Filing Flows › BrightSpring Health Services (BTSG) › Q2 2026 › vs Q1 2026
BrightSpring Health Services (BTSG) Q2 2026 vs Q1 2026 (quarter over quarter)
BrightSpring Health Services's revenue rose $259M (+7%) from $3.6B in Q1 2026 to $3.9B in Q2 2026. The biggest changes: Product +$258M (+8%); Medicare B +$8.8M (+40%); Private and Other −$8.7M (-7%). Gross margin 12.7% against 13.3% (-0.6 pts).
BrightSpring Health Services, Q2 2026: revenue $3.9B (+23% year over year), operating margin 3.4%, net earnings $84.2M, operating cash flow $43.9M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 12.7% | 13.3% | -0.6 pts |
| Operating margin | 3.4% | 3.4% | +0.0 pts |
| Net margin | 2.2% | 4.1% | -1.9 pts |
| Free cash flow margin | 0.4% | 2.8% | -2.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Medicare D | $1.1B | $1.1B | $75.8M | +7% |
| Commercial Insurance | $1.1B | $1.0B | $98.2M | +10% |
| Medicare C | $720M | $667M | $53.5M | +8% |
| Medicaid | $437M | $406M | $30.9M | +8% |
| Product | $3.4B | $3.2B | $258M | +8% |
| Medicare A | $310M | $309M | $900K | +0.3% |
| Private and Other | $113M | $122M | −$8.7M | -7% |
| Medicare B | $30.6M | $21.8M | $8.8M | +40% |
| Revenue | $3.9B | $3.6B | $259M | +7% |
| Gross profit | $493M | $482M | $10.5M | +2% |
| Cost of revenue | $3.4B | $3.1B | $249M | +8% |
| Operating profit | $130M | $121M | $8.9M | +7% |
| Operating expenses | $362M | $361M | $1.6M | +0.4% |
| Pre-tax earnings | $91.1M | $157M | −$66.0M | -42% |
| Other expense, net | $39.3M | −$35.7M | $75.0M | — |
| Net earnings | $84.2M | $149M | −$64.4M | -43% |
| Income tax | $6.9M | $8.6M | −$1.6M | -19% |
| Operating cash sources | $145M | $191M | −$46.3M | -24% |
| Depreciation & amortization | $41.4M | $39.1M | $2.3M | +6% |
| Share-based compensation | $19.5M | $3.7M | $15.8M | +430% |
| Working capital & other | $101M | $68.4M | $32.8M | +48% |
| Operating cash flow | $43.9M | $123M | −$79.0M | -64% |
| Free cash flow (OCF − capex) | $14.9M | $101M | −$86.5M | -85% |
| Capital expenditures | $29.0M | $21.5M | $7.5M | +35% |
Questions
How much did BrightSpring Health Services's revenue grow quarter over quarter in Q2 2026?
BrightSpring Health Services's revenue rose $259M (+7%) from $3.6B in Q1 2026 to $3.9B in Q2 2026.
What drove BrightSpring Health Services's revenue change in Q2 2026?
Product +$258M (+8%); Medicare B +$8.8M (+40%); Private and Other −$8.7M (-7%).