BrightSpring Achieves 28% Revenue Growth and $232M Q4 Cash Flow
BrightSpring generated $232 million in Q4 operating cash flow and $490 million in 2025, delivering full-year revenue of $12.9 billion (28% growth). The company closed $239 million in home health acquisitions, plans a $715 million Community Living divestiture, and targets 2026 revenue of $14.45–15.0 billion.
1. Q4 And Full-Year 2025 Results
BrightSpring reported Q4 2025 revenue of $3.6 billion, up 29% year-over-year, with adjusted EBITDA of $184 million (up 41%) and EPS of $0.33. Full-year revenue reached $12.9 billion (up 28%), adjusted EBITDA was $618 million (up 34%), and operating cash flow totaled $490 million for 2025.
2. Leverage And Divestiture Plans
Net debt stood at approximately $2.5 billion at year-end, with a leverage ratio of 2.99x down from 4.16x in 2024 and pro forma leverage at 2.6x. BrightSpring expects Federal Trade Commission approval for its Community Living divestiture in Q1 2026, yielding about $715 million net proceeds primarily aimed at debt reduction.
3. Amedisys And LHC Home Health Acquisition
On December 1 and 31, 2025, BrightSpring acquired 107 Amedisys and LHC home health branches for $239 million in cash, adding pro forma annual revenue of $345 million. Management described the assets as geographically complementary and expects integration to enhance margins through platform standardization.
4. 2026 Guidance And Headwinds
The company forecast 2026 continuing-operations revenue of $14.45–15.0 billion and adjusted EBITDA of $760–790 million, including a $30 million contribution from the Amedisys/LHC deal. CFO Phipps highlighted roughly $600 million of 2026 pharmacy revenue headwinds from the Inflation Reduction Act and brand-to-generic conversions, yet expects sequential quarterly growth.