BrightSpring Health Services, Inc. Common Stock

For Q2 2026, BrightSpring reported revenue of $3.9 billion, up 23% year over year, gross profit of $493 million, up 32%, adjusted EBITDA of $206 million, up 44%, and adjusted EPS of $0.45. Pharmacy Solutions revenue was $3.4 billion, up 22%, with adjusted EBITDA of $180 million and a 5.3% margin; Provider Services revenue was $466 million, up 30%, with adjusted EBITDA of $75 million and a 16.1% margin. The company generated $144 million of operating cash flow excluding an approximately $100 million one-time cash tax payment tied to the Community Living transaction, and leverage was 2.15x at June 30. For full-year 2026, management guided to revenue of $15.1 billion-$15.425 billion and adjusted EBITDA of $820 million-$845 million, excluding Community Living and any unopened acquisitions; the outlook includes about $35 million of EBITDA from Amedisys/LHC assets.

Jon Rousseau framed the quarter as broad-based execution across the platform, emphasizing quality, operational performance and disciplined capital allocation. He highlighted strong momentum in Specialty, Infusion, Home Health, Hospice, Rehab, Personal Care and home-based primary care, and said the company is using technology, AI, Lean processes and integration synergies to drive efficiency and growth. His tone was confident and constructive, with repeated comments that the business is well positioned for the second half and beyond.

Jen Phipps focused on the mechanics behind the numbers and the balance sheet. She said gross profit was $493 million, adjusted EBITDA was $206 million, and adjusted EPS was $0.45; Pharmacy Solutions margin was 5.3% and Provider Services margin was 16.1%. She also noted cash flow from operations was $44 million reported, or $144 million excluding the one-time tax payment, net debt was about $1.7 billion, leverage was 2.15x, and the company expects about $600 million of annual operating cash flow in 2026 with leverage ending below 2x before acquisitions. She added that the company refinanced debt at SOFR plus 200 and received ratings upgrades from Moody’s and S&P.

Analysts focused on generics/Revlimid, gross margin movement, Infusion growth by acute versus chronic, LDD ramp and 2026 seasonality, pharmacy sourcing, possible generic tariffs, capital structure, and Amedisys/LHC integration. Management said Revlimid was already fully generic and there was no change to expectations, Pharmacy gross margin was healthy and the Q2 step-down versus Q1 reflected seasonality, and Infusion acute volume was up over 20% while chronic volume grew close to 20%. On tariffs, management said there has been no impact to date and the company is flexible in sourcing; on capital structure, they pointed to 2.15x leverage, $600 million-plus of operating cash flow, and continued M&A flexibility. They also said Amedisys/LHC integration is going well and raised the EBITDA contribution expectation to about $35 million.