Earnings summaries and quarterly performance for AdaptHealth.
Executive leadership at AdaptHealth.
Suzanne Foster
Detailed
Chief Executive Officer
CEO
AP
Albert Prast
Detailed
Chief Technology Officer
CA
Christine Archbold
Detailed
Chief Accounting Officer
JC
Jason Clemens
Detailed
Chief Financial Officer
RR
Richard Rew
Detailed
Chief Legal Officer, General Counsel & Secretary
RS
Russell Schuster
Detailed
Chief Commercial Officer
TS
Toby Scott Barnhart
Detailed
Chief Operating Officer
Board of directors at AdaptHealth.
Research analysts who have asked questions during AdaptHealth earnings calls.
EC
Eric Coldwell
Robert W. Baird & Co.
6 questions for AHCO
Also covers: ACH, CAH, COR +11 more
Kevin Caliendo
UBS
4 questions for AHCO
Also covers: ACH, ALGN, AMWL +18 more
Richard Close
Canaccord Genuity Group
4 questions for AHCO
Also covers: ACCD, CLOV, DCGO +15 more
Benjamin Hendrix
RBC Capital Markets
3 questions for AHCO
Also covers: ACHC, ADUS, AMED +25 more
Brian Tanquilut
Jefferies
3 questions for AHCO
Also covers: ACHC, ADUS, AMED +31 more
KR
Kieran Ryan
Deutsche Bank
3 questions for AHCO
Also covers: AVAH, BTSG, DCGO +3 more
MB
Mathew Blackman
Stifel
3 questions for AHCO
Also covers: ATEC, BBNX, CERS +10 more
PC
Pito Chickering
Deutsche Bank
3 questions for AHCO
Also covers: ACHC, AVAH, BAX +18 more
MH
Megan Holton
Jefferies
2 questions for AHCO
Whit Mayo
Leerink Partners
2 questions for AHCO
Also covers: ACHC, ALHC, AMED +12 more
John Pinney
Canaccord Genuity Group Inc.
1 question for AHCO
Also covers: CLOV, HSTM, QIPT
MH
Meghan Holtz
Jefferies Financial Group Inc.
1 question for AHCO
Also covers: AVAH, DGX, EHAB +4 more
MM
Michael Murray
RBC Capital Markets
1 question for AHCO
Also covers: ADUS, AMED, AVAH +8 more
Recent press releases and 8-K filings for AHCO.
AdaptHealth Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance
AHCO
Earnings
Guidance Update
Legal Proceedings
- AdaptHealth reported full-year 2025 revenue of $3.245 billion and Q4 revenue of $846.3 million, both exceeding the midpoint of guidance. Full-year Adjusted EBITDA was $616.7 million and Q4 Adjusted EBITDA was $163.1 million, with both periods impacted by a $14.5 million legal settlement and $10 million in accelerated capitated contract costs.
- The company achieved record patient census in Sleep Health, Respiratory Health, and Wellness at Home, and record retention in Diabetes Health. Sleep Health net revenue grew 4.4% and Respiratory Health net revenue grew 7.8% year-over-year in Q4 2025.
- AdaptHealth provided 2026 guidance, projecting net revenue of $3.44 billion-$3.51 billion, Adjusted EBITDA of $680 million-$730 million, and free cash flow of $175 million-$225 million. This guidance includes 5%-6% growth from a new capitated agreement.
- The company reduced its debt balance by $250 million in 2025, ending the year with net debt of $1.694 billion and a net leverage ratio of 2.75 times. Full-year free cash flow was $219.4 million, exceeding the top end of guidance.
- AdaptHealth successfully onboarded the first phase of its largest capitated contract in the HME industry in December 2025, earlier than planned, serving approximately 50,000 members.
4 days ago
AdaptHealth Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance
AHCO
Earnings
Guidance Update
New Projects/Investments
- AdaptHealth reported Q4 2025 revenue of $846.3 million and full-year 2025 revenue of $3.245 billion, with organic revenue growth of 1.7% for both periods. Adjusted EBITDA was $163.1 million for Q4 and $616.7 million for the full year, impacted by a $14.5 million legal settlement and ~$10 million in accelerated costs.
