AdaptHealth Corp. Announces Third Quarter 2025 Results

CONSHOHOCKEN, Pa. – November 4, 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 third quarter ended September 30, 2025.

Third Quarter Business Highlights

  • Signed another new capitated agreement to be the exclusive HME provider for a payor serving approximately170,000 members, and added infrastructure to support our previously announced capitated partnership with a major national healthcare system.
  • Advanced digital patient engagement and expanded self-service capabilities, growing registered myApp users to 271,000, up from 118,000 in the third quarter of 2024.
  • Reduced debt by $50.0 million, bringing year-to-date debt reduction to $225.0 million, resulting in a net leverage ratio of 2.68x at quarter end versus the Company’s stated net leverage target of 2.50x.

Third Quarter Results

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

  • Net revenue was $820.3 million compared to $805.9 million, an increase of 1.8%.
  • Organic revenue growth of 5.1% was the highest since the first quarter of 2024, driven by solid underlying volume trends across the four reportable segments.
  • Net income attributable to AdaptHealth Corp. was $24.5 million compared to net income of $22.9 million.
  • Adjusted EBITDA was $170.1 million compared to $164.3 million, an increase of 3.5%.
  • Cash flow from operations was $418.6 million year-to-date 2025, an increase from $391.4 million during the comparable period in 2024, and free cash flow was $140.1 million year-to-date 2025, compared to $162.7 million during the comparable period in 2024.

Management Commentary

“Q3 was a milestone quarter for AdaptHealth,” said Suzanne Foster, CEO of AdaptHealth. “We delivered strong financial results that exceeded our expectations, made substantial operational improvements across the organization, and continued building foundational capabilities to drive sustainable growth. The quarter demonstrated both the progress we’ve made and the significant opportunity ahead.”

Financial Outlook

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

  • Net revenue of $3.18 billion to $3.26 billion
  • Adjusted EBITDA of $642 million to $682 million
  • Free cash flow of $170 million to $190 million

Conference Call

Management will host a teleconference today, Tuesday, November 4, 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:

When prompted, reference Conference ID: AHCO3Q25

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.”

Download the Press Release Supplemental Investor Presentation