Earnings summaries and quarterly performance for Enhabit.
Executive leadership at Enhabit.
Barbara Jacobsmeyer
Detailed
President and Chief Executive Officer
CEO
CM
Collin McQuiddy
Detailed
Senior Vice President and Chief Accounting Officer
DB
Dylan Black
Detailed
General Counsel and Secretary
JK
Jeanne Kalvaitis
Detailed
Executive Vice President of Hospice
JJ
Julie Jolley
Detailed
Executive Vice President of Home Health
RS
Ryan Solomon
Detailed
Chief Financial Officer
TM
Tanya Marion
Detailed
Chief Human Resources Officer
Board of directors at Enhabit.
BS
Barry Schochet
Detailed
Director
CE
Charles Elson
Detailed
Director
EH
Erin Hoeflinger
Detailed
Director
GR
Gregory Rush
Detailed
Director
JB
Jeffrey Bolton
Detailed
Chairperson of the Board
MO
Mark Ohlendorf
Detailed
Director
SR
Stephan Rodgers
Detailed
Director
SM
Stuart McGuigan
Detailed
Director
TB
Tina Brown-Stevenson
Detailed
Director
Research analysts who have asked questions during Enhabit earnings calls.
RL
Ryan Langston
TD Cowen
4 questions for EHAB
Also covers: ACHC, ADUS, AGL +15 more
Brian Tanquilut
Jefferies
3 questions for EHAB
Also covers: ACHC, ADUS, AHCO +29 more
AR
Albert Rice
UBS
2 questions for EHAB
Also covers: ACHC, AMED, AMN +20 more
AR
A.J. Rice
UBS Group AG
1 question for EHAB
Also covers: ACHC, AMED, AMN +21 more
BM
Benjamin Mayo
Leerink Partners
1 question for EHAB
Also covers: ACHC, AGL, AMED +10 more
JP
Jamie Perse
The Goldman Sachs Group, Inc.
1 question for EHAB
Also covers: BTSG, CON, DOCS +8 more
MH
Meghan Holtz
Jefferies Financial Group Inc.
1 question for EHAB
Also covers: AHCO, AVAH, DGX +4 more
Recent press releases and 8-K filings for EHAB.
Enhabit Discusses 2026 Rate Impact, M&A Strategy, and Financial Outlook
EHAB
Guidance Update
M&A
New Projects/Investments
- Despite a negative rate reimbursement in the final rule for 2026, Enhabit is confident in delivering organic profitability growth in 2026 at a similar rate to 2025 due to ongoing efficiency efforts. CMS finalized a 1% cut for the behavior adjustment and a 3% temporary adjustment for recoupment, with an estimated $460 million to be recouped in 2026 over approximately a 10-year period.
- The company plans to target increased investment in de novos or strategic M&A in 2026, leveraging improved balance sheet flexibility and rate clarity. This will likely involve smaller to medium-sized home health M&A and accelerated hospice de novo activity. Enhabit aims to deploy $25 million-$50 million for targeted acquisitions or investments.
- In Q3, 57% of non-Medicare admissions were under payer innovation contracts, up from 52% last year. Recent renegotiations of these contracts, which are not linked to Medicare fee-for-service, resulted in low double-digit rate increases. Approximately 20% of the company's census is Medicare Advantage (MA) episodic linked to Medicare fee-for-service.
- Enhabit exited the quarter with a leverage ratio of 3.9. The company expects a wage increase of approximately 3% this year for both home health and hospice, with similar expectations for next year. Long-term volume growth for both home health and hospice is projected at mid to high single digits.
Dec 9, 2025, 8:50 PM
Enhabit Discusses 2026 Outlook, Rate Adjustments, and Growth Strategy
EHAB
Guidance Update
New Projects/Investments
M&A
- Enhabit is confident in delivering organic profitability growth in 2026 at a similar rate to 2025, despite a negative rate reimbursement in the final home health rule, attributing this to ongoing efficiency efforts.
- The company plans to target increased investment in 2026 through de novos and targeted strategic M&A, leveraging improved rate clarity and balance sheet flexibility.
- CMS's final rule appears to signal an end to permanent behavioral adjustments after the 2022 lookback period, and the temporary adjustment was lowered to -2.7%, estimated to recoup approximately $460 million in 2026.
- Enhabit's payer innovation strategy is showing success, with 57% of Q3 non-Medicare admissions in such contracts and successful renegotiations yielding low double-digit rate increases.
