Enhabit, Inc.EHAB
Enhabit, Inc. Segments Disclosure
Segment Reporting
(1) Private duty represents long-term comprehensive hourly nursing medical care.
Enhabit’s two reportable segments, Home Health and Hospice, are based on the major types of services provided by the Company, as described below. The Chief Executive Officer, who is also the Chief Operating Decision Maker, uses these segment groupings and the results of each segment, measured by adjusted earnings before interest, taxes, depreciation, and amortization (“Segment Adjusted EBITDA”) to evaluate performance and allocate resources, primarily during the annual budget process and regular operational performance reviews. Segment assets are not reviewed by the Chief Operating Decision Maker and therefore are not disclosed below.
•Home Health - Enhabit operates home health agencies in 33 states, with a concentration in the southern half of the United States. As of December 31, 2025, the Company operates 249 home health agencies. Enhabit is the sole owner of 238 of these locations. The Company retains 50.0% to 81.0% ownership in the remaining 11 jointly owned locations. Home health services include a comprehensive range of Medicare-certified home nursing services to adult patients in need of care. These services include, among others, skilled nursing, physical, occupational, and speech therapy, medical social work, and home health aide services.
•Hospice - Enhabit’s hospice operations represent one of the nation’s largest providers of Medicare-certified hospice services. The Company operates hospice provider locations in 25 states, with a concentration in the southern half of the United States. As of December 31, 2025, the Company operates 117 hospice provider locations. Enhabit is the sole owner of 113 of these locations. The Company retains 50.0% to 90.0% ownership in the remaining four jointly owned locations. Hospice care focuses on the quality of life for patients who are experiencing an advanced, life limiting illness while treating the person and symptoms of the disease, rather than the disease itself.
The accounting policies of the reportable segments are the same as those described in Note 1, Summary of Significant Accounting Policies. All revenues for services are generated through external customers. See Note 1, Summary of Significant Accounting Policies—Net Service Revenue, for the disaggregation of revenues. No corporate overhead is allocated to either of the reportable segments. Other cost of service is comprised of third-party services and other individually insignificant costs in the Home Health segment. Other cost of service is comprised of medical director, skilled nursing facilities and other individually insignificant costs in the Hospice segment. Other general and administrative expenses is comprised of licensing fees and other individually insignificant fees for both the Home Health and Hospice segments.
Selected financial information for the reportable segments is as follows (in millions):
| Home Health | Hospice | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Net service revenue | $ | 813.8 | $ | 824.8 | $ | 850.1 | $ | 246.2 | $ | 210.0 | $ | 196.2 | |||||||||||||||||||||||
| Labor | 390.1 | 389.5 | 398.6 | 71.9 | 63.8 | 62.5 | |||||||||||||||||||||||||||||
| Supplies and pharmacy | 9.5 | 9.9 | 10.8 | 21.8 | 19.4 | 17.1 | |||||||||||||||||||||||||||||
| Travel | 20.8 | 21.8 | 22.8 | 5.1 | 4.7 | 4.8 | |||||||||||||||||||||||||||||
| Other cost of service | 6.1 | 7.0 | 6.8 | 14.9 | 14.7 | 12.2 | |||||||||||||||||||||||||||||
| Total cost of service, excluding depreciation and amortization | 426.5 | 428.2 | 439.0 | 113.7 | 102.6 | 96.6 | |||||||||||||||||||||||||||||
| General and administrative salaries | 188.6 | 193.2 | 196.9 | 59.7 | 54.0 | 52.2 | |||||||||||||||||||||||||||||
| Other general and administrative expenses | 48.7 | 42.2 | 43.7 | 12.5 | 11.5 | 11.2 | |||||||||||||||||||||||||||||
| Total general and administrative expenses | 237.3 | 235.4 | 240.6 | 72.2 | 65.5 | 63.4 | |||||||||||||||||||||||||||||
| Other income | — | — | (0.2) | — | — | — | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | 1.5 | 1.8 | 1.4 | 0.5 | 0.4 | 0.1 | |||||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | 148.5 | $ | 159.4 | $ | 169.3 | $ | 59.8 | $ | 41.5 | $ | 36.1 | |||||||||||||||||||||||
Total segment reconciliations (in millions):
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Total Segment Adjusted EBITDA | $ | 208.3 | $ | 200.9 | $ | 205.4 | |||||||||||
| Non-segment general and administrative expenses | (107.4) | (113.3) | (128.7) | ||||||||||||||
| Interest expense, net | (33.8) | (42.9) | (43.0) | ||||||||||||||
| Depreciation and amortization | (22.5) | (31.5) | (30.9) | ||||||||||||||
| Gain (loss) on sale of investment and disposal of assets | 19.1 | — | — | ||||||||||||||
| Impairment of goodwill | (44.7) | (161.7) | (85.8) | ||||||||||||||
| Impairment of intangible assets | (3.0) | — | — | ||||||||||||||
| Stock-based compensation expense | (16.6) | (11.7) | (8.9) | ||||||||||||||
| Net income attributable to noncontrolling interests | 2.0 | 2.2 | 1.5 | ||||||||||||||
| Income (loss) before income taxes and noncontrolling interests | $ | 1.4 | $ | (158.0) | $ | (90.4) | |||||||||||
Additional detail regarding the revenues of the operating segments by payer type follows (in millions):
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Home Health: | |||||||||||||||||
| Medicare | $ | 455.2 | $ | 484.6 | $ | 557.4 | |||||||||||
| Non-Medicare | 350.8 | 331.2 | 283.0 | ||||||||||||||
Private duty(1) | 7.8 | 9.0 | 9.7 | ||||||||||||||
| Total Home Health | 813.8 | 824.8 | 850.1 | ||||||||||||||
| Hospice | 246.2 | 210.0 | 196.2 | ||||||||||||||
| Total net service revenue | $ | 1,060.0 | $ | 1,034.8 | $ | 1,046.3 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Apr 14, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.