AdaptHealth Q4 Earnings Call Highlights

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MarketBeat

Tue, February 24, 2026 astatine 9:44 AM CST 9 min read

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AdaptHealth reported 2025 nett gross of $3.245 billion (down 0.5% reported, +1.7% organic) with Adjusted EBITDA of $616.7 million (19.0% margin) and full‑year escaped currency travel of $219.4 million, portion a $128 million non‑cash goodwill impairment deed GAAP results but did not impact currency flow.
Management rolled retired a caller operating exemplary and tech pilots that improved setup times and integer engagement (myAPP users >327,000), and the institution took an aboriginal go‑live connected a monolithic capitated declaration covering ~50,000 members successful 3 Mid‑Atlantic states that it says could yet service >10 million patients and lend 5%–6% maturation successful 2026.
For 2026 AdaptHealth guided to nett gross of $3.44–3.51 billion, Adjusted EBITDA of $680–730 million and escaped currency travel of $175–225 million; it finished 2025 with $106.1 million cash, $1.694 billion nett indebtedness (net leverage 2.75x) and said it reduced indebtedness ~$250 million for the twelvemonth portion drafting $100 million connected the revolver to money acquisitions.
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AdaptHealth (NASDAQ:AHCO) reported fourth-quarter and full-year 2025 results that absorption said capped a “tremendous twelvemonth of transition,” highlighted by the rollout of a caller operating model, broad-based diligent census growth, portfolio divestitures, and continued indebtedness reduction.

For full-year 2025, the institution posted nett gross of $3.245 billion, which Chief Executive Officer Suzanne Foster said exceeded the midpoint of guidance. Reported gross was down 0.5% versus the anterior year, but integrated gross maturation was 1.7%, according to Chief Financial Officer Jason Clemens.

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Fourth-quarter gross was $846.3 million, down 1.2% twelvemonth implicit twelvemonth connected a reported ground and up 1.7% organically. Clemens attributed the reported diminution mostly to dispositions, chiefly the merchantability of 3 businesses wrong the Wellness astatine Home conception during 2025.

Management pointed to diligent census records successful Sleep Health, Respiratory Health, and Wellness astatine Home, on with grounds retention successful Diabetes Health.

Sleep Health: Q4 nett gross was $372.3 million, up 4.4% twelvemonth implicit year. New starts were astir 130,600, up astir 6%, and diligent census roseate 4% to a grounds 1.73 million.
Respiratory Health: Q4 nett gross was $178.2 million, up 7.8%. Oxygen caller starts accrued astir 4% and vent caller starts astir 5%. Oxygen diligent census of astir 335,000 reached a caller grounds for the 3rd consecutive quarter, and vent diligent census besides deed an all-time high.
Diabetes Health: Q4 nett gross was $158.5 million, down 7.4%. Clemens said caller CGM starts remained soft, but retention reached an all-time precocious pursuing resupply operational changes made successful precocious 2024. CGM diligent census was astir 153,000, level twelvemonth implicit year, and the institution cited a displacement successful payer premix from commercialized to authorities payers arsenic a operator of little reimbursement per CGM patient. The institution said pump revenues performed better, with Q4 pump caller starts and nett gross up debased treble digits.
Wellness astatine Home: Q4 nett gross was $137.3 million, down 16.1%, which absorption linked chiefly to 2025 dispositions. The institution said caller starts for wheelchairs and beds were up astir 6% and 5%, respectively, with diligent census successful some reaching all-time records.