BrightSpring (NASDAQ: BTSG) swings to 2025 profit with growth

Rhea-AI Filing Summary

BrightSpring Health Services, Inc. reported strong fourth quarter and full-year 2025 results and provided full-year 2026 guidance. For 2025, total revenues rose to $12.91 billion from $10.07 billion, driven by growth in both products and services.

Full-year net income improved to $189.1 million from a prior-year loss of $20.5 million, while operating income increased to $295.3 million from $108.0 million. Adjusted EBITDA grew to $617.6 million from $460.2 million, and diluted EPS from continuing operations improved to $0.48 versus a loss of $0.34, with Adjusted EPS rising to $1.00 from $0.35.

In the fourth quarter of 2025, revenue reached $3.55 billion versus $2.75 billion a year earlier, and net income attributable to BrightSpring increased to $77.1 million from $16.0 million. Cash provided by operating activities for 2025 rose sharply to $490.2 million from $23.8 million, supporting business investment and financing outflows.

Positive

• Major swing to profitability and stronger margins: 2025 net income reached $189.1 million versus a $20.5 million loss in 2024, with operating income rising to $295.3 million from $108.0 million and Adjusted EBITDA increasing to $617.6 million from $460.2 million.
• Robust growth in revenue and operating cash flow: Total revenue grew to $12.91 billion from $10.07 billion, while cash provided by operating activities surged to $490.2 million from $23.8 million, enhancing financial flexibility for investment and debt servicing.

Negative

• None.

Insights

Equity analyst

BrightSpring delivered a major profitability turnaround with strong revenue and cash flow growth in 2025.

BrightSpring Health Services showed substantial top- and bottom-line improvement. Revenue increased to $12.91 billion from $10.07 billion, while operating income almost tripled to $295.3 million. This reflects healthier margins as gross profit expanded faster than selling, general, and administrative costs.

Profitability metrics strengthened meaningfully. Net income swung to $189.1 million from a loss of $20.5 million, and Adjusted EBITDA rose to $617.6 million from $460.2 million. Diluted EPS from continuing operations moved to $0.48 versus a $(0.34) loss, with Adjusted EPS at $1.00 compared with $0.35.

Cash generation improved significantly, with cash provided by operating activities reaching $490.2 million for the year versus $23.8 million previously. This supported $305.1 million of investing outflows and $157.9 million of net financing outflows in 2025. Future filings may further detail how 2026 guidance aligns with these higher profitability and cash flow levels.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2026

BrightSpring Health Services, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-41938	82-2956404
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
805 N. Whittington Parkway
Louisville, Kentucky				40222
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 502 394-2100

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		BTSG		The Nasdaq Stock Market LLC
6.75% Tangible Equity Units		BTSGU		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 27, 2026, BrightSpring Health Services, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 2.02.

The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release of BrightSpring Health Services, Inc., dated February 27, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			BRIGHTSPRING HEALTH SERVICES, INC.
Date:	February 27, 2026	By:	/s/ Jennifer Phipps
		Name: Title:	Jennifer Phipps Executive Vice President and Chief Financial Officer

BrightSpring Health Services, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Full Year 2026 Guidance

LOUISVILLE, Ky., February 27, 2026 — BrightSpring Health Services, Inc. (“BrightSpring” or the “Company”) (NASDAQ: BTSG), a leading provider of home and community-based health services for complex populations, today announced financial results for the fourth quarter and full year ended December 31, 2025 and initiated full year 2026 Revenue and Adjusted EBITDA1 guidance.

