Filing Flows › BrightSpring Health Services (BTSG) › How it makes money
How BrightSpring Health Services (BTSG) makes money
BrightSpring Health Services (BTSG) made $4.2B of revenue in the third quarter 2026 (Q3 2026), +26% from a year earlier. Product brought in $3.7B (89%); Medicaid brought in $482M (11%). Of every dollar of revenue, 12¢ was left as gross profit, 4¢ was left as operating profit, 2¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Product | $3.7B | 88.6% | +9% | +28% |
| ↳ Medicare D | $1.2B | 29.6% | +8% | +18% |
| ↳ Commercial Insurance | $1.2B | 29.6% | +12% | +43% |
| ↳ Medicare C | $775M | 18.4% | +8% | +25% |
| ↳ Medicare A | $319M | 7.6% | +3% | +18% |
| ↳ Private and Other | $123M | 2.9% | +9% | +57% |
| ↳ Medicare B | $21.7M | 0.5% | -29% | +6% |
| Medicaid | $482M | 11.4% | +10% | +16% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $4.2B | 100.0% |
| Cost of revenue | $3.7B | 87.7% |
| Gross profit | $519M | 12.3% |
| Operating expenses | $358M | 8.5% |
| Operating profit | $160M | 3.8% |
| Income tax | $28.6M | 0.7% |
| Net earnings | $100M | 2.4% |
| Operating cash flow | $204M | 4.8% |
| Free cash flow | $182M | 4.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $4.2B | +26% |
| Q2 2026 | $3.9B | +23% |
| Q1 2026 | $3.6B | +26% |
| Q4 2025 | $3.6B | +29% |
| Q3 2025 | $3.3B | +15% |
| Q2 2025 | $3.1B | +15% |
| Q1 2025 | $2.9B | +12% |
From BrightSpring Health Services' 10-Q filed Oct 30, 2026 (on EDGAR).
Questions
How does BrightSpring Health Services make money?
BrightSpring Health Services (BTSG) made $4.2B of revenue in the third quarter 2026 (Q3 2026), +26% from a year earlier. Product brought in $3.7B (89%); Medicaid brought in $482M (11%). Of every dollar of revenue, 12¢ was left as gross profit, 4¢ was left as operating profit, 2¢ was left as net earnings.
What is BrightSpring Health Services' biggest business?
Product: $3.7B in the third quarter 2026, 89% of revenue, +28% from a year earlier.
What is BrightSpring Health Services' profit margin?
Net earnings were $100M, 2.4% of revenue, in the third quarter 2026; the operating margin was 3.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.