Filing Flows › BrightSpring Health Services (BTSG) › Q2 2025
BrightSpring Health Services (BTSG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
BrightSpring Health Services (BTSG) reported revenue of $3.1B for the second quarter 2025 (Q2 2025), +15% from a year earlier and +9% from the quarter before. Operating margin was 1.5%, net earnings $27.5M (0.9% of revenue).
BrightSpring Health Services, Q2 2025: revenue $3.1B (+15% year over year), operating margin 1.5%, net earnings $27.5M, operating cash flow $49.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1B | +9% | +15% |
| Gross profit | $375M | +11% | +20% |
| Operating profit | $48.6M | -4% | +26% |
| Net earnings | $27.5M | -5% | +42% |
| Operating cash flow | $49.1M | -52% | — |
| Free cash flow | $24.7M | -71% | — |
What changed
Revenue was $3.1B in Q2 2025, up 15% year over year and up 9% from the previous quarter. Medicare D was the largest line at 32% of revenue. Medicare D added $0.24B year over year (up 31%), 57% of the total change. Medicare B declined 19%.
Gross margin was 11.9%, up 0.5 points from a year earlier. Operating profit was $0.05B, a 1.5% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, above the 1% margin then. Operating expenses grew 19% against revenue growth of 15%. Net earnings were $0.03B, up 42% year over year. The effective tax rate was 4.3%.
Operating cash flow was $0.05B, 178% of net income including minority interests. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.04B. Capital expenditures of $0.02B left free cash flow of $0.02B.
Questions
What was BrightSpring Health Services' revenue in the second quarter 2025?
BrightSpring Health Services (BTSG) reported revenue of $3.1B for the second quarter 2025 (Q2 2025), +15% from a year earlier and +9% from the quarter before.
Was BrightSpring Health Services profitable in the second quarter 2025?
Operating profit was $48.6M (1.5% of revenue) and net earnings $27.5M.