AdaptHealth Corp.

Listed Company

AHCOCIK 0001725255NasdaqLarge AcceleratedServices-Home Health Care ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.24B

Net Income

$-70.79M

Total Assets

$4.32B

Equity

$1.52B

Shares Out

136.05M

Op. Cash Flow

$601.77M

AHCO$10.95+18.97% · past yearDBEQ Basic

Daily closing prices

Business

AdaptHealth Corp. is a national home healthcare provider delivering patient-centered healthcare-at-home solutions including home medical equipment, medical supplies, and related services. The company operates four reportable segments: Sleep Health (sleep apnea therapy), Respiratory Health (oxygen and ventilation equipment), Diabetes Health (glucose monitors and insulin pumps), and Wellness at Home (post-acute care supplies and equipment). AdaptHealth serves Medicare, Medicaid, and commercial insurance beneficiaries through approximately 640 locations across 48 states, delivering to roughly 4.3 million patients annually.

Summary from 10-K filed 2026-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	3,245	3,261	3,200	2,971	2,455
Cost of net revenue	2,636	2,580	2,576	2,390	2,009
General and administrative expenses	382	359	335	325	168
Depreciation and amortization, excluding patient equipment depreciation	41	45	57	65	63
Goodwill impairment (note 7)	128	13	831	0	0
Total costs and expenses	3,187	2,997	3,799	2,780	2,240
Gain on sale of businesses (note 4)	−33	0	0	—	—
Operating income (loss)	91	264	−598	190	226
Interest expense, net	106	127	130	109	—
Loss on extinguishment of debt	0	2	0	0	20
Change in fair value of warrant liability (note 13)	0	−4	−34	−17	−53
Other loss, net	274,000	3	30	253,000	2
(Loss) income before income taxes	−15	136	−724	98	191
Income tax expense (benefit)	51	41	−49	25	33
Net (loss) income	−66	95	−675	73	158
Income attributable to noncontrolling interest	5	4	4	4	2
Net (loss) income attributable to AdaptHealth Corp.	−71	90	−679	69	156
Weighted average common shares outstanding - basic (in shares)	135	134	134	134	126
Weighted average common shares outstanding - diluted (in shares)	135	136	134	139	133
Basic net (loss) income per share (in dollars per share)	−0.52	0.62	−5.06	0.47	1.12
Diluted net (loss) income per share (in dollars per share)	−0.52	0.61	−5.31	0.33	0.67

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	106	110	77	46	150
Accounts receivable	371	408	389	359	360
Inventory	151	140	114	128	123
Prepaid and other current assets	101	45	69	52	37
Assets held for sale	0	53	0	—	—
Total current assets	729	756	649	585	670
Equipment and other fixed assets, net	510	475	495	487	399
Operating lease right-of-use assets	112	106	110	130	148
Finance lease right-of-use assets	52	38	32	5	0
Goodwill	2,500	2,675	2,725	3,545	3,513
Identifiable intangible assets, net	85	106	130	163	202
Deferred tax assets	268	315	346	282	304
Other assets	19	18	21	22	15
Total Assets	4,317	4,487	4,509	5,220	5,250
Accounts payable and accrued expenses	554	438	392	337	358
Current portion of long-term debt	20	16	53	35	20
Current portion of operating lease obligations	31	30	29	30	31
Current portion of finance lease obligations	18	14	9	2	15
Contract liabilities	60	35	39	32	31
Other liabilities	30	27	11	20	43
Liabilities held for sale	0	7	0	—	—
Total current liabilities	712	567	537	456	500
Long-term debt, less current portion	1,716	1,965	2,095	2,153	2,184
Operating lease obligations, less current portion	85	80	86	104	120
Finance lease obligations, less current portion	33	25	23	4	—
Other long-term liabilities	244	272	302	306	322
Total Liabilities	2,790	2,909	3,042	3,062	3,184
Commitments and contingencies (Note 18)	—	—	—	—	—
Common Stock, par value of $0.0001 per share, 300,000,000 shares authorized and 135,450,364 and 134,602,317 shares issued and outstanding as of December 31, 2025 and 2024, respectively	13,000	13,000	13,000	13,000	13,000
Preferred Stock, par value of $0.0001 per share, 5,000,000 shares authorized; 124,060 shares issued and outstanding as of December 31, 2025 and 2024	1,000	1,000	1,000	1,000	1,000
Treasury stock, at cost (2,935,035 shares as of December 31, 2025 and 2024)	−26	−26	−43	−14	0
Additional paid-in capital	2,177	2,157	2,150	2,130	2,107
Accumulated deficit	−633	−562	−653	26	−43
Accumulated other comprehensive income	78,000	2	4	9	−2
Total stockholders' equity attributable to AdaptHealth Corp.	1,519	1,571	1,458	2,151	2,062
Noncontrolling interest in subsidiary	8	7	8	7	5
Total Stockholders' Equity	1,526	1,578	1,467	2,158	2,067
Total Liabilities and Stockholders' Equity	4,317	4,487	4,509	5,220	5,250

