835M, focusing on streamlined Provider Services like home health, hospice, rehab, and primary care
- New emphasis: Expanded home-based primary care and value-based care contracts leveraging integrated pharmacy-provider model to improve outcomes and reduce costs
- Scale and reach: Serving over 465,000 patients daily via ~10,500 clinical providers and pharmacists across all 50 states, with 43M prescriptions filled in 2025
- Noteworthy metric: Infusion and specialty pharmacy prescriptions grew 27%, home and community pharmacy 3% from 2024 to 2025, with 99.99% order accuracy and 99.34% completeness
Risk Factors
- Medicare Home Health Prospective Payment System changes, including PDGM implemented 2020, affecting reimbursement based on patient mix and admission source
- Exposure to Medicaid Integrity Program audits in six states, causing administrative costs and payment delays through 2029 under Review Choice Demonstration
- Supplier relationship risk in Pharmacy Solutions, including loss of access to limited distribution pharmaceuticals impacting competitive positioning
- Competition from vertically integrated rivals with exclusive pharmaceutical supply contracts and retail pharmacy chains limiting price competitiveness
- Managed care contract risk with payors able to terminate contracts on 60-day notice, creating leverage to reduce volume or pricing favorable to payors
Management Discussion & Analysis
- Consolidated revenue $12.91B in 2025, up 27.7% YoY from $10.12B in 2024; Pharmacy Solutions best performing segment, up 30.7% to $11.45B; Provider Services up 11.1% to $1.46B
- Operating margin Pharmacy Solutions 3.8% vs 3.2%; Provider Services operating margin 14.0% vs 13.7%; consolidated EBITDA $776.2M, up 33.7% from $580.0M
- Pharmacy Solutions segment EBITDA $543.5M, up 37.7%; Provider Services segment EBITDA $232.7M, up 13.3%; Pharmacy Solutions margin lower due to product mix shift
- Net cash provided by operating activities $490.2M vs $23.8M; investing cash used $305.1M vs $140.2M (includes $144.8M acquisition spend); financing cash used $157.9M primarily debt repayment and $43.2M share repurchases
- Management expects existing liquidity including $565.6M cash and revolving credit availability sufficient for next 12 months; key risks include integration costs, specialty drug mix shift affecting margins
AI summary of the BTSG 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- No Risk Factors section provided in the supplied excerpt
- New debt amendment: Amendment No. 10 to First Lien Credit Agreement dated May 28, 2026
- Insider trading: PharMerica president’s plan covers up to 11,973 shares beginning September 14, 2026
AI summary of the BTSG 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026
- Press release furnished as Exhibit 99.1 contains financial results and management commentary
Item EX-99.1: Item EX-99.1
- Q2 revenue $3,873M, up 23%, while Adjusted EBITDA $206M rose 44.2%; operating leverage strengthened materially
- Net income from continuing operations $87M versus $9M, with diluted EPS $0.39 versus $0.04
Item EX-99.1: Item EX-99.1
- Dr. Nigam Shah appointed Class III director on June 11, 2026
- Board’s Quality and Compliance Committee addition strengthens healthcare governance
Item 7.01: Regulation FD Disclosure
- Dr. Shah appointed to BrightSpring Health Services’ Board
- June 12, 2026 press release provides appointment details in Exhibit 99.1
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Board expanded from 7 to 8 directors with Dr. Nigam H. Shah appointed as Class III director
- Dr. Shah joins the Quality and Compliance Committee, strengthening board oversight of care and regulatory matters
Item 1.01: Entry into a Material Definitive Agreement
- Secondary offering of 14,999,771 shares at $58.75 per share, providing liquidity for selling stockholders
- Company received no offering proceeds, limiting direct balance-sheet benefit
AI summaries of BTSG 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for BTSG
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Greenwell Scott A. | M | Sep 14, 2026 | 11,973 | - |
| Greenwell Scott A. | M | Sep 14, 2026 | 11,973 | $22.27 |
| Greenwell Scott A. | Sell | Sep 14, 2026 | 15,099 | $57.91 |
| ROUSSEAU JON B | F | Jul 25, 2026 | 56,319 | $72.91 |
| Greenwell Scott A. | F | Jun 20, 2026 | 2,487 | $66.25 |
| KKR Phoenix Aggregator L.P. | Sell | Jun 5, 2026 | 14,669,771 | $58.45 |
| Phipps Jennifer A | M | Jun 5, 2026 | 35,000 | $6.37 |
