Option Care Health (OPCH) Q2 2026 Earnings Report

The call presented a balance of meaningful operational and financial positives — including sequential revenue and EBITDA growth, strong cash generation ($184M in Q2), active share repurchases ($150M), clinic expansion, and progress in key portfolios (acute, IG neuro, rare/orphan) — while acknowledging persistent headwinds tied to the CID portfolio that are expected to depress 2026 revenue (~600 bps) and gross profit (~$55M). Management emphasized execution of commercial, technology and cost initiatives to drive sequential improvement through the back half of the year, but several initiatives and new therapy launches carry timing and execution risk.

Management reaffirmed full-year 2026 guidance of $5.675–$5.775 billion in revenue, adjusted EBITDA of $480–$495 million, and adjusted EPS of $1.85–$1.92, with net interest expense of $50–$55 million, a tax rate of 26–28%, and an operating cash flow target of at least $320 million; Q3 is expected to show sequential revenue growth in the low- to mid-single digits and sequential EBITDA growth in the mid-single-digit range (seasonality consistent with prior years, with H2 stronger). In Q2 the company posted $1.4 billion revenue (+2% YoY, +7% QoQ), $117.5 million adjusted EBITDA (+3% YoY, +12% QoQ), adjusted EPS $0.45 (+$0.04 YoY), operating cash flow $184 million, net debt leverage 2.1x, repurchased $150 million (~5% of shares) leaving $525 million buyback authorization, SG&A ~11% of revenue (-3% YoY), and gross profit dollars up 2% sequentially; they continue to expect ~600 bps of 2026 revenue headwinds from CID and ~$55 million gross profit headwinds, Stelara/biosimilars to be <1% of 2026 net revenue/gross profit, added five infusion clinics (visits +20% YoY), operate >190 facilities, and recorded >35% of nursing visits in suites/clinics.