Fourth Quarter 2025 Financial Highlights

(note: all figures represent continuing operations and exclude the Community Living business)

•Net revenue of $3,551 million, up 29.3% compared to $2,747 million in the fourth quarter of 2024

•Gross profit of $413 million, up 21.8% compared to $339 million in the fourth quarter of 2024

•Net income of $49.6 million compared to net income of $4.3 million in the fourth quarter of 2024

•Adjusted EBITDA1 of $184 million, up 40.7% compared to $130 million in the fourth quarter of 2024

•Acquired 107 home health and hospice branches as a part of the Amedisys and LHC acquisition

•Repurchased 1,500,000 shares of common stock, for approximately $43.2 million, in connection with the October 2025 secondary offering by affiliates of Kohlberg Kravis Roberts & Co. L.P. and certain members of management

Full Year 2025 Financial Highlights

(note: all figures represent continuing operations and exclude the Community Living business)

•Net revenue of $12,911 million, up 28.2% compared to $10,072 million in full year 2024

•Gross profit of $1,518 million, up 19.8% compared to $1,266 million in full year 2024

•Net income of $104.8 million compared to a net loss of $68.9 million in full year 2024

•Operating cash flow of $490 million, compared to $24 million in full year 2024

•Adjusted EBITDA1 of $618 million, up 34.2% compared to $460 million in full year 2024

•Leverage2 of 2.99x as of December 31, 2025 compared to leverage of 4.16x on December 31, 2024

•Planned divestiture of Community Living business to Sevita, announced on January 20, 2025, is expected to close by the end of the first quarter of 2026

"In 2025, BrightSpring’s financial performance was driven by ongoing demand for our high-quality and differentiated services and operational capabilities,” said Jon Rousseau, Chairman, President, and Chief Executive Officer of the Company. “I am pleased with our results across the enterprise, underpinned by the people and processes we have in place, which expand the reach and impact of our mission every day. In 2026, we remain focused on delivering superior, timely, and lower-cost coordinated patient care that provides significant value to the healthcare system, the individuals we serve, and our organization.”

1Adjusted EBITDA is a non-GAAP financial measure. Please see “Non-GAAP Financial Information” and the end of this press release for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations, the most directly comparable financial measure prepared in accordance with GAAP.

2The results of the Community Living business are included in the calculation of our leverage pursuant to the terms of our First Lien Credit Agreement.

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Key Financials3 (for BrightSpring continuing operations)

	Three Months Ended						Year Ended
	December 31, (Unaudited)						December 31, (Unaudited)
	2025		2024		%		2025		2024		%
($ in millions)
Pharmacy Solutions Revenue	$ 3,157		$ 2,397		32%		$ 11,446		$ 8,754		31%
Provider Services Revenue	394		350		13%		1,465		1,318		11%
Total Revenue	$ 3,551		$ 2,747		29%		$ 12,911		$ 10,072		28%

	Three Months Ended						Year Ended
	December 31, (Unaudited)						December 31, (Unaudited)
	2025		2024		%		2025		2024		%
($ in millions)
Pharmacy Solutions segment EBITDA	$ 162		$ 113		44%		$ 544		$ 395		38%
Provider Services segment EBITDA	64		56		16%		233		205		13%
Total Segment Adjusted EBITDA	$ 227		$ 168		35%		$ 776		$ 600		29%
Corporate Costs	(43)		(38)		-		(159)		(140)		-
Total Company Adjusted EBITDA(1)	$ 184		$ 130		41%		$ 618		$ 460		34%

Business Metrics

	Three Months Ended						Year Ended
	December 31, (Unaudited)						December 31, (Unaudited)
	2025		2024		%		2025		2024		%
Pharmacy Solutions
Prescriptions dispensed	10,844,786		10,967,463		(1%)		43,367,072		41,816,584		4%
Revenue per script ($)	291.07		218.56		33%		263.93		209.35		26%
Gross Profit per script ($)	23.52		18.65		26%		21.64		17.83		21%
Provider Services
Home Health Care average      daily census	34,593		30,019		15%		31,135		28,532		9%
Rehab Care persons served	7,363		6,544		13%		7,127		6,597		8%
Personal Care persons served	16,175		15,874		2%		16,079		15,879		1%

1Adjusted EBITDA is a non-GAAP financial measure. Please see “Non-GAAP Financial Information” and the end of this press release for a reconciliation of Adjusted EBITDA to net income (loss) from continuing operations, the most directly comparable financial measure prepared in accordance with GAAP.

