BTSG BrightSpring Health Services, Inc.
FY2025 10-K
BrightSpring Health Services, Inc. (BTSG) filed its fiscal year 2025 10-K annual report with the SEC on Feb 27, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$12.9B
Net Income
$191M
Gross Margin
11.8%
Operating Margin
2.3%
Net Margin
1.5%
ROE
10.2%
Total Assets
$6.4B
EPS (Diluted)
$0.87
Operating Cash Flow
$490M
Source: XBRL data from BrightSpring Health Services, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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