Financial Analysis

COMMITMENTS AND CONTINGENCIES The Company is involved in legal proceedings and is subject to investigations, inspections, audits, inquiries, and similar actions by governmental authorities, arising in the normal course of the Companys business. Some of these suits may purport or may be determined to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. From time to time, the Company may also be involved in legal proceedings as a plaintiff involving antitrust, tax, contract, intellectual property, and other matters. Material loss contingencies, if any, are accrued for when they are probable and reasonably estimable, and are disclosed when they are reasonably possible. Gain contingencies, if any, are recognized when they are realized. The results of legal proceedings are often uncertain and difficult to predict, and the costs incurred in litigation can be substantial, regardless of the outcome. The Company does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Companys consolidated financial statements. However, substantial unanticipated verdicts, fines, and rulings may occur. As a result, the Company may from time to time incur judgments, enter into settlements, or revise expectations regarding the outcome of certain matters, and such developments cou …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

EMPLOYEE BENEFIT PLANS The Company maintains a 401(k) plan and matches 100% of employee contributions, up to 4% of employee compensation. The Company recorded expense for the defined contribution plan of $14.7 million, $13.3 million, and $13.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. In the years ended December 31, 2025, 2024, and 2023, Company contributions of $14.0 million, $13.3 million, and $12.4 million, respectively, were paid.

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INDEBTEDNESS Long-term debt consisted of the following as of December 31, 2025 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance Revolver Facility $ $ $ $ First Lien Term Loan 676,305 (4,552) (4,937) 666,816 Senior Notes 500,000 (5,984) 494,016 $ 1,176,305 $ (4,552) $ (10,921) 1,160,832 Less: current portion (6,780) Total long-term debt $ 1,154,052 Long-term debt consisted of the following as of December 31, 2024 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance Revolver Facility $ $ $ $ First Lien Term Loan 631,617 (5,537) (7,555) 618,525 Senior Notes 500,000 (7,372) 492,628 $ 1,131,617 $ (5,537) $ (14,927) 1,111,153 Less: current portion (6,512) Total long-term debt $ 1,104,641 On September 22, 2025, the Company entered into the fourth amendment (the Fourth Amendment) to the amended and restated First Lien Credit Agreement (the Credit Agreement) dated as of October 27, 2021. The Fourth Amendment, among other things, (i) refinances the existing term loans with a new class of term loans (the First Lien Term Loan), reduces the interest rate on the First Lien Term Loan from Term Secured Overnight Financing Rate (SOFR) plus 2.25% to Term SOFR plus 1.75% and extends the maturity date of the First Lien Term Loan to September 22, 2032, (ii) provides for an additional $49.6 million of incremental First Lien Term Loan indebtedness, and (iii) extends the maturity date of the revolving credit commitments under the Credit Agreement (the Re …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth the net revenue earned by category of payer for the years ended December 31, 2025, 2024, and 2023 (in thousands): Year Ended December 31, 2025 2024 2023 Commercial payers $ 4,902,394 $ 4,348,991 $ 3,747,568 Government payers 681,583 584,271 500,891 Patients 65,542 64,940 53,865 Net revenue $ 5,649,519 $ 4,998,202 $ 4,302,324