3Financial tables may not foot due to rounding.

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Full Year 2026 Financial Guidance

For the full year 2026, BrightSpring is providing Revenue and Adjusted EBITDA guidance, which excludes the Community Living business and the effects of any future closed acquisitions. All growth rates are shown as compared to the full year 2025 Revenue and Adjusted EBITDA results, excluding the Community Living business:

•Revenues of $14,450 million to $15,000 million, or 11.9% to 16.2% growth.

oPharmacy Segment Revenue of $12,600 million to $13,100 million, or 10.1% to 14.5% growth.

oProvider Segment Revenue of $1,850 million to $1,900 million, or 26.3% to 29.7% growth.

•Total Adjusted EBITDA4 of $760 million to $790 million, or 23.1% to 27.9% growth.

•The Amedysis and LHC acquisition is expected to contribute approximately $30 million in Adjusted EBITDA in 2026.

4A reconciliation of the foregoing guidance for the non-GAAP metric of Adjusted EBITDA to GAAP net income (loss) from continuing operations cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

Webcast and Conference Call Details

The Company will host a conference call today, February 27th at 8:30 a.m. Eastern Time. Investors interested in listening to the conference call are required to register online.

A live and archived webcast of the event will be available on the “Events & Presentations” section of the BrightSpring website at https://ir.brightspringhealth.com/. The Company has posted supplemental information on the fourth quarter and fiscal year 2025 results that it will reference during the conference call. The supplemental information can be found under the “Events & Presentations” on the Company’s investor relations page.

About BrightSpring Health Services

BrightSpring Health Services provides complementary home- and community-based pharmacy and provider health solutions for complex populations in need of specialized and/or chronic care. Through the Company’s service lines, including pharmacy, home health care and primary care, and rehabilitation and behavioral health, we provide comprehensive and integrated care and clinical solutions in all 50 states to over 465,000 customers, clients and patients daily. BrightSpring has consistently demonstrated strong and industry-leading quality metrics across its services lines, while improving the quality of life and health for high-need individuals and reducing overall costs to the healthcare system.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements may relate to matters which include, but are not limited to, industries, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information.

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In some cases, we have used words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “target,” “guidance,” the negative version of these words, or similar terms and phrases to identify these forward-looking statements.

The forward-looking statements are based on management’s current expectations and are not historical facts or guarantees of future performance. The forward-looking statements relate to the future and are therefore subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following:

•our operation in a highly competitive industry;

•our inability to maintain relationships with existing patient referral sources or establish new referral sources;

•changes to Medicare and Medicaid rates or methods governing Medicare and Medicaid payments for our services;

•cost containment initiatives of third-party payors, including post-payment audits;

•the implementation of alternative payment models and the transition of Medicaid and Medicare beneficiaries to managed care organizations may limit our market share and could adversely affect our revenues;

•changes in the case mix of patients, as well as payor mix and payment methodologies, and decisions and operations of third-party organizations;

•our reliance on federal and state spending, budget decisions, and continuous governmental operations which may fluctuate under different political conditions;

•changes in drug utilization and/or pricing, PBM contracts, and Medicare Part D/Medicaid reimbursement, which may negatively impact our profitability;

•changes in our relationships with pharmaceutical suppliers, including changes in drug availability or pricing;

•reliance on the continual recruitment and retention of nurses, pharmacists, therapists, caregivers, direct support professionals, and other qualified personnel, including senior management;

•compliance with or changes to federal, state, and local laws and regulations that govern our employment practices, including minimum wage, living wage, and paid time-off requirements;

•fluctuation of our results of operations on a quarterly basis;

•harm caused by labor relation matters;

•limitations in our ability to control reimbursement rates received for our services if we are unable to maintain or reduce our costs to provide such services;

•delays in collection or non-collection of our accounts receivable, particularly during the business integration process;

