BrightSpring Health Services, Inc. Tangible Equity Unit (BTSGU) Earnings
BrightSpring Health Services, Inc. Tangible Equity Unit is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $0.47. BTSGU has beaten EPS estimates in 3 of its last 9 reported quarters (average surprise +15.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 31, 2026 | $0.40 | $0.45 | +13.6% | $3.9B | +5.8% |
| May 1, 2026 | $0.31 | $0.39 | +26.3% | $3.6B | +6.6% |
| Aug 1, 2025 | $0.19 | $0.13 | -30.3% | $3.1B | -6.0% |
| Apr 30, 2025 | $0.09 | $0.14 | +51.1% | $2.9B | +6.1% |
| Mar 6, 2025 | $0.21 | $0.08 | -64.6% | $3.1B | +1.4% |
| Nov 1, 2024 | $0.15 | $-0.05 | -130.7% | $2.9B | +6.9% |
| Aug 2, 2024 | $0.13 | $0.12 | -13.9% | $2.7B | +4.5% |
| May 2, 2024 | $0.04 | $-0.27 | -812.3% | $2.6B | +11.4% |
| Mar 6, 2024 | $0.10 | $-0.04 | -136.5% | $2.4B | +0.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · October 28, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- CEO Jon Rousseau thanked employees for their dedication. - Third quarter results exceeded expectations, with revenue up 28% and adjusted EBITDA up 37% YOY. - Quality metrics remained high: home health 94% of branches at 4 stars or greater, hospice CAHPS rating 89%, rehab patient satisfaction high, etc. - Announced an Investor Day on March 17 in Louisville. - Community Living divestiture expected to close in Q1 2026, subject to regulatory approvals. - Continued focus on operational efficiency and automation initiatives across segments.
Guidance
- Total revenue for 2025 is expected to be in the range of $12.5 billion to $12.8 billion, with Pharmacy Solutions revenue $11.05B-$11.3B and Provider Services revenue $1.45B-$1.5B. - Total adjusted EBITDA for 2025 is expected to be in the range of $605 million to $615 million, reflecting 31.5%-33.7% growth YOY. - Leverage target of 3x by year-end, with goal to get below 3x pro forma for Community Living sale and Amedisys/LHC acquisitions. - Expect acceleration of efficiency projects in Q4 2025.
Segment performance
Total company revenue was $3.3 billion in the third quarter, with Pharmacy Solutions revenue at $3.0 billion (31% YOY growth) and Provider Services revenue at $367 million (9% YOY growth). Pharmacy Solutions adjusted EBITDA grew 42% YOY, driven by specialty and infusion growth. Provider Services adjusted EBITDA grew 16% YOY, with Home Healthcare up 12%, Rehab up 9%, and Personal Care up 6%. Pharmacy Solutions segment had Home & Community Pharmacy revenue flat YOY, while Specialty and Infusion revenue grew 42% YOY. Provider Services segment saw Home Healthcare average daily census up 3%, hospice up ~15% YOY, and rehab growth underpinned by person served and hours billed increases.
Risks & headwinds
- Regulatory approvals for the Community Living divestiture transaction remain a risk. - Interest rate risks due to existing and new hedges. - Impact of government actions on healthcare rules, such as potential changes in home health rules and their potential effect on revenue and EBITDA. - Dynamics related to specific customers, like the one that declared bankruptcy affecting Home & Community Pharmacy script volumes.
Analyst Q&A
Q: On the pacing of new drug launches, Jon Rousseau said the pipeline remains robust with 16-18 launches expected over the next 12-18 months, with some therapies coming to market sooner but no change in the overall pipeline.
A: Jon Rousseau stated the pipeline is unchanged, with a strong year for brand wins, and while some therapies came sooner, the pipeline remains robust.
Q: David Larsen asked about sources of accretion for the Amedisys transaction. Jon Rousseau said they look to integrate operations seamlessly, apply practices like payer contracts and IT, and expect accretion.
A: Jon Rousseau mentioned accretion is a fair comment, with expectations to integrate operations and apply various practices to achieve accretion.
Q: Charles Rhyee asked about Omnicare's bankruptcy and opportunities. Jon Rousseau said it's not material, and they're focused on their own customers and end markets, with strong growth in key service lines despite dynamics related to a specific customer.
A: Jon Rousseau noted Omnicare's bankruptcy isn't material, and they're focused on their own markets with strong growth in key areas.
Q: Kieran Ryan asked about M&A pipeline. Jon Rousseau said focus is on tuck-in deals, with the Amedisys/LHC transaction ongoing, and prioritizing accretive, target-geography deals.
A: Jon Rousseau stated focus on tuck-in deals, with Amedisys/LHC transaction ongoing, and prioritizing accretive, target-geography acquisitions.
Q: Brian Tanquilut asked about generics and patent expirations. Jon Rousseau said there are numerous brand to generic conversions expected, with consistent dynamics in margin ramping.
A: Jon Rousseau said there are expected brand to generic conversions with consistent margin ramping dynamics.
Q: Ann Hynes asked about Washington front updates. Jon Rousseau discussed home health rule potential mitigation, IRA advocacy, and internal mitigation plans.
A: Jon Rousseau discussed potential mitigation of home health rule changes, IRA advocacy, and internal plans to navigate healthcare rule changes.
Q: Joanna Gajuk asked about tailwinds and headwinds. Jon Rousseau mentioned strong performance in all service lines, infusion bearing fruit, hospice rate increase, LDDs, home health acquisitions, and balance sheet progress.
A: Jon Rousseau highlighted strong service line performance, infusion progress, hospice rate increase, and balance sheet improvements as tailwinds.
Q: Erin Wilson Wright asked about future opportunities in pharmacy. Jon Rousseau discussed rare diseases, value-added services, growth in acute and chronic therapies, and process/automation investments.
A: Jon Rousseau discussed opportunities in rare diseases, value-added services, growth in acute and chronic therapies, and process/automation initiatives.
Q: Stephen Baxter asked about margin trajectory. Jennifer Phipps said Q4 is expected to be higher margin, with continued growth in businesses and mix driving margins. Jon Rousseau added focus on lean initiatives and operational efficiencies for margin improvement.
A: Jennifer Phipps and Jon Rousseau discussed Q4 margin expectations and focus on lean/efficiency for margin improvement.
Q: Lawrence Solow asked about growth visibility. Jon Rousseau said they expect growth above historical CAGR, set high bar for growth in businesses, and invest in various areas for future growth.
A: Jon Rousseau said they expect growth above historical CAGR, set high growth bars, and invest in areas for future expansion.