BrightSpring Health Services (BTSG) Q1 2026 earnings summary

Executive summary

• Achieved $3,614M in revenue for Q1 2026, representing 25.6% year-over-year growth from continuing operations.

• Adjusted EBITDA reached $190M, up 44.8% year-over-year, driven by operational execution and scale efficiencies.

• Gross profit rose 42.5% to $482M, and net income surged to $74M from $9M in Q1 2025.

• Divestiture of Community Living business closed March 30, 2026, resulting in a $31.2M gain on sale and impacting leverage calculations.

• Completed a $60M share repurchase and a secondary offering in March 2026.

Financial highlights

• Pharmacy Solutions revenue grew 25.2% year-over-year to $3,171M; segment EBITDA up 46.1% to $169M.

• Provider Services revenue increased 27.9% year-over-year to $442M; segment EBITDA up 29.2% to $66M.

• Adjusted EBITDA margin improved from 4.6% to 5.3% year-over-year.

• Gross profit for Pharmacy Solutions rose 47.5% year-over-year; Provider Services gross profit up 35%.

• Cash and cash equivalents increased to $888.8M as of March 31, 2026.

Outlook and guidance

• FY 2026 revenue guidance raised to $14,725–$15,225M, reflecting 14.1%–17.9% year-over-year growth (excluding Community Living).

• FY 2026 Adjusted EBITDA guidance increased to $795–$825M, up 28.7%–33.6% year-over-year.

• Pharmacy segment revenue expected at $12,850–$13,300M; Provider segment at $1,875–$1,925M.

• Amedysis and LHC acquisition projected to contribute $30M in Adjusted EBITDA in 2026.