•failure to manage our growth effectively, which may inhibit our ability to execute our business plan, maintain high levels of service and satisfaction or adequately address competitive challenges;

•our ability to identify, successfully complete and manage acquisitions, joint ventures, divestitures and other significant transactions and strategic initiatives;

•our ability to continue to provide consistently high quality of care;

•maintenance of our corporate reputation or the emergence of adverse publicity, including negative information on social media or changes in public perception of our services;

•contract continuance, expansion and renewal with our existing customers, including renewals at lower fee levels, customers declining to purchase additional services from us, or reduction in the services received from us pursuant to those contracts;

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•effective investment in, implementation of improvements to and proper maintenance of the uninterrupted operation and data integrity of our information technology and other business systems;

•security breaches, loss of data, and other disruptions, which could compromise sensitive business or patient information; cause a loss of confidential patient data, employee data or personal information; or prevent access to critical information and thereby expose us to liability, litigation, and federal and state governmental inquiries and damage our reputation and brand;

•risks related to credit card payments and other payment methods;

•potential substantial malpractice or other similar claims;

•various risks related to governmental inquiries, regulatory actions, and whistleblower and other lawsuits, which may not be entirely covered by insurance;

•our current insurance program, which may expose us to unexpected costs, particularly if we incur losses not covered by our insurance or if claims or losses differ from our estimates;

•factors outside of our control, including those listed, which have required and could in the future require us to record an asset impairment of goodwill;

•a pandemic, epidemic, or outbreak of an infectious disease;

•inclement weather, natural disasters, acts of terrorism, riots, civil insurrection or social unrest, looting, protests, strikes, or street demonstrations;

•our inability to adequately protect our intellectual property rights;

•risks related to our compliance with our regulatory framework;

•the significant interests of KKR Stockholder may conflict with our stockholders’ interests in the future;

•our substantial indebtedness;

•significant changes in tax or trade policies, tariffs, or trade relations between the United States and other countries, such as the imposition of unilateral tariffs on imported products, including impacts on imported drug products, which could result in supply chain disruptions and significant increases in costs; and

•fluctuations in the amount and frequency of repurchases of our common stock.

The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. These factors should not be construed as exhaustive, and should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward- looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make.

For additional information on these and other factors that could cause BrightSpring’s actual results to differ materially from expected results, please see our filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.

Non-GAAP Financial Measures

This press release contains “non-GAAP financial measures,” including “EBITDA,” “Adjusted EBITDA,” and “Adjusted EPS,” which are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States, or GAAP.

EBITDA, Adjusted EBITDA, and Adjusted EPS have been presented in this release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP, because we believe they

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assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management also believes that these measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses EBITDA, Adjusted EBITDA, and Adjusted EPS to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish and award discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures.

Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. EBITDA, Adjusted EBITDA, and Adjusted EPS are not GAAP measures of our financial performance and should not be considered as an alternative to net income (loss) as a measure of financial performance or any other performance measures derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use as they do not consider certain cash requirements such as tax payments, debt service requirements, total capital expenditures, and certain other cash costs that may recur in the future.

Management defines EBITDA as net income (loss) from continuing operations before income tax expense (benefit), interest expense, net and depreciation and amortization. Management also defines Adjusted EBITDA as EBITDA, further adjusted to exclude non-cash share-based compensation, acquisition, integration and transaction-related costs, restructuring and divestiture-related and other costs, legal costs and settlements associated with certain historical matters for PharMerica, significant projects, and management fees.

The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Please see the end of this press release for reconciliations of non-GAAP financial measures to the most directly comparable financial measure prepared in accordance with GAAP.

