AdaptHealth Corp. Announces Second Quarter 2025 Results

CONSHOHOCKEN, Pa. – August 5, 2025 – AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial results for the second quarter ended June 30, 2025.

Second Quarter Results and Highlights

All comparisons are to the quarter ended June 30, 2024 unless otherwise stated.

• Net revenue was $800.4 million compared to $806.0 million, a decrease of 0.7%.
• Net income attributable to AdaptHealth Corp. was $14.7 million compared to net income of $19.4 million.
• Adjusted EBITDA was $155.5 million compared to $165.3 million, a decrease of 5.9%.
• Cash flow from operations was $257.5 million year-to-date 2025, an increase from $247.0 million during the comparable period in 2024, and free cash flow was $73.3 million year-to-date 2025, compared to $77.9 million during the comparable period in 2024.
• The Company closed on its previously disclosed sales of certain incontinence assets and certain infusion assets in its Wellness at Home segment.

Management Commentary

“AdaptHealth’s momentum continues to build”, said Suzanne Foster, CEO of AdaptHealth. “We delivered another quarter of solid results in the second quarter. We are driving revenue growth, underscored by today’s milestone announcement of a new capitated partnership with a major national healthcare system. We are advancing multiple initiatives to boost operating efficiency, elevate the patient experience, and expand our profit margins. And we are making rapid progress reducing debt and fortifying our financial position. Step by step, we are executing on a focused plan to unlock the full value of our enterprise, guided by our dedication to providing exceptional service to the 4.2 million patients that depend on us.”

Financial Outlook

The Company is updating previous financial guidance for fiscal year 2025, as follows:

• Net revenue of $3.18 billion to $3.26 billion, from $3.15 billion to $3.29 billion
• Adjusted EBITDA of $642 million to $682 million, from $662 million to $702 million
• Free cash flow of $170 million to $190 million, unchanged

Conference Call

Management will host a teleconference today, Tuesday, August 5, 2025, at 8:30 am ET to discuss the results and business activities with analysts and investors.

Interested parties may participate in the call by dialing: 

• 800-343-4136 (Domestic) or
• 203-518-9843 (International)

When prompted, reference Conference ID: AHCO2Q25

Webcast registration: Click Here

Following the live call, a replay will be available for six months on the Company’s website, www.adapthealth.com, under “Investor Relations.”