Filing Flows › BrightSpring Health Services (BTSG) › Q2 2026 › vs Q2 2025
BrightSpring Health Services (BTSG) Q2 2026 vs Q2 2025 (year over year)
BrightSpring Health Services's revenue rose $725M (+23%) from $3.1B in Q2 2025 to $3.9B in Q2 2026. The biggest changes: Product +$680M (+25%); Medicare A +$45.1M (+17%); Medicare B +$10.5M (+52%). Gross margin 12.7% against 11.9% (+0.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 12.7% | 11.9% | +0.8 pts |
| Operating margin | 3.4% | 1.5% | +1.8 pts |
| Net margin | 2.2% | 0.9% | +1.3 pts |
| Free cash flow margin | 0.4% | 0.8% | -0.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Medicare D | $1.1B | $1.0B | $142M | +14% |
| Commercial Insurance | $1.1B | $786M | $326M | +42% |
| Medicare C | $720M | $590M | $130M | +22% |
| Medicaid | $437M | $355M | $81.9M | +23% |
| Product | $3.4B | $2.7B | $680M | +25% |
| Medicare A | $310M | $265M | $45.1M | +17% |
| Private and Other | $113M | $124M | −$10.3M | -8% |
| Medicare B | $30.6M | $20.1M | $10.5M | +52% |
| Revenue | $3.9B | $3.1B | $725M | +23% |
| Gross profit | $493M | $375M | $118M | +31% |
| Cost of revenue | $3.4B | $2.8B | $608M | +22% |
| Operating profit | $130M | $48.6M | $81.8M | +169% |
| Operating expenses | $362M | $326M | $36.1M | +11% |
| Pre-tax earnings | $91.1M | $28.8M | $62.3M | +217% |
| Other expense, net | $39.3M | $19.8M | $19.5M | +99% |
| Net earnings | $84.2M | $27.5M | $56.7M | +206% |
| Income tax | $6.9M | $1.2M | $5.7M | +458% |
| Operating cash sources | $145M | $92.2M | $52.9M | +57% |
| Depreciation & amortization | $41.4M | $41.8M | −$416K | -1% |
| Share-based compensation | $19.5M | $22.8M | −$3.3M | -15% |
| Working capital & other | $101M | $43.1M | $58.1M | +135% |
| Operating cash flow | $43.9M | $49.1M | −$5.2M | -11% |
| Free cash flow (OCF − capex) | $14.9M | $24.7M | −$9.8M | -40% |
| Capital expenditures | $29.0M | $24.4M | $4.6M | +19% |
Questions
How much did BrightSpring Health Services's revenue grow year over year in Q2 2026?
BrightSpring Health Services's revenue rose $725M (+23%) from $3.1B in Q2 2025 to $3.9B in Q2 2026.
What drove BrightSpring Health Services's revenue change in Q2 2026?
Product +$680M (+25%); Medicare A +$45.1M (+17%); Medicare B +$10.5M (+52%).