BrightSpring Contact:

Investor Relations: Media Contact:

David Deuchler, CFA Leigh White

Gilmartin Group LLC leigh.white@brightspringhealth.com

ir@brightspringhealth.com 502.630.7412

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BrightSpring Health Services, Inc. and Subsidiaries

Consolidated Balance Sheets

December 31, 2025 and 2024

(In thousands, except share and per share data)

(Unaudited)

		December 31, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$	88,370			$	60,954
Accounts receivable, net of allowance for credit losses			989,719				902,782
Inventories			815,180				636,561
Prepaid expenses and other current assets			118,592				161,310
Current assets held for sale			882,189				131,447
Total current assets			2,894,050				1,893,054
Property and equipment, net of accumulated depreciation of $404,878 and $339,892    at December 31, 2025 and 2024, respectively			204,689				180,570
Goodwill			2,545,673				2,363,884
Intangible assets, net of accumulated amortization			557,555				595,224
Operating lease right-of-use assets, net			171,632				161,032
Deferred income taxes, net			—				5,288
Other assets			39,712				39,128
Non-current assets held for sale			—				687,960
Total assets		$	6,413,311			$	5,926,140
Liabilities, Redeemable Noncontrolling Interests, and Equity
Current liabilities:
Trade accounts payable		$	1,217,946			$	923,926
Accrued expenses			333,024				295,746
Current portion of obligations under operating leases			42,936				38,910
Current portion of obligations under financing leases			6,794				3,463
Current portion of long-term debt			52,340				48,725
Current liabilities held for sale			195,994				117,563
Total current liabilities			1,849,034				1,428,333
Obligations under operating leases, net of current portion			135,420				129,467
Obligations under financing leases, net of current portion			14,544				6,530
Long-term debt, net of current portion			2,455,204				2,561,858
Deferred income taxes, net			6,178				—
Long-term liabilities			66,565				71,190
Non-current liabilities held for sale			—				77,177
Total liabilities			4,526,945				4,274,555
Redeemable noncontrolling interests			11,227				3,730
Shareholders’ equity:
Common stock, $0.01 par value, 1,500,000,000 shares authorized, 192,124,125 and     174,245,990 shares issued and outstanding at December 31, 2025 and 2024, respectively		$	1,921			$	1,742
Preferred stock, $0.01 par value, 250,000,000 authorized, no shares issued and      outstanding at December 31, 2025 and 2024			—				—
Additional paid-in capital			1,954,482				1,866,850
Accumulated deficit			(74,647	)			(222,155	)
Accumulated other comprehensive (loss) income			(6,691	)			1,418
Total shareholders’ equity			1,875,065				1,647,855
Noncontrolling interest			74				—
Total equity			1,875,139				1,647,855
Total liabilities, redeemable noncontrolling interests, and equity		$	6,413,311			$	5,926,140

BrightSpring Health Services, Inc. and Subsidiaries

Consolidated Statements of Operations

For the three and twelve months ended December 31, 2025 and 2024

(In thousands, except per share amounts)

(Unaudited)

		For the Three Months Ended December 31,								For the Years Ended December 31,
		2025				2024				2025				2024
Revenues:
Products		$	3,156,539			$	2,397,059			$	11,445,777			$	8,754,282
Services			394,092				349,906				1,464,787				1,317,932
Total revenues			3,550,631				2,746,965				12,910,564				10,072,214
Cost of goods			2,901,500				2,192,520				10,507,431				8,008,501
Cost of services			236,583				215,777				885,356				797,286
Gross profit			412,548				338,668				1,517,777				1,266,427
Selling, general, and administrative expenses			304,435				283,129				1,222,525				1,158,473
Operating income			108,113				55,539				295,252				107,954
Loss on extinguishment of debt			—				—				—				12,726
Interest expense, net			38,535				46,180				157,311				190,546
Income (loss) from continuing operations before income taxes			69,578				9,359				137,941				(95,318	)
Income tax expense (benefit)			20,027				5,077				33,145				(26,387	)
Income (loss) from continuing operations, net of income taxes			49,551				4,282				104,796				(68,931	)
Income from discontinued operations, net of income taxes			27,769				11,122				84,317				48,410
Net income (loss)			77,320				15,404				189,113				(20,521	)
Net income (loss) attributable to noncontrolling interests included in    continuing operations			240				(595	)			(1,553	)			(2,459	)
Net income (loss) attributable to BrightSpring Health Services, Inc.    and subsidiaries		$	77,080			$	15,999			$	190,666			$	(18,062	)
Net income (loss) per common share:
Basic income (loss) per share attributable to common shareholders:
Continuing operations		$	0.24			$	0.02			$	0.53			$	(0.34	)
Discontinued operations		$	0.14			$	0.06			$	0.41			$	0.25
Net income (loss) per share		$	0.38			$	0.08			$	0.94			$	(0.09	)
Diluted income (loss) per share attributable to common shareholders:
Continuing operations		$	0.23			$	0.02			$	0.48			$	(0.34	)
Discontinued operations		$	0.12			$	0.06			$	0.39			$	0.25
Net income (loss) per share		$	0.35			$	0.08			$	0.87			$	(0.09	)
Weighted average shares outstanding:
Basic			203,702				200,312				202,564				192,997
Diluted			218,417				213,160				219,774				192,997