- The company projects mid-to-high single-digit volume growth for both home health and hospice long-term and plans to deploy $25 million-$50 million of free cash flow for targeted acquisitions or investments in 2026.
Dec 9, 2025, 8:50 PM
Enhabit Discusses 2026 Outlook, Rate Adjustments, and Growth Strategy
EHAB
Guidance Update
M&A
New Projects/Investments
- Enhabit expects to deliver organic profitability growth in 2026 at a similar rate to 2025, despite a negative rate reimbursement in the final rule, leveraging efficiency efforts and VPE growth.
- CMS's final home health rate rule signals an end to permanent behavior adjustments and a lowered temporary recoupment cut of 3%, which is expected to be recouped over approximately a 10-year period.
- The company plans to target increased investment in 2026 for de novos and strategic M&A, focusing on home health M&A (smaller to medium-sized assets) and hospice de novos.
- In Q3, 57% of non-Medicare admissions were in payer innovation contracts, up from 52% in the prior year, with successful renegotiations yielding low double-digit rate increases.
- Enhabit exited Q3 with a leverage ratio of 3.9x and plans to opportunistically deploy $25 million to $50 million for targeted acquisitions or investments in 2026, while also continuing deleveraging.
Dec 9, 2025, 8:50 PM
Enhabit Reiterates 2025 Guidance and Outlines 2026 Growth Strategy
EHAB
Guidance Update
New Projects/Investments
M&A
- Enhabit (EHAB) reported Q3 YTD 2025 revenues of $789.6 million and Adjusted EBITDA of $80.5 million, reflecting increases of 1.7% and 7.3% respectively, while also improving its net debt leverage ratio from 5.4 (Q4 2023) to 3.9 (Q3 2025).
- As of December 9, 2025, the company reiterated its 2025 guidance, projecting net service revenue between $1,058 million and $1,063 million, Adjusted EBITDA between $106 million and $109 million, and Adjusted EPS between $0.50 and $0.56.
- The CMS Final Home Health Rule for 2026 is expected to result in an overall negative rate impact of -1.3%, narrowing the estimated revenue headwind for EHAB to ~$6 million to $8 million for 2026, a significant reduction from the proposed $35 million to $40 million.
- For 2026, Enhabit anticipates mid-to-high single-digit admission growth for both Home Health and Hospice segments, and plans to invest $25 million to $50 million in strategic acquisitions to fuel incremental inorganic growth.
Dec 9, 2025, 8:50 PM
EHAB Discusses 2025 Performance, CMS Rule Mitigation, and Growth Strategies
EHAB
Guidance Update
New Projects/Investments
Legal Proceedings
- Enhabit (EHAB) reported strong performance in 2025, with hospice outperforming and the home health payer strategy yielding positive results, contributing to a significant reduction in leverage.
- The company anticipates the final CMS rule by early December 2025, expecting it to be better than the proposed rule. In a worst-case scenario, the proposed rule could result in a $35 million-$40 million headwind.
- To mitigate potential rate reductions, EHAB's visit-per-episode (VPE) pilot program has successfully reduced visits per episode from approximately 15 to 13 in test sites, with a full rollout to all locations by the end of November 2025. This reduction is estimated to be worth $5 million to $8 million for every half visit.
- EHAB has reduced its debt-to-EBITDA leverage to 3.9 in Q3, down over 1.5 turns since Q4 2023, providing flexibility for future investments, accelerating its de novo strategy (targeting 10 de novos annually, with 6-7 being hospice), and strategic M&A.
- The company also discussed ongoing litigation regarding the former founder and CEO, stating that they are awaiting final orders from the judge.
Nov 11, 2025, 5:30 PM
EHAB Reports Strong Q3 2025 Results and Updates 2025 Guidance
EHAB
Earnings
Guidance Update
Revenue Acceleration/Inflection
- EHAB's consolidated net service revenue for Q3 2025 increased 3.9% year-over-year to $263.6 million, with Adjusted EBITDA growing 10.2% to $27.0 million. Net income attributable to Enhabit, Inc. was $11.1 million, a significant improvement from a net loss of $(110.2) million in Q3 2024, and Adjusted diluted EPS rose 466.7% to $0.17.
- The Hospice segment demonstrated strong performance in Q3 2025, with net service revenue increasing 20.0% to $63.1 million and Adjusted EBITDA growing 72.0%. Home Health total admissions increased 3.6%, and average daily census grew 3.7%.
- The company continued to strengthen its financial health, achieving its 7th consecutive quarter of debt prepayments and reducing bank debt by $15.0 million in Q3 2025. EHAB exited Q3 2025 with a 3.9x leverage ratio.
