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Financials · AHCO

AdaptHealth Corp. (AHCO) financials

For the twelve months ended Sep 30, 2026, AdaptHealth Corp. reported $3.58B of revenue and -$404.35M of net income.

Revenue, TTM
$3.58B
Revenue growth, YoY
+20.7%
Net income, TTM
-$404.35M
Net margin
-11.3%
Free cash flow, TTM
$81.92M
EPS, diluted, TTM
-$2.98
Total debt
$1.88B
P/S
0.29
Market cap
$1.05B
Annual revenue$3.24B
FY2018FY2025
Annual net income-$70.79M
FY2018FY2025
Annual free cash flow$219.38M
FY2018FY2025

AHCO revenue and earnings growth

AHCO revenueQ3 2026$745.65M

Quarter YoY
+10.9%
QoQ
+0.7%
FY YoY
-0.5%
5Y CAGR
+25.2%

AHCO revenue was $745.65M in fiscal Q3 2026 (ended Sep 30, 2026), up 10.9% from a year earlier and up 0.7% from the prior quarter. For the full fiscal 2025 it was $3.24B, down 0.5% from fiscal 2024. Compound annual growth was +25.2% over 5 years. It rose in 6 of the last 7 fiscal years.

AHCO net incomeQ3 2026-$153.99M

AHCO net income was -$153.99M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $24.51M a year earlier. For the full fiscal 2025 it was -$70.79M, compared with $90.42M in fiscal 2024.

AHCO EPSQ3 2026-$1.13

AHCO diluted EPS was -$1.13 in fiscal Q3 2026 (ended Sep 30, 2026), compared with $0.17 a year earlier. For the full fiscal 2025 it was -$0.52, compared with $0.61 in fiscal 2024.

AHCO free cash flowQ3 2026$51.06M

Quarter YoY
-23.6%
FY YoY
-7.0%
5Y CAGR
+7.1%

AHCO free cash flow was $51.06M in fiscal Q3 2026 (ended Sep 30, 2026), down 23.6% from a year earlier. For the full fiscal 2025 it was $219.38M, down 7.0% from fiscal 2024. Compound annual growth was +7.1% over 5 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue$3.24B$3.26B$3.20B$2.97B$2.45B$1.06B$529.64M$345.28M
Cost of revenue$2.64B$2.58B$2.58B$2.39B$2.01B$898.60M$440.70M$293.38M
Gross profit$609.20M$681.09M$624.07M$580.12M$445.61M$157.79M$88.94M$51.89M
Selling, general and admin$382.29M$359.24M$334.59M$324.81M$167.50M$89.35M$56.49M$18.07M
Operating income$90.87M$263.73M-$598.40M$190.41M$225.60M$71.35M$29.38M$31.09M
Interest expense--$130.30M$109.41M$95.19M$41.43M$39.30M$7.45M
Pre-tax income-$15.15M$136.02M-$723.78M$97.90M$190.96M-$206.04M-$21.86M$22.24M
Income tax$50.88M$41.24M-$49.00M$24.77M$32.81M-$11.96M$739.0K-$2.10M
Net income-$70.79M$90.42M-$678.89M$69.32M$156.18M-$161.63M-$21.34M$23.26M
EPS, basic-$0.52$0.62-$5.06$0.47$1.12-$3.08-$0.95$1.95
EPS, diluted-$0.52$0.61-$5.31$0.33$0.67-$3.08-$0.95$1.95
Diluted shares135.1M135.5M134.4M139.0M133.0M52.5M22.6M11.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Cash and equivalents$106.14M$109.75M$77.13M$46.27M$149.63M$99.96M$76.88M$25.19M
Receivables$370.90M$408.02M$388.91M$359.15M$359.90M$171.06M$78.62M$53.02M
Inventory$114.89M$139.84M$113.64M$127.75M$123.09M$58.78M$13.24M$7.67M
Current assets$728.90M$755.79M$649.02M$585.31M$670.06M$363.25M$181.41M$90.79M
Goodwill$2.46B$2.68B$2.72B$3.55B$3.51B$998.81M$266.79M$202.44M
Total assets$4.32B$4.49B$4.51B$5.22B$5.25B$1.81B$546.54M$368.96M
Current liabilities$712.39M$566.99M$537.00M$456.21M$499.81M$422.05M$154.05M$135.68M
Short-term debt$20.31M$16.25M$53.37M$35.00M$20.00M$8.15M$1.72M$7.09M
Long-term debt$1.72B$1.96B$2.09B$2.15B$2.18B$776.57M$395.11M$127.09M
Total debt$1.74B$1.98B$2.15B$2.19B$2.20B$784.71M$396.83M$134.18M
Total liabilities$2.79B$2.91B$3.04B$3.06B$3.18B$1.53B$612.32M$266.19M
Shareholders' equity$1.52B$1.58B$1.47B$2.16B$2.07B$280.85M-$65.78M$0

