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AdaptHealth Corp. (AHCO)

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AdaptHealth Corp. (AHCO) reported revenue of $740 million for Q2 FY2026, the quarter ended 30 June 2026, down 7.5% on the same quarter a year earlier. Net income was -$134 million, and diluted earnings per share $-0.99. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue$740 milliondown 7.5%
Net income-$134 million
Diluted EPS$-0.99
QuarterQ2 FY2026ended 30 June 2026

AdaptHealth (AHCO) in brief

AdaptHealth (AHCO) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.5% on the year before.
Read moreNet loss was $71 million and the diluted loss per share $0.52. Revenue was $3.3 billion in fiscal 2024, $3.2 billion in fiscal 2023, $3.0 billion in fiscal 2022 and $2.5 billion in fiscal 2021. Net income in the same years was $90 million, a loss of $679 million, $69 million and $156 million. Over the twelve months to 30 June 2026, AdaptHealth reported revenue of $3.2 billion and net loss of $228 million. Revenue grew 25.2% a year, compounded, over the five years to fiscal 2025. AdaptHealth had 136 million shares outstanding at the latest filed count. At 30 June 2026 it carried $1.9 billion of debt and $43 million of cash. At the close of 9 October 2026 the market cap of AdaptHealth was $829 million.

Ratios

From the filings

ROE-16.6%
ROCE-4.4%
Operating margin-4.5%
Net margin-7.1%
FCF margin3.0%
Interest covern/a
Debt to equity1.37
Cash conversionn/a
Share count, 1 year0.8%
Sales CAGR, 3 years3.0%
Profit CAGR, 3 yearsn/a
EPS, TTM-$1.71

At the close of 9 October 2026

Price$6.08
Market cap$829 million
Stock P/En/a
Price to book0.60
EV / EBITDA9.81
Dividend yieldn/a
Market cap / sales0.26
52-week high$13.38
52-week low$5.22
Price, 1 year-32.1%
Price CAGR, 3 years-10.2%
Price CAGR, 5 years-23.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as AdaptHealth Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
AHCOgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on AHCO

Filings17 in twelve months: 11 current reports (8-K), about 4 results of operations; 3 officer or director change; 3 regulation FD disclosure; 2 material agreement; 1 material cybersecurity incident
Planned insider sales3 Form 144 notices in twelve months, $278,288; latest 1 July 2026
Options tapeput/call 0.28 by open interest at the 9 October 2026 close; the straddle prices a 19.8% move to 16 October 2026
13F holders6 of the followed funds hold it; largest FMR LLC; 6 Schedule 13D or 13G filings in twelve months
Insider trading3 sales and 10 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest9.6 million shares short, 3.93 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024 * †Q1 FY2025Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue804858792806806857778800820846820740
Cost of revenue693698635637644664657646658674708636
Gross profit111160157169162192120155162172112104
Gross margin14%19%20%21%20%22%15%19%20%20%14%14%
Operating income-461-21850.552.063.597.723.279.361.7-73.35.5-138
Operating margin-57%-25%6%6%8%11%3%10%8%-9%1%-19%
Interest expense32.333.532.533.031.427.8n/an/an/an/an/an/a
Pre-tax income-487-2725.527.832.070.7-5.251.736.4-98.0-20.1-165
Tax raten/an/a120%26%25%27%n/a69%29%n/an/an/a
Net income-454-255-2.119.422.950.3-7.214.724.5-103-16.0-134
Net margin-56%-30%-0%2%3%6%-1%2%3%-12%-2%-18%
Diluted EPS-$3.43-$1.91-$0.02$0.13$0.15$0.34-$0.05$0.10$0.16-$0.76-$0.12-$0.99
Operating cash flow98.815549.019814415095.516216118393.7145
Capital expenditure77.188.687.981.359.677.395.688.794.2104121166
Free cash flow21.766.6-38.911784.873.1-0.173.366.879.3-27.5-20.9
Buybacks0.020.10.00.00.00.0n/an/an/an/an/an/a
Shares outstanding135m133m133m133m135m135m135m135m135m135m136m136m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 8 fiscal years and the trailing twelve months

