Option Care Health (OPCH) FY2023 results: revenue $4.3 billion, up 9.1% on the year

Option Care Health, Inc. (OPCH) reported revenue of $4.3 billion for fiscal 2023, the year ended 31 December 2023, up 9.1% on the year before. Net income was $267 million, up 77.4%, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$4.3 billion

+9.1% on the year

FY2016FY2023

Operating margin

7.3%

6.1% a year earlier

FY2016FY2023

Net income

$267 million

+77.4% on the year

FY2016FY2023

Diluted EPS

$1.48

+78.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,302	3,945	3,439	+9.1%
Cost of revenue	2,813	2,562	2,659	+9.8%
Gross profit	981	867	780	+13.2%
Gross margin	22.8%	22.0%	22.7%
Selling, general and administrative	607	566	526	+7.3%
Operating income	315	240	191	+31.0%
Operating margin	7.3%	6.1%	5.5%
Interest expense	51.2	53.8	67.0	-4.8%
Pre-tax income	359	206	116	+74.3%
Income tax	91.7	55.2	-23.4	+66.0%
Effective tax rate	25.5%	26.8%	-20.1%
Net income	267	151	140	+77.4%
Net margin	6.2%	3.8%	4.1%
Diluted EPS	$1.48	$0.83	$0.77	+78.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	371	268	209	+38.8%
Capital expenditure	41.9	35.4	25.6	+18.4%
Free cash flow	329	232	183	+41.9%
Free cash flow margin	7.7%	5.9%	5.3%
Cash from investing	-56.5	-108	-112
Cash from financing	-265	15.3	-76.9
Depreciation and amortisation	59.2	60.6	63.1	-2.3%
Share-based compensation	30.5	16.8	9.6	+81.6%
Buybacks	250	0.0	0.0
Diluted shares, weighted	180m	182m	181m	-0.9%
Shares outstanding at period end	175m	182m	180m	-4.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,422	1,386	1,176	+2.6%
Debt	1,063	1,064	1,066	-0.1%
Operating lease liabilities	85.5	71.4	74.5	+19.7%
Other liabilities	647	591	475	+9.5%
Total liabilities and equity	3,217	3,113	2,791	+3.3%
Fixed assets	121	108	112	+11.4%
Goodwill	1,540	1,533	1,478	+0.4%
Intangible assets	335	364	366	-7.9%
Cash and equivalents	344	294	119	+16.9%
Receivables	378	378	338	+0.0%
Inventory	274	224	183	+22.2%
Other assets	225	211	195	+6.7%
Total assets	3,217	3,113	2,791	+3.3%

10-K for the year ended 31 December 2023, filed 26 February 2025: the filing.