- The company reduced its debt by $250 million in 2025, ending the year with net debt of $1.694 billion and a net leverage ratio of 2.75 times. S&P and Moody's upgraded its credit ratings. AdaptHealth also successfully went live with the Mid-Atlantic cohort of its largest capitated contract in December, earlier than planned.
- For 2026, AdaptHealth projects net revenue between $3.44 billion and $3.51 billion, Adjusted EBITDA between $680 million and $730 million, and Free Cash Flow between $175 million and $225 million. Q1 2026 is expected to have lower margins and negative free cash flow due to infrastructure investments before revenue ramps up.
4 days ago
AdaptHealth Announces Q4 2025 Financial Results
AHCO
Earnings
Debt Issuance
Demand Weakening
- AdaptHealth reported total net revenue of $846,289 thousand for Q4 2025, a decrease from $856,645 thousand in Q4 2024.
- The company recorded a net loss attributable to AdaptHealth Corp. of $(102,770) thousand in Q4 2025, compared to a net income of $50,262 thousand in Q4 2024, resulting in a basic and diluted net loss per share of $(0.76).
- Adjusted EBITDA for Q4 2025 was $163,143 thousand, with an Adjusted EBITDA Margin of 19.3%, down from $200,600 thousand and 23.4% respectively in Q4 2024.
- Free cash flow for Q4 2025 increased to $79,288 thousand from $73,079 thousand in Q4 2024.
- As of December 31, 2025, AdaptHealth's net debt stood at $1,694,170 thousand, with a Consolidated Total Leverage Ratio of 2.75.
4 days ago
AdaptHealth Announces Q4 and Full-Year 2025 Results and 2026 Guidance
AHCO
Earnings
Guidance Update
M&A
- AdaptHealth reported full-year 2025 revenue of $3.245 billion and Q4 revenue of $846.3 million, both exceeding the midpoint of their guidance range, with organic revenue growth of 1.7% for both periods.
- Full-year Adjusted EBITDA reached $616.7 million and Q4 Adjusted EBITDA was $163.1 million, which included a $14.5 million legal settlement and over $10 million in accelerated costs for a new capitated contract.
- The company generated $219.4 million in full-year Free Cash Flow and reduced debt by $250 million in 2025, ending the year with net debt of $1.694 billion and a net leverage ratio of 2.75 times.
- For 2026, AdaptHealth issued guidance projecting net revenue of $3.44 billion-$3.51 billion, Adjusted EBITDA of $680 million-$730 million, and Free Cash Flow of $175 million-$225 million.
- Key operational achievements included implementing a new operating model, closing the industry's largest capitated contract, achieving record patient census in several health segments, and receiving credit rating upgrades from S&P and Moody's.
4 days ago
AdaptHealth Corp. Announces Q4 and Full-Year 2025 Results and Provides 2026 Financial Guidance
AHCO
Earnings
Guidance Update
New Projects/Investments
- AdaptHealth Corp. reported full-year 2025 net revenue of $3,244.9 million and a net loss attributable to AdaptHealth Corp. of $70.8 million, which included a non-cash goodwill impairment charge of $128.0 million.
- For the fourth quarter of 2025, net revenue was $846.3 million and the net loss attributable to AdaptHealth Corp. was $102.8 million, also impacted by the $128.0 million goodwill impairment charge.
- Full-year 2025 Adjusted EBITDA was $616.7 million and free cash flow was $219.4 million.
- The company provided financial guidance for fiscal year 2026, projecting net revenue of $3.44 billion to $3.51 billion, Adjusted EBITDA of $680 million to $730 million, and free cash flow of $175 million to $225 million.
- AdaptHealth expanded its geographic footprint to its 48th State by acquiring an HME provider in Hawaii and made significant investments to support a new key capitated agreement.
4 days ago
AdaptHealth Discusses Humana Contract, Operational Improvements, and 2026 Outlook
AHCO
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- AdaptHealth has renewed and expanded its Humana contract for another five-year term, now covering 33 states, with expected 20% EBITDA and 6%-7% free cash flow margin once fully ramped.
- A new large capitated contract is projected to generate at least $1 billion over the next five years, requiring significant upfront investment in 1,200 new employees, 300 new vehicles, and 36 new sites.
- The company anticipates 6%-8% top-line growth for 2026, with revenue ramping throughout the year, and expects half a point of EBITDA margin expansion for the full year, weighted towards the second half.
