Filing Flows › BrightSpring Health Services (BTSG) › Q4 2025
BrightSpring Health Services (BTSG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
BrightSpring Health Services (BTSG) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +6% from the quarter before. Operating margin was 3.0%, net earnings $77.3M (2.2% of revenue).
BrightSpring Health Services, Q4 2025: revenue $3.6B (+29% year over year), operating margin 3.0%, net earnings $77.3M, operating cash flow $232M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +6% | +29% |
| Gross profit | $413M | +5% | +22% |
| Operating profit | $108M | +23% | +95% |
| Net earnings | $77.3M | +40% | +402% |
| Operating cash flow | $232M | +115% | +156% |
| Free cash flow | $194M | +110% | +157% |
What changed
Revenue was $3.6B in Q4 2025, up 29% year over year and up 6% from the previous quarter. Medicare D was the largest line at 32% of revenue.
Gross margin was 11.6%, down 0.7 points from a year earlier. Operating profit was $0.11B, a 3.0% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, above the 2% margin then. Operating expenses grew 8% against revenue growth of 29%. Net earnings were $0.08B, up 382% year over year. The effective tax rate was 20.6%.
Operating cash flow was $0.23B (up 156% year over year), 299% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.10B. Capital expenditures of $0.04B left free cash flow of $0.19B.
Questions
What was BrightSpring Health Services' revenue in the fourth quarter 2025?
BrightSpring Health Services (BTSG) reported revenue of $3.6B for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +6% from the quarter before.
Was BrightSpring Health Services profitable in the fourth quarter 2025?
Operating profit was $108M (3.0% of revenue) and net earnings $77.3M.