FY2018FY2019 †FY2020 †FY2021FY2022 †FY2023 †FY2024FY2025TTM
Revenue3455301,0562,4552,9713,2003,2613,2453,227
Cost of revenue2934408992,0092,3902,5762,5802,6362,677
Gross profit51.989.3158446580624681609550
Gross margin15.0%16.9%14.9%18.2%19.5%19.5%20.9%18.8%17.0%
Operating income31.129.471.3226190-59826490.9-144
Operating margin9.0%5.5%6.8%9.2%6.4%-18.7%8.1%2.8%-4.5%
Interest expense7.539.341.495.2109130125104n/a
Pre-tax income22.2-21.9-20619197.9-724136-15.2-247
Income tax-2.10.7-12.032.824.8-49.041.250.9-12.3
Effective tax rate-9.4%n/an/a17.2%25.3%n/a30.3%n/an/a
Net income23.3-21.3-16215669.3-67990.4-70.8-228
Net margin6.7%-4.0%-15.3%6.4%2.3%-21.2%2.8%-2.2%-7.1%
Diluted EPS$1.95-$0.95-$3.08$0.67$0.33-$5.31$0.61-$0.52-$1.71
Filing10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Sleep Health1,2921,3491,37842.5%
Respiratory Health61565169121.3%
Diabetes Health66061459218.3%
Wellness at Home63464658318.0%
Sleep HealthRespiratory HealthDiabetes HealthWellness at Home
3,200FY20233,261FY20243,245FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2018FY2019 †FY2020 †FY2021FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow68.460.4196276374481542602583
Capital expenditure9.921.339.8203391337306382486
Free cash flow58.539.115672.4-17.614323621997.7
Free cash flow margin16.9%7.4%14.8%2.9%-0.6%4.5%7.2%6.8%3.0%
Cash from investing-96.3-84.9-816-1,825-411-357-310-303-624
Cash from financing48.876.16431,599-66.1-92.5-199-30215.8
Depreciation and amortisationn/a62.682.4258351383365382416
Share-based compensation0.911.118.725.322.422.514.921.922.4
Buybacksn/a20.00.00.014.029.30.00.0n/a
Diluted shares, weightedn/a23m52m133m139m134m136m135m136m
Shares outstanding at period endn/an/an/a134m134m133m135m135m136m
Filing10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2018FY2019 †FY2020 †FY2021FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equityn/a-38.83552,0622,1511,4581,5711,5191,378
Non-controlling interestn/a-27.0-74.04.86.68.27.07.87.8
Debt1343977852,2042,1882,1481,9811,7361,888
Operating lease liabilitiesn/an/an/a12010485.580.385.596.4
Finance lease liabilitiesn/an/an/a0.14.022.724.632.6n/a
Other liabilities235215748860765786823936970
Total liabilities and equity3695461,8135,2505,2204,5094,4874,3174,341
Owned
Fixed assets61.663.6110399n/a495475510656
Goodwill2022679993,5133,5452,7252,6752,5412,370
Intangible assetsn/a0.011620216313010685.131.8
Cash and equivalents25.276.9100.015046.377.111010643.3
Receivables53.078.6171360359389408371390
Inventory7.713.258.8123128114140151105
Other assets19.047.0258504978579574552743
Total assets3695461,8135,2505,2204,5094,4874,3174,341
Filing10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a25.2%3.0%-0.4%
Profit growth, compoundedn/an/an/an/a
Return on equity, averagen/a-6.9%-15.2%-4.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was AdaptHealth's revenue in fiscal 2025?

AdaptHealth (AHCO) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.5% on the year before.

How much did AdaptHealth earn in fiscal 2025?

Net loss was $71 million for fiscal 2025, and the diluted loss per share $0.52.

What is AdaptHealth's market cap?

The market cap of AdaptHealth was $829 million at the close of 9 October 2026.

How much debt does AdaptHealth have?

At 30 June 2026 AdaptHealth carried $1.9 billion of debt and $43 million of cash.

