Filing Flows › BrightSpring Health Services (BTSG) › Q1 2026
BrightSpring Health Services (BTSG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
BrightSpring Health Services (BTSG) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +26% from a year earlier and +2% from the quarter before. Operating margin was 3.4%, net earnings $149M (4.1% of revenue).
BrightSpring Health Services, Q1 2026: revenue $3.6B (+26% year over year), operating margin 3.4%, net earnings $149M, operating cash flow $123M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +2% | +26% |
| Gross profit | $482M | +17% | +43% |
| Operating profit | $121M | +12% | +139% |
| Net earnings | $149M | +92% | +412% |
| Operating cash flow | $123M | -47% | +21% |
| Free cash flow | $101M | -48% | +21% |
What changed
Revenue was $3.6B in Q1 2026, up 26% year over year and up 2% from the previous quarter. Medicare D was the largest line at 30% of revenue. Commercial Insurance added $0.30B year over year (up 42%), 41% of the total change. Private and Other declined 2%.
Gross margin was 13.3%, up 1.6 points from Q1 2025. Operating profit was $0.12B, a 3.4% margin (up 1.6 points year over year). Of the extra revenue versus Q1 2025, 10% reached operating profit, above the 2% margin then. Operating expenses grew 25% against revenue growth of 26%. Net earnings were $0.15B, up 404% year over year. The effective tax rate was 5.4%. Non-operating items added $0.04B, 23% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.12B (up 21% year over year), 83% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items used $0.07B. Capital expenditures of $0.02B left free cash flow of $0.10B.
Questions
What was BrightSpring Health Services' revenue in the first quarter 2026?
BrightSpring Health Services (BTSG) reported revenue of $3.6B for the first quarter 2026 (Q1 2026), +26% from a year earlier and +2% from the quarter before.
Was BrightSpring Health Services profitable in the first quarter 2026?
Operating profit was $121M (3.4% of revenue) and net earnings $149M.