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Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | 17. Segment Information The Company's CODM is its Chief Executive Officer, who evaluates the performance of our segments and allocates resources based on segment EBITDA. Segment EBITDA is used as the key profitability measure when we set our annual operating plan for each segment, is the metric with which our CODM assesses segment results, and is a key component of our annual variable compensation plans. Segment EBITDA is commonly used as an analytical indicator within the health care industry and is utilized in the evaluation of segment operating performance as it is a profit measure that is generally within the control of the operating segments. For all segments, the CODM uses segment EBITDA in the annual budgeting and monthly forecasting process. The CODM considers actual-to budget and actual-to current forecast variances for segment EBITDA on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment. Segment amounts exclude certain expenses not specifically identifiable to the segments for functions performed in a centralized manner, which include accounting, finance, human resources, legal, information technology, corporate office support, and overall corporate management. Segment assets and capital expenditures are not provided to the Company’s CODM and, therefore, are not disclosed. The following tables set forth information about the Company’s reportable segments, along with the items necessary to reconcile the segment information to the totals reported in the Company’s consolidated statements of operations as follows (in thousands):
| For the Year Ended December 31, 2025 |
| Pharmacy Solutions |  |  | Provider Services |  |  | Total Segments |
Product revenue | $ | 11,445,777 |  |  | $ | — |  |  | $ | 11,445,777 |
Service revenue |  | — |  |  |  | 1,464,787 |  |  |  | 1,464,787 |
Cost of drugs |  | 9,782,109 |  |  |  | — |  |  |  | 9,782,109 |
Cost of services |  | — |  |  |  | 885,356 |  |  |  | 885,356 |
Other direct costs (1) |  | 725,322 |  |  |  | — |  |  |  | 725,322 |
Segment selling, general, and administrative expenses (2) |  | 502,042 |  |  |  | 374,256 |  |  |  | 876,298 |
Segment depreciation and amortization expense (3) |  | 107,198 |  |  |  | 27,479 |  |  |  | 134,677 |
Segment EBITDA | $ | 543,502 |  |  | $ | 232,654 |  |  | $ | 776,156 |
| For the Year Ended December 31, 2024 |
| Pharmacy Solutions |  |  | Provider Services |  |  | Total Segments |
Product revenue | $ | 8,754,282 |  |  | $ | — |  |  | $ | 8,754,282 |
Service revenue |  | — |  |  |  | 1,317,932 |  |  |  | 1,317,932 |
Cost of drugs |  | 7,368,426 |  |  |  | — |  |  |  | 7,368,426 |
Cost of services |  | — |  |  |  | 797,286 |  |  |  | 797,286 |
Other direct costs (1) |  | 640,075 |  |  |  | — |  |  |  | 640,075 |
Segment selling, general, and administrative expenses (2) |  | 462,219 |  |  |  | 340,034 |  |  |  | 802,253 |
Segment depreciation and amortization expense (3) |  | 111,103 |  |  |  | 24,675 |  |  |  | 135,778 |
Segment EBITDA | $ | 394,665 |  |  | $ | 205,287 |  |  | $ | 599,952 |
| For the Year Ended December 31, 2023 |
| Pharmacy Solutions |  |  | Provider Services |  |  | Total Segments |
Product revenue | $ | 6,522,450 |  |  | $ | — |  |  | $ | 6,522,450 |
Service revenue |  | — |  |  |  | 1,168,566 |  |  |  | 1,168,566 |
Cost of drugs |  | 5,291,630 |  |  |  | — |  |  |  | 5,291,630 |
Cost of services |  | — |  |  |  | 711,304 |  |  |  | 711,304 |
Other direct costs (1) |  | 549,086 |  |  |  | — |  |  |  | 549,086 |
Segment selling, general, and administrative expenses (2) |  | 426,521 |  |  |  | 310,747 |  |  |  | 737,268 |
Segment depreciation and amortization expense (3) |  | 115,749 |  |  |  | 22,897 |  |  |  | 138,646 |
Segment EBITDA | $ | 370,962 |  |  | $ | 169,412 |  |  | $ | 540,374 |
(1) Other direct costs primarily includes direct labor costs, delivery costs, insurance, and depreciation and amortization expense that relates to revenue-generating assets. (2) Segment selling, general, and administrative expenses includes indirect labor costs, depreciation and amortization, insurance, rent, lease, supplies, professional services, maintenance, repairs, utilities, and communications expense. (3) Total segment depreciation and amortization expense is presented in other direct costs, costs of services, and segment general and administrative expenses, based on the associated asset.
|  | For the Years Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Reconciliation of income or loss: |  |  |  |  |  |  |  |  |
Total Segment EBITDA |  | $ | 776,156 |  |  | $ | 599,952 |  |  | $ | 540,374 |
Segment depreciation and amortization |  |  | 134,677 |  |  |  | 135,778 |  |  |  | 138,646 |
Expenses not allocated at segment level: |  |  |  |  |  |  |  |  |
Selling, general, and administrative expenses |  |  | 317,956 |  |  |  | 329,854 |  |  |  | 321,692 |
Depreciation and amortization |  |  | 28,271 |  |  |  | 26,366 |  |  |  | 21,911 |
Loss on extinguishment of debt |  |  | — |  |  |  | 12,726 |  |  |  | — |
Interest expense, net |  |  | 157,311 |  |  |  | 190,546 |  |  |  | 271,899 |
Income tax expense (benefit) |  |  | 33,145 |  |  |  | (26,387 | ) |  |  | (31,508 | )
Net income (loss) from continuing operations |  | $ | 104,796 |  |  | $ | (68,931 | ) |  | $ | (182,266 | )

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- Definition The entire disclosure for reporting segments including data and tables. 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