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STOCK-BASED INCENTIVE COMPENSATION Equity Incentive Plans Under the Companys 2018 Equity Incentive Plan (the 2018 Plan), approved at the annual meeting by stockholders on May 3, 2018 and amended and restated on May 19, 2021 and May 15, 2024, the Company may issue, among other things, incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, and performance units to key employees and directors. The 2018 Plan is administered by the Companys Compensation Committee, a standing committee of the Companys Board of Directors. As of May 2021, a total of 9,101,734 shares of common stock were authorized for issuance under the 2018 Plan. In May 2024, an additional 4,000,000 shares were authorized for issuance under the 2018 Plan, resulting in a total of 13,101,734 shares of common stock authorized for issuance as of December 31, 2025 and 2024. During the years ended December 31, 2025, 2024, and 2023, the Company recognized total compensation expense related to the 2018 Plan of $40.0 million, $36.1 million, and $30.5 million, respectively. Stock Options Options granted under the 2018 Plan typically vest over a three - or four-year period and, in certain instances, may fully vest upon a change in control of the Company. The options also typically have an exercise price that may not be less than 100% of its fair market value on the date of grant and are exercisable seven to ten years after the date of grant, subject to earlier ter …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs within the fair value hierarchy are defined in Note 2, Summary of Significant Accounting Policies. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. First Lien Term Loan : The fair value of the First Lien Term Loan is derived from a broker quote on the loans in the syndication (Level 2 inputs). See Note 11, Indebtedness , for further discussion of the carrying amount and fair value of the First Lien Term Loan. Senior Notes : The fair value of the Senior Notes is derived from a broker quote (Level 2 inputs). See Note 11, Indebtedness , for further discussion of the carrying amount and fair value of the Senior Notes. Interest Rate Cap : The fair value of the interest rate cap is derived from the interest rates prevalent in the market and future expectations of those interest rates (Level 2 inputs). The Company determines the fair va …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is not amortized, but is evaluated for impairment annually in the fourth quarter of the fiscal year, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. Circumstances that could trigger an interim impairment test include: a significant adverse change in the business climate or legal factors, an adverse action or assessment by a regulator, unanticipated competition, the loss of key personnel, a change in reporting units, the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed of, and the results of testing for recoverability of a significant asset group within a reporting unit. A qualitative impairment analysis was performed in the fourth quarter of 2025, 2024, and 2023, to assess whether it is more likely than not that the fair value of the Companys reporting units are less than their carrying value. The Company assessed relevant events and circumstances including macroeconomic conditions, industry and market considerations, overall financial performance, entity-specific events, and changes in the Companys stock price. The Company determined that there was no goodwill impairment in 2025, 2024, or 2023. The determination of fair value for acquisitions and the allocation of that value requires the Company to make significant estimates and assumptions. These estimates …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The income tax expense (benefit) consists of the following for the years ended December 31, 2025, 2024, and 2023 (in thousands): Year Ended December 31, 2025 2024 2023 U.S. federal income tax expense (benefit): Current $ 51,994 $ 47,239 $ 56,474 Deferred 9,291 16,396 18,739 61,285 63,635 75,213 State income tax expense (benefit): Current 12,606 10,597 20,253 Deferred 1,424 (2,456) (3,814) 14,030 8,141 16,439 Total income tax expense $ 75,315 $ 71,776 $ 91,652 Beginning with the year ended December 31, 2025, the Company has prospectively adopted the guidance in ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures (ASU 2023-09). The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Companys effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU 2023-09 (in thousands, except for percentages): Year Ended December 31, 2025 Amount Percent U.S. federal statutory income tax rate $ 59,409 21.0 % State and local income taxes, net of federal income tax effect (1) 11,382 4.0 % Tax credits: Research and development tax credits (555) (0.2) % Nontaxable or nondeductible items: Share-based compensation impacts 4,779 1.7 % Other 300 0.1 % Effective income tax rate $ 75,315 26.6 % (1) State tax in California, Florida, New York and Pennsylvania made up more than 50% of the tax effect in this category. Also in accordance with ASU 2023-09, the following table reflects income taxes paid d …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES During the years ended December 31, 2025, 2024, and 2023, the Company incurred operating lease expenses of $35.1 million, $32.7 million, and $30.6 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income. As of December 31, 2025 and 2024, the weighted-average remaining lease term was 6.5 years and the weighted-average discount rate was 6.97% and 6.56%, respectively. Operating leases mature as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2026 $ 30,992 2027 25,828 2028 19,042 2029 14,248 2030 11,061 Thereafter 41,711 Total lease payments 142,882 Less: interest (30,367) Present value of lease liabilities $ 112,515 During the years ended December 31, 2025, 2024, and 2023, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the consolidated statements of cash flows of $27.1 million, $25.0 million, and $30.5 million, respectively, related to the increases in the operating lease ROU asset and operating lease liabilities. As of December 31, 2025, the Company did not have any significant operating or financing leases that had not yet commenced.

