AdaptHealth (AHCO) FY2024 results: revenue $3.3 billion, up 1.9% on the year

AdaptHealth Corp. (AHCO) reported revenue of $3.3 billion for fiscal 2024, the year ended 31 December 2024, up 1.9% on the year before. Net income was $90 million, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$3.3 billion

+1.9% on the year

FY2018FY2024

Operating margin

8.1%

-18.7% a year earlier

FY2018FY2024

Net income

$90 million

FY2018FY2024

Diluted EPS

$0.61

FY2018FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,261	3,200	2,971	+1.9%
Cost of revenue	2,580	2,576	2,390	+0.1%
Gross profit	681	624	580	+9.1%
Gross margin	20.9%	19.5%	19.5%
Operating income	264	-598	190
Operating margin	8.1%	-18.7%	6.4%
Interest expense	125	130	109	-4.3%
Pre-tax income	136	-724	97.9
Income tax	41.2	-49.0	24.8
Effective tax rate	30.3%	n/a	25.3%
Net income	90.4	-679	69.3
Net margin	2.8%	-21.2%	2.3%
Diluted EPS	$0.61	-$5.31	$0.33

$ million except per share.

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. 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.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	542	481	374	+12.7%
Capital expenditure	306	337	391	-9.3%
Free cash flow	236	143	-17.6	+64.7%
Free cash flow margin	7.2%	4.5%	-0.6%
Cash from investing	-310	-357	-411
Cash from financing	-199	-92.5	-66.1
Depreciation and amortisation	365	383	351	-4.6%
Share-based compensation	14.9	22.5	22.4	-33.8%
Buybacks	0.0	29.3	14.0
Diluted shares, weighted	136m	134m	139m	+0.8%
Shares outstanding at period end	135m	133m	134m	+1.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,571	1,458	2,151	+7.7%
Non-controlling interest	7.0	8.2	6.6	-15.1%
Debt	1,981	2,148	2,188	-7.8%
Operating lease liabilities	80.3	85.5	104	-6.1%
Finance lease liabilities	24.6	22.7	4.0	+8.3%
Other liabilities	823	786	765	+4.7%
Total liabilities and equity	4,487	4,509	5,220	-0.5%
Fixed assets	475	495	n/a	-4.1%
Goodwill	2,675	2,725	3,545	-1.8%
Intangible assets	106	130	163	-18.9%
Cash and equivalents	110	77.1	46.3	+42.3%
Receivables	408	389	359	+4.9%
Inventory	140	114	128	+23.1%
Other assets	574	579	978	-0.8%
Total assets	4,487	4,509	5,220	-0.5%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.