Option Care Health Announces Financial Results for the First Quarter Ended March 31, 2026
Rhea-AI Summary
Option Care Health (Nasdaq: OPCH) reported Q1 2026 results: net revenue $1,350.7M (+1.3% YoY), GAAP net income $45.3M, GAAP diluted EPS $0.29, Adjusted EBITDA $104.8M (down 6.3%), and cash used in operations $12.1M. The company repurchased $17.5M of stock and expanded its revolving credit facility to $850M. Updated full‑year 2026 guidance: revenue $5.675B–$5.775B, adjusted diluted EPS $1.82–$1.92, adjusted EBITDA $480M–$505M, and cash from operations of at least $320M.
Positive
- Revenue of $1,350.7M in Q1 2026
- Repurchased $17.5M of common stock in Q1
- Revolving credit facility expanded to $850M
Negative
- Adjusted EBITDA declined 6.3% year-over-year to $104.8M
- Net cash used in operating activities of $12.1M in Q1
- GAAP net income fell 3.0% year-over-year to $45.3M
News Market Reaction – OPCH
In the Apr 30 session, OPCH declined 24.34%, reflecting a significant negative market reaction. Argus tracked a trough of -28.1% from its starting point during tracking. Our momentum scanner triggered 57 alerts that day, indicating high trading interest and price volatility. Trading volume was elevated at 2.4x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 24 | Q4 & FY25 earnings | Positive | -6.3% | Reported strong FY25 growth and issued 2026 guidance with higher revenue and EBITDA. |
| Jan 12 | Preliminary FY25 results | Positive | +8.4% | Preliminary Q4 and FY25 results and 2026 guidance plus expanded $1.0B buyback. |
| Oct 30 | Q3 2025 earnings | Positive | -8.6% | Double-digit revenue growth and higher adjusted EBITDA with raised 2025 guidance. |
| Aug 11 | Partner earnings update | Positive | +2.5% | Quince Therapeutics Q2 update featuring Phase 3 progress and OPCH launch partnership. |
| Jul 30 | Q2 2025 earnings | Positive | +1.7% | Strong Q2 growth, higher adjusted metrics, and raised full-year 2025 guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related announcements have produced sizable but mixed share reactions, with both sharp gains and selloffs following fundamentally solid growth updates.
Over the last few quarters, Option Care Health has reported steady revenue growth and expanding adjusted EBITDA, alongside active share repurchases and updated guidance ranges. Prior earnings releases on Jul 30, 2025, Oct 30, 2025, and Feb 24, 2026 combined strong top-line trends with evolving outlooks, yet price reactions ranged from notable rallies to sharp declines. Today’s Q1 2026 results and lowered revenue outlook to $5.675–5.775B fit into this pattern of solid fundamentals but variable market responses.
Key Terms
adjusted ebitda financial
gaap financial
ebitda financial
non-gaap financial measures financial
stock-based compensation financial
revolving credit facility financial
depreciation and amortization financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BANNOCKBURN, Ill., April 30, 2026 (GLOBE NEWSWIRE) -- Option Care Health, Inc. (the “Company” or “Option Care Health”) (Nasdaq: OPCH), the nation’s largest independent provider of home and alternate site infusion services, announced today financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
(year-over-year comparisons unless otherwise noted)
- Net revenue of
$1,350.7 million , up1.3% - GAAP Net income of
$45.3 million , down3.0% - GAAP diluted earnings per share of
$0.29 , up3.6% - Adjusted EBITDA of
$104.8 million , down6.3% - Adjusted diluted earnings per share of
$0.40 , flat to the first quarter of 2025 - Cash used in operating activities of
$12.1 million - Repurchased
$17.5 million of stock in the quarter - Revolving credit facility expanded from
$400 million to$850 million
“The first quarter reflected a mixed performance for our business, and we are not satisfied with our revenue growth momentum,” commented John C. Rademacher, President & Chief Executive Officer, Option Care Health. “Our team continues to provide high‑quality care for patients and deepen relationships with key stakeholders and our foundation remains strong. We are an execution-driven organization and are taking decisive actions to re-accelerate our growth trajectory and position us for greater long‑term value creation.”
Updated Full Year 2026 Financial Guidance
For the full year 2026, Option Care Health now expects to generate:
- Net revenue of
$5.675 billion to$5.775 billion - Adjusted diluted earnings per share of
$1.82 t o$1.92 - Adjusted EBITDA of
$480 million to$505 million - Cash provided by operating activities of at least
$320 million
Conference Call
Option Care Health will host a conference call to discuss its results on Thursday, April 30, 2026, at 8:30 a.m. ET. The conference call can be accessed via a live audio webcast that will be available online at investors.optioncarehealth.com. A replay of the call will be available at the same web link for 90 days after the call.
