Revenue growth decelerated to 1.9% in 2026Q2 from 19.7% in 2024Q4, while gross margin compressed from 20.8% to 18.5%, reflecting structural cost pressures.
Option Care Health, Inc. (OPCH) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.75B | 5.65B | 5B | 4.3B | 3.94B | 3.44B | 3.03B | 2.31B | 1.94B | 817.19M | 935.59M | 982.22M | 922.65M | 696.47M | 593.45M | 554.51M | 430.71M | 1.33B | 1.4B | 1.2B | 1.15B | 1.07B | 630.52M | 588.77M | 576.6M | 456.65M | 338.17M | 350.69M | 451.07M | 242.3M | 283.2M |
| Revenue Growth % | 4.01% | 13.03% | 16.17% | 9.06% | 14.72% | 13.39% | 31.26% | 19.11% | 137.37% | -12.65% | -4.75% | 6.46% | 32.48% | 17.36% | 7.02% | 28.74% | -67.6% | -5.16% | 17.05% | 3.98% | 7.37% | 70.16% | 7.09% | 2.11% | 26.27% | 35.03% | -3.57% | -22.25% | 86.16% | -14.44% | - |
| Cost of Goods Sold | 4.69B | 4.63B | 3.99B | 3.32B | 3.08B | 2.66B | 2.35B | 1.8B | 1.52B | 547.95M | 673.51M | 722.27M | 671.9M | 489.82M | 397.55M | 339.09M | 270.17M | 1.17B | 1.26B | 1.06B | 1.03B | 956.52M | 562.36M | 520.25M | 506M | 403.24M | 302.99M | 320.39M | 420M | 237.9M | 277.3M |
| COGS % of Revenue | - | 81.94% | 79.73% | 77.19% | 78.02% | 77.33% | 77.5% | 77.8% | 78.23% | 67.05% | 71.99% | 73.53% | 72.82% | 70.33% | 66.99% | 61.15% | 62.73% | 88.13% | 89.86% | 88.56% | 89.75% | 89.15% | 89.19% | 88.36% | 87.76% | 88.31% | 89.6% | 91.36% | 93.11% | 98.18% | 97.92% |
| Gross Profit | 1.06B | 1.02B | 1.01B | 981.22M | 866.92M | 779.61M | 682.26M | 513M | 422.21M | 269.24M | 262.08M | 259.95M | 250.75M | 206.65M | 195.9M | 215.41M | 160.54M | 157.82M | 142.17M | 137.01M | 118.06M | 116.38M | 68.16M | 68.52M | 70.6M | 53.4M | 35.18M | 30.3M | 31.07M | 4.4M | 5.9M |
| Gross Margin % | 18.48% | 18.06% | 20.27% | 22.81% | 21.98% | 22.67% | 22.5% | 22.2% | 21.77% | 32.95% | 28.01% | 26.47% | 27.18% | 29.67% | 33.01% | 38.85% | 37.27% | 11.87% | 10.14% | 11.44% | 10.25% | 10.85% | 10.81% | 11.64% | 12.24% | 11.69% | 10.4% | 8.64% | 6.89% | 1.82% | 2.08% |
| Gross Profit Growth % | - | 0.73% | 3.24% | 13.19% | 11.2% | 14.27% | 33% | 21.5% | 56.82% | 2.73% | 0.82% | 3.67% | 21.34% | 5.49% | -9.06% | 34.18% | 1.72% | 11.01% | 3.76% | 16.06% | 1.44% | 70.75% | -0.53% | -2.94% | 32.2% | 51.8% | 16.09% | -2.46% | 606.14% | -25.42% | - |
| Operating Expenses | 719.96M | 682.45M | 691.16M | 666.63M | 626.69M | 588.76M | 571.51M | 513.32M | 383.95M | 332.55M | 298.25M | 547.6M | 250.75M | 232.9M | 182.61M | 215.41M | 153M | 142.36M | 58.65M | 128.16M | 101.81M | 87.17M | 55.86M | 52.5M | 46.45M | 38.21M | 35M | 30.3M | 24.77M | 4.4M | -27.2M |
| OpEx % of Revenue | - | 12.08% | 13.83% | 15.49% | 15.89% | 17.12% | 18.85% | 22.22% | 19.79% | 40.69% | 31.88% | 55.75% | 27.18% | 33.44% | 30.77% | 38.85% | 35.52% | 10.71% | 4.18% | 10.7% | 8.84% | 8.13% | 8.86% | 8.92% | 8.06% | 8.37% | 10.35% | 8.64% | 5.49% | 1.82% | -9.6% |
