Jun 2026 (Q2 FY26) — Jul 31, 2026
BrightSpring Q2 FY26 — Strong Revenue and EBITDA Growth Driven by Specialty Pharmacy and Provider Services
Read the full callBrightSpring (BTSG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
BrightSpring earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,873 | +23.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.4 | +1.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 84.3 | +198.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 20 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $760 million to $790 million | Dec 2025 | Total adjusted EBITDA is now expected to be in the range of $820 million to $845 million for full year 2026. | Revised Up |
| Leverage ratio | 2.0x to 2.5x | Jun 2025 | Leverage was reduced to 2.15x as of June 30, 2026. | On Track |
| Investor Day | Host on March 17 | Sep 2025 | Before we speak to first quarter performance, a few key messages and takeaways from our Investor Day in March and why we are optimistic about the company's prospects in the years ahead. | Achieved |
8 of BrightSpring Health Services, Inc.'s 33 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 30 more targets are in the full ledger.
Claimed
- Total company revenue grew 23% year-over-year to $3.9 billion, exceeding baseline expectations.
- Adjusted EBITDA increased 44% year-over-year to $206 million, with an 80 basis point margin improvement to 5.3%.
- Pharmacy Solutions revenue grew 22% to $3.4 billion, driven by 30% growth in Specialty and Infusion business.
- Provider Services revenue grew 30% to $466 million, with Home Health Care revenue up 51%.
- Leverage reduced to 2.15x as of June 30, 2026, with ratings upgrades from Moody's and S&P.
Qualified
- Home and Community Pharmacy revenue declined 8% year-over-year due to a $50 million impact from the IRA and the exit of certain uneconomic customers.
- The IRA is expected to result in a total revenue impact of approximately $200 million for Home and Community Pharmacy in FY26, with a $15 million EBITDA impact.
- Specialty Pharmacy faces a $175 million revenue headwind from the IRA in FY26.
Price
$61.29 +0.69% · +$0.42
Performance +106.2% 1Y
1Y: $29.73 on 17 Oct 2025 → $61.29. High $72.91 (24 Jul 2026), low $29.73 (17 Oct 2025).
- Previous close
- $60.87
- 52-week range
- $30.47 – $72.91
- One year
- +101.15%
Overview
- Symbol
- BTSG
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 20 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $760 million to $790 million | Dec 2025 | Total adjusted EBITDA is now expected to be in the range of $820 million to $845 million for full year 2026. | Revised Up |
| Leverage ratio | 2.0x to 2.5x | Jun 2025 | Leverage was reduced to 2.15x as of June 30, 2026. | On Track |
| Investor Day | Host on March 17 | Sep 2025 | Before we speak to first quarter performance, a few key messages and takeaways from our Investor Day in March and why we are optimistic about the company's prospects in the years ahead. | Achieved |
Claimed
- Total company revenue grew 23% year-over-year to $3.9 billion, exceeding baseline expectations.
- Adjusted EBITDA increased 44% year-over-year to $206 million, with an 80 basis point margin improvement to 5.3%.
- Pharmacy Solutions revenue grew 22% to $3.4 billion, driven by 30% growth in Specialty and Infusion business.
- Provider Services revenue grew 30% to $466 million, with Home Health Care revenue up 51%.
- Leverage reduced to 2.15x as of June 30, 2026, with ratings upgrades from Moody's and S&P.
Qualified
- Home and Community Pharmacy revenue declined 8% year-over-year due to a $50 million impact from the IRA and the exit of certain uneconomic customers.
- The IRA is expected to result in a total revenue impact of approximately $200 million for Home and Community Pharmacy in FY26, with a $15 million EBITDA impact.
- Specialty Pharmacy faces a $175 million revenue headwind from the IRA in FY26.