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Operating cash flow$601.77M$541.84M$480.67M$373.87M$275.68M$195.63M$60.42M$68.43M
Capital expenditures$382.39M$306.06M$337.46M$391.42M$203.31M$39.76M$21.33M$9.95M
Free cash flow$219.38M$235.78M$143.20M-$17.56M$72.37M$155.88M$39.09M$58.48M
Investing cash flow-$303.19M-$310.27M-$357.28M-$411.17M-$1.82B-$815.70M-$84.87M-$96.28M
Financing cash flow-$302.19M-$198.95M-$92.53M-$66.05M$1.60B$643.15M$76.14M$48.77M
Share repurchases$0$0$29.27M$13.99M$0$0$20.00M-
Stock-based compensation$21.88M$14.88M$22.47M$22.40M$25.32M$18.67M$11.07M$883.4K
Depreciation and amortization$381.93M$365.33M$382.78M$351.18M$258.05M$82.44M$62.57M-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue growth, YoY-0.5%1.9%7.7%21.0%132.4%99.5%53.4%-
Net income growth, YoY----55.6%----
EPS growth, YoY----50.7%----
Gross margin18.8%20.9%19.5%19.5%18.2%14.9%16.8%15.0%
Operating margin2.8%8.1%-18.7%6.4%9.2%6.8%5.5%9.0%
Net margin-2.2%2.8%-21.2%2.3%6.4%-15.3%-4.0%6.7%
Free cash flow margin6.8%7.2%4.5%-0.6%2.9%14.8%7.4%16.9%
Return on equity-4.7%5.7%-46.3%3.2%7.6%-57.6%--
Return on assets-1.6%2.0%-15.1%1.3%3.0%-8.9%-3.9%6.3%
Current ratio1.021.331.211.281.340.861.180.67
Debt to equity1.141.261.461.011.072.79--

Source: XBRL data AdaptHealth Corp. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

AHCO peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
AHCO$3.58B+20.7%-$404.35M-11.3%$1.05B
BTSG$15.25B+26.0%$410.27M2.7%$14.42B
CHE$2.66B+5.2%$282.40M10.6%$7.09B
LFST$1.68B+22.6%$71.91M4.3%$5.54B
OPCH$5.75B+4.0%$215.19M3.7%$4.74B
HIMS$2.87B+29.8%-$190.84M-6.7%$4.46B
PRVA$2.43B+19.2%$36.08M1.5%$3.11B
AVAH$2.60B+19.5%$274.76M10.6%$2.88B
ADUS$1.50B+11.5%$111.05M7.4%$2.35B

AHCO FAQ

9 questions
  • What is AHCO revenue?
    AdaptHealth Corp. (AHCO) reported $3.58B of revenue for the twelve months ended Sep 30, 2026. That is up 20.7% from the year before. Revenue for fiscal 2025 was $3.24B.
  • Is AHCO profitable?
    No. AdaptHealth Corp. reported a net loss of $404.35M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does AHCO have?
    AdaptHealth Corp. reported $1.88B of debt on its most recent balance sheet in SEC filings.
  • How fast is AHCO revenue growing?
    AdaptHealth Corp.'s revenue changed -0.5% in fiscal 2025, to $3.24B. Its compound annual growth rate was +25.2% over 5 years.
  • What is AHCO gross margin?
    AdaptHealth Corp.'s gross profit was $559.83M on $3.58B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 15.7%.
  • What is AHCO free cash flow?
    AdaptHealth Corp. generated $81.92M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $578.80M less capital expenditures.
  • What is AHCO earnings per share?
    Diluted earnings per share were -$2.98 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did AHCO last report financial results?
    The latest statements here come from AdaptHealth Corp.'s 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this AHCO financial data come from?
    Quantisnow builds these statements from the structured XBRL data AdaptHealth Corp. files with the SEC. It is provided for information only and is not investment advice.