BrightSpring Health Services
BTSG · NasdaqServices-Home Health Care Services · Fiscal year ends Dec 31
BrightSpring Health Services reported revenue of $12.9B in the fiscal year ended Dec 2025, up 28.2% from the year before. Operating income was $295M, an operating margin of 2.3%, and net income was $191M. Operating cash flow of $490M less capital expenditure of $95M left free cash flow of $395M. Net debt was $2.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | $7.7B | $7.7B | $10.1B | $12.9B |
| Gross profit | $1.4B | $1.1B | $1.3B | $1.5B |
| Selling, general & admin | $1.1B | $1.1B | $1.2B | $1.2B |
| Operating income | $188M | $58M | $108M | $295M |
| Interest expense | $234M | $272M | $191M | $157M |
| Pre-tax income | −$46M | −$214M | −$95M | $138M |
| Income tax | $33M | −$32M | −$26M | $33M |
| Net income | −$54M | −$155M | −$18M | $191M |
| Diluted EPS | −0.46 | −1.31 | −0.09 | 0.87 |
| Diluted shares | 118M | 118M | 193M | 220M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | – | $13M | $61M | $88M |
| Receivables | – | $882M | $903M | $990M |
| Inventory | – | $403M | $637M | $815M |
| Current assets | – | $1.5B | $1.9B | $2.9B |
| Net PP&E | – | $246M | $181M | $205M |
| Goodwill | $2.6B | $2.3B | $2.4B | $2.5B |
| Total assets | – | $5.5B | $5.9B | $6.4B |
| Payables | – | $642M | $924M | $1.2B |
| Deferred revenue | – | $31M | $10M | $9M |
| Current liabilities | – | $1.2B | $1.4B | $1.8B |
| Short-term debt | – | $32M | $49M | $52M |
| Long-term debt | – | $3.3B | $2.6B | $2.5B |
| Total liabilities | – | $4.9B | $4.3B | $4.5B |
| Shareholders' equity | $755M | $585M | $1.6B | $1.9B |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −$5M | $211M | $24M | $490M |
| Capital expenditure | $70M | $74M | $81M | $95M |
| Free cash flow | −$75M | $137M | −$57M | $395M |
| Depreciation & amortisation | $204M | $202M | $204M | $164M |
| Stock-based compensation | $4M | $4M | $69M | $70M |
| Acquisitions | $42M | $63M | $60M | $205M |
| Share buybacks | – | $650,000 | $650,000 | $43M |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.4% | 31.0% | 28.2% |
| Operating income growth (YoY) | – | −69.1% | 85.7% | 173.5% |
| Gross margin | 17.5% | 14.8% | 12.6% | 11.8% |
| Operating margin | 2.4% | 0.8% | 1.1% | 2.3% |
| Net margin | −0.7% | −2.0% | −0.2% | 1.5% |
| Return on equityBlank when equity is negative | −7.1% | −26.4% | −1.1% | 10.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 1.4% | 2.4% | 6.5% |
| Free cash flow margin | −1.0% | 1.8% | −0.6% | 3.1% |
| Cash conversion (CFO ÷ net income) | 0.09x | −1.36x | −1.32x | 2.57x |
| Receivable days | – | 42 | 33 | 28 |
| Inventory days | – | 22 | 26 | 26 |
| Payable days | – | 36 | 38 | 39 |
| Interest cover | 0.80x | 0.21x | 0.57x | 1.88x |
| Debt ÷ equity | – | 5.75x | 1.58x | 1.34x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $3.4B | $2.5B | $2.4B |
| Current ratio | – | 1.17x | 1.33x | 1.57x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.