| Selling, General & Admin | 680.84M | 682.45M | 630.25M | 607.43M | 566.12M | 525.71M | 500.2M | 459.63M | 345.88M | 39.63M | 38.8M | 42.47M | 49.31M | 47.9M | 162.88M | 167.14M | 133.38M | 131.95M | 125.2M | 125.27M | 127.7M | 109.44M | 52.84M | 50.63M | 45.88M | 38.49M | 33.91M | 28.01M | 23.1M | 19.1M | 38.2M |
| SG&A % of Revenue | - | 12.08% | 12.61% | 14.12% | 14.35% | 15.29% | 16.49% | 19.89% | 17.83% | 4.85% | 4.15% | 4.32% | 5.34% | 6.88% | 27.45% | 30.14% | 30.97% | 9.92% | 8.93% | 10.46% | 11.09% | 10.2% | 8.38% | 8.6% | 7.96% | 8.43% | 10.03% | 7.99% | 5.12% | 7.88% | 13.49% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 60.91M | 59.2M | 60.56M | 63.06M | 71.31M | 53.69M | 38.06M | 292.92M | 259.46M | 505.13M | 201.44M | 185M | 19.73M | 48.28M | 19.62M | 10.41M | -66.55M | 2.9M | -25.89M | -22.27M | 3.02M | 1.86M | 573K | -276K | 1.09M | 2.3M | 1.67M | -14.7M | -65.4M |
| Operating Income | 343.01M | 337.91M | 321.83M | 314.6M | 240.23M | 190.84M | 110.75M | -319K | 38.27M | -63.3M | -36.17M | -287.65M | 11.94M | -26.25M | 13.29M | 44.9M | 7.54M | 15.47M | 83.52M | 8.85M | 16.24M | 29.2M | 12.29M | 16.02M | 24.15M | 15.19M | 179K | -4.8M | 6.3M | -15.8M | 33.1M |
| Operating Margin % | 5.96% | 5.98% | 6.44% | 7.31% | 6.09% | 5.55% | 3.65% | -0.01% | 1.97% | -7.75% | -3.87% | -29.29% | 1.29% | -3.77% | 2.24% | 8.1% | 1.75% | 1.16% | 5.96% | 0.74% | 1.41% | 2.72% | 1.95% | 2.72% | 4.19% | 3.33% | 0.05% | -1.37% | 1.4% | -6.52% | 11.69% |
| Operating Income Growth % | - | 4.99% | 2.3% | 30.96% | 25.88% | 72.31% | 34819.44% | -100.83% | 160.45% | -75.01% | 87.42% | -2508.3% | 145.5% | -297.55% | -70.41% | 495.61% | -51.25% | -81.48% | 843.59% | -45.5% | -44.39% | 137.54% | -23.28% | -33.64% | 58.97% | 8386.03% | 103.73% | -176.14% | 139.87% | -147.73% | - |
| EBITDA | 416.2M | 408.6M | 385.33M | 376.8M | 305.67M | 259.64M | 188.65M | 57.55M | 79.32M | -35.58M | -14.15M | -264.78M | 34.89M | -6.03M | 25.61M | 54.87M | 15.44M | 20.5M | 89.91M | 15.94M | 27.09M | 64.28M | 17.32M | 21.11M | 30.21M | 21.55M | 5.05M | -1.58M | 8M | -14.7M | 33.9M |
| EBITDA Margin % | 7.24% | 7.23% | 7.71% | 8.76% | 7.75% | 7.55% | 6.22% | 2.49% | 4.09% | -4.35% | -1.51% | -26.96% | 3.78% | -0.87% | 4.32% | 9.9% | 3.58% | 1.54% | 6.41% | 1.33% | 2.35% | 5.99% | 2.75% | 3.58% | 5.24% | 4.72% | 1.49% | -0.45% | 1.77% | -6.07% | 11.97% |
| EBITDA Growth % | 3.72% | 6.04% | 2.27% | 23.27% | 17.72% | 37.63% | 227.8% | -27.45% | 322.96% | -151.49% | 94.66% | -858.97% | 679.04% | -123.52% | -53.32% | 255.38% | -24.68% | -77.2% | 464.02% | -41.17% | -57.85% | 271.19% | -17.95% | -30.14% | 40.21% | 326.27% | 420.55% | -119.71% | 154.42% | -143.36% | - |
