BrightSpring Health Services, Inc. (BTSG) FY2025 10-K Annual Report
BrightSpring Health Services, Inc. (BTSG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BrightSpring Health Services, Inc. FY2025 10-K Analysis
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
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
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
BrightSpring Health Services, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$12.9B
▲ +14.6% YoY
Net Income
$191M
▲ +1155.6% YoY
Gross Margin
11.8%
▼ -234bp YoY
Operating Margin
2.3%
▲ +46bp YoY
Net Margin
1.5%
▲ +164bp YoY
ROE
10.2%
▲ +1126bp YoY
Total Assets
$6.4B
▲ +8.2% YoY
EPS (Diluted)
$0.87
▲ +1066.7% YoY
Operating Cash Flow
$490M
▲ +1961.8% YoY
Source: XBRL data from BrightSpring Health Services, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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