AdaptHealth (AHCO) FY2025 results: revenue $3.2 billion, down 0.5% on the year
AdaptHealth Corp. (AHCO) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, down 0.5% on the year before. Net income was -$71 million, and diluted earnings per share $-0.52. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$3.2 billion
-0.5% on the year
FY2018FY2025
Operating margin
2.8%
8.1% a year earlier
FY2018FY2025
Net income
-$71 million
FY2018FY2025
Diluted EPS
-$0.52
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new.
Full-year revenue slightly lower: Full-year 2025 net revenue was $3,244.9 million, down 0.5%. Fourth quarter net revenue was $846.3 million, down 1.2% from $856.6 million.
Net loss against prior-year net income: Net loss attributable to AdaptHealth was $70.8 million for the year and $102.8 million for the fourth quarter. Both 2024 periods showed net income.
Adjusted EBITDA declined year on year: Full-year Adjusted EBITDA was $616.7 million, down 10.5% from $688.7 million. Fourth quarter Adjusted EBITDA was $163.1 million, down 18.7% from $200.6 million.
Census records in three segments: Patient census reached records in Sleep Health, Respiratory Health and Wellness at Home. Diabetes Health set a patient retention record in the quarter.
Fourth quarter hit by legal and onboarding: The release cites a $14.5 million legal settlement expense and over $10 million of onboarding investments in the fourth quarter. The Adjusted EBITDA reconciliation lists $1.0 million of litigation settlement expense for the quarter.
$ million except per share. 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.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
602
542
481
+11.1%
Capital expenditure
382
306
337
+24.9%
Free cash flow
219
236
143
-7.0%
Free cash flow margin
6.8%
7.2%
4.5%
Cash from investing
-303
-310
-357
Cash from financing
-302
-199
-92.5
Depreciation and amortisation
382
365
383
+4.5%
Share-based compensation
21.9
14.9
22.5
+47.0%
Buybacks
0.0
0.0
29.3
Diluted shares, weighted
135m
136m
134m
-0.3%
Shares outstanding at period end
135m
135m
133m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,519
1,571
1,458
-3.3%
Non-controlling interest
7.8
7.0
8.2
+11.3%
Debt
1,736
1,981
2,148
-12.4%
Operating lease liabilities
85.5
80.3
85.5
+6.5%
Finance lease liabilities
32.6
24.6
22.7
+32.4%
Other liabilities
936
823
786
+13.8%
Total liabilities and equity
4,317
4,487
4,509
-3.8%
Fixed assets
510
475
495
+7.5%
Goodwill
2,541
2,675
2,725
-5.0%
Intangible assets
85.1
106
130
-19.4%
Cash and equivalents
106
110
77.1
-3.3%
Receivables
371
408
389
-9.1%
Inventory
151
140
114
+8.2%
Other assets
552
574
579
-3.9%
Total assets
4,317
4,487
4,509
-3.8%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.