BrightSpring Health Services, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the three and twelve months ended December 31, 2025 and 2024

(In thousands)

(Unaudited)

		For the Three Months Ended December 31,								For the Years Ended December 31,
		2025				2024				2025				2024
Operating activities:
Net income (loss)		$	77,320			$	15,404			$	189,113			$	(20,521	)
Adjustments to reconcile net income (loss) to cash provided         by operating activities:
Depreciation and amortization			39,524				54,881				164,277				204,482
Impairment of long-lived assets			6,102				5,454				12,628				10,235
Change in fair value of contingent consideration, net			—				2,261				(1,266	)			2,261
Payment of contingent consideration in excess of acquisition date fair value			—				(2,351	)			(6,170	)			(2,351	)
Provision for credit losses			7,504				12,102				56,227				33,998
Amortization of deferred debt issuance costs			2,858				2,631				11,242				12,108
Share-based compensation			14,366				13,980				70,099				69,174
Deferred income taxes, net			(3,424	)			1,867				14,842				(25,914	)
Loss on extinguishment of debt			—				—				—				12,726
Loss on disposition of fixed assets			573				156				2,076				101
Other			(2,518	)			(1,492	)			(4,356	)			(2,451	)
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable			31,402				(15,044	)			(131,287	)			(179,040	)
Prepaid expenses and other current assets			5,812				10,065				30,669				7,595
Inventories			(175,627	)			(162,249	)			(177,906	)			(236,514	)
Trade accounts payable			221,335				147,646				264,171				303,209
Accrued expenses			14,791				5,452				32,003				(144,580	)
Other assets and liabilities			(8,459	)			(151	)			(36,193	)			(20,744	)
Net cash provided by operating activities		$	231,559			$	90,612			$	490,169			$	23,774
Investing activities:
Purchases of property and equipment		$	(37,665	)		$	(15,311	)		$	(95,484	)		$	(80,913	)
Acquisitions of businesses, net of cash acquired			(196,256	)			(42	)			(204,564	)			(59,797	)
Other			37				(427	)			(5,031	)			473
Net cash used in investing activities		$	(233,884	)		$	(15,780	)		$	(305,079	)		$	(140,237	)
Financing activities:
Long-term debt borrowings		$	—			$	—			$	—			$	2,566,000
Long-term debt repayments			(12,342	)			(11,701	)			(50,275	)			(3,396,334	)
Proceeds from issuance of common stock on initial public offering, net			—				—				—				656,485
Proceeds from issuance of tangible equity units, net			—				—				—				389,000
(Repayments) borrowings of the Revolving Credit Facility, net			—				(33,800	)			(63,300	)			12,600
Payment of debt issuance costs			—				(3,857	)			—				(47,045	)
Repurchase of shares of common stock			(43,173	)			—				(43,173	)			(650	)
Proceeds from shares issued under share-based compensation plan			10,600				1,004				25,281				1,535
Payment of taxes related to net share settlement of equity awards			(1,971	)			(1,196	)			(7,554	)			(1,196	)
Payment of contingent consideration up to acquisition date fair value			(200	)			2,351				(200	)			(1,805	)
Purchase of redeemable noncontrolling interest			—				—				(5,100	)			(2,316	)
Payment of financing lease obligations			(3,412	)			(2,353	)			(13,545	)			(11,629	)
Net cash (used in) provided by financing activities		$	(50,498	)		$	(49,552	)		$	(157,866	)		$	164,645
Net (decrease) increase in cash and cash equivalents			(52,823	)			25,280				27,224				48,182
Cash and cash equivalents at beginning of period			141,300				35,973				61,253				13,071
Cash and cash equivalents at end of period		$	88,477			$	61,253			$	88,477			$	61,253
Cash and cash equivalents included in assets held for sale at end of period			107				299				107				299
Cash and cash equivalents included in continuing operations at end of period		$	88,370			$	60,954			$	88,370			$	60,954