About Option Care Health
Option Care Health is the nation’s largest independent provider of home and alternate site infusion services. With over 8,000 team members, including more than 5,000 clinicians, we work compassionately to elevate standards of care for patients with acute and chronic conditions in all 50 states. Through our clinical leadership, expertise and national scale, Option Care Health is reimagining the infusion care experience for patients, customers and team members. To learn more, please visit our website at optioncarehealth.com.
Investor Contact
Nicole Maggio
Senior Vice President, Corporate Controller
investor.relations@optioncare.com
Forward-Looking Statements - Safe Harbor
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements the Company may make regarding future revenues, future earnings, other future financial results, regulatory developments, market developments, new products and growth strategies and the effects of any of the foregoing on its future results of operations or financial condition.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. The Company's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: changes in laws, regulations or trade policies applicable to its business model; loss of relationships with managed care organizations and other non-governmental third party payers; changes in the pharmaceutical industry, including limiting or discontinuing research, development, production and marketing of pharmaceuticals compatible with its services; changes in market conditions and receptivity to its services and offerings; and pending and future litigation or potential liability for claims not covered by insurance. For a detailed discussion of the risk factors that could affect its actual results, please refer to the risk factors identified in the Company's SEC reports as filed with the SEC.
Any forward-looking statement made by the Company in this press release is based only on information currently available to it and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Note Regarding Use of Non-GAAP Financial Measures
In addition to reporting financial information in accordance with generally accepted accounting principles (GAAP), the Company is also reporting Adjusted net income, Adjusted EBITDA and Adjusted diluted earnings per share ("EPS"), which are non-GAAP financial measures. These adjusted measures are not measurements of financial performance under GAAP and should not be used in isolation or as a substitute or alternative to net income, EPS, or any other performance measure derived in accordance with GAAP, or as a substitute or alternative to cash flow from operating activities or a measure of the Company’s liquidity. In addition, the Company's definitions of Adjusted net income, Adjusted EBITDA, and Adjusted diluted EPS may not be comparable to similarly titled non-GAAP financial measures reported by other companies. As defined by the Company: (i) Adjusted net income represents net income before intangible asset amortization expense, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses, net of tax adjustments, (ii) Adjusted EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization, stock-based compensation expense, loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses, and (iii) Adjusted diluted EPS represents Adjusted net income divided by weighted average common shares outstanding, diluted. As part of restructuring, acquisition, integration and other expenses, the Company may incur significant charges such as the write down of certain long‑lived assets, temporary redundant expenses, professional fees, certain litigation expenses and reserves related to acquired businesses, potential retention and severance costs and potential accelerated payments or termination costs for certain of its contractual obligations. Management believes that these adjusted measures provide useful supplemental information regarding the performance of Option Care Health’s business operations and facilitate comparisons to the Company’s historical operating results. The Company has not reconciled Adjusted EBITDA guidance to net income or Adjusted diluted EPS guidance to GAAP diluted EPS as management believes creation of this reconciliation would not be practicable due to the uncertainty regarding, and potential variability of, material reconciling items. Full reconciliations of each historical adjusted measure to the most comparable GAAP financial measure are set forth below.
Schedule 1
OPTION CARE HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)(UNAUDITED)
| March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 177,321 | $ | 232,624 | |||
| Accounts receivable, net | 516,436 | 473,566 | |||||
| Inventories | 415,686 | 471,149 | |||||
| Prepaid expenses and other current assets | 85,664 | 87,629 | |||||
| Total current assets | 1,195,107 | 1,264,968 | |||||
| NONCURRENT ASSETS: | |||||||
| Property and equipment, net | 139,939 | 139,236 | |||||
| Intangible assets, net | 21,063 | 21,897 | |||||
| Referral sources, net | 278,845 | 287,281 | |||||
| Goodwill | 1,606,743 | 1,606,743 | |||||
| Other noncurrent assets | 138,403 | 135,644 | |||||
