Short answer
BrightSpring Health Services, Inc. (BTSG) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $12.9B (+14.6% year over year) and net income of $191M.
- Top risk flagged: Medicare Home Health Prospective Payment System changes, including PDGM implemented 2020, affecting reimbursement based on patient mix and admission source
FY2025 key financial metrics · XBRL
- Revenue
- $12.9B
- +14.6% YoY
- Net income
- $191M
- +1155.6% YoY
- Operating margin
- 2.3%
- +0.5 pp YoY
- Gross margin
- 11.8%
- −2.3 pp YoY
- EPS (diluted)
- $0.87
- +1066.7% YoY
- ROE
- 10.2%
- +11.3 pp YoY
- Operating cash flow
- $490M
- +1961.8% YoY
Source: XBRL data from the BrightSpring Health Services, Inc. (BTSG) FY2025 10-K on SEC EDGAR. USD.
BrightSpring Health Services, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
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