BrightSpring Health Services (BTSG) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $3.614 billion, up 25.6% year-over-year, with balanced growth from Pharmacy Solutions and Provider Services.

• Adjusted EBITDA grew 44.8% to $190 million, with margin expansion driven by operational efficiencies and scale.

• Net income from continuing operations increased to $74.3 million, and diluted EPS rose to $0.34.

• Completed divestiture of Community Living business for $810.9 million, generating a pre-tax gain and strengthening the balance sheet.

• Repurchased 1.46 million shares for $60 million in March 2026 as part of a secondary offering.

Financial highlights

• Pharmacy Solutions revenue was $3.171 billion, up 25.2% year-over-year; Provider Services revenue was $442 million, up 28%.

• Gross profit for Q1 was $482 million, up 42.5% year-over-year.

• Pharmacy Solutions segment EBITDA grew 46% to $169 million; Provider Services segment EBITDA increased 29% to $66 million.

• Adjusted EPS was $0.39 for the quarter, up from $0.19 year-over-year.

• Cash and cash equivalents increased to $888.8 million at quarter-end.

Outlook and guidance

• 2026 revenue guidance raised to $14.725–$15.225 billion, reflecting 14.1%–17.9% growth over 2025 (excluding Community Living).

• Adjusted EBITDA guidance for 2026: $795–$825 million, up 28.7%–33.6% year-over-year.

• Pharmacy segment revenue expected at $12.85–$13.3 billion; Provider segment at $1.875–$1.925 billion.

• Amedisys and LHC acquisition projected to contribute $30 million in Adjusted EBITDA in 2026.

• IRA and brand-to-generic conversions expected to create a combined $600 million revenue headwind in 2026.