| D&A (Non-Cash Add-back) | 73.19M | 70.69M | 63.5M | 62.2M | 65.43M | 68.8M | 77.9M | 57.87M | 41.05M | 27.73M | 22.02M | 22.86M | 22.94M | 20.23M | 12.32M | 9.97M | 7.9M | 5.03M | 6.39M | 7.09M | 10.85M | 35.08M | 5.02M | 5.08M | 6.06M | 6.36M | 4.88M | 3.22M | 1.7M | 1.1M | 800K |
| EBIT | 350.34M | 346.1M | 332.63M | 409.99M | 259.57M | 183.5M | 102.53M | -4.47M | 37.06M | 38.62M | 31.48M | -289.41M | -97.81M | -44.47M | 6.35M | 27.45M | 4.58M | 17.24M | -83.52M | 8.85M | -16.18M | -24.63M | 12.29M | 16.02M | 24.15M | 15.19M | -179K | -4.8M | 6.27M | -15.8M | -33.1M |
| Net Interest Income | -54.93M | -63.2M | -60.56M | -62.22M | -54.9M | -55.46M | -91.19M | -73.39M | -46.12M | -52.07M | -37.57M | -37.31M | -38.73M | -28.2M | -26.07M | -28.31M | -27.65M | -1.92M | -2.71M | -3.27M | -3.02M | -392K | -808K | -808K | -792K | -56K | 766K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 766K | 0 | 0 | 0 | 0 |
| Interest Expense | 54.93M | 63.2M | 60.56M | 62.22M | 54.9M | 55.46M | 91.19M | 73.39M | 46.12M | 52.07M | 37.57M | 37.31M | 38.73M | 28.2M | 26.07M | 28.31M | 27.65M | 1.92M | 2.71M | 3.27M | 3.02M | 392K | 808K | 808K | 792K | 56K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -47.61M | -55.01M | -38.23M | 44.15M | -34.46M | -74.35M | -116M | -77.88M | -47.04M | -4.13M | 2.02M | -38.7M | -150.67M | -44.13M | -32.68M | -44.89M | -26.51M | -1.92M | -169.75M | -3.27M | -35.5M | -58.8M | -808K | -808K | -792K | -56K | -1.89M | 1.01M | -6.3M | 15.8M | -33.1M |
| Pretax Income | 295.41M | 282.9M | 283.6M | 358.74M | 205.77M | 116.49M | -5.24M | -78.19M | -8.77M | -67.43M | -34.16M | -326.35M | -138.73M | -70.38M | -19.39M | 11K | -18.98M | 13.55M | -86.23M | 5.58M | -19.26M | -29.59M | 11.49M | 15.22M | 23.36M | 15.13M | -1.71M | -3.79M | 0 | 0 | 0 |
| Pretax Margin % | 5.14% | 5.01% | 5.67% | 8.34% | 5.22% | 3.39% | -0.17% | -3.38% | -0.45% | -8.25% | -3.65% | -33.23% | -15.04% | -10.11% | -3.27% | 0% | -4.41% | 1.02% | -6.15% | 0.47% | -1.67% | -2.76% | 1.82% | 2.58% | 4.05% | 3.31% | -0.51% | -1.08% | - | - | - |
| Income Tax | 80.21M | 75.31M | 71.78M | 91.65M | 55.21M | -23.4M | 2.83M | -2.27M | -2.65M | -4.13M | 2.02M | -21.53M | 11.19M | 1.26M | -7.12M | 435K | 48.7M | -40.55M | -12.2M | 2.26M | 19.03M | -5.75M | 4.45M | 6.09M | 4.67M | 932K | 110K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 27.15% | 26.62% | 25.31% | 25.55% | 26.83% | -20.09% | -54.03% | 2.91% | 30.26% | 6.12% | -5.9% | 6.6% | -8.07% | -1.79% | 36.7% | 3954.55% | -256.65% | -299.37% | 14.14% | 40.57% | -98.81% | 19.42% | 38.77% | 40% | 20% | 6.16% | -6.42% | 0% | - | - | - |
