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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-K\n\n(Mark One)\n\n☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n For the transition period from     to             \n\nCommission file number: 001-11993\n\nOPTION CARE HEALTH, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware05-0489664\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n3000 Lakeside Dr. Suite 300N, Bannockburn, IL\n60015\n\n(Address of principal executive offices)(Zip Code)\n\nRegistrant’s telephone number, including area code:\n\n312-940-2443\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading SymbolName of each exchange on which registered\n\nCommon Stock, $0.0001 par value per shareOPCHNasdaq Global Select Market\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☑     No ☐\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ☐     No ☑\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☑     No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ☑     Accelerated filer ☐     Non-accelerated filer ☐      Smaller reporting company ☐ Emerging growth company ☐\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☑\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐     No ☑\n\nThe aggregate market value of the registrant’s Common Stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $5,271,294,634 based on the closing price of the registrant’s Common Stock on the Nasdaq Global Select Market on such date.\n\nAs of February 19, 2026, there were 156,447,972 shares of the registrant’s Common Stock outstanding.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the close of the registrant’s fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K.\n\nTABLE OF CONTENTS\n\n  Page\nNumber\n\nPART I\n\n[Item 1.](#i69cd26818fe647d6bed3a8c5aa54981a_16)\n\n[Business](#i69cd26818fe647d6bed3a8c5aa54981a_16)\n\n[4](#i69cd26818fe647d6bed3a8c5aa54981a_16)\n\n[Item 1A.](#i69cd26818fe647d6bed3a8c5aa54981a_19)\n\n[Risk Factors](#i69cd26818fe647d6bed3a8c5aa54981a_19)\n\n[13](#i69cd26818fe647d6bed3a8c5aa54981a_19)\n\n[Item 1B.](#i69cd26818fe647d6bed3a8c5aa54981a_22)\n\n[Unresolved Staff Comments](#i69cd26818fe647d6bed3a8c5aa54981a_22)\n\n[25](#i69cd26818fe647d6bed3a8c5aa54981a_22)\n\n[Item 1C.](#i69cd26818fe647d6bed3a8c5aa54981a_25)\n\n[Cybersecurity](#i69cd26818fe647d6bed3a8c5aa54981a_25)\n\n[25](#i69cd26818fe647d6bed3a8c5aa54981a_25)\n\n[Item 2.](#i69cd26818fe647d6bed3a8c5aa54981a_28)\n\n[Properties](#i69cd26818fe647d6bed3a8c5aa54981a_28)\n\n[26](#i69cd26818fe647d6bed3a8c5aa54981a_28)\n\n[Item 3.](#i69cd26818fe647d6bed3a8c5aa54981a_31)\n\n[Legal Proceedings](#i69cd26818fe647d6bed3a8c5aa54981a_31)\n\n[26](#i69cd26818fe647d6bed3a8c5aa54981a_31)\n\n[Item 4.](#i69cd26818fe647d6bed3a8c5aa54981a_34)\n\n[Mine Safety Disclosures](#i69cd26818fe647d6bed3a8c5aa54981a_34)\n\n[26](#i69cd26818fe647d6bed3a8c5aa54981a_34)\n\nPART II\n\n[Item 5.](#i69cd26818fe647d6bed3a8c5aa54981a_40)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i69cd26818fe647d6bed3a8c5aa54981a_40)\n\n[27](#i69cd26818fe647d6bed3a8c5aa54981a_40)\n\n[Item 6.](#i69cd26818fe647d6bed3a8c5aa54981a_43)\n\n[Reserved](#i69cd26818fe647d6bed3a8c5aa54981a_43)\n\n[29](#i69cd26818fe647d6bed3a8c5aa54981a_43)\n\n[Item 7.](#i69cd26818fe647d6bed3a8c5aa54981a_46)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i69cd26818fe647d6bed3a8c5aa54981a_46)\n\n[29](#i69cd26818fe647d6bed3a8c5aa54981a_46)\n\n[Item 7A.](#i69cd26818fe647d6bed3a8c5aa54981a_67)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i69cd26818fe647d6bed3a8c5aa54981a_67)\n\n[39](#i69cd26818fe647d6bed3a8c5aa54981a_67)\n\n[Item 8.](#i69cd26818fe647d6bed3a8c5aa54981a_70)\n\n[Financial Statements and