Here are the 10-K annual reports from Option Care Health, Inc. (OPCH) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow OPCH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full OPCH filings page.
Option Care Health, Inc. is the largest independent U.S. provider of home and alternate-site infusion services, operating 196 locations in 43 states and a team of more than 5,000 clinicians. It runs 87 full-service pharmacies and 109 stand‑alone ambulatory infusion suites to treat complex and chronic conditions ranging from infections to neurological and inflammatory disorders.
The business is highly dependent on third‑party payers; for 2025, 88% of revenue came from managed care and other nongovernmental payers and 12% from direct government programs like Medicare and Medicaid. Its largest payer contributed 14% of revenue, and about 68% of drug and supply purchases came from four vendors, creating concentration risk.
The company discloses $1,176.3 million of debt as of December 31, 2025, split between a $676.3 million first‑lien term loan and $500.0 million of 4.375% senior notes due 2029. It notes federal reimbursement pressure, including Medicare sequestration and a CMS‑negotiated 66% price cut effective January 2026 for one portfolio therapy under the Inflation Reduction Act, as potential headwinds. As of June 30, 2025, non‑affiliate equity value was about $5.27 billion, with 156,447,972 common shares outstanding as of February 19, 2026, and a share repurchase authorization increased to $1 billion in January 2026.