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Recently Issued Accounting Pronouncements In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . This ASU improves the navigability of the required interim disclosures, clarifies when the guidance in Topic 270 is applicable, and provides additional guidance on what disclosures should be provided in interim reporting periods. The amendments also require entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The FASB does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements, but rather intends to provide clarity on the current interim reporting requirements. The Company is required to adopt this ASU for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This ASU modernizes the accounting for software costs that are accounted for under Subtopic 350-40 and improves the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to diff …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RELATED-PARTY TRANSACTIONS Transactions with Equity-Method Investees The Company provides management services to its joint ventures such as accounting, invoicing and collections in addition to day-to-day managerial support of the operations of the businesses. The Company recorded management fee income of $7.5 million, $6.2 million, and $5.3 million for the years ended December 31, 2025, 2024, and 2023, respectively. Management fees are recorded in net revenues in the accompanying consolidated statements of comprehensive income. During the years ended December 31, 2025, 2024, and 2023, the Company received distributions from the investees of $4.0 million, $2.4 million, and $4.0 million, respectively. The Company had amounts due to its joint ventures totaling $2.7 million and $1.4 million as of December 31, 2025 and 2024, respectively. Receivables were included in prepaid expenses and other current assets in the accompanying balance sheets, while payables were included in accrued expenses and other current liabilities in the accompanying balance sheets. These balances primarily relate to cash collections received by the Company on behalf of the joint ventures, offset by certain pharmaceutical inventories and other expenses paid for by the Company on behalf of the joint ventures. Share Repurchase Agreement On February 28, 2023, we entered into a Share Repurchase Agreement (the Share Repurchase Agreement) with HC Group Holdings I, LLC. (HC I) pursuant to which we agreed to repurc …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE The following table sets forth the net revenue earned by category of payer for the years ended December 31, 2025, 2024, and 2023 (in thousands): Year Ended December 31, 2025 2024 2023 Commercial payers $ 4,902,394 $ 4,348,991 $ 3,747,568 Government payers 681,583 584,271 500,891 Patients 65,542 64,940 53,865 Net revenue $ 5,649,519 $ 4,998,202 $ 4,302,324

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SEGMENT REPORTING The Company operates as a single reportable segment, infusion services. Infusion services derives revenue through the clinical management of infusion therapy, nursing support, and care coordination in order to provide solutions to complex patient conditions in the home or other nonhospital settings. The Companys infusion services segment activities are managed on a consolidated basis and therapies are distributed and administered in a similar manner. Operating segments have been identified based on the financial information utilized by the Companys Chief Executive Officer, the chief operating decision maker (CODM). The CODM uses net income as a measure of profitability to assess segment performance and deciding on how to allocate resources such as capital investments, share repurchases, and acquisitions. The CODM does not use or receive total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. The following table reflects results of operations of the Companys reportable segment (in thousands): Year Ended December 31, 2025 2024 2023 Infusion services net revenue $ 5,555,778 $ 4,911,591 $ 4,222,656 Other revenue (1) 93,741 86,611 79,668 Total Option Care Health revenue 5,649,519 4,998,202 4,302,324 (Expense) Income: Cost of net revenues - drugs (3,984,955) (3,446,735) (2,812,531) Salaries, benefits, and other employee expense (848,996) (787,922) (760,499) Other segment items (2) (410, …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2025 and 2024, cash equivalents consisted of money market funds. Accounts Receivable The Companys accounts receivable are reported at the net realizable value amount that reflects the consideration the Company expects to receive in exchange for providing services, which is inclusive of adjustments for price concessions. The majority of accounts receivable are due from private insurance carriers and governmental healthcare programs, such as Medicare and Medicaid. Price concessions may result from patient hardships, patient uncollectible accounts sent to collection agencies, lack of recovery due to not receiving prior authorization, differing interpretations of covered therapies in payer contracts, different pricing methodologies, or various other reasons. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606), an allowance for doubtful accounts is established only as a result of an adverse change in the Companys payers ability to pay outstanding billings. In addition, the Company assesses if there have been any changes to historical credit losses to determine if an allowance for credit losses is needed. The Company had an immaterial allowance for doubtful account …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY During the year ended December 31, 2023, HC I completed secondary offerings of 23,771,926 shares of common stock. As of December 31, 2023, HC I no longer held shares of the Companys common stock. 2017 Warrants Prior to the Merger, BioScrip issued warrants to certain debt holders pursuant to a Warrant Purchase Agreement dated as of June 29, 2017. In conjunction with the Merger, the 2017 Warrants were amended to entitle the purchasers of the warrants to purchase 2.1 million shares of common stock. The 2017 Warrants have a 10-year term and an exercise price of $8.00 per share and may be exercised by payment of the exercise price in cash or surrender of shares of common stock into which the 2017 Warrants are being converted in an aggregate amount sufficient to cover the exercise price. The 2017 Warrants are classified as equity instruments, and the fair value of these warrants of $14.1 million was recorded in paid-in capital as of the Merger Date. During the years ended December 31, 2025 and 2024, warrant holders did not elect to exercise any warrants to purchase shares of common stock. At December 31, 2025 and 2024, the remaining warrant holders are entitled to purchase 51,838 shares of common stock. 2015 Warrants Prior to the Merger, BioScrip issued warrants pursuant to a Common Stock Warrant Agreement dated as of March 9, 2015 which entitle the holders to purchase 0.9 million shares of common stock. The 2015 Warrants have a 10-year term and have exercise pr …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

