Option Care Health (OPCH) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenue grew 1.3% year-over-year to $1.35 billion, driven by strong acute therapy growth, while chronic therapies declined slightly due to patient attrition and unfavorable therapy mix.

• Net income for the quarter was $45.3 million, down 3% from Q1 2025, with adjusted EBITDA at $104.8 million, down 6.3% year-over-year.

• Patient satisfaction remained high, with scores in the low 90s and Net Promoter Score in the mid-70s.

• Management is focused on re-accelerating growth, executing strategic initiatives, and strengthening commercial competitiveness.

• Operating expenses increased 3% year-over-year, reflecting investments in internal resources and technology to support growth.

Financial highlights

• Gross profit for Q1 2026 was $262.0 million, slightly down from $263.1 million in Q1 2025, with gross margin at 19.4%.

• Adjusted EPS was $0.40, flat year-over-year, with a $0.02 benefit from share repurchases; GAAP diluted EPS increased to $0.29.

• Operating cash flow was a usage of $12 million, consistent with seasonal patterns.

• SG&A grew 4% due to prior investments and ongoing commercial resource expansion.

• Net income margin for Q1 2026 was 3.4%.

Outlook and guidance

• Full-year 2026 net revenue guidance is $5.675–$5.775 billion, just over 1% growth at midpoint.

• Adjusted EBITDA guidance is $480–$505 million; adjusted EPS range is $1.82–$1.92.

• Gross profit headwind from CID portfolio expected to be $55 million, realized evenly through the year.

• Q2 sequential revenue growth expected in mid-single digits, with EBITDA growth in high single digits.

• Operating cash flow target adjusted to at least $320 million for the year.