BrightSpring Health Services, Inc. Revenue Disclosure
3. Revenues
The Company is substantially dependent on revenues received under contracts with federal, state, and local government agencies. Operating funding sources are generally earned from Medicaid, Medicare, commercial insurance reimbursement, and private and other payors. There is no single customer whose revenue was 10% or more of our consolidated revenue. The following tables set forth revenue by payor type (in millions):
|
|
Pharmacy Solutions |
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|
|
For the Years Ended December 31, |
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|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||
|
|
Revenue |
|
|
% of Revenue |
|
|
Revenue |
|
|
% of Revenue |
|
|
Revenue |
|
|
% of Revenue |
|
||||||
Commercial insurance |
|
$ |
3,114.6 |
|
|
|
24.1 |
% |
|
$ |
2,360.0 |
|
|
|
23.4 |
% |
|
$ |
1,657.7 |
|
|
|
21.6 |
% |
Medicaid |
|
|
1,093.2 |
|
|
|
8.5 |
% |
|
|
829.1 |
|
|
|
8.2 |
% |
|
|
656.1 |
|
|
|
8.5 |
% |
Medicare Part A |
|
|
572.8 |
|
|
|
4.4 |
% |
|
|
546.4 |
|
|
|
5.4 |
% |
|
|
549.3 |
|
|
|
7.1 |
% |
Medicare Part B |
|
|
76.4 |
|
|
|
0.6 |
% |
|
|
70.3 |
|
|
|
0.7 |
% |
|
|
61.2 |
|
|
|
0.8 |
% |
Medicare Part C |
|
|
2,277.5 |
|
|
|
17.6 |
% |
|
|
1,547.1 |
|
|
|
15.4 |
% |
|
|
1,384.3 |
|
|
|
18.0 |
% |
Medicare Part D |
|
|
4,097.8 |
|
|
|
31.7 |
% |
|
|
3,202.0 |
|
|
|
31.8 |
% |
|
|
2,031.9 |
|
|
|
26.4 |
% |
Private & other |
|
|
213.5 |
|
|
|
1.8 |
% |
|
|
199.4 |
|
|
|
2.0 |
% |
|
|
182.0 |
|
|
|
2.4 |
% |
|
|
$ |
11,445.8 |
|
|
|
88.7 |
% |
|
$ |
8,754.3 |
|
|
|
86.9 |
% |
|
$ |
6,522.5 |
|
|
|
84.8 |
% |
|
|
Provider Services |
|
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|
|
For the Years Ended December 31, |
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||
|
|
Revenue |
|
|
% of Revenue |
|
|
Revenue |
|
|
% of Revenue |
|
|
Revenue |
|
|
% of Revenue |
|
||||||
Commercial insurance |
|
$ |
188.7 |
|
|
|
1.5 |
% |
|
$ |
168.1 |
|
|
|
1.7 |
% |
|
$ |
152.5 |
|
|
|
2.0 |
% |
Medicaid |
|
|
402.0 |
|
|
|
3.1 |
% |
|
|
337.4 |
|
|
|
3.3 |
% |
|
|
323.0 |
|
|
|
4.2 |
% |
Medicare Part A |
|
|
521.5 |
|
|
|
4.0 |
% |
|
|
453.2 |
|
|
|
4.5 |
% |
|
|
409.3 |
|
|
|
5.3 |
% |
Medicare Part B |
|
|
6.4 |
|
|
|
0.0 |
% |
|
|
25.6 |
|
|
|
0.3 |
% |
|
|
21.6 |
|
|
|
0.3 |
% |
Medicare Part C |
|
|
135.6 |
|
|
|
1.1 |
% |
|
|
117.9 |
|
|
|
1.2 |
% |
|
|
66.1 |
|
|
|
0.9 |
% |
Private & other |
|
|
210.6 |
|
|
|
1.6 |
% |
|
|
215.7 |
|
|
|
2.1 |
% |
|
|
196.0 |
|
|
|
2.5 |
% |
|
|
$ |
1,464.8 |
|
|
|
11.3 |
% |
|
$ |
1,317.9 |
|
|
|
13.1 |
% |
|
$ |
1,168.5 |
|
|
|
15.2 |
% |
|
|
Consolidated |
|
|||||||||||||||||||||
|
|
For the Years Ended December 31, |
|
|||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||||||||||||||
|
|
Revenue |
|
|
% of Revenue |
|
|
Revenue |
|
|
% of Revenue |
|
|
Revenue |
|
|
% of Revenue |
|
||||||
Commercial insurance |
|
$ |
3,303.3 |
|
|
|
25.6 |
% |
|
$ |
2,528.1 |
|
|
|
25.1 |
% |
|
$ |
1,810.2 |
|
|
|
23.6 |
% |
Medicaid |
|
|
1,495.2 |
|
|
|
11.6 |
% |
|
|
1,166.5 |
|
|
|
11.5 |
% |
|
|
979.1 |
|
|
|
12.7 |
% |
Medicare Part A |
|
|
1,094.3 |
|
|
|
8.4 |
% |
|
|
999.6 |
|
|
|
9.9 |
% |
|
|
958.6 |
|
|
|
12.4 |
% |
Medicare Part B |
|
|
82.8 |
|
|
|
0.6 |
% |
|
|
95.9 |
|
|
|
1.0 |
% |
|
|
82.8 |
|
|
|
1.1 |
% |
Medicare Part C |
|
|
2,413.1 |
|
|
|
18.7 |
% |
|
|
1,665.0 |
|
|
|
16.6 |
% |
|
|
1,450.4 |
|
|
|
18.9 |
% |
Medicare Part D |
|
|
4,097.8 |
|
|
|
31.7 |
% |
|
|
3,202.0 |
|
|
|
31.8 |
% |
|
|
2,031.9 |
|
|
|
26.4 |
% |
Private & other |
|
|
424.1 |
|
|
|
3.4 |
% |
|
|
415.1 |
|
|
|
4.1 |
% |
|
|
378.0 |
|
|
|
4.9 |
% |
|
|
$ |
12,910.6 |
|
|
|
100.0 |
% |
|
$ |
10,072.2 |
|
|
|
100.0 |
% |
|
$ |
7,691.0 |
|
|
|
100.0 |
% |
Refer to Note 17 for the disaggregation of revenues by segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.