| Total noncurrent assets | 2,184,993 | 2,190,801 | |||||
| TOTAL ASSETS | $ | 3,380,100 | $ | 3,455,769 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Accounts payable | $ | 545,016 | $ | 639,829 | |||
| Other current liabilities | 184,729 | 189,519 | |||||
| Total current liabilities | 729,745 | 829,348 | |||||
| NONCURRENT LIABILITIES: | |||||||
| Long-term debt, net of discount, deferred financing costs and current portion | 1,153,040 | 1,154,052 | |||||
| Other noncurrent liabilities | 146,246 | 145,976 | |||||
| Total noncurrent liabilities | 1,299,286 | 1,300,028 | |||||
| Total liabilities | 2,029,031 | 2,129,376 | |||||
| STOCKHOLDERS’ EQUITY | 1,351,069 | 1,326,393 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,380,100 | $ | 3,455,769 | |||
Schedule 2
OPTION CARE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(UNAUDITED)
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| NET REVENUE | $ | 1,350,654 | $ | 1,332,972 | |||
| COST OF REVENUE | 1,088,640 | 1,069,920 | |||||
| GROSS PROFIT | 262,014 | 263,052 | |||||
| OPERATING COSTS AND EXPENSES: | |||||||
| Selling, general and administrative expenses | 169,955 | 162,808 | |||||
| Restructuring, acquisition and integration costs | 4,607 | 5,310 | |||||
| Depreciation and amortization expense | 14,907 | 15,746 | |||||
| Total operating expenses | 189,469 | 183,864 | |||||
| OPERATING INCOME | 72,545 | 79,188 | |||||
| OTHER INCOME (EXPENSE): | |||||||
| Interest expense, net | (13,304 | ) | (13,231 | ) | |||
| Other, net | 1,762 | (2,401 | ) | ||||
| Total other (expense) income | (11,542 | ) | (15,632 | ) | |||
| INCOME BEFORE INCOME TAXES | 61,003 | 63,556 | |||||
| INCOME TAX EXPENSE | 15,660 | 16,814 | |||||
| NET INCOME | $ | 45,343 | $ | 46,742 | |||
| Earnings per share, basic | $ | 0.29 | $ | 0.28 | |||
| Earnings per share, diluted | $ | 0.29 | $ | 0.28 | |||
| Weighted average common shares outstanding, basic | 156,653 | 165,460 | |||||
| Weighted average common shares outstanding, diluted | 158,209 | 166,804 | |||||
Schedule 3
OPTION CARE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)(UNAUDITED)
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 45,343 | $ | 46,742 | |||
| Adjustments to reconcile net income to net cash used in operating activities: | |||||||
| Depreciation and amortization expense | 15,655 | 16,373 | |||||
| Other adjustments | 16,625 | 17,642 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | (42,870 | ) | (56,788 | ) | |||
| Inventories | 55,463 | 21,790 | |||||
| Prepaid expenses and other current assets | 1,233 | 28,444 | |||||
| Accounts payable | (93,246 | ) | (88,101 | ) | |||
| Accrued compensation and employee benefits | (20,982 | ) | (14,458 | ) | |||
| Other | 10,669 | 21,142 | |||||
| Net cash used in operating activities | (12,110 | ) | (7,214 | ) | |||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Acquisition of property and equipment | (9,046 | ) | (9,371 | ) | |||
| Business acquisitions, net of cash acquired | — | (117,322 | ) | ||||
| Other investing activities | (274 | ) | — | ||||
| Net cash used in investing activities | (9,320 | ) | (126,693 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Purchase of company stock and related excise taxes | (17,539 | ) | (100,222 | ) | |||
| Other financing activities | (16,334 | ) | (7,064 | ) | |||
| Net cash used in financing activities | (33,873 | ) | (107,286 | ) | |||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (55,303 | ) | (241,193 | ) | |||
| Cash and cash equivalents - beginning of period | 232,624 | 412,565 | |||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 177,321 | $ | 171,372 | |||
Schedule 4
OPTION CARE HEALTH, INC.
QUARTERLY RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)(UNAUDITED)
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net income | $ | 45,343 | $ | 46,742 | |||
| Interest expense, net | 13,304 | 13,231 | |||||
| Income tax expense | 15,660 | 16,814 | |||||
| Depreciation and amortization expense | 15,655 | 16,373 | |||||
| EBITDA | 89,962 | 93,160 | |||||
| EBITDA adjustments | |||||||
| Stock-based incentive compensation expense | 10,199 | 8,801 | |||||
| Restructuring, acquisition, integration and other (1) | 4,609 | 9,806 | |||||
| Adjusted EBITDA | $ | 104,770 | $ | 111,767 | |||
| Net income | $ | 45,343 | $ | 46,742 | |||
| Intangible asset amortization expense | 9,270 | 9,097 | |||||
| Stock-based incentive compensation expense | 10,199 | 8,801 | |||||
| Restructuring, acquisition, integration and other (1) | 4,609 | 9,806 | |||||
| Total pre-tax adjustments | 24,078 | 27,704 | |||||
| Tax adjustments (2) | (6,188 | ) | (7,342 | ) | |||
| Adjusted net income | $ | 63,233 | $ | 67,104 | |||
| Earnings per share, diluted | $ | 0.29 | $ | 0.28 | |||
| Adjusted earnings per share, diluted | $ | 0.40 | $ | 0.40 | |||
| Weighted average common shares outstanding, diluted | 158,209 | 166,804 | |||||
(1) Restructuring, acquisition, integration and other includes
(2) Tax adjustments for the three months ended March 31, 2026 and 2025 includes the estimated income tax effect on non-GAAP adjustments based on the effective tax rate.