BUSINESS COMBINATIONS Intramed Plus, Inc. On January 24, 2025, pursuant to the securities purchase agreement dated November 27, 2024, the Company completed the acquisition of 100% of the equity interests in Intramed Plus, Inc. (Intramed Plus) for a purchase price, net of cash acquired, of $117.2 million. The allocation of the purchase price of Intramed Plus was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations, with the total purchase price being allocated to the assets and liabilities acquired based on the estimated fair value of each asset and liability. The following is a final allocation of the consideration transferred to acquired identifiable assets and assumed liabilities, net of cash acquired, (in thousands): Amount Accounts receivable, net $ 9,240 Referral sources (1) 36,800 Trademarks/names (1) 8,300 Inventory 2,693 Other assets 4,831 Accounts payable and other liabilities (11,114) Fair value identifiable assets and liabilities 50,750 Goodwill (2) 66,497 Cash acquired 2,968 Purchase price 120,215 Less: cash acquired (2,968) Purchase price, net of cash acquired $ 117,247 (1) Referral sources and trademarks/names have been assigned a useful life of 15 years. (2) Goodwill is attributable to cost synergies from procurement and operational efficiencies and elimination of duplicative administrative costs. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES The Company is involved in legal proceedings and is subject to investigations, inspections, audits, inquiries, and similar actions by governmental authorities, arising in the normal course of the Companys business. Some of these suits may purport or may be determined to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. From time to time, the Company may also be involved in legal proceedings as a plaintiff involving antitrust, tax, contract, intellectual property, and other matters. Material loss contingencies, if any, are accrued for when they are probable and reasonably estimable, and are disclosed when they are reasonably possible. Gain contingencies, if any, are recognized when they are realized. The results of legal proceedings are often uncertain and difficult to predict, and the costs incurred in litigation can be substantial, regardless of the outcome. The Company does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Companys condensed consolidated financial statements. However, substantial unanticipated verdicts, fines, and rulings may occur. As a result, the Company may from time to time incur judgments, enter into settlements, or revise expectations regarding the outcome of certain matters, and such develo …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

INDEBTEDNESS Long-term debt consisted of the following as of June 30, 2026 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance Revolver Facility $ $ $ $ First Lien Term Loan 672,915 (4,233) (4,592) 664,090 Senior Notes 500,000 (5,270) 494,730 $ 1,172,915 $ (4,233) $ (9,862) 1,158,820 Less: current portion (6,780) Total long-term debt $ 1,152,040 Long-term debt consisted of the following as of December 31, 2025 (in thousands): Principal Amount Discount Debt Issuance Costs Net Balance Revolver Facility $ $ $ $ First Lien Term Loan 676,305 (4,552) (4,937) 666,816 Senior Notes 500,000 (5,984) 494,016 $ 1,176,305 $ (4,552) $ (10,921) 1,160,832 Less: current portion (6,780) Total long-term debt $ 1,154,052 On March 30, 2026, the Company entered into the fifth amendment (the Fifth Amendment) to the amended and restated First Lien Credit Agreement (the Credit Agreement) dated as of October 27, 2021. The Fifth Amendment, among other things, increases the existing revolving credit commitments under the Credit Agreement (the Revolver Facility) by $450.0 million, resulting in an aggregate capacity amount of $850.0 million. The interest rate on the Companys term loan (the First Lien Term Loan) was 5.37% and 5.67% as of June 30, 2026 and December 31, 2025, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 5.40% and 5.42% for the three and six months ended June 30, 2026, respectively. The weighted average interest rate incurred o …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table sets forth the net revenue earned by category of payer for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commercial payers $ 1,236,570 $ 1,231,660 $ 2,381,476 $ 2,376,592 Government payers 186,432 167,975 364,312 328,493 Patients 19,398 16,450 47,266 43,972 Net revenue $ 1,442,400 $ 1,416,085 $ 2,793,054 $ 2,749,057