- As of November 5, 2025, EHAB updated its 2025 guidance, projecting Net Service Revenue between $1,058 million and $1,063 million, Adjusted EBITDA between $106 million and $109 million, and Adjusted EPS between $0.50 and $0.56.
Nov 6, 2025, 2:00 PM
Enhabit Reports Q3 2025 Results and Raises Full-Year Guidance
EHAB
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Enhabit (EHAB) reported Q3 2025 consolidated net revenue of $263.6 million, a 3.9% increase year-over-year, and adjusted EBITDA of $27 million, up 10.2% year-over-year.
- The Hospice segment delivered strong performance with revenue growth of 20% and adjusted EBITDA growth exceeding 70% year-over-year, driven by a 12.6% increase in census. Home Health revenue was relatively flat year-over-year.
- The company successfully renegotiated national payer contracts, securing a low double-digit increase in per-visit rates for one payer and a successful rate update for another, contributing to Home Health admissions growth of 3.6% and census growth of 3.7% year-over-year.
- Enhabit improved its net debt to adjusted EBITDA leverage ratio to 3.9 times in Q3 2025, down from 5.4 times in Q4 2023, and updated its full-year 2025 guidance for revenue to $1.058 billion-$1.063 billion and adjusted EBITDA to $106 million-$109 million.
Nov 6, 2025, 2:00 PM
Enhabit, Inc. Reports Third Quarter 2025 Financial Results and Updates Full-Year Guidance
EHAB
Earnings
Guidance Update
- Enhabit, Inc. reported net service revenue of $263.6 million, net income attributable to Enhabit, Inc. of $11.1 million, and Adjusted EBITDA of $27.0 million for the third quarter ended September 30, 2025.
- The company achieved strong year-over-year growth in Q3 2025, with total net service revenue increasing 3.9% and consolidated Adjusted EBITDA growing 10.2%. Adjusted diluted EPS rose 466.7% to $0.17.
- Operational performance saw home health admissions grow 3.6% and hospice average daily census (ADC) increase 12.6% year over year.
- Enhabit continued to reduce its bank debt by $15.0 million in the quarter, achieving a leverage ratio of 3.9x and marking the seventh straight quarter of debt prepayment.
- The company updated its 2025 guidance, projecting net service revenue of $1,058 to $1,063 million, Adjusted EBITDA of $106 to $109 million, and Adjusted EPS of $0.50 to $0.56.
Nov 5, 2025, 9:17 PM
Enhabit Reports Strong Q2 2025 Financial Performance and Continued Debt Reduction
EHAB
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Enhabit reported strong Q2 2025 financial results, with consolidated net service revenue growing 2.4% sequentially to $266.1 million and Adjusted EBITDA increasing 1.2% sequentially to $26.9 million.
- The company demonstrated continued balance sheet improvement, reducing total debt by $85 million since Q4 2023 and lowering its leverage ratio to 4.3x as of June 30, 2025, from 4.9x at December 31, 2024.
- Both Home Health and Hospice segments showed growth momentum in Q2 2025, with Home Health net service revenue growing 2.6% sequentially to $205.9 million and Hospice average daily census (ADC) growing 12.3% year over year.
- Enhabit is focused on growth initiatives for 2025, including expanding home health and hospice census, opening de novo locations, and optimizing existing ones, supported by favorable demographic trends and the cost efficiency of home health care.
Sep 30, 2025, 3:55 PM
Enhabit Discusses CMS Cuts and Strategic Growth Initiatives
EHAB
Management Change
New Projects/Investments
Guidance Update
- Enhabit, which spun out from Encompass on July 1, 2022, operates 249 home health locations and 114 hospice locations across 34 states.
- The company has successfully implemented a payer strategy, contracting with the majority of Medicare Advantage plans and securing a double-digit rate increase with a large national payer.
- Enhabit is preparing for a proposed 6.4% CMS cut, which could result in an estimated $35 million to $40 million headwind on an unmitigated basis, by piloting a Visits Per Episode (VPE) initiative, targeting G&A savings, and leveraging substantial growth in its hospice platform.
- The VPE pilot aims to reduce visits from just under 14 (current) towards an industry average of 12, with each half of a visit per episode reduction potentially yielding $5 million to $8 million annually in benefit.
- The company has made $85 million in debt prepayments since Q3 2023, including $10 million in Q3 to date, reducing annualized interest expense by over $17 million.
Sep 30, 2025, 3:55 PM
Quarterly earnings call transcripts for Enhabit.
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