The full ledger
Open BrightSpring Health Services, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 33 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
BrightSpring Health Services Q1 FY26 — Strong Growth Across Pharmacy and Provider Segments
Read the full callDec 2025 (Q4 FY25) — Feb 27, 2026
BrightSpring Q4 FY25 — Strong Growth, Strategic Divestiture & Acquisitions, and Exceeded Leverage Targets
Read the full callEvery analysed call
BrightSpring earnings calls (BTSG)
Financials
What the filings say
Net profit, year on year: +199% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,907 | 3,053 | 2,878 | 3,148 | 3,334 | 3,551 | 3,614 | 3,873 |
| Operating profit | 29 | 79 | 51 | 49 | 88 | 108 | 121 | 130 |
| Operating margin | 1.0% | 2.6% | 1.8% | 1.5% | 2.6% | 3.0% | 3.4% | 3.4% |
| Interest | 47 | 55 | 42 | 39 | 38 | 39 | 39 | 37 |
| Profit before tax | -18 | 24 | 9 | 10 | 50 | 70 | 83 | 94 |
| Tax rate | −46.5% | 36.3% | −2.7% | 12.7% | 24.4% | 28.8% | 10.3% | 7.4% |
| Net profit | -8 | 16 | 30 | 28 | 56 | 77 | 149 | 84 |
| EPS ($ per share) | -0.04 | — | 0.15 | 0.14 | 0.27 | — | 0.73 | 0.41 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 1 | 2 | 2 |
| Reserves | — | -200 | -222 | -75 |
| Total liabilities | — | 4,920 | 4,275 | 4,527 |
| Fixed assets | — | 246 | 181 | 205 |
| Total assets | — | 5,533 | 5,926 | 6,413 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | -5 | 211 | 24 | 490 |
| Cash from investing | 45 | -134 | -140 | -305 |
| Cash from financing | -74 | -77 | 165 | -158 |
| Net cash flow | -33 | -1 | 48 | 27 |
| Capital expenditure | -70 | -74 | -81 | -95 |
| Free cash flow | -75 | 137 | -57 | 395 |
BTSG revenue by segment
Pharmacy Solutions grew from 78% to 88% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Pharmacy Solutions | 78% | 79% | 88% | 89% | 89% | 89% | 88% | 88% | +22.1% |
| Provider Services | 22% | 21% | 12% | 11% | 11% | 11% | 12% | 12% | +30.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
BTSG operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| LDDs | 153We continue to see strong volume performance from both brand LDDs and generics, and we added 4 exclusive and UltraAR LDDs to our portfolio in the first quarter, bringing our total number of LDDs to 153.Source: earnings call transcript | 155During the quarter, we added 2 ultra-narrow network LDDs to our portfolio bringing the total number of LDDs to 155.Source: earnings call transcript | +1.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
62 filings between Oct 22, 2025 and Sep 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$4.22B
16 sales by 6 insiders
6% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 8
- Award — granted as compensation
- 10
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 12 gifts, 6 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| KKR Group Partnership L.P. | — | $2.09B | Jun 5, 2026 |
| KKR Phoenix Aggregator L.P. | — | $2.09B | Jun 5, 2026 |
| ROUSSEAU JON B | — | $31.09M | Jun 5, 2026 |
| Nalley Lisa A | — | $3.87M | Jun 5, 2026 |
| Phipps Jennifer A | — | $3.50M | Jun 5, 2026 |
| Greenwell Scott A. | — | $874.4K | Sep 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 14, 2026 | Greenwell Scott A. President, PharMerica | Option exercise 10b5-1 plan | 11,973 | $266.6K |
| Sep 14, 2026 | Greenwell Scott A. President, PharMerica | Sale 10b5-1 plan | 15,099 | $874.4K |
| Jul 25, 2026 | ROUSSEAU JON B See Remarks | Tax withheld | 56,319 | $4.11M |
| Jun 20, 2026 | Greenwell Scott A. President, PharMerica | Tax withheld | 2,487 | $164.8K |
| Jun 11, 2026 | Shah Nigam H. Director | Award | 4,013 | $0 |