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STOCK-BASED INCENTIVE COMPENSATION Equity Incentive Plans Under the Companys 2018 Equity Incentive Plan (the 2018 Plan), approved at the annual meeting by stockholders on May 3, 2018 and amended and restated on May 19, 2021 and May 15, 2024, the Company may issue, among other things, incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, and performance units to key employees and directors. The 2018 Plan is administered by the Companys Compensation Committee, a standing committee of the Companys Board of Directors. As of May 2021, a total of 9,101,734 shares of common stock were authorized for issuance under the 2018 Plan. In May 2024, an additional 4,000,000 shares were authorized for issuance under the 2018 Plan, resulting in a total of 13,101,734 shares of common stock authorized for issuance. The Company had stock options, restricted stock units and performance stock units outstanding related to the 2018 Plan as of June 30, 2026 and December 31, 2025. During the three and six months ended June 30, 2026, total stock-based incentive compensation expense recognized by the Company related to the 2018 Plan was $8.4 million and $18.6 million, respectively. During the three and six months ended June 30, 2025, total stock-based incentive compensation expense recognized by the Company related to the 2018 Plan was $10.7 million and $19.5 million, respectively. …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The categories within the valuation hierarchy are described as follows: Level 1 Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. Level 2 Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 Inputs to the fair value measurement are unobservable inputs or valuation techniques. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. First Lien Term Loan : The fair value of the First Lien Term Loan is derived from a broker quote on the loans in the syndication (Level 2 inputs). See Note 10, Indebtedness , for further discussion of the ca …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS There was no change in the carrying amount of goodwill for the three and six months ended June 30, 2026. Changes in the carrying amount of goodwill consist of the following for the three and six months ended June 30, 2025 (in thousands): Amount Balance at December 31, 2024 $ 1,540,246 Acquisitions 65,684 Balance at March 31, 2025 $ 1,605,930 Purchase accounting adjustments (75) Balance at June 30, 2025 $ 1,605,855 The carrying amount and accumulated amortization of intangible assets consist of the following as of June 30, 2026 and December 31, 2025 (in thousands): June 30, 2026 December 31, 2025 Gross intangible assets: Referral sources $ 551,188 $ 551,188 Trademarks/names 46,808 46,808 Other amortizable intangible assets 985 985 Total gross intangible assets 598,981 598,981 Accumulated amortization: Referral sources (280,778) (263,907) Trademarks/names (26,740) (25,170) Other amortizable intangible assets (824) (726) Total accumulated amortization (308,342) (289,803) Total intangible assets, net $ 290,639 $ 309,178 Amortization expense for intangible assets was $9.3 million and $18.5 million for the three and six months ended June 30, 2026, respectively. Amortization expense for intangible assets was $9.3 million and $18.4 million for the three and six months ended June 30, 2025, respectively.

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INCOME TAXES During the three months ended June 30, 2026, the Company recorded income tax expense of $20.1 million, representing an effective tax rate of 27.1%, compared with income tax expense of $18.3 million and an effective tax rate of 26.6% for the three months ended June 30, 2025. During the six months ended June 30, 2026, the Company recorded income tax expense of $35.7 million, representing an effective tax rate of 26.5%, compared with income tax expense of $35.2 million and an effective tax rate of 26.5% for the six months ended June 30, 2025. The Companys effective tax rates for each period exceeded the federal statutory rate of 21.0% primarily due to state income taxes and various non-deductible expenses. The tax expenses consist of quarterly federal and state tax liabilities as well as recognized deferred federal and state tax expense. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES During the three and six months ended June 30, 2026, the Company incurred operating lease expenses of $9.4 million and $19.9 million, respectively. During the three and six months ended June 30, 2025, the Company incurred operating lease expenses of $8.8 million and $17.0 million, respectively. Operating lease expense includes short-term lease expenses, which were included as a component of selling, general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income. As of June 30, 2026 and December 31, 2025 , the weighted-average remaining lease term was 6.4 years and 6.5 years, respectively, and the weighted-average discount rate was 7.06% and 6.97%, respectively. Operating leases mature as follows (in thousands): Fiscal Year Ended December 31, Minimum Payments 2026 $ 15,675 2027 27,128 2028 21,285 2029 16,695 2030 13,564 Thereafter 43,855 Total lease payments 138,202 Less: interest (28,943) Present value of lease liabilities $ 109,259 During the six months ended June 30, 2026 and 2025, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the unaudited condensed consolidated statements of cash flows o f $8.3 million and $21.6 million, respectively, re lated to the increases in the operating lease right-of-use assets and operating lease liabilities. As of June 30, 2026, the Company did not have any significant operating or financing leases that had not yet commenced.