BrightSpring Health Services, Inc. and Subsidiaries

Reconciliation of EBITDA and Adjusted EBITDA

For the three and twelve months ended December 31, 2025 and 2024

(Unaudited)

The following table reconciles net income (loss) from continuing operations to EBITDA and Adjusted EBITDA:

($ in thousands)		For the Three Months Ended								For The Twelve Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net income (loss) from continuing operations		$	49,551			$	4,282			$	104,796			$	(68,931	)
Income tax expense (benefit)			20,027				5,077				33,145				(26,387	)
Interest expense, net			38,535				46,180				157,311				190,546
Depreciation and amortization			39,524				42,675				162,948				162,144
EBITDA		$	147,637			$	98,214			$	458,200			$	257,372
Non-cash share-based compensation (1)			13,009				11,543				59,164				61,336
Acquisition, integration, and transaction-related costs (2)			5,613				6,625				40,424				31,953
Restructuring and divestiture-related and other costs (3)			17,289				14,046				59,782				61,688
Legal costs and settlements (4)			—				—				—				21,886
Significant projects (5)			—				—				—				2,604
Management fees (6)			—				—				—				23,381
Total adjustments		$	35,911			$	32,214			$	159,370			$	202,848
Adjusted EBITDA		$	183,548			$	130,428			$	617,570			$	460,220

(1)Represents non-cash share-based compensation to certain members of our management and other full-time employees. The year ended December 31, 2024 includes $15.0 million of previously unrecognized share-based compensation expense related to performance-vesting options under the 2017 Stock Plan, a portion of which vested upon completion of the IPO.

(2)Represents transaction costs incurred in connection with planned, completed, or terminated acquisitions, which include investment banking fees, legal diligence and related documentation costs, finance and accounting diligence and documentation; costs associated with the integration of acquisitions, including any facility consolidation, integration travel, or severance; and costs associated with other planned, completed, or terminated non-routine transactions. The years ended December 31, 2025 and 2024 included other non-routine transaction costs of $26.8 million and $5.8 million, respectively.

(3)Represents costs associated with restructuring-related activities, including closure costs, and related license impairment, and severance expenses associated with certain enterprise-wide or significant business line cost-savings measures. These costs included $23.4 million and $23.7 million of costs that did not meet the criteria for discontinued operations related to the Community Living divestiture for the years ended December 31, 2025 and 2024, respectively. These costs also included $12.7 million of unamortized debt issuance costs associated with the extinguishment of our Second Lien Facility in the year ended December 31, 2024.

(4)Represents settlement and defense costs associated with certain historical PharMerica litigation matters, including the Silver matter, all of which were finalized in 2024.

(5)Represents costs associated with certain transformational projects and for the periods presented primarily included general ledger system implementation, pharmacy billing system implementation, and ransomware attack response costs, all of which were finalized in 2024.

(6)Represents annual management fees payable to the Managers under the Monitoring Agreement through the date of the IPO, and $22.7 million of termination fees resulting from the Monitoring Agreement being terminated upon completion of the IPO Offerings. All management fees ceased following the completion of the IPO in 2024.

