Filing Flows › BrightSpring Health Services (BTSG) › Q3 2026 › vs Q3 2025
BrightSpring Health Services (BTSG) Q3 2026 vs Q3 2025 (year over year)
BrightSpring Health Services's revenue rose $879M (+26%) from $3.3B in Q3 2025 to $4.2B in Q3 2026. The biggest changes: Product +$813M (+28%); Medicaid +$66.5M (+16%). Gross margin 12.3% against 11.8% (+0.6 pts).
BrightSpring Health Services, Q3 2026: revenue $4.2B (+26% year over year), operating margin 3.8%, net earnings $100M, operating cash flow $204M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 12.3% | 11.8% | +0.6 pts |
| Operating margin | 3.8% | 2.6% | +1.2 pts |
| Net margin | 2.4% | 1.7% | +0.7 pts |
| Free cash flow margin | 4.3% | 2.8% | +1.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Medicare D | $1.2B | $1.1B | $188M | +18% |
| Commercial Insurance | $1.2B | $870M | $376M | +43% |
| Medicare C | $775M | $622M | $153M | +25% |
| Medicare A | $319M | $270M | $48.9M | +18% |
| Private and Other | $123M | $78.2M | $44.7M | +57% |
| Medicare B | $21.7M | $20.4M | $1.3M | +6% |
| Product | $3.7B | $2.9B | $813M | +28% |
| Medicaid | $482M | $416M | $66.5M | +16% |
| Revenue | $4.2B | $3.3B | $879M | +26% |
| Gross profit | $519M | $392M | $127M | +32% |
| Cost of revenue | $3.7B | $2.9B | $753M | +26% |
| Operating profit | $160M | $87.8M | $72.6M | +83% |
| Operating expenses | $358M | $304M | $53.9M | +18% |
| Pre-tax earnings | $129M | $67.4M | $61.6M | +91% |
| Other expense, net | $31.5M | $20.5M | $11.1M | +54% |
| Net earnings | $100M | $55.2M | $45.1M | +82% |
| Income tax | $28.6M | $12.1M | $16.5M | +136% |
| Depreciation & amortization | $38.4M | $40.8M | −$2.4M | -6% |
| Share-based compensation | $17.9M | $17.2M | $621K | +4% |
| Working capital & other | $47.8M | −$5.3M | $53.1M | — |
| Operating cash flow | $204M | $108M | $96.4M | +89% |
| Free cash flow (OCF − capex) | $182M | $92.2M | $90.1M | +98% |
| Capital expenditures | $22.1M | $15.8M | $6.3M | +40% |
Questions
How much did BrightSpring Health Services's revenue grow year over year in Q3 2026?
BrightSpring Health Services's revenue rose $879M (+26%) from $3.3B in Q3 2025 to $4.2B in Q3 2026.
What drove BrightSpring Health Services's revenue change in Q3 2026?
Product +$813M (+28%); Medicaid +$66.5M (+16%).