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RELATED-PARTY TRANSACTIONS Transactions with Equity-Method Investees The Company provides management services to its joint ventures such as accounting, invoicing and collections in addition to day-to-day managerial support of the operations of the businesses. The Company recorded management fee income of $2.0 million and $3.9 million for the three and six months ended June 30, 2026, respectively. The Company recorded management fee income of $1.9 million and $3.7 million for the three and six months ended June 30, 2025, respectively. Management fees are recorded in net revenues in the accompanying unaudited condensed consolidated statements of comprehensive income. During the three and six months ended June 30, 2026, the Company received distributions from the investees of $1.1 million. During the three and six months ended June 30, 2025, the Company received distributions from the investees of $1.6 million. The Company had amounts due from its joint ventures of $0.9 million and due to its joint ventures of $0.2 million as of June 30, 2026. The Company had amounts due to its joint ventures of $2.7 million as of December 31, 2025. Receivables were included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets, while payables were included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. These balances primarily relate to cash collections received by the Company on behal …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE The following table sets forth the net revenue earned by category of payer for the three and six months ended June 30, 2026 and 2025 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Commercial payers $ 1,236,570 $ 1,231,660 $ 2,381,476 $ 2,376,592 Government payers 186,432 167,975 364,312 328,493 Patients 19,398 16,450 47,266 43,972 Net revenue $ 1,442,400 $ 1,416,085 $ 2,793,054 $ 2,749,057

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SEGMENT REPORTING The Company operates as a single reportable segment, infusion services. Infusion services derive revenue through the clinical management of infusion therapy, nursing support and care coordination in order to provide solutions to complex patient conditions in the home or other nonhospital settings. The Companys infusion services segment activities are managed on a consolidated basis and therapies are distributed and administered in a similar manner. Operating segments have been identified based on the financial information utilized by the Companys Chief Executive Officer, the chief operating decision maker (CODM). The CODM uses net income as a measure of profitability to assess segment performance and decide on how to allocate resources such as capital investments, share repurchases, and acquisitions. The CODM does not use or receive total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included. The following table reflects results of operations of the Companys reportable segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Infusion services net revenue $ 1,416,777 $ 1,393,008 $ 2,742,784 $ 2,704,189 Other revenue (1) 25,623 23,077 50,270 44,868 Total Option Care Health revenue 1,442,400 1,416,085 2,793,054 2,749,057 (Expense) Income: Cost of net revenues - drugs (1,024,241) (1,004,610) (1,973,605) (1,937,678) Salaries, benefits, and other empl …

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of June 30, 2026, cash equivalents consisted of money market funds. Accounts Receivable The Companys accounts receivable are reported at the net realizable value that reflects the consideration the Company expects to receive in exchange for providing services, which is inclusive of adjustments for price concessions. The majority of accounts receivable are due from commercial payers. Included in accounts receivable are earned but unbilled gross receivables of $154.9 million and $155.1 million as of June 30, 2026 and December 31, 2025, respectively. As revenue and the associated receivable are recognized upon delivery of the goods, there may be delays between delivery and therapy administration. Billings often occur after therapy administration. Subsequent billing delays can range from one day up to several weeks due to the timing of therapy administration, the timing of obtaining certain required payer-specific documentation from internal and external sources, and payer-specific billing requirements which may delay billing until therapy completion. Prepaid Expenses and Other Current Assets Included in prepaid expenses and other current assets are volume-based rebates receivable from pharmaceutical and medical supply manufacturers of $37.7 million and $35.3 million as of June 30, 2026 …

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STOCKHOLDERS EQUITY Warrants As of June 30, 2026 and December 31, 2025, the Company had warrants outstanding which entitle holders to purchase an immaterial number of shares of common stock. Share Repurchase Program In January 2026, the Companys Board of Directors approved an increase to its 2025 share repurchase program authorization from $500.0 million to $1.0 billion of common stock of the Company. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date. During the three and six months ended June 30, 2026, the Company purchased 7,351,057 and 7,880,038 shares of common stock for an average share price of $20.41 and $21.26, totaling $150.0 million and $167.5 million, respectively. During the three and six months ended June 30, 2025, the Company purchased 1,553,871 and 4,600,086 shares of common stock for an average share price of $32.18 and $32.61, totaling $50.0 million and $150.0 million, respectively. All repurchased shares became treasury stock. As of June 30, 2026, the Company is authorized to repurchase up to a remaining $525.0 million of common stock of the Company. Shares Outstanding The following table shows the Companys changes in shares of common stock for the three and six months ended June 30, 2026 and 2025 (in thousands): 2026 2025 Balance at beginning of the year 156,858 16 …

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