Option Care Health Announces Preliminary Fourth Quarter & Full Year 2025 Financial Results and Preliminary Financial Guidance for Full Year 2026

Rhea-AI Summary

Option Care Health (Nasdaq: OPCH) reported preliminary unaudited results for Q4 and full year 2025 and provided preliminary guidance for full year 2026. Q4 2025 net revenue is expected to be $1.46–1.47B, GAAP diluted EPS $0.37–0.39, adjusted diluted EPS $0.46–0.49, and adjusted EBITDA $123.7–127.7M. Full year 2025 net revenue is expected at $5.645–5.655B, GAAP diluted EPS $1.27–1.29, adjusted diluted EPS $1.72–1.76, adjusted EBITDA $469–473M, and operating cash flow below $320M. 2026 guidance calls for net revenue $5.8–6.0B, adjusted diluted EPS $1.82–1.92, and adjusted EBITDA $480–505M. The board expanded the share repurchase authorization to $1.0B (added $500M); ~$307M was repurchased in 2025.

Positive

• Full year 2025 net revenue of $5.645–5.655B
• Adjusted EBITDA for 2025 of $469–473M
• Board expanded share buyback authorization to $1.0B (additional $500M)
• Preliminary 2026 revenue guidance of $5.8–6.0B and adjusted EBITDA guidance of $480–505M

Negative

• Cash flow from operations for 2025 expected to be below $320M
• GAAP diluted EPS for 2025 only $1.27–1.29 despite adjusted EPS of $1.72–1.76

News Market Reaction

+0.82%

7 alerts

+0.82% News Effect

+8.5% Peak in 16 hr 41 min

+$41M Valuation Impact

$5.09B Market Cap

0.9x Rel. Volume

On the day this news was published, OPCH gained 0.82%, reflecting a mild positive market reaction. Argus tracked a peak move of +8.5% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $41M to the company's valuation, bringing the market cap to $5.09B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net revenue: $1.46–1.47B FY2025 net revenue: $5.645–5.655B FY2025 adjusted EPS: $1.72–1.76 +5 more

8 metrics

Q4 2025 net revenue $1.46–1.47B Preliminary fourth quarter 2025 range

FY2025 net revenue $5.645–5.655B Preliminary full year 2025 range

FY2025 adjusted EPS $1.72–1.76 Preliminary full year 2025 adjusted diluted EPS

FY2025 adjusted EBITDA $469.0–473.0M Preliminary full year 2025 adjusted EBITDA

FY2025 cash from operations < $320M Preliminary full year 2025 cash flow from operations below prior ≥$320M target

2026 revenue guidance $5.8–6.0B Preliminary full year 2026 net revenue guidance

2026 adjusted EPS $1.82–1.92 Preliminary full year 2026 adjusted diluted EPS guidance

Share repurchases 2025 $307M Shares repurchased under 2025 program during full year 2025

Market Reality Check

Price: $34.00 Vol: Volume 1,498,790 is below...

normal vol

$34.00 Last Close

Volume Volume 1,498,790 is below 20-day average 1,751,962 (relative volume 0.86). normal

Technical Price $32.06 is trading above 200-day MA $30.34 and about 9.77% below the 52-week high.

Peers on Argus

OPCH slipped 0.5% while key peers were mixed: AMED (-0.03%), CHE (+0.46%), ACHC ...

OPCH slipped 0.5% while key peers were mixed: AMED (-0.03%), CHE (+0.46%), ACHC (-1.93%), DVA (-1.25%), SGRY (+2.07%). Moves do not show a unified sector direction.

Historical Context

5 past events · Latest: Dec 12 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 12	Conference participation	Neutral	+1.0%	J.P. Morgan Healthcare Conference participation and webcast availability.
Nov 03	Investor conferences	Neutral	+1.5%	Schedule of multiple investor conference appearances with webcasts.
Oct 30	Quarterly earnings	Negative	-8.6%	Q3 2025 results with higher revenue but lower net income and updated guidance.
Sep 25	Earnings date set	Neutral	+1.8%	Announcement of Q3 2025 earnings release date and conference call details.
Aug 25	Investor conferences	Neutral	-0.5%	Participation in Deutsche Bank and Jefferies healthcare conferences.

Pattern Detected

Earnings releases have produced larger moves (both positive and negative) than conference-related headlines, suggesting results and guidance are the primary trading catalysts.

Recent Company History

Over the last year, OPCH has consistently reported revenue growth and used earnings events to update guidance. Q1–Q3 2025 results showed rising net revenue and adjusted EBITDA, alongside ongoing share repurchases and refinancing activity. The Q3 2025 earnings release on Oct 30 triggered a -8.6% reaction despite higher revenue and updated guidance. Today’s preliminary Q4 and full-year 2025 results plus 2026 guidance and a larger buyback authorization extend that financial narrative.