| Net Income | 215.19M | 207.59M | 211.82M | 267.09M | 150.56M | 139.9M | -8.08M | -75.92M | -6.12M | -64.2M | -42.77M | -300.13M | -147.47M | -69.65M | 64.71M | 7.87M | -69.14M | 54.1M | -74.03M | 3.32M | -38.29M | -23.85M | 7.03M | 9.13M | 18.68M | 14.2M | -1.82M | -3.79M | 4.3M | -13.5M | -31.8M |
| Net Margin % | 3.74% | 3.67% | 4.24% | 6.21% | 3.82% | 4.07% | -0.27% | -3.29% | -0.32% | -7.86% | -4.57% | -30.56% | -15.98% | -10% | 10.9% | 1.42% | -16.05% | 4.07% | -5.28% | 0.28% | -3.32% | -2.22% | 1.12% | 1.55% | 3.24% | 3.11% | -0.54% | -1.08% | 0.95% | -5.57% | -11.23% |
| Net Income Growth % | 2.86% | -2% | -20.69% | 77.4% | 7.62% | 1832.27% | 89.36% | -1141.54% | 90.47% | -50.11% | 85.75% | -103.52% | -111.72% | -207.65% | 721.99% | 111.39% | -227.81% | 173.08% | -2331.9% | 108.66% | -60.56% | -439.07% | -22.97% | -51.14% | 31.57% | 879.05% | 51.84% | -188.02% | 131.85% | 57.55% | - |
| Net Income (Continuing) | 215.19M | 207.59M | 211.82M | 267.09M | 150.56M | 139.9M | -8.08M | -75.92M | -6.12M | -63.3M | -36.17M | -304.82M | -149.92M | -71.64M | -12.28M | -424K | -67.67M | 54.1M | -74.03M | 3.32M | -38.29M | -23.85M | 7.03M | 9.13M | 18.68M | 14.2M | -1.82M | -3.79M | 4.3M | -13.5M | -31.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101K | -893K | -6.59M | 4.69M | 2.45M | 1.99M | 76.98M | 8.3M | -1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.11M | 1.11M | 1.1M | 1.1M | 1.1M |
| EPS (Diluted) | 1.43 | 1.27 | 1.23 | 1.48 | 0.83 | 0.77 | -0.04 | -0.49 | -1.62 | -2.02 | -1.77 | -17.45 | -8.61 | -4.32 | 4.60 | 0.56 | -5.49 | 5.44 | -7.71 | 0.36 | -4.11 | -2.79 | 1.24 | 1.60 | 3.16 | 2.56 | -0.36 | -0.80 | 1.04 | -4.28 | -13.31 |
| EPS Growth % | 10.32% | 3.25% | -16.89% | 78.31% | 7.79% | 1826.46% | 90.9% | 69.75% | 19.8% | -14.12% | 89.86% | -102.67% | -99.31% | -193.91% | 721.43% | 110.2% | -200.92% | 170.56% | -2241.67% | 108.76% | -47.31% | -325% | -22.5% | -49.37% | 23.44% | 811.11% | 55% | -176.92% | 124.3% | 67.84% | - |
| EPS (Basic) | - | 1.28 | 1.23 | 1.49 | 0.83 | 0.78 | -0.04 | -0.49 | -1.62 | -2.02 | -1.77 | -17.45 | -8.61 | -4.32 | 4.60 | 0.56 | -5.49 | 5.56 | -7.71 | 0.36 | -4.11 | -2.79 | 1.28 | 1.64 | 3.32 | 2.68 | -0.36 | -0.80 | 1.12 | -4.28 | -13.31 |
| Diluted Shares Outstanding | 150.49M | 163.37M | 172.84M | 180.38M | 182.07M | 181.21M | 180.97M | 156.28M | 31.99M | 30.95M | 23.43M | 17.18M | 17.12M | 16.14M | 14.06M | 13.63M | 12.59M | 9.93M | 9.6M | 9.62M | 9.33M | 8.53M | 5.68M | 5.66M | 5.89M | 5.55M | 5.06M | 4.73M | 4.13M | 3.15M | 2.39M |
| Basic Shares Outstanding | 149.79M | 162.1M | 171.57M | 178.97M | 181.1M | 179.85M | 180.97M | 156.28M | 31.99M | 30.95M | 23.43M | 17.18M | 17.12M | 16.14M | 14.06M | 13.63M | 12.59M | 9.75M | 9.6M | 9.41M | 9.33M | 8.53M | 5.56M | 5.54M | 5.65M | 5.3M | 5.06M | 4.73M | 3.84M | 3.15M | 2.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OPCH stock.
