Filing Flows › Health Care › BrightSpring Health Services (BTSG)
BrightSpring Health Services (BTSG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · BrightSpring Health Services (BTSG) Q3 2026 earnings results →
Q3 2026 Revenue up 26% year over year to $4.2B · 2¢ of every $1 of revenue kept as net profit · operating margin 3.8%
BrightSpring Health Services made $4.2B in Q3 2026 (+26% Y/Y): Product $3.7B, Medicaid $482M. Operating margin 3.8%, net earnings $100M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $4.2B in Q3 2026, up 26% year over year and up 9% from the previous quarter. Medicare D was the largest line at 30% of revenue. Commercial Insurance added $0.38B year over year (up 43%), 43% of the total change.
Gross margin was 12.3%, up 0.6 points from Q3 2025. Operating profit was $0.16B, a 3.8% margin (up 1.2 points year over year). Of the extra revenue versus Q3 2025, 8% reached operating profit, above the 3% margin then. Operating expenses grew 18% against revenue growth of 26%. Net earnings were $0.10B, up 79% year over year. The effective tax rate was 22.2%.
Operating cash flow was $0.20B (up 89% year over year), 204% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.02B left free cash flow of $0.18B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 30, 2026 | $4.2B | +26% | 3.8% | $100M | $204M |
| Q2 2026 | 10-Q | Jul 31, 2026 | $3.9B | +23% | 3.4% | $84.2M | $43.9M |
| Q1 2026 | 10-Q | May 1, 2026 | $3.6B | +26% | 3.4% | $149M | $123M |
| Q4 2025 | 10-K | Feb 27, 2026 | $3.6B | +29% | 3.0% | $77.3M | $232M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $3.3B | +15% | 2.6% | $55.2M | $108M |
| Q2 2025 | 10-Q | Aug 1, 2025 | $3.1B | +15% | 1.5% | $27.5M | $49.1M |
| Q1 2025 | 10-Q | May 2, 2025 | $2.9B | +12% | 1.8% | $29.0M | $102M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 6% of its revenue · Stated in 10-K (sentence) · source
About BrightSpring Health Services
We are a leading home and community-based healthcare services platform, focused on delivering complementary pharmacy and provider services to complex patients. We have a differentiated approach to care delivery, with an integrated and scaled model that addresses critical services that the highest-need and highest-cost patients require. With a focus on Senior and Specialty patients, which includes Behavioral populations, our platform provides pharmacy and provider services (both clinical and supportive care in nature) in lower-cost home and community settings largely to Medicare, Medicaid, and commercially-insured populations.
In its own words, from its 10-K, filed Feb 27, 2026.
BrightSpring Health Services against its Services-Home Health Care Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +11%. Operating margin: 3.8% against the peers' median 10.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| BTSG BrightSpring Health Services | Q3 2026 | $4.2B | +26% | 3.8% |
| OPCH Option Care Health | Q3 2026 | $1.5B | +4% | 6.0% |
| AHCO AdaptHealth | Q3 2026 | $746M | +11% | -20.9% |
| CHE Chemed | Q3 2026 | $691M | +11% | 14.0% |
| AVAH Aveanna Healthcare Holdings | Q2 2026 | $670M | +14% | 11.9% |
| ADUS Addus HomeCare | Q3 2026 | $388M | +7% | 10.3% |
Source: BrightSpring Health Services 10-Q on SEC EDGAR · CIK 1865782 · Services-Home Health Care Services
Guidance and outlook
13F: who owns BTSG and who is buying
More on BTSG
- How BrightSpring Health Services makes money: revenue by segment
- BrightSpring Health Services next earnings date and what analysts expect
- BrightSpring Health Services stock forecast, price target and fair value
- Who owns BrightSpring Health Services stock: holders, funds and Congress trades
- BrightSpring Health Services guidance and outlook
- Is BrightSpring Health Services a takeover target? LBO and rumors
- BrightSpring Health Services recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- BrightSpring Health Services guidance history: guided vs reported
- BrightSpring Health Services gross margin by quarter
- BrightSpring Health Services operating margin by quarter
- BrightSpring Health Services net income by quarter
- BrightSpring Health Services free cash flow by quarter
- BrightSpring Health Services capital expenditures by quarter
- BrightSpring Health Services Product revenue by quarter
- BrightSpring Health Services Medicaid revenue by quarter