Option Care Health, Inc.

Listed Company

OPCHCIK 0001014739NasdaqLarge AcceleratedServices-Home Health Care ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$5.65B

Net Income

$207.59M

Total Assets

$3.46B

Equity

$1.33B

Shares Out

157.03M

Op. Cash Flow

$258.45M

Business

Option Care Health, Inc. is an independent provider of home and alternate-site infusion services, delivering clinical management, nursing support and care coordination for patients requiring intravenous therapies. It offers medication dispensing, pharmacy compounding, nursing services, clinical monitoring, patient education, reimbursement assistance, and a broad therapy portfolio including anti-infectives, nutrition support, immunoglobulin, chronic inflammatory, neurological and other infusion therapies. The company operates in a single infusion services segment that includes full-service pharmacies and ambulatory infusion suites. It distributes services nationally through a network of locations, home visits, clinics and partnerships with payers, providers and manufacturers.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
NET REVENUE	5,650	4,998	4,302	3,945	3,439
COST OF REVENUE	4,562	3,985	3,321	3,078	2,659
GROSS PROFIT	1,088	1,013	981	867	780
Selling, general and administrative expenses	682	630	607	566	526
Depreciation and amortization expense	68	61	59	61	63
Total operating expenses	750	691	667	627	589
OPERATING INCOME	338	322	315	240	191
Interest expense, net	−55	−49	−51	−54	—
Equity in earnings of joint ventures	7	6	6	5	6
Other, net	−8	5	90	14	−13
Total other (expense) income	−55	−38	44	−34	—
INCOME BEFORE INCOME TAXES	283	284	359	206	116
INCOME TAX EXPENSE	75	72	92	55	−23
NET INCOME	208	212	267	151	140
Change in unrealized (loss) gain on cash flow hedges, net of income tax benefit (expense) of $2,272, $1,284, and $2,158, respectively	−7	−4	−6	22	—
OTHER COMPREHENSIVE (LOSS) INCOME	−7	−4	−6	22	11
NET COMPREHENSIVE INCOME	201	208	261	172	151
Earnings per share, basic (in dollars per share)	1.28	1.23	1.49	0.83	0.78
Earnings per share, diluted (in dollars per share)	1.27	1.23	1.48	0.83	0.77
Weighted average common shares outstanding, basic (in shares)	162	172	179	181	180
Weighted average common shares outstanding, diluted (in shares)	163	173	180	182	181

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	233	413	344	294	119
Accounts receivable, net	474	410	378	378	338
Inventories	471	388	274	224	183
Prepaid expenses and other current assets	88	112	99	98	69
Total current assets	1,265	1,323	1,094	994	710
Property and equipment, net	139	127	121	108	112
Operating lease right-of-use asset	91	87	84	72	75
Intangible assets, net	22	17	20	22	21
Referral sources, net	287	284	315	342	345
Goodwill	1,607	1,540	1,540	1,533	1,478
Other noncurrent assets	44	44	42	40	24
Total noncurrent assets	2,191	2,099	2,123	2,119	2,081
TOTAL ASSETS	3,456	3,422	3,217	3,113	2,791
Accounts payable	640	611	427	379	279
Accrued compensation and employee benefits	70	63	93	77	84
Accrued expenses and other current liabilities	88	78	75	84	72
Current portion of operating lease liability	24	22	18	19	19
Current portion of long-term debt	7	7	6	6	6
Total current liabilities	829	780	618	565	460
Long-term debt, net of discount, deferred financing costs and current portion	1,154	1,105	1,057	1,058	1,060
Operating lease liability, net of current portion	89	85	85	71	74
Deferred income taxes	56	48	35	22	0
Other noncurrent liabilities	1	366,000	0	10	21
Total noncurrent liabilities	1,300	1,237	1,177	1,161	1,155
Total liabilities	2,129	2,018	1,795	1,727	1,615
Preferred stock; $0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock; $0.0001 par value: 250,000,000 shares authorized, 184,522,423 shares issued and 156,857,801 shares outstanding as of December 31, 2025; 183,846,725 shares issued and 166,261,112 shares outstanding as of December 31, 2024	18,000	18,000	18,000	18,000	18,000
Treasury stock; 27,664,622 and 17,585,613 shares outstanding, at cost, as of December 31, 2025 and 2024, respectively	−818	−508	−255	−2	−2
Paid-in capital	1,264	1,231	1,204	1,177	1,139
Retained earnings	877	669	458	190	40
Accumulated other comprehensive income (loss)	4	11	15	21	−451,000
Total stockholders equity	1,326	1,404	1,422	1,386	1,176
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	3,456	3,422	3,217	3,113	2,791

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	71	63	62	65	69
Non-cash operating lease costs	25	23	19	20	15
Deferred income taxes, net	8	13	13	49	−30
Loss on extinguishment of debt	5	377,000	0	0	13
Amortization of deferred financing costs	4	5	4	4	5
Equity in earnings of joint ventures	−7	−6	−6	−5	−6
Stock-based incentive compensation expense	40	36	30	17	10
Distribution from equity method investments	4	2	4	6	3
Other adjustments	1	−5	−1	0	844,000
Accounts receivable, net	−55	−32	224,000	−37	−4
Inventories	−81	−114	−51	−41	−23
Prepaid expenses and other current assets	18	−16	−6	−17	1
Accounts payable	20	183	48	99	−10
Accrued compensation and employee benefits	6	−29	16	−8	24
Accrued expenses and other current liabilities	10	6	−2	11	18
Operating lease liabilities	−24	−22	−18	−21	−18
Other noncurrent assets and liabilities	7	3	−8	−15	700,000
Net cash provided by operating activities	258	323	371	268	209
Acquisition of property and equipment	−41	−36	−42	−35	−26
Proceeds from sale of assets	0	0	4	15	0
Business acquisitions, net of cash acquired	−117	0	−12	−87	−86
Other investing activities	−3	−864,000	−6	0	0
Net cash used in investing activities	−161	−36	−57	−108	−112
Stock-based compensation tax withholdings	−11	−12	−3	—	−32,000
Purchase of company stock and related excise taxes	−310	−253	−250	0	0
Proceeds from issuance of debt	229	50	0	0	855
Repayments of debt principal	−5	−6	−6	−6	−9
Retirement of debt obligations	−180	0	0	—	—
Deferred financing costs	−3	−77,000	0	0	−10
Other financing activities	2	3	−6	0	0
Net cash used in financing activities	−277	−218	−265	15	−77
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−180	69	50	175	20
Cash paid for interest	65	72	70	50	61
Income Taxes Paid, Net	67	65	75	13	6
Cash paid for operating leases	31	29	27	25	26

Filings

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