| Jun 5, 2026 | Nalley Lisa A See Remarks | Option exercise | 35,000 | $222.9K |
| Jun 5, 2026 | Phipps Jennifer A Chief Financial Officer | Sale | 35,000 | $2.06M |
| Jun 5, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Sale | 14,669,771 | $857.49M |
| Jun 5, 2026 | Phipps Jennifer A Chief Financial Officer | Option exercise | 35,000 | $222.9K |
| Jun 5, 2026 | KKR Group Partnership L.P. 10% owner | Gift | 36,927 | $0 |
| Jun 5, 2026 | ROUSSEAU JON B See Remarks | Sale | 130,000 | $7.64M |
| Jun 5, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Other | 324,608 | $0 |
| Jun 5, 2026 | ROUSSEAU JON B See Remarks | Option exercise | 130,000 | $828.1K |
| Jun 5, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Gift | 23,263 | $0 |
| Jun 5, 2026 | KKR Group Partnership L.P. 10% owner | Other | 324,608 | $0 |
| Jun 5, 2026 | KKR Group Partnership L.P. 10% owner | Gift | 23,263 | $0 |
| Jun 5, 2026 | KKR Group Partnership L.P. 10% owner | Sale | 14,669,771 | $857.49M |
| Jun 5, 2026 | ROUSSEAU JON B See Remarks | Option exercise | 130,000 | $828.1K |
| Jun 5, 2026 | Nalley Lisa A See Remarks | Sale | 35,000 | $2.06M |
| Jun 5, 2026 | ROUSSEAU JON B See Remarks | Sale | 130,000 | $7.64M |
| Jun 5, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Gift | 36,927 | $0 |
| May 5, 2026 | Miller Steven B Director | Award | 4,983 | $0 |
| May 5, 2026 | KIRTLEY OLIVIA F Director | Award | 4,983 | $0 |
| May 5, 2026 | Wicks Timothy A Director | Award | 4,983 | $0 |
| Apr 25, 2026 | ROUSSEAU JON B See Remarks | Tax withheld | 16,222 | $781.3K |
| Mar 30, 2026 | Barnes Robert Allen President, Community Living | Tax withheld | 6,748 | $280.3K |
| Mar 5, 2026 | ROUSSEAU JON B See Remarks | Award | 186,845 | $0 |
| Mar 5, 2026 | Phipps Jennifer A Chief Financial Officer | Award | 53,384 | $0 |
| Mar 5, 2026 | Greenwell Scott A. President, PharMerica | Award | 20,020 | $0 |
| Mar 5, 2026 | Nalley Lisa A See Remarks | Award | 21,354 | $0 |
| Mar 4, 2026 | Nalley Lisa A See Remarks | Option exercise | 30,000 | $191.1K |
| Mar 4, 2026 | ROUSSEAU JON B See Remarks | Sale | 220,000 | $9.05M |
| Mar 4, 2026 | ROUSSEAU JON B See Remarks | Option exercise | 220,000 | $1.40M |
| Mar 4, 2026 | Phipps Jennifer A Chief Financial Officer | Sale | 35,000 | $1.44M |
| Mar 4, 2026 | Phipps Jennifer A Chief Financial Officer | Option exercise | 35,000 | $222.9K |
| Mar 4, 2026 | Nalley Lisa A See Remarks | Sale | 30,000 | $1.23M |
| Mar 4, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Sale | 19,715,000 | $807.55M |
| Mar 4, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Other | 402,773 | $0 |
| Mar 4, 2026 | KKR Group Partnership L.P. 10% owner | Gift | 31,918 | $0 |
| Mar 4, 2026 | KKR Group Partnership L.P. 10% owner | Gift | 49,295 | $0 |
| Mar 4, 2026 | KKR Group Partnership L.P. 10% owner | Other | 402,773 | $0 |
| Mar 4, 2026 | KKR Group Partnership L.P. 10% owner | Sale | 19,715,000 | $807.55M |
| Mar 4, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Gift | 31,918 | $0 |
| Mar 4, 2026 | KKR Phoenix Aggregator L.P. 10% owner | Gift | 49,295 | $0 |
| Jan 25, 2026 | ROUSSEAU JON B See Remarks | Tax withheld | 49,304 | $1.95M |
| Jan 25, 2026 | Phipps Jennifer A Chief Financial Officer | Tax withheld | 33,190 | $1.32M |
| Jan 25, 2026 | Nalley Lisa A See Remarks | Tax withheld | 20,556 | $814.8K |
| Jan 25, 2026 | Barnes Robert Allen President, Community Living | Tax withheld | 6,972 | $276.4K |
| Nov 5, 2025 | Miller Steven B Director | Tax withheld | 4,497 | $147.0K |
| Oct 25, 2025 | ROUSSEAU JON B See Remarks | Tax withheld | 58,746 | $1.97M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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