Market Pulse Summary

This announcement combines preliminary Q4 and full-year 2025 results with early 2026 guidance and a ...

Analysis

This announcement combines preliminary Q4 and full-year 2025 results with early 2026 guidance and a larger share repurchase authorization of $1.0B. Investors may focus on net revenue, adjusted EPS and adjusted EBITDA ranges versus prior guidance, alongside cash flow from operations coming in below $320M. Historical earnings releases have driven notable moves, so upcoming finalized results and the detailed February call will be important follow‑ups.

Key Terms

gaap, adjusted diluted eps, adjusted ebita, cash flow from operations, +4 more

8 terms

gaap financial

"preliminary unaudited financial results ... GAAP net income of $59.1 million to $62.4 million"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

adjusted diluted eps financial

"GAAP diluted EPS of $0.37 to $0.39 Adjusted diluted EPS of $0.46 to $0.49"

Adjusted diluted EPS is a company’s profit per share after adding back or removing one-time items (like restructuring costs or gains) and dividing by the number of shares including potential shares from options and convertible securities. Investors use it as a cleaner view of ongoing earnings—like looking at a car’s regular fuel efficiency rather than a trip boosted by downhill coasting—to judge underlying performance and compare companies without temporary distortions.

adjusted ebita financial

"Adjusted EBITDA of $123.7 million to $127.7 million"

Adjusted EBITA is a measure of a company’s operating profit before interest, taxes and amortization, further modified to remove one-time or unusual items so it reflects ongoing business earnings. It matters to investors because it aims to show the company’s core cash-making ability — like listening to an engine without road noise — making comparisons across periods or peers easier, though companies may differ in what they exclude.

cash flow from operations financial

"Cash flow from operations below $320 million"

Cash flow from operations is the money a company actually generates from its core business activities—sales, services and day-to-day operations—after paying routine costs like wages and suppliers. Investors watch it like a company’s operating “paycheck” because it shows whether the business can fund growth, pay debts and return cash to shareholders without relying on loans or one-time asset sales; steady positive cash flow is a sign of financial health.

share repurchase program financial

"the Company’s Board ... increase to its 2025 share repurchase program authorization"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

non-gaap financial measures financial

"the Company is also reporting Adjusted net income, Adjusted EBITDA and Adjusted diluted EPS, which are non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

loss on extinguishment of debt financial

"loss on extinguishment of debt, and restructuring, acquisition, integration and other expenses"

Loss on extinguishment of debt is the accounting hit a company records when it retires or restructures a loan or bond for an amount that exceeds the debt’s recorded value—like paying more than the remaining balance to settle a loan early. It matters to investors because it reduces reported profit and can use cash, but may also cut future interest costs or signal financial stress; understanding it helps assess earnings quality and balance-sheet strength.

weighted average common shares outstanding, diluted financial

"Adjusted diluted EPS represents Adjusted net income divided by weighted average common shares outstanding, diluted"

The weighted average common shares outstanding, diluted is the average number of company shares during a reporting period after adding any extra shares that could be created by things like stock options, warrants, or convertible securities. Investors use this larger share count when calculating per-share measures such as diluted earnings per share, because it shows how profits or ownership would be spread if all potential shares were turned into actual shares — like estimating how many slices each person gets if promised extra slices are added.

AI-generated analysis. Not financial advice.

BANNOCKBURN, Ill., Jan. 12, 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 preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025, and preliminary financial guidance for the full year 2026.

(Year-over-year comparisons unless otherwise noted; Growth comparisons versus midpoint of range)

Fourth Quarter 2025 Preliminary Expected Results

• Net revenue of $1.46 billion to $1.47 billion
• GAAP net income of $59.1 million to $62.4 million
• GAAP diluted EPS of $0.37 to $0.39
• Adjusted diluted EPS of $0.46 to $0.49
• Adjusted EBITDA of $123.7 million to $127.7 million
  

Full Year 2025 Preliminary Expected Results

• Net revenue of $5.645 billion to $5.655 billion
• GAAP net income of $208.2 million to $211.5 million
• GAAP diluted EPS of $1.27 to $1.29
• Adjusted diluted EPS of $1.72 to $1.76
• Adjusted EBITDA of $469.0 million to $473.0 million
• Cash flow from operations below $320 million

Full Year 2026 Preliminary Financial Guidance

• Net revenue of $5.8 billion to $6.0 billion
• Adjusted diluted EPS of $1.82 to $1.92
• Adjusted EBITDA of $480 million to $505 million
  

The Company expects to provide further information regarding its full year 2026 financial guidance on its fourth quarter earnings call in February.

