Option Care Health (OPCH) Q2 2026 earnings summary

Executive summary

• Q2 2026 net revenue reached $1.44 billion, up 1.9% year-over-year, driven by strong acute therapy growth, while chronic therapies were flat due to CID declines offset by IG/neuro and rare/orphan portfolio gains.

• Net income for Q2 2026 was $53.9 million, a 6.7% increase, with diluted EPS up 12.9% to $0.35 and adjusted EPS up 9.8% to $0.45.

• Adjusted EBITDA was $117.5 million, up 3% year-over-year, reflecting operational execution and cost management.

• Continued investment in technology, AI, and digital tools to enhance care coordination, operational efficiency, and patient/provider experience.

• Repurchased $150 million of shares in Q2, with $525 million remaining authorization.

Financial highlights

• Gross profit for Q2 2026 was $267.3 million (18.5% margin), with operating income at $85.1 million.

• Adjusted EBITDA margin for Q2 2026 was about 8.1%.

• Operating cash flow was $184 million in Q2, with $171.5 million generated in the first half of 2026.

• SG&A declined 3% year-over-year to 11% of revenue, driven by lower indirect labor and expense controls.

• Cash and cash equivalents at June 30, 2026 were $193.8 million, with $846 million available under credit facilities.

Outlook and guidance

• Full-year 2026 revenue guidance is $5.675–$5.775 billion.

• Adjusted EBITDA guidance narrowed to $480–$495 million; adjusted EPS to $1.85–$1.92.

• Operating cash flow target maintained at $320 million for 2026.

• Q3 2026 expected to see low-to-mid-single-digit sequential revenue growth and mid-single-digit EBITDA growth.

• Management expects ongoing CID headwinds to negatively impact gross profit by $55 million in 2026.