Supplementary Data](#i69cd26818fe647d6bed3a8c5aa54981a_70)\n\n[40](#i69cd26818fe647d6bed3a8c5aa54981a_70)\n\n[Item 9.](#i69cd26818fe647d6bed3a8c5aa54981a_154)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i69cd26818fe647d6bed3a8c5aa54981a_154)\n\n[72](#i69cd26818fe647d6bed3a8c5aa54981a_154)\n\n[Item 9A.](#i69cd26818fe647d6bed3a8c5aa54981a_157)\n\n[Controls and Procedures](#i69cd26818fe647d6bed3a8c5aa54981a_157)\n\n[72](#i69cd26818fe647d6bed3a8c5aa54981a_157)\n\n[Item 9B.](#i69cd26818fe647d6bed3a8c5aa54981a_160)\n\n[Other Information](#i69cd26818fe647d6bed3a8c5aa54981a_160)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_160)\n\n[Item 9C.](#i69cd26818fe647d6bed3a8c5aa54981a_163)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i69cd26818fe647d6bed3a8c5aa54981a_163)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_163)\n\nPART III\n\n[Item 10.](#i69cd26818fe647d6bed3a8c5aa54981a_169)\n\n[Directors, Executive Officers and Corporate Governance](#i69cd26818fe647d6bed3a8c5aa54981a_169)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_169)\n\n[Item 11.](#i69cd26818fe647d6bed3a8c5aa54981a_172)\n\n[Executive Compensation](#i69cd26818fe647d6bed3a8c5aa54981a_172)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_172)\n\n[Item 12.](#i69cd26818fe647d6bed3a8c5aa54981a_175)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i69cd26818fe647d6bed3a8c5aa54981a_175)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_175)\n\n[Item 13.](#i69cd26818fe647d6bed3a8c5aa54981a_178)\n\n[Certain Relationships and Related Transactions, and Director Independence](#i69cd26818fe647d6bed3a8c5aa54981a_178)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_178)\n\n[Item 14.](#i69cd26818fe647d6bed3a8c5aa54981a_181)\n\n[Principal Accountant Fees and Services](#i69cd26818fe647d6bed3a8c5aa54981a_181)\n\n[74](#i69cd26818fe647d6bed3a8c5aa54981a_181)\n\nPART IV\n\n[Item 15.](#i69cd26818fe647d6bed3a8c5aa54981a_187)\n\n[Exhibits and Financial Statement Schedules](#i69cd26818fe647d6bed3a8c5aa54981a_187)\n\n[75](#i69cd26818fe647d6bed3a8c5aa54981a_187)\n\n[Item 16.](#i69cd26818fe647d6bed3a8c5aa54981a_190)\n\n[Form 10-K Summary](#i69cd26818fe647d6bed3a8c5aa54981a_190)\n\n[75](#i69cd26818fe647d6bed3a8c5aa54981a_190)\n\n[SIGNATURES](#i69cd26818fe647d6bed3a8c5aa54981a_193)\n \n[76](#i69cd26818fe647d6bed3a8c5aa54981a_193)\n\n2\n\n[Table of Contents](#i69cd26818fe647d6bed3a8c5aa54981a_7)\n\nForward-Looking Statements\n\nThis Annual Report on Form 10-K (“Annual Report”) contains statements not purely historical and which may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements regarding our expectations, beliefs, future plans and strategies, anticipated events or trends concerning matters that are not historical facts or that necessarily depend upon future events. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “potential,” “intend,” and similar expressions. This Annual Report contains, among others, forward-looking statements based upon current expectations that involve numerous risks and uncertainties, including those described in Item 1A. “Risk Factors”.\n\nInvestors are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties and that actual results may differ materially from those possible results discussed in the forward-looking statements as a result of various factors.\n\nDo not place undue reliance on such forward-looking statements as they speak only as of the date they are made. Except as required by law, Option Care Health, Inc. assumes no obligation to publicly update or revise any forward-looking statement even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.\n\n3\n\n[Table of Contents](#i69cd26818fe647d6bed3a8c5aa54981a_7)\n\nPART I"}