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Option Care Health cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$108M in Q3 2026 · $282M over twelve months

Operating cash flow$115M
Capital spending−$6.7M
Free cash flow+$108M
Cash / net income2.0×
Cash conversion cycle12 days

Analysis

In Q3 2026, Option Care Health generated $115M of operating cash flow and spent $6.7M on capital projects, leaving free cash flow of $108M. That is $22.2M less than in Q3 2025 ($130M).

Over the twelve months to Sep 30, 2026, operating cash flow was $322M; the largest uses were buybacks ($266M), capital spending ($40.5M), taxes on employees’ shares ($18.0M); the cash balance fell by $10.7M.

Operating cash flow was $115M against net income of $57.4M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$29.2M, depreciation & amortization +$18.8M, stock-based pay +$9.3M.

Its cash conversion cycle was 12 days (receivables 31 + inventory 31 − payables 50).

Free cash flow

Option Care Health: free cash flow by quarterOption Care Health: free cash flow by quarter$25.8MQ4 2024−$16.6MQ1 2025$81.2MQ2 2025$130MQ3 2025$22.2MQ4 2025−$21.2MQ1 2026$173MQ2 2026$108MQ3 2026
Operating cash flow less capital spending.
Option Care Health: operating cash flow against capital spendingOption Care Health: operating cash flow against capital spendingOperating cash flowCapital spending$36.1M$10.3MQ4 2024−$7.2M$9.4MQ1 2025$90.3M$9.1MQ2 2025$139M$9.2MQ3 2025$35.9M$13.6MQ4 2025−$12.1M$9.0MQ1 2026$184M$11.1MQ2 2026$115M$6.7MQ3 2026
Latest (Q3 2026): Operating cash flow $115M, Capital spending $6.7M.

Capital allocation, year by year

Option Care Health: where the cash came from (up) and went (down), by fiscal yearOption Care Health: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $209MFY2021: Net borrowing $846MFY2021: Capital spending −$25.6MFY2021: Acquisitions −$85.9M$1.1BFY2021FY2022: Operating cash flow $268MFY2022: Net borrowing −$6.0MFY2022: Asset sales $14.7MFY2022: Capital spending −$35.4MFY2022: Acquisitions −$87.4M$282MFY2022FY2023: Operating cash flow $371MFY2023: Net borrowing −$6.0MFY2023: Asset sales $3.7MFY2023: Capital spending −$41.9MFY2023: Acquisitions −$12.5MFY2023: Buybacks −$250M$375MFY2023FY2024: Operating cash flow $323MFY2024: Net borrowing $43.6MFY2024: Capital spending −$35.6MFY2024: Buybacks −$253M$367MFY2024FY2025: Operating cash flow $258MFY2025: Net borrowing $225MFY2025: Capital spending −$41.3MFY2025: Acquisitions −$117MFY2025: Buybacks −$310M$483MFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were buybacks ($813M) and acquisitions ($303M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$299M
Debt$1.2B
Net debt$859M
Due within a year$6.8M

Option Care Health funds itself: free cash flow was $282M over the last twelve months, and $299M of cash and investments stands against $1.2B of debt ($6.8M due within a year, 44.1× covered by cash).

Option Care Health: debt maturities by year (FY2025)Option Care Health: debt maturities by year (FY2025)$6.8MYear 1$6.8MYear 2$6.8MYear 3$507MYear 4$6.8MYear 5$642MAfter year 5
Principal due in each year as disclosed in the annual report, against $299M of cash and investments now.

Where the cash came from and went

Option Care Health: sources (+) and uses (−) of cash, Q3 2026Option Care Health: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$115MCash drawn (+) / kept (−)−$105MCapital spending−$6.7MNet borrowing (+) / repaid (−)−$1.7MTaxes on employees’ shares−$994KOther financing−$30K
Option Care Health: sources (+) and uses (−) of cash, TTM to Q3 2026Option Care Health: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$322MBuybacks−$266MCapital spending−$40.5MTaxes on employees’ shares−$18.0MCash drawn (+) / kept (−)$10.7MOther financing−$7.9MOther investing−$877K

From profit to cash

Option Care Health: net income to operating cash flow, Q3 2026Option Care Health: net income to operating cash flow, Q3 2026Net income$57.4MDepreciation & amortization$18.8MStock-based pay$9.3MDeferred taxes$6.7MReceivables$5.9MInventory−$8.4MPayables$29.2MEmployee-related liabilities−$3.9MPrepaid and other assets−$5.0MOperating cash flow$115M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202631315012
Q2 202632324618
Q1 202633374921
Q4 202530344915
Q3 202531324815
Q2 202531314417
Q1 202530324814
Q4 20242930517

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$115M−$6.7M——−$1.7M−$105M$108M
Q2 2026$184M−$11.1M———−$16.4M$173M
Q1 2026−$12.1M−$9.0M——−$1.7M$55.3M−$21.2M
Q4 2025$35.9M−$13.6M—−$95.1M—$77.2M$22.2M
Q3 2025$139M−$9.2M—−$62.5M$229M−$111M$130M
Q2 2025$90.3M−$9.1M$75K—−$1.6M−$27.4M$81.2M
Q1 2025−$7.2M−$9.4M−$117M—−$1.6M$241M−$16.6M
Q4 2024$36.1M−$10.3M—−$92.6M−$1.6M$70.5M$25.8M

Option Care Health: income statement and cash flow

Option Care Health, Q3 2026: revenue $1.5B (+4% year over year), operating margin 6.0%. The chart follows the revenue to costs, profit and cash.

Option Care Health: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.