Option Care Health (OPCH) FY2024 results: revenue $5.0 billion, up 16.2% on the year

Option Care Health, Inc. (OPCH) reported revenue of $5.0 billion for fiscal 2024, the year ended 31 December 2024, up 16.2% on the year before. Net income was $212 million, down 20.7%, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$5.0 billion

+16.2% on the year

FY2017FY2024

Operating margin

6.4%

7.3% a year earlier

FY2017FY2024

Net income

$212 million

-20.7% on the year

FY2017FY2024

Diluted EPS

$1.23

-16.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,998	4,302	3,945	+16.2%
Cost of revenue	3,447	2,813	2,562	+22.5%
Gross profit	1,013	981	867	+3.2%
Gross margin	20.3%	22.8%	22.0%
Selling, general and administrative	630	607	566	+3.8%
Operating income	322	315	240	+2.3%
Operating margin	6.4%	7.3%	6.1%
Interest expense	49.0	51.2	53.8	-4.3%
Pre-tax income	284	359	206	-20.9%
Income tax	71.8	91.7	55.2	-21.7%
Effective tax rate	25.3%	25.5%	26.8%
Net income	212	267	151	-20.7%
Net margin	4.2%	6.2%	3.8%
Diluted EPS	$1.23	$1.48	$0.83	-16.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	323	371	268	-12.9%
Capital expenditure	35.6	41.9	35.4	-15.0%
Free cash flow	288	329	232	-12.6%
Free cash flow margin	5.8%	7.7%	5.9%
Cash from investing	-36.5	-56.5	-108
Cash from financing	-218	-265	15.3
Depreciation and amortisation	60.9	59.2	60.6	+2.9%
Share-based compensation	36.1	30.5	16.8	+18.6%
Buybacks	253	250	0.0	+1.0%
Diluted shares, weighted	173m	180m	182m	-4.2%
Shares outstanding at period end	166m	175m	182m	-4.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,404	1,422	1,386	-1.2%
Debt	1,111	1,063	1,064	+4.6%
Operating lease liabilities	84.8	85.5	71.4	-0.8%
Other liabilities	822	647	591	+26.9%
Total liabilities and equity	3,422	3,217	3,113	+6.4%
Fixed assets	127	121	108	+5.6%
Goodwill	1,540	1,540	1,533	0.0%
Intangible assets	301	335	364	-10.3%
Cash and equivalents	413	344	294	+20.0%
Receivables	410	378	378	+8.5%
Inventory	388	274	224	+41.7%
Other assets	243	225	211	+7.7%
Total assets	3,422	3,217	3,113	+6.4%

10-K for the year ended 31 December 2024, filed 26 February 2025: the filing.