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization, including patient equipment depreciation	382	365	383	351	258
Equity-based compensation	22	15	22	22	25
Reduction in the carrying amount of operating lease right-of-use assets	31	33	32	32	29
Reduction in the carrying amount of finance lease right-of-use assets	15	11	6	0	0
Deferred income tax expense (benefit)	47	32	−63	18	22
Change in fair value of interest rate swaps, net of reclassification adjustment	0	−367,000	−2	−3	−3
Amortization of deferred financing costs	6	6	5	5	5
Payment of contingent consideration from an acquisition	0	−2	0	—	—
Other	3	2	350,000	−285,000	−4
Accounts receivable	31	−26	−29	−209,000	−30
Inventory	−11	−28	16	−6	−15
Prepaid and other assets	−61	27	−20	−13	3
Operating lease obligations	−31	−33	−32	−31	−28
Operating liabilities	139	34	41	−57	−83
Net cash provided by operating activities	602	542	481	374	276
Purchases of equipment and other fixed assets	−382	−306	−337	−391	−203
Payments for business acquisitions, net of cash acquired	−42	−10	−20	−19	−1,620
Proceeds from the sale of businesses, net of cash disposed	120	0	0	—	—
Proceeds from the sale of assets	0	5	0	0	—
Payments for cost method investments	0	0	−128,000	−731,000	−1
Receipt of contingent consideration from the sale of assets	1	0	0	—	—
Net cash used in investing activities	−303	−310	−357	−411	−1,825
Repayments on long-term debt and lines of credit	−250	−423	−95	−20	−827
Proceeds from borrowings on lines of credit	0	253	50	0	1,165
Repayments of finance lease obligations	−18	−10	−7	−16	−42
Payments for shares purchased under share repurchase program	0	0	−29	−14	0
Proceeds from the exercise of stock options	0	742,000	587,000	3	12
Proceeds received in connection with employee stock purchase plan	1	999,000	2	2	1
Payments of debt financing costs	−25	−1	−3	0	0
Payments of debt financing costs	0	−6	0	0	−29
Distributions to noncontrolling interests	−7	−6	−3	−2	−1
Payments for tax withholdings from vesting of restricted stock units	−3	−2	−6	−4	−4
Payments of contingent consideration and deferred purchase price from acquisitions	−212,000	−5	−3	−14	−25
Net cash used in financing activities	−302	−199	−93	−66	1,599
Net (decrease) increase in cash	−4	33	31	−103	50
Cash paid for interest	101	122	126	109	74
Cash paid for income taxes, net of refunds	24	14	15	15	15
Unpaid equipment and other fixed asset purchases at end of period	66	56	36	24	14
Operating leases	38	36	22	23	—
Operating lease obligations	−38	−36	−22	−23	−13
Write-off of assets subject to operating lease obligations	−3	−7	−15	−9	0
Write-off of operating lease obligations	3	7	15	9	0
Assets subject to finance lease obligations	31	18	32	0	0
Finance lease obligations	−31	−18	−32	0	0
Write-off of assets subject to finance lease obligations	−2	−513,000	0	0	—
Write-off of finance lease obligations	2	513,000	0	0	—
Deferred purchase price in connection with acquisitions	355,000	0	137,000	457,000	4

Filings

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Frequently asked questions

What is AdaptHealth Corp.'s CIK number?

AdaptHealth Corp.'s SEC CIK number is 0001725255 (1725255). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find AdaptHealth Corp.'s SEC filings?

All of AdaptHealth Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did AdaptHealth Corp. last report earnings?

AdaptHealth Corp. (AHCO) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-030120). This is AdaptHealth Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is AdaptHealth Corp.'s most recent earnings 8-K?

AdaptHealth Corp.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001628280-26-030120. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View AdaptHealth Corp.'s latest earnings 8-K →
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