Option Care Health (OPCH) FY2025 results: revenue $5.6 billion, up 13.0% on the year
Option Care Health, Inc. (OPCH) reported revenue of $5.6 billion for fiscal 2025, the year ended 31 December 2025, up 13.0% on the year before. Net income was $208 million, down 2.0%, and diluted earnings per share $1.27. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new, 3 kept.
- Fourth-quarter revenue rose 8.8%: Fourth-quarter net revenue was $1,465.4 million, up 8.8%. Fourth-quarter net income was $58.5 million, down 2.7%.
- Full-year revenue rose 13.0%: Full-year 2025 net revenue was $5,649.5 million, up 13.0%. Full-year net income was $207.6 million, down 2.0%.
- Operating cash flow fell for 2025: Cash provided by operating activities was $258.4 million for 2025, against $323.4 million in 2024, according to the cash flow statement.
- Stock repurchases of $307 million: The company repurchased $95 million of stock in the fourth quarter and $307 million for the year.
- Revenue range repeated for 2026: The company expects 2026 net revenue of $5.8 billion to $6.0 billion, the same range as in the January release.
From this 10-K
Option Care Health provides home and alternate site infusion services through a national network of 196 locations in 43 states. The filing states that it is the largest independent provider of these services. Its pharmacists, pharmacy technicians, nurses and dietitians, more than 5,000 clinicians in all, manage infusion therapy, provide nursing support and coordinate care for patients with complex and chronic conditions, and it reports a single segment, infusion services.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 5,650 | 4,998 | 4,302 | +13.0% | |
| Cost of revenue | 4,562 | 3,447 | 2,813 | +32.3% | |
| Gross profit | 1,088 | 1,013 | 981 | +7.4% | |
| Gross margin | 19.3% | 20.3% | 22.8% | ||
| Selling, general and administrative | 682 | 630 | 607 | +8.3% | |
| Operating income | 338 | 322 | 315 | +5.0% | |
| Operating margin | 6.0% | 6.4% | 7.3% | ||
| Interest expense | 54.6 | 49.0 | 51.2 | +11.3% | |
| Pre-tax income | 283 | 284 | 359 | -0.2% | |
| Income tax | 75.3 | 71.8 | 91.7 | +4.9% | |
| Effective tax rate | 26.6% | 25.3% | 25.5% | ||
| Net income | 208 | 212 | 267 | -2.0% | |
| Net margin | 3.7% | 4.2% | 6.2% | ||
| Diluted EPS | $1.27 | $1.23 | $1.48 | +3.3% |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 258 | 323 | 371 | -20.1% | |
| Capital expenditure | 41.3 | 35.6 | 41.9 | +16.0% | |
| Free cash flow | 217 | 288 | 329 | -24.5% | |
| Free cash flow margin | 3.8% | 5.8% | 7.7% | ||
| Cash from investing | -161 | -36.5 | -56.5 | ||
| Cash from financing | -277 | -218 | -265 | ||
| Depreciation and amortisation | 67.5 | 60.9 | 59.2 | +10.9% | |
| Share-based compensation | 40.0 | 36.1 | 30.5 | +10.5% | |
| Buybacks | 310 | 253 | 250 | +22.6% | |
| Diluted shares, weighted | 163m | 173m | 180m | -5.5% | |
| Shares outstanding at period end | 157m | 166m | 175m | -5.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,326 | 1,404 | 1,422 | -5.5% | |
| Debt | 1,161 | 1,111 | 1,063 | +4.5% | |
| Operating lease liabilities | 88.5 | 84.8 | 85.5 | +4.4% | |
| Other liabilities | 880 | 822 | 647 | +7.1% | |
| Total liabilities and equity | 3,456 | 3,422 | 3,217 | +1.0% | |
| Fixed assets | 139 | 127 | 121 | +9.3% | |
| Goodwill | 1,607 | 1,540 | 1,540 | +4.3% | |
| Intangible assets | 309 | 301 | 335 | +2.7% | |
| Cash and equivalents | 233 | 413 | 344 | -43.6% | |
| Receivables | 474 | 410 | 378 | +15.6% | |
| Inventory | 471 | 388 | 274 | +21.4% | |
| Other assets | 223 | 243 | 225 | -8.0% | |
| Total assets | 3,456 | 3,422 | 3,217 | +1.0% |
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.