Peers: Healthcare

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
BrightSpring Health Services, Inc. BTSG$12.6 billionn/an/an/an/a1.07n/a
Chemed Corp. CHE$6.5 billion25.0833.1%13.5%3.3%0.170.4%
Option Care Health, Inc. OPCH$4.7 billion23.3716.6%5.9%5.9%0.92n/a
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Privia Health Group, Inc. PRVA$2.6 billion99.293.6%1.9%24.1%0.00n/a
Pediatrix Medical Group, Inc. MD$2.2 billion12.7519.8%11.0%0.5%0.45n/a
Progyny, Inc. PGNY$2.2 billion30.3717.3%8.6%5.5%0.00n/a
Addus HomeCare Corp. ADUS$2.1 billion20.059.2%10.0%15.9%0.05n/a
Fortrea Holdings Inc. FTRE$2.0 billionn/a-16.3%-0.4%-2.1%1.98n/a
Healthcare Services Group Inc. HCSG$1.4 billion11.9723.7%n/a5.2%0.004.2%
U S Physical Therapy Inc. USPH$1.3 billion95.877.2%9.4%11.3%0.492.1%
AdaptHealth Corp. AHCO$829 millionn/a-16.6%-4.5%-0.4%1.37n/a
All 26 in Healthcare
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
HCA Healthcare, Inc. HCA$98.3 billion15.10n/a12.7%7.3%n/a0.7%
Quest Diagnostics Inc. DGX$25.5 billion24.5414.1%14.1%9.9%0.751.4%
Labcorp Holdings Inc. LH$25.3 billion25.8311.6%10.4%6.4%0.680.9%
Tenet Healthcare Corp. THC$21.2 billion10.1748.1%20.8%5.4%2.81n/a
BrightSpring Health Services, Inc. BTSG$12.6 billionn/an/an/an/a1.07n/a
Encompass Health Corp. EHC$12.2 billion20.0723.9%18.0%9.5%1.000.6%
Davita Inc. DVA$11.5 billion14.67n/a15.2%6.4%n/an/a
Universal Health Services Inc. UHS$10.6 billion7.2320.3%11.4%10.0%0.650.5%
Ensign Group, Inc. ENSG$10.0 billion26.9215.5%8.5%18.9%0.060.1%
Hims & Hers Health, Inc. HIMS$7.2 billionn/a-43.8%-6.0%28.0%4.21n/a
Chemed Corp. CHE$6.5 billion25.0833.1%13.5%3.3%0.170.4%
Sotera Health Co. SHC$5.2 billion31.6824.6%n/a8.1%3.21n/a
LifeStance Health Group, Inc. LFST$4.7 billion95.623.4%4.9%20.4%0.19n/a
Concentra Group Holdings Parent, Inc. CON$4.7 billion23.9841.7%16.4%14.0%3.270.7%
Option Care Health, Inc. OPCH$4.7 billion23.3716.6%5.9%5.9%0.92n/a
Veracyte, Inc. VCYT$3.6 billion32.088.2%18.8%17.3%0.00n/a
National Healthcare Corp. NHC$3.6 billion25.5212.5%9.3%6.9%0.001.1%
Acadia Healthcare Company, Inc. ACHC$2.7 billionn/a-56.9%-32.6%4.3%1.22n/a
Privia Health Group, Inc. PRVA$2.6 billion99.293.6%1.9%24.1%0.00n/a
Pediatrix Medical Group, Inc. MD$2.2 billion12.7519.8%11.0%0.5%0.45n/a
Progyny, Inc. PGNY$2.2 billion30.3717.3%8.6%5.5%0.00n/a
Addus HomeCare Corp. ADUS$2.1 billion20.059.2%10.0%15.9%0.05n/a
Fortrea Holdings Inc. FTRE$2.0 billionn/a-16.3%-0.4%-2.1%1.98n/a
Healthcare Services Group Inc. HCSG$1.4 billion11.9723.7%n/a5.2%0.004.2%
U S Physical Therapy Inc. USPH$1.3 billion95.877.2%9.4%11.3%0.492.1%
AdaptHealth Corp. AHCO$829 millionn/a-16.6%-4.5%-0.4%1.37n/a
4 companies share its SEC industry code (Services-Home Health Care Services); the rest are the names nearest in size in its wider industry, Healthcare, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20264 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202524 February 2026EDGAR
10-Q30 September 20254 November 2025EDGAR
10-Q30 June 20255 August 2025EDGAR
10-K/A31 December 202420 June 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 20245 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR

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