BrightSpring Health Services (BTSG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $3.9 billion, up 23% year-over-year, with adjusted EBITDA of $206 million, up 44.2% year-over-year, driven by strong growth in Pharmacy Solutions and Provider Services.

• Net income from continuing operations rose to $87 million, up from $9 million in Q2 2025.

• Divestiture of the Community Living business completed March 30, 2026; results reflect only continuing operations.

• Integration of Amedisys and LHC branches contributed to growth and efficiency.

• Completed $300 million paydown and refinancing of First Lien Facility, reducing interest expense.

Financial highlights

• Pharmacy Solutions revenue: $3.4 billion (+22% YoY); adjusted EBITDA: $180 million (+44% YoY).

• Provider Services revenue: $466 million (+30% YoY); adjusted EBITDA: $75 million (+33% YoY).

• Gross profit: $493 million (+31.5% YoY); adjusted EBITDA margin: 5.3% (+80 bps YoY).

• Net income per diluted share from continuing operations: $0.39; adjusted EPS: $0.45 for Q2 2026.

• Operating cash flow for the quarter: $43.9 million; cash and cash equivalents at quarter-end: $550.4 million.

Outlook and guidance

• 2026 revenue guidance: $15.1–$15.425 billion (17–19.5% growth YoY, excluding community living).

• Pharmacy Solutions revenue expected at $13.2–$13.5 billion; Provider Services at $1.9–$1.925 billion.

• Adjusted EBITDA guidance: $820–$845 million (32.8–36.8% growth YoY).

• Amedisys and LHC assets expected to contribute $35 million in EBITDA for 2026.

• Management expects continued growth in both segments, supported by stable reimbursement rates and expansion in home-based care.