For fiscal year 2025, Option Care Health, Inc. (OPCH) reported total revenue of $5.65B. This represents a 1894.9% increase compared to $283.2M in 1996.
Option Care Health, Inc. (OPCH) is profitable, generating $207.6M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
Option Care Health, Inc. (OPCH) reported an operating income of $337.9M, resulting in an operating profit margin of 6.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Option Care Health, Inc. (OPCH) generated $1.02B in gross profit for the year, representing a gross profit margin of 18.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from reimbursement changes
Metrics are mathematically derived from official filings.
Growth Deceleration Amidst Volume Gains
Revenue growth slowed from 19.7% in 2024Q4 to 1.9% in 2026Q2, per reported figures, suggesting a maturing base and potential market saturation.
The sequential deceleration in revenue growth, from double-digit rates in 2024 to low single digits in 2026, indicates that the company's expansion is losing momentum. While the absolute revenue figures continue to rise, the pace of growth has contracted sharply, which may reflect tougher comparables or a slowdown in new patient starts. Investors should monitor whether this trend persists, as it could signal a shift from a high-growth phase to a more mature, stable trajectory.
Gross Margin Compression Pressures Profitability
Gross margin declined from 20.8% in 2024Q1 to 18.5% in 2026Q2, as reported in financial statements, indicating structural cost pressures.
The steady erosion of gross margins, from over 20% in early 2024 to the high 18% range in 2026, suggests that the company is facing increasing drug procurement costs or reimbursement rate pressures. This compression is particularly concerning given the already thin operating margins, which have remained relatively stable around 6%. The sustainability of the business model depends on the company's ability to offset these cost pressures through operational efficiencies or favorable payor mix shifts.
Operating Leverage Limited by Rising SG&A
SG&A expenses grew from $154.7M in 2024Q1 to $161.1M in 2026Q2, while operating income rose only modestly, indicating limited operating leverage.
Despite revenue growth, SG&A costs have not scaled proportionally, with the ratio of SG&A to revenue remaining relatively stable. This suggests that the company is not achieving significant economies of scale, possibly due to the labor-intensive nature of its services. The modest growth in operating income, from $69.0M to $85.1M over the same period, underscores that fixed cost absorption is not improving, which may limit margin expansion potential.
EPS Growth Diverges from Net Income
EPS grew 12.9% in 2026Q2 despite net income rising only 6.7%, per reported data, suggesting share buybacks or favorable tax effects.
The discrepancy between EPS growth and net income growth in the latest quarter indicates that the company may be repurchasing shares or benefiting from a lower effective tax rate. While this can enhance shareholder returns, it also raises questions about the underlying quality of earnings. Investors should scrutinize the sustainability of these factors, as they may not be repeatable and could mask operational challenges.
COGS Dominates Cost Structure
COGS consistently represents over 80% of revenue, as seen in 2026Q2 where it was $1.2B against $1.4B revenue, highlighting the buy-and-bill model.
The cost structure is heavily weighted towards the procurement of specialty pharmaceuticals, which is typical for the home infusion industry. This leaves little room for margin expansion unless the company can negotiate better drug pricing or shift to higher-margin services. The stability of gross margins around 18% suggests that the company has some pricing power, but it remains vulnerable to drug price inflation and reimbursement policy changes.
2024Q4 Marks Peak Margin Performance
Gross margin peaked at 19.9% in 2024Q4, as reported, before declining to 18.5% in 2026Q2, indicating a turning point in profitability.
The fourth quarter of 2024 appears to be the high-water mark for margins, with gross margin at 19.9% and operating margin at 6.5%. Since then, margins have trended downward, suggesting that the company may have lost some pricing power or faced increased competition. This inflection point is critical for investors to monitor, as it may signal the beginning of a period of margin compression that could impact long-term profitability.
What Could Invalidate the Base Case
The recent EPS miss in 2026Q2, with actual EPS of $0.45 versus $0.49 estimate, may indicate margin pressure that could challenge the growth narrative.
Despite solid revenue growth, the company's bottom-line performance has fallen short of expectations, suggesting that cost pressures may be more persistent than anticipated. If gross margins continue to decline and SG&A costs remain elevated, the company's ability to deliver earnings growth could be compromised. Investors should closely monitor reimbursement policy changes and labor costs, as these could further erode profitability and undermine the investment thesis.