Earnings summaries and quarterly performance for AdaptHealth.
Executive leadership at AdaptHealth.
Suzanne Foster
Detailed
Chief Executive Officer
CEO
Albert Prast
Detailed
Chief Technology Officer
Christine Archbold
Detailed
Chief Accounting Officer
Jason Clemens
Detailed
Chief Financial Officer
Richard Rew
Detailed
Chief Legal Officer, General Counsel & Secretary
Russell Schuster
Detailed
Chief Commercial Officer
Toby Scott Barnhart
Detailed
Chief Operating Officer
Board of directors at AdaptHealth.
Research analysts who have asked questions during AdaptHealth earnings calls.
Eric Coldwell
Robert W. Baird & Co.
4 questions for AHCO
Also covers: CAH, COR, CRL +9 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 +29 more
Mathew Blackman
Stifel
3 questions for AHCO
Also covers: ATEC, BBNX, CERS +7 more
Pito Chickering
Deutsche Bank
3 questions for AHCO
Also covers: ACHC, AVAH, BAX +18 more
Kevin Caliendo
UBS
2 questions for AHCO
Also covers: ALGN, AMWL, CAH +15 more
Richard Close
Canaccord Genuity Group
2 questions for AHCO
Also covers: ACCD, CLOV, DCGO +15 more
Whit Mayo
Leerink Partners
2 questions for AHCO
Also covers: ACHC, ALHC, AMED +11 more
John Pinney
Canaccord Genuity Group Inc.
1 question for AHCO
Also covers: CLOV, HSTM, QIPT
Kieran Ryan
Deutsche Bank
1 question for AHCO
Also covers: AVAH, BTSG, DCGO +3 more
Meghan Holtz
Jefferies Financial Group Inc.
1 question for AHCO
Also covers: AVAH, DGX, EHAB +4 more
Michael Murray
RBC Capital Markets
1 question for AHCO
Also covers: ADUS, AMED, AVAH +7 more
Recent press releases and 8-K filings for AHCO.
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
AdaptHealth Corp. Secures Billion-Dollar Contract and Reports Strong Q2 Performance
AHCO
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- AdaptHealth Corp. reported a solid second quarter meeting revenue, adjusted EBITDA, and free cash flow expectations, while also reducing debt by $150 million. The company secured a transformational billion-dollar contract with a national hospital and payer, anticipated to generate at least $200 million in annual revenue for five years starting in 2026.
- Under new CEO Suzanne Foster, AdaptHealth has simplified its operating model, recruited an A-plus management team, and reorganized from six to four operating regions to enhance efficiency.
- The company finalized its disposition program in Q2 2025 by divesting the ActiveStyle and home infusion businesses, following the sale of custom rehab in late Q3 2024, while strategically acquiring two hospital system DME companies.
- AdaptHealth's sleep business achieved 128,000 patient setups in Q2 2025, nearing company records due to operational changes, and the diabetes business is projected to return to growth in the second half of 2025 after leadership changes and improved retention.
Aug 13, 2025, 1:20 PM
AdaptHealth Corp. Partners with National Healthcare System
AHCO
New Projects/Investments
Revenue Acceleration/Inflection
- AdaptHealth Corp. has entered into a 5-year definitive agreement to become the exclusive provider of home medical equipment and supplies for a major national healthcare system.
- This partnership covers the healthcare system's more than 10 million members, including Medicare Advantage, Medicaid Managed Care, and privately insured patients.
- The agreement is structured primarily as a capitation payment model.
- AdaptHealth's CEO, Suzanne Foster, noted that this partnership is expected to drive non-acquired growth and transform healthcare services in the home.
Aug 5, 2025, 11:00 AM
AdaptHealth Closes Asset Disposition and Updates 2025 Guidance
AHCO
M&A
Guidance Update
- AdaptHealth Corp. closed the disposition of certain home infusion assets in its Wellness at Home segment, a strategic move to sharpen focus and reduce debt.
- The company used the proceeds from this disposition, along with other funds, to make a $65.0 million prepayment on its outstanding term loan, following a $70.0 million prepayment in May 2025.
- The disposed assets represented approximately $52 million of annual revenue and $5 million of annual Adjusted EBITDA, and the company projects $30 million of cash taxes due on the gains.
- As a result, AdaptHealth revised its full-year 2025 guidance: revenue to a range of $3,150 million to $3,290 million, Adjusted EBITDA to $662 million to $702 million, and Free Cash Flow to $170 million to $190 million.
Jun 30, 2025, 12:00 AM
AdaptHealth Corp Reports Q1 2025 Earnings & Guidance Update
AHCO
Earnings
Guidance Update
M&A
Debt Issuance
- Q1 2025 net revenue reached $777.9 million (down 1.8% YoY) and exceeded the guidance midpoint by $13.1 million .
- The company reported a net loss of $7.2 million with basic and diluted EPS of –$0.05 .
- Adjusted EBITDA was $127.9 million with a margin of 16.4%, although down 19.3% YoY .
- Revised full-year guidance now targets revenue of $3.18–$3.32 billion and adjusted EBITDA of $665–$705 million, with free cash flow outlook remaining unchanged despite a reported free cash flow of –$58K .
- The company strengthened its balance sheet by reducing debt by $25 million in Q1, bringing net debt to approximately $1.96 billion with a leverage ratio of 2.98x (total long-term debt of $2.02 billion) .
- Strategic asset dispositions in the Wellness at Home segment underscore a focus on debt reduction and operational improvements .
May 6, 2025, 12:31 PM
AdaptHealth Corp Restructures Business Segments
AHCO
Guidance Update
New Projects/Investments
Management Change
- AdaptHealth Corp has reorganized its business into three core segments—Sleep Health (approximately 40% of revenue), Respiratory Health (about 20%), and Diabetes Health (around 20%)—with an additional Wellness at Home category that supports ancillary revenue.
- The CFO detailed plans for flat margins in 2025 by targeting a modest 1% revenue growth and making significant investments in new leadership and technology, including artificial intelligence initiatives to streamline document processing.
- In the Diabetes segment, operational improvements such as enhanced patient retention and the restructuring of resupply operations have led to better performance in new patient starts, indicating steps toward returning to organic growth.
- The discussion also covered tracking GLP-1 medication usage to improve CPAP adherence in the Sleep segment, and noted limited tariff exposure on its $1.3 billion spend, with potential impacts estimated at around $10 million.
Mar 12, 2025, 3:31 PM
Quarterly earnings call transcripts for AdaptHealth.
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