- Operational improvements include reducing sleep therapy time from 23 to 10 days and investing in technology to cut diabetes order processing from 36 to 5 minutes.
- AdaptHealth views upcoming competitive bidding as a strategic advantage, expecting industry consolidation from 5,500 to 3,000 DME providers, which is anticipated to drive organic growth.
Nov 11, 2025, 6:15 PM
AHCO Reports Q3 2025 Financial Results
AHCO
Earnings
Revenue Acceleration/Inflection
- AdaptHealth Corp. reported total net revenue of $820,314 thousand for Q3 2025, driven by 1.5% organic revenue growth.
- The company achieved Adjusted EBITDA of $170,056 thousand and an Adjusted EBITDA Margin of 20.7% in Q3 2025.
- Diluted net income per share was $0.16 for Q3 2025, and free cash flow totaled $66,824 thousand.
- As of September 30, 2025, total long-term debt stood at $1,812,993 thousand, with a Consolidated Total Leverage Ratio of 2.68.
Nov 4, 2025, 1:30 PM
AdaptHealth Reports Q3 2025 Results, Announces New Capitated Partner, and Provides 2026 Outlook
AHCO
Earnings
Guidance Update
New Projects/Investments
- AdaptHealth reported Q3 2025 revenue of $820.3 million, an increase of 1.8% year-over-year, with organic revenue growth of 5.1%.
- Adjusted EBITDA reached $170.1 million, up 3.5% from the prior year quarter, resulting in an adjusted EBITDA margin of 20.7%.
- The company reduced debt by $50 million in Q3 2025, bringing the year-to-date total to $225 million, and achieved a net leverage ratio of 2.68 times.
- AdaptHealth announced a new capitation partner to exclusively serve an additional 170,000 lives and is making significant investments in infrastructure, technology, and labor for new capitated arrangements.
- For full year 2025, the company is maintaining its revenue and free cash flow guidance (expecting $170-$190 million for FCF), while expecting adjusted EBITDA to be at the bottom end of its guidance range. For 2026, AdaptHealth anticipates top-line growth of 6-8% and an adjusted EBITDA margin approximately 50 basis points better than 2025.
Nov 4, 2025, 1:30 PM
AdaptHealth Corp. Announces Third Quarter 2025 Results
AHCO
Earnings
Guidance Update
- AdaptHealth Corp. reported net revenue of $820.3 million for the third quarter ended September 30, 2025, an increase of 1.8% compared to the same period in 2024, with organic revenue growth of 5.1%.
- Net income attributable to AdaptHealth Corp. for Q3 2025 was $24.5 million, and Adjusted EBITDA increased by 3.5% to $170.1 million.
- The company reduced debt by $50.0 million in the third quarter, bringing the year-to-date debt reduction to $225.0 million, resulting in a net leverage ratio of 2.68x at quarter end.
- AdaptHealth is maintaining its financial guidance for fiscal year 2025, projecting net revenue between $3.18 billion and $3.26 billion, Adjusted EBITDA between $642 million and $682 million, and free cash flow between $170 million and $190 million.
Nov 4, 2025, 12:00 PM
AdaptHealth Discusses Growth Trajectory, New Contracts, and Competitive Bidding at Jefferies Conference
AHCO
Guidance Update
New Projects/Investments
M&A
- AdaptHealth, the largest DME operator, reported over 3% growth in CPAP setups in Q2 and is seeing improved retention in its diabetes segment, aiming for a return to growth. The company expects 3% to 4% top-line organic revenue growth and has committed $30 million to $35 million for tuck-in M&A this year.
- A significant new capitated contract, starting in Q1 2026, is projected to add at least $200 million annually with 20-21% adjusted EBITDA margins. The company also anticipates at least a point of bottom-line margin improvement in 2026 due to an accounting change and expects future cost savings from AI and automation investments.
- The CFO noted that upcoming competitive bidding for diabetes products will consolidate the market to no more than nine operators per competitive bidding area, positioning AdaptHealth to gain market share.
- AdaptHealth consistently generates 6% to 7% of revenue as free cash flow and aims to reduce its net debt to EBITDA leverage from 2.8x (Q2) to under 2.5x by mid-2026. The company does not anticipate paying cash tax for the next couple of years due to bonus depreciation.
Sep 29, 2025, 4:30 PM
Quarterly earnings call transcripts for AdaptHealth.
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