AdaptHealth Corp. Announces Fourth Quarter and Full-Year 2025 Results and Provides 2026 Financial Guidance
Feb 24, 2026
CONSHOHOCKEN, Pa. – February 24, 2026 - 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 fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter Business Highlights
- Set patient census records for Sleep Health, Respiratory Health, and Wellness at Home, and a patient retention record for Diabetes Health.
- Acquired a leading HME provider in Hawaii, expanding the Company’s geographic footprint to its 48th State and establishing operations to support the Company’s new key capitated contract.
- Made significant investments in critical infrastructure and nearly 500 dedicated employees to secure the first start dates of the new key capitated agreement.
- Advanced digital patient engagement and expanded self-service capabilities, more than doubling myApp users to 327,300 from the fourth quarter of 2024.
- Received credit upgrades from S&P and Moody’s rating agencies. Reduced debt by $25 million, bringing full year 2025 debt reduction to $250 million.
Full Year 2025 and Fourth Quarter 2025 Results and Highlights
All full year 2025 comparisons are to the year ended December 31, 2024. All fourth quarter 2025 comparisons are to the quarter ended December 31, 2024.
- Full-year 2025 net revenue was $3,244.9 million compared to $3,261.0 million, a decrease of 0.5%. Fourth quarter 2025 net revenue was $846.3 million compared to $856.6 million, a decrease of 1.2%.
- Organic revenue growth was 1.7% for both the full-year 2025 and the fourth quarter of 2025.
- Full-year 2025 net loss attributable to AdaptHealth Corp. was $70.8 million compared to net income attributable to AdaptHealth Corp. of $90.4 million. Fourth quarter 2025 net loss attributable to AdaptHealth Corp. was $102.8 million compared to net income attributable to AdaptHealth Corp. of $50.3 million. The full year and fourth quarter 2025 periods included a non-cash goodwill impairment charge of $128.0 million.
- Full-year 2025 Adjusted EBITDA was $616.7 million compared to $688.7 million, a decrease of 10.5%. Fourth quarter 2025 Adjusted EBITDA was $163.1 million compared to $200.6 million, a decrease of 18.7%.
- Full-year 2025 cash flow from operations was $601.8 million, an increase from $541.8 million, and free cash flow was $219.4 million, a decrease from $235.8 million. Fourth quarter 2025 cash flow from operations was $183.2 million, an increase from $150.4 million, and free cash flow was $79.3 million, an increase from $73.1 million.
Management Commentary
"2025 was a tremendous year of transition in which we made significant strides toward building a stronger operational and financial foundation," said Suzanne Foster, Chief Executive Officer. "We transformed our operating model to position the company for sustained growth. We closed the largest capitated contract in the industry's history. And we strengthened our balance sheet by paying down debt while generating cash flow that exceeded expectations. In the fourth quarter, we continued that momentum with strong patient growth across our portfolio, setting new census records in Sleep Health, Respiratory Health, and Wellness at Home. This progress positions us well for strong financial performance in 2026 and beyond."
Guidance for Fiscal Year 2026
While fourth quarter 2025 Adjusted EBITDA was impacted by a legal settlement expense of $14.5 million and over $10 million of strategic investments to accelerate onboarding the new capitated contract, the underlying earnings power of the business remains intact. As a result, the Company is providing its financial guidance for fiscal year 2026, as follows:
- Net revenue of $3.44 billion to $3.51 billion
- Adjusted EBITDA of $680 million to $730 million
- Free cash flow of $175 million to $225 million
Conference Call
Management will host a teleconference today, Tuesday, February 24, 2026, 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:
- (833) 316-2483 (Domestic) or
- (785) 838-9284 (International)
When prompted, reference Conference ID: AHCO4Q25
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.”