BrightSpring Health Services reported full-year 2025 revenue of $12.9 billion, up 28.2% from $10.1 billion in 2024, capping a breakout year for the KKR-backed health services platform. Q4 revenue hit $3.55 billion — a 29.3% year-over-year jump — while adjusted EBITDA surged 40.7% to $184 million for the quarter and $618 million for the full year. The company also closed its $239 million acquisition of 107 home health and hospice branches from Amedisys and LHC Group in a two-tranche closing on December 1 and December 31, 2025, funded entirely with cash on hand.

BrightSpring's growth trajectory illustrates a broader thesis playing out across healthcare services: private equity-backed platforms are using scale to capture post-acute and home-based care markets as the U.S. healthcare system shifts away from institutional settings. The Amedisys/LHC branch acquisition gives BrightSpring a significant footprint expansion in home health — a segment expected to grow at 7-8% annually as Medicare increasingly incentivizes home-based care over hospital readmissions. CEO Jon Rousseau called the home health and hospice runway "unbelievable," signaling that BrightSpring views the $239 million deal as a down payment on a much larger build-out in the space.

For healthcare operators and investors, BrightSpring's 2026 guidance tells the story of a company accelerating into scale. The company projects 2026 revenue of $14.45 billion to $15.0 billion — representing 12-16% growth — with adjusted EBITDA of $760 million to $790 million, a 23-28% increase. The Amedisys branches are expected to contribute roughly $30 million in EBITDA in their first full year. For dental and specialty practices watching the PE playbook, BrightSpring's model offers a template: acquire fragmented provider networks, centralize operations, extract margin through scale, then guide to aggressive growth to support the KKR-backed capital structure.

Watch for BrightSpring's investor day on March 17, where management is expected to detail integration plans for the Amedisys branches and potentially signal additional M&A. The gap between revenue growth (28%) and EBITDA growth (34%) in 2025 suggests margin expansion is underway — a critical indicator for whether the platform model is delivering operational leverage rather than just top-line scale. Also monitor whether the 2026 EBITDA guidance range ($760M-$790M) tightens upward as the Amedisys integration matures. At these growth rates, BrightSpring could cross $15 billion in annual revenue within the year, making it one of the largest healthcare services companies in the country.