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Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues

3. Revenues

The Company is substantially dependent on revenues received under contracts with federal, state, and local government agencies. Operating funding sources are generally earned from Medicaid, Medicare, commercial insurance reimbursement, and private and other payors. There is no single customer whose revenue was 10% or more of our consolidated revenue. The following tables set forth revenue by payor type (in millions):

 

 

Pharmacy Solutions

 

 

For the Years Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Commercial insurance

 

$

3,114.6

 

 

 

24.1

%

 

$

2,360.0

 

 

 

23.4

%

 

$

1,657.7

 

 

 

21.6

%

Medicaid

 

 

1,093.2

 

 

 

8.5

%

 

 

829.1

 

 

 

8.2

%

 

 

656.1

 

 

 

8.5

%

Medicare Part A

 

 

572.8

 

 

 

4.4

%

 

 

546.4

 

 

 

5.4

%

 

 

549.3

 

 

 

7.1

%

Medicare Part B

 

 

76.4

 

 

 

0.6

%

 

 

70.3

 

 

 

0.7

%

 

 

61.2

 

 

 

0.8

%

Medicare Part C

 

 

2,277.5

 

 

 

17.6

%

 

 

1,547.1

 

 

 

15.4

%

 

 

1,384.3

 

 

 

18.0

%

Medicare Part D

 

 

4,097.8

 

 

 

31.7

%

 

 

3,202.0

 

 

 

31.8

%

 

 

2,031.9

 

 

 

26.4

%

Private & other

 

 

213.5

 

 

 

1.8

%

 

 

199.4

 

 

 

2.0

%

 

 

182.0

 

 

 

2.4

%

 

$

11,445.8

 

 

 

88.7

%

 

$

8,754.3

 

 

 

86.9

%

 

$

6,522.5

 

 

 

84.8

%

 

 

Provider Services

 

 

For the Years Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Commercial insurance

 

$

188.7

 

 

 

1.5

%

 

$

168.1

 

 

 

1.7

%

 

$

152.5

 

 

 

2.0

%

Medicaid

 

 

402.0

 

 

 

3.1

%

 

 

337.4

 

 

 

3.3

%

 

 

323.0

 

 

 

4.2

%

Medicare Part A

 

 

521.5

 

 

 

4.0

%

 

 

453.2

 

 

 

4.5

%

 

 

409.3

 

 

 

5.3

%

Medicare Part B

 

 

6.4

 

 

 

0.0

%

 

 

25.6

 

 

 

0.3

%

 

 

21.6

 

 

 

0.3

%

Medicare Part C

 

 

135.6

 

 

 

1.1

%

 

 

117.9

 

 

 

1.2

%

 

 

66.1

 

 

 

0.9

%

Private & other

 

 

210.6

 

 

 

1.6

%

 

 

215.7

 

 

 

2.1

%

 

 

196.0

 

 

 

2.5

%

 

$

1,464.8

 

 

 

11.3

%

 

$

1,317.9

 

 

 

13.1

%

 

$

1,168.5

 

 

 

15.2

%

 

 

Consolidated

 

 

For the Years Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

 

Revenue

 

 

% of Revenue

 

Commercial insurance

 

$

3,303.3

 

 

 

25.6

%

 

$

2,528.1

 

 

 

25.1

%

 

$

1,810.2

 

 

 

23.6

%

Medicaid

 

 

1,495.2

 

 

 

11.6

%

 

 

1,166.5

 

 

 

11.5

%

 

 

979.1

 

 

 

12.7

%

Medicare Part A

 

 

1,094.3

 

 

 

8.4

%

 

 

999.6

 

 

 

9.9

%

 

 

958.6

 

 

 

12.4

%

Medicare Part B

 

 

82.8

 

 

 

0.6

%

 

 

95.9

 

 

 

1.0

%

 

 

82.8

 

 

 

1.1

%

Medicare Part C

 

 

2,413.1

 

 

 

18.7

%

 

 

1,665.0

 

 

 

16.6

%

 

 

1,450.4

 

 

 

18.9

%

Medicare Part D

 

 

4,097.8

 

 

 

31.7

%

 

 

3,202.0

 

 

 

31.8

%

 

 

2,031.9

 

 

 

26.4

%

Private & other

 

 

424.1

 

 

 

3.4

%

 

 

415.1

 

 

 

4.1

%

 

 

378.0

 

 

 

4.9

%

 

$

12,910.6

 

 

 

100.0

%

 

$

10,072.2

 

 

 

100.0

%

 

$

7,691.0

 

 

 

100.0

%

Refer to Note 17 for the disaggregation of revenues by segment.