| Phipps Jennifer A | Sell | Jun 5, 2026 | 35,000 | $58.75 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $11.3B | $12.9B |
| Gross Profit | - | $1.6B | $1.5B |
| Operating Income | - | $206.4M | $295.3M |
| Net Income | - | -$18.1M | $190.7M |
| Gross Margin | - | 14.1% | 11.8% |
| Op. Margin | - | 1.8% | 2.3% |
| Net Margin | - | -0.2% | 1.5% |
| Balance Sheet | |||
| Total Assets | $5.5B | $5.9B | $6.4B |
| Equity | - | $1.6B | $1.9B |
| ROE | - | -1.1% | 10.2% |
| Per Share | |||
| EPS | - | $-0.09 | $0.87 |
| Cash Flow | |||
| Operating CF | - | $23.8M | $490.2M |
| CapEx | $73.5M | $80.9M | $95.5M |
Source: XBRL data in BrightSpring Health Services, Inc. (BTSG)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate BTSG share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 33 | $7.30B |
| Q1 2026 | 31 | $4.33B |
| Q4 2025 | 27 | $3.38B |
| Q3 2025 | 26 | $2.16B |
| Q2 2025 | 26 | $1.62B |
| Q1 2025 | 22 | $844.2M |
| Q4 2024 | 14 | $629.2M |
| Q3 2024 | 10 | $110.4M |
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- T. Rowe Price Group−774.8K (-7%)
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- Viking Global Investors+1.62M
- Renaissance Technologies LLC+760.8K
Source: 13F-HR filings on SEC EDGAR (aggregated from 189 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
BTSG filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 16, 2026 | - | - | - |
| SC 13G | Jul 31, 2026 | - | - | |
| 8-K | Jul 31, 2026 | - | Analysis | - |
| 10-Q | Jul 31, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Jul 28, 2026 | - | - | - |
| 4 | Jun 22, 2026 | - | - | - |
| 8-K | Jun 12, 2026 | - | Analysis | - |
| 4 | Jun 5, 2026 | - | - | |
| 4 | Jun 5, 2026 | - | - | |
| 4 | Jun 5, 2026 | - | - | |
| 4 | Jun 5, 2026 | - | - | |
| 8-K | Jun 5, 2026 | - | Analysis | |
| 4 | Jun 5, 2026 | - | - | |
| 8-K | May 21, 2026 | - | Analysis | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 4 | May 7, 2026 | - | - | |
| 10-Q | May 1, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 1, 2026 | - | Analysis | - |
| 4 | Apr 28, 2026 | - | - | - |
| 4 | Mar 31, 2026 | - | - | - |
| 8-K | Mar 31, 2026 | - | - | - |
| 4 | Mar 24, 2026 | - | - | - |
| 4 | Mar 6, 2026 | - | - | - |
| 4 | Mar 6, 2026 | - | - | - |
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BTSG SEC filings: frequently asked questions
Are BTSG insiders buying or selling?
In the last 90 days, BrightSpring Health Services, Inc. (BTSG) officers, directors and 10% owners reported no open-market purchases and 1 open-market sale worth $874,383 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold BTSG stock?
As of June 30, 2026, the largest BrightSpring Health Services, Inc. (BTSG) holders among the 13F filers tracked by SignalX were BlackRock ($1.7 billion), FMR LLC (Fidelity) ($934.0 million), Invesco Ltd ($832.8 million), Vanguard Portfolio Management LLC ($693.7 million), T. Rowe Price Group ($690.3 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was BTSG's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), BrightSpring Health Services, Inc. (BTSG) reported revenue of $12.9 billion (up 14.6% from FY2024) and net income of $190.7 million. Diluted EPS was $0.87. The figures come from the XBRL data in the 10-K.
What are the main risks in BTSG's latest 10-K?
In the 10-K filed February 27, 2026, BrightSpring Health Services, Inc. (BTSG) flagged: Medicare Home Health Prospective Payment System changes, including PDGM implemented 2020, affecting reimbursement based on patient mix and admission source. Exposure to Medicaid Integrity Program audits in six states, causing administrative costs and payment delays through 2029 under Review Choice Demonstration. (AI summary of the Risk Factors section.)
What did BTSG report in its latest 8-K?
BrightSpring Health Services, Inc. (BTSG) filed an 8-K on July 31, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 results for quarter ended June 30, 2026.
What are the latest BTSG SEC filings?
BrightSpring Health Services, Inc. (BTSG) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on July 31, 2026, an 8-K current report on July 31, 2026 and a Form 4 insider filing on September 16, 2026.
What is BTSG's SEC CIK number?
BrightSpring Health Services, Inc. (BTSG)'s SEC Central Index Key (CIK) is 1865782. EDGAR lists every BTSG filing under that number.
Ask anything about BTSG
The research agent reads BTSG's filings, financials, insider trades and 13F holders, then answers with sources.