AdaptHealth Corp. Announces Second Quarter 2026 Results

Aug 04, 2026

CONSHOHOCKEN, Pa. – August 4, 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 second quarter ended June 30, 2026.

Second Quarter Business Highlights

Completed its first full quarter under the Company's exclusive capitated agreement with a large national integrated delivery network, with the contract now fully at run-rate.
Signed a new capitated agreement with Humana OneHome in South Florida and Texas and successfully completed the transition of approximately 478,000 members.
Subsequent to quarter-end, entered into a definitive agreement to sell the Company's Diabetes Health business for $235.0 million in cash, subject to customary purchase price adjustments, the most significant step yet in AdaptHealth's multi-year effort to concentrate its portfolio around its core Sleep Health, Respiratory Health, and supporting Wellness-at-Home businesses. The Diabetes Health business will now be presented as discontinued operations.
Subsequent to quarter end, entered into a joint venture that combines the Company's eCommerce asset with a leading eCommerce sleep retailer and adds a home sleep test capability to help reach the vast undiagnosed OSA population.
Grew registered myAPP users to more than 512,000, up 56% from year end 2025 and launched an AI-powered mask-fitting tool, advancing patient digital engagement and expanding self-service capabilities.
Subsequent to quarter-end, redeemed the Company’s 6.125% Senior Notes due 2028 with the proceeds from the $325 million delayed draw term loan secured as part of the April 2026 refinancing.
Completed a workforce restructuring, generating $19 million in annualized savings while maintaining full operational delivery across all functions.

Second Quarter Results

All comparisons are to the quarter ended June 30, 2025 unless otherwise stated. The amounts presented below reflect the Company’s continuing operations, except for cash flow from operations and free cash flow, which includes the cash flows from continuing operations and discontinued operations, see below for further discussion.

Net revenue was $740.3 million compared to $657.1 million, an increase of 12.7%.
Organic revenue growth of 15.9%, with growth across each of the Company’s reportable segments.
Net loss attributable to AdaptHealth Corp. was $145.3 million compared to net income of $4.2 million, largely resulting from a $144.2 million pre-tax write down of goodwill.
Adjusted EBITDA was $132.0 million compared to $136.4 million, a decrease of 3.2%.
Cash flow from operations was $239.0 million year-to-date 2026, a decrease from $257.5 million during the comparable period in 2025, and free cash flow was negative $48.4 million year-to-date 2026, compared to $73.3 million during the comparable period in 2025.

Management Commentary

“In the second quarter, we delivered 15.9% organic growth, with record volume gains across the business," said Suzanne Foster, Chief Executive Officer. "Also, in July we signed a definitive agreement to divest our Diabetes Health business, the most significant step yet in our multi-year effort to focus AdaptHealth on our core Sleep Health, Respiratory Health, and supporting Wellness-at-Home businesses. Our West Coast capitated partnership reached full scale in the quarter, and the complexity of that transition has impacted our margins. Together with an unexpected price increase from one of our manufacturers, this has led us to lower our full-year outlook. We are moving quickly to address the cost pressures introduced by our rapid growth, and we believe these actions will make us a stronger, more efficient company."

Financial Outlook

The Company is revising its financial guidance for fiscal year 2026 on a continuing operations basis, which excludes the Diabetes Health business, except for free cash flow, which includes the cash flows from continuing operations and discontinued operations, as follows:

Net revenue of $2.85 billion to $2.89 billion
Adjusted EBITDA of $490 million to $520 million
Free cash flow of $80 million to $120 million

Relative to our prior fiscal year 2026 Adjusted EBITDA guidance of $680 million to $730 million, the revised guidance includes a $100 million impact from reporting the Diabetes Health business as discontinued operations, including $60 million of previously allocated corporate overhead that will remain in continuing operations, of which the Company expects roughly half to be eliminated within 12 months thereafter. The revised guidance also includes a $55 million impact related to our West Coast capitated contract; a $30 million impact from a manufacturer price increase; and a $15 million impact from other portfolio actions.

Conference Call

Management will host a teleconference today, Tuesday, August 4, 2026, at 8:30 am ET to discuss the results and business activities with analysts and investors.