Option Care Health Inc. (OPCH): 2Q First Take: 2Q EBITDA Beat; 2026 EBITDA Guidance Range Tightened

First-page research excerpt

Equity Research

29 July 2026 | 9:15AM EDT

Option Care Health Inc. (OPCH): 2Q First Take: 2Q EBITDA Beat; 2026

EBITDA Guidance Range Tightened

OPCH reported 2Q26 EBITDA results that were ahead vs GS and Visible Alpha

consensus estimates on in-line revenue vs. Street expectations. Revenue of $1.442

billion compared to GS/consensus of $1.423/$1.420 billion, while adjusted EBITDA

of $117.5 million compared to GS/consensus of $113.0/$113.2 million (3.9%/3.8%

beat vs GS/consensus). OPCH lowered the top end of the 2026 EBITDA guidance,

while maintaining prior expectations for revenue, and increasing the low end of its

adjusted EPS guidance range. We expect investor focus will be on the assumptions

underlying the lower 2026 EBITDA upside implied by the updated outlook.

Scott Fidel

Goldman Sachs & Co. LLC

Sarah Conrad

+1(212)357-2448 |

Goldman Sachs & Co. LLC

Valentine Vlasov

+1(212)934-0210 |

Goldman Sachs & Co. LLC

Below we summarize key financial results and our thoughts (see Exhibit 1 for P&L variance

details).

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2Q26 Revenue: OPCH reported revenue of $1.442 billion, 1.3%/1.6% ahead of

GS/consensus of $1.423/$1.420 billion. Revenue growth of 1.9% compared to

GS/consensus expectations of 0.5%/0.3%. We continue to view acute therapy

growth, site-of-care migration, and Specialty Infusion demand as key supports to

the top line, while chronic therapy dynamics and biosimilar transitions remain the

primary areas of investor focus.

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Adjusted EBITDA: OPCH reported adjusted EBITDA of $117.5 million,

3.9%/3.8% vs GS/consensus of $113.0/$113.2 million. EBITDA margins of 8.1%

compared to GS/consensus of 7.9%/8.0%. Gross margins of 18.5% compared to

GS/consensus of 19.0%/19.1%, while SG&A as a percentage of revenue was

10.8% compared to GS/consensus of 11.6%/11.5%. We continue to expect

investor focus on chronic therapy mix, biosimilar dynamics, gross profit

progression, and the pace of recovery following the Stelara-related patient

census reset highlighted earlier this year.

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2026 Guidance: OPCH maintained 2026 revenue guidance at $5.675-$5.775

billion, lowered the upper end of the adjusted EBITDA guidance range to

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