BrightSpring Health Services, Inc. and Subsidiaries

Reconciliation of Adjusted EPS

For the three and twelve months ended December 31, 2025 and 2024

(Unaudited)

The following table reconciles diluted EPS to Adjusted EPS:

(shares in thousands)		For the Three Months Ended								For The Twelve Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
Diluted EPS		$	0.23			$	0.02			$	0.48			$	(0.34	)
Non-cash share-based compensation (1)			0.06				0.05				0.27				0.30
Acquisition, integration, and transaction-related costs (1)			0.03				0.03				0.18				0.16
Restructuring and divestiture-related and other costs (1)			0.08				0.07				0.27				0.31
Legal costs and settlements (1)			—				—				—				0.11
Significant projects (1)			—				—				—				0.01
Management fee (1)			—				—				—				0.12
Income tax impact on adjustments (2)			(0.07	)			(0.04	)			(0.20	)			(0.32	)
Adjusted EPS		$	0.33			$	0.13			$	1.00			$	0.35
Weighted average common shares outstanding used in     calculating diluted U.S. GAAP net income (loss) per share			218,417				213,160				219,774				192,997
Weighted average common shares outstanding used in     calculating diluted Non-GAAP earnings per share			218,417				213,160				219,774				202,106

(1)This adjustment reflects the per share impact of the adjustment reflected within the definition of Adjusted EBITDA.

(2)The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate for the respective non-GAAP adjustment. For the year ended December 31, 2024, the income tax impact on adjustments is inclusive of a discrete tax benefit related to the Silver matter that was finalized in connection with the signing of the settlement agreement during the second fiscal quarter of 2024. For all periods presented, the income tax impact on adjustments is inclusive of a discrete tax benefit related to share-based compensation.

FAQ

How did BrightSpring Health Services (BTSG) perform financially in full-year 2025?

BrightSpring posted much stronger 2025 results, with total revenue of $12.91 billion versus $10.07 billion in 2024. Net income improved to $189.1 million from a $20.5 million loss, and operating income rose to $295.3 million, indicating a clear profitability turnaround.

What were BrightSpring Health Services’ Q4 2025 earnings and revenue?

In Q4 2025, BrightSpring generated total revenue of $3.55 billion, up from $2.75 billion a year earlier. Net income attributable to the company increased to $77.1 million from $16.0 million, reflecting stronger operating performance and improved profitability in the quarter.

How did BrightSpring Health Services’ Adjusted EBITDA change in 2025?

BrightSpring’s Adjusted EBITDA increased notably in 2025, reaching $617.6 million compared with $460.2 million in 2024. For Q4 2025, Adjusted EBITDA was $183.5 million versus $130.4 million, showing improved earnings after adjusting for share-based compensation, transaction, and restructuring-related costs.

What was BrightSpring Health Services’ EPS and Adjusted EPS for 2025?

For 2025, diluted EPS from continuing operations improved to $0.48 from a $(0.34) loss in 2024. Adjusted EPS increased to $1.00 from $0.35, reflecting higher Adjusted EBITDA and the per-share impact of non-GAAP adjustments outlined in the company’s reconciliation.

How strong was BrightSpring Health Services’ operating cash flow in 2025?

BrightSpring’s cash provided by operating activities rose sharply to $490.2 million in 2025, compared with $23.8 million in 2024. This substantial increase in operating cash flow helped fund $305.1 million of investing activities and $157.9 million of net financing outflows during the year.

What non-GAAP metrics does BrightSpring Health Services emphasize in its 2025 results?

BrightSpring highlights EBITDA, Adjusted EBITDA, and Adjusted EPS. For 2025, EBITDA was $458.2 million and Adjusted EBITDA $617.6 million, while Adjusted EPS reached $1.00. Adjustments include share-based compensation, acquisition and integration costs, restructuring, and other specific items.

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