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Segment Information (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

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

)