Expanded Share Repurchase Program Authorization
On January 9, 2026, the Company’s Board of Directors approved an increase to its 2025 share repurchase program authorization, from $500 million to $1.0 billion. This program has no specified expiration date. Shares may be repurchased under the program through open market purchases, privately negotiated transactions, or other structured share repurchase programs. The timing and actual amount of shares repurchased will depend upon a variety of factors, including market conditions, regulatory requirements, and other corporate considerations, as determined by the Company’s management.

Under the 2025 share repurchase program, the Company repurchased approximately $95 million of shares during the fourth quarter of 2025 and approximately $307 million during the full year 2025. As of December 31, 2025, the 2025 share repurchase program had purchase capacity of approximately $193 million. The expanded authorization added an additional $500 million to the capacity.

Investor Conference Presentation
The Company will be participating in the 44th Annual J.P. Morgan Healthcare Conference, including a Company presentation at 10:30 a.m. P.T. on Tuesday, January 13, 2026. The presentation, including the presentation materials, can be accessed via live audio webcast that will be available online at investors.optioncarehealth.com.

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 teammates. To learn more, please visit our website at optioncarehealth.com.

Investor Contacts

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.

Preliminary Unaudited Financial Data
The preliminary financial information included in this press release is subject to completion of the Company’s year-end close procedures and further financial review. The Company has provided ranges, rather than specific amounts, because these results are preliminary and subject to change. Actual results may differ from these estimates as a result of the completion of the Company’s year-end closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”), and they should not be viewed as indicative of the Company’s results for any future period. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to these estimated financial results and, accordingly, does not express an opinion or any other form of assurance with respect to these preliminary estimates.

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.

OPTION CARE HEALTH, INC. RECONCILIATION BETWEEN GAAP AND NON-GAAP MEASURES (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED)
	Three Months Ended December 31, 2025								Year Ended December 31, 2025
	Low				High				Low				High
Net income	$	59.1			$	62.4			$	208.2			$	211.5
Interest expense, net		12.8				12.8				54.6				54.6
Income tax expense		23.3				22.2				75.6				74.5
Depreciation and amortization expense		17.1				17.1				67.5				67.5
EBITDA		112.3				114.5				405.9				408.1
EBITDA adjustments
Stock-based incentive compensation		9.4				9.4				40.0				40.0
Loss on extinguishment of debt		—				—				4.7				4.7
Restructuring, acquisition, integration and other		2.1				3.9				18.4				20.2
Adjusted EBITDA	$	123.7			$	127.7			$	469.0			$	473.0
Net income	$	59.1			$	62.4			$	208.2			$	211.5
Intangible asset amortization expense		9.2				9.2				36.9				36.9
Stock-based incentive compensation		9.4				9.4				40.0				40.0
Loss on extinguishment of debt		—				—				4.7				4.7
Restructuring, acquisition, integration and other		2.1				3.9				18.4				20.2
Total pre-tax adjustments		20.6				22.4				100.0				101.8
Tax adjustments (1)		(6.0	)			(5.9	)			(26.6	)			(26.5	)
Adjusted net income	$	73.8			$	79.0			$	281.6			$	286.8
Earnings per share, diluted	$	0.37			$	0.39			$	1.27			$	1.29
Adjusted earnings per share, diluted	$	0.46			$	0.49			$	1.72			$	1.76
Weighted average common shares outstanding, diluted		159,833				159,833				163,365				163,365

(1) Tax adjustments for fourth quarter and full year 2025 includes the estimated income tax effect on non-GAAP adjustments based on the expected effective tax rate

FAQ

What preliminary Q4 2025 results did Option Care Health (OPCH) report on Jan 12, 2026?

Q4 2025 net revenue is expected at $1.46–1.47B, GAAP diluted EPS $0.37–0.39, and adjusted EBITDA $123.7–127.7M.

What full year 2025 guidance did Option Care Health (OPCH) announce on Jan 12, 2026?

Full year 2025 preliminary results show net revenue of $5.645–5.655B, GAAP diluted EPS $1.27–1.29, and adjusted EBITDA $469–473M.

What preliminary financial guidance did Option Care Health (OPCH) provide for 2026?

Preliminary 2026 guidance is net revenue $5.8–6.0B, adjusted diluted EPS $1.82–1.92, and adjusted EBITDA $480–505M.

How much did Option Care Health (OPCH) repurchase in shares during 2025 and what is the updated buyback authorization?

Option Care repurchased approximately $307M in 2025; the board increased the 2025 program authorization to $1.0B (added $500M).

Will Option Care Health (OPCH) finalize these preliminary 2025 results?

Yes. These are preliminary unaudited estimates subject to year-end close procedures, review adjustments, and audit reconciliation.