Filing Flows › BrightSpring Health Services (BTSG) › Q3 2025
BrightSpring Health Services (BTSG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
BrightSpring Health Services (BTSG) reported revenue of $3.3B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +6% from the quarter before. Operating margin was 2.6%, net earnings $55.2M (1.7% of revenue).
BrightSpring Health Services, Q3 2025: revenue $3.3B (+15% year over year), operating margin 2.6%, net earnings $55.2M, operating cash flow $108M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3B | +6% | +15% |
| Gross profit | $392M | +5% | +21% |
| Operating profit | $87.8M | +81% | +202% |
| Net earnings | $55.2M | +101% | — |
| Operating cash flow | $108M | +120% | +296% |
| Free cash flow | $92.2M | +274% | 13× |
What changed
Revenue was $3.3B in Q3 2025, up 15% year over year and up 6% from the previous quarter. Medicare D was the largest line at 32% of revenue. Medicare D added $0.23B year over year (up 28%), 54% of the total change. Private and Other declined 19%.
Gross margin was 11.8%, up 0.6 points from a year earlier. Operating profit was $0.09B, a 2.6% margin (up 1.6 points year over year). Of the extra revenue versus a year earlier, 14% reached operating profit, above the 1% margin then. Operating expenses grew 3% against revenue growth of 15%. Net earnings were $0.06B. The effective tax rate was 18.0%.
Operating cash flow was $0.11B (up 296% year over year), 195% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.02B of share-based compensation. Capital expenditures of $0.02B left free cash flow of $0.09B.
Questions
What was BrightSpring Health Services' revenue in the third quarter 2025?
BrightSpring Health Services (BTSG) reported revenue of $3.3B for the third quarter 2025 (Q3 2025), +15% from a year earlier and +6% from the quarter before.
Was BrightSpring Health Services profitable in the third quarter 2025?
Operating profit was $87.8M (2.6% of revenue) and net earnings $55.2M.