AHCO on Nasdaq
AdaptHealth Corp.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
2.8%Operating margin3
-2.2%Net margin3
-0.5%Revenue growth, 20253
-4.7%Return on equity3
1.13×Debt to equity3
$219.4MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Sleep Health brought in 42% of the revenue AdaptHealth Corp. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Sleep Health | $1.3B | $1.3B | $1.4B |
| Respiratory Health | $614.6M | $651.1M | $691.2M |
| Diabetes Health | $660.0M | $614.4M | $592.4M |
| Wellness at Home | $633.9M | $646.2M | $583.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue81¢$2.6B
- Other costs17¢$558.3M
- Income tax2¢$50.9M
Out of $3.2B in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending64¢$382.4M
- Kept or used elsewhere36¢$219.4M
Out of $601.8M of cash from operations.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net revenue | $3.2B | $3.3B | $3.2B |
| Cost of net revenue | $2.6B | $2.6B | $2.6B |
| General and administrative expenses | $382.3M | $359.2M | $334.6M |
| Depreciation and amortization, excluding patient equipment depreciation | $40.6M | $45.0M | $57.1M |
| Goodwill impairment (note 7) | $128.0M | $13.1M | $830.8M |
| Total costs and expenses | $3.2B | $3.0B | $3.8B |
| Gain on sale of businesses (note 4) | -$32.6M | $0 | $0 |
| Operating income (loss) | $90.9M | $263.7M | -$598.4M |
| Interest expense, net | $105.8M | $126.7M | $130.3M |
| Loss on extinguishment of debt | $0 | $2.3M | $0 |
| Change in fair value of warrant liability (note 13) | $0 | -$4.0M | -$34.5M |
| Other loss, net | $274.0K | $2.8M | $29.6M |
| (Loss) income before income taxes | -$15.2M | $136.0M | -$723.8M |
| Income tax expense (benefit) | $50.9M | $41.2M | -$49.0M |
| Net (loss) income | -$66.0M | $94.8M | -$674.8M |
| Income attributable to noncontrolling interest | $4.8M | $4.4M | $4.1M |
| Net (loss) income attributable to AdaptHealth Corp. | -$70.8M | $90.4M | -$678.9M |
| Weighted average common shares outstanding - basic (in shares) | 135.1M shares | 133.8M shares | 134.2M shares |
| Weighted average common shares outstanding - diluted (in shares) | 135.1M shares | 135.5M shares | 134.4M shares |
| Basic net (loss) income per share (in dollars per share) | -$0.52 | $0.62 | -$5.06 |
| Diluted net (loss) income per share (in dollars per share) | -$0.52 | $0.61 | -$5.31 |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $106.1M | $109.7M | $77.1M |
| Accounts receivable | $370.9M | $408.0M | |
| Inventory | $151.2M | $139.8M | |
| Prepaid and other current assets | $100.6M | $45.4M | |
| Assets held for sale | $0 | $52.7M | |
| Total current assets | $728.9M | $755.8M | |
| Equipment and other fixed assets, net | $510.0M | $474.6M | |
| Operating lease right-of-use assets | $112.0M | $106.0M | |
| Finance lease right-of-use assets | $52.3M | $37.8M | |
| Goodwill | $2.5B | $2.7B | $2.7B |
| Identifiable intangible assets, net | $85.1M | $105.5M | |
| Deferred tax assets | $267.8M | $314.5M | |
| Other assets | $19.1M | $17.6M | |
| Total Assets | $4.3B | $4.5B | |
| Accounts payable and accrued expenses | $553.7M | $438.0M | |
| Current portion of long-term debt | $20.3M | $16.2M | |
| Current portion of operating lease obligations | $30.7M | $29.9M | |
| Current portion of finance lease obligations | $17.7M | $14.3M | |
| Contract liabilities | $59.8M | $34.9M | |
| Other liabilities | $30.1M | $26.5M | |
| Liabilities held for sale | $0 | $7.0M | |
| Total current liabilities | $712.4M | $567.0M | |
| Long-term debt, less current portion | $1.7B | $2.0B | |
| Operating lease obligations, less current portion | $85.5M | $80.3M | |
| Finance lease obligations, less current portion | $32.6M | $24.6M | |
| Other long-term liabilities | $243.8M | $272.0M | |
| Total Liabilities | $2.8B | $2.9B | |
| Common Stock, par value of $0.0001 per share, 300,000,000 shares authorized and 135,450,364 and 134,602,317 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $13.0K | $13.0K | |
| Preferred Stock, par value of $0.0001 per share, 5,000,000 shares authorized; 124,060 shares issued and outstanding as of December 31, 2025 and 2024 | $1.0K | $1.0K | |
| Treasury stock, at cost (2,935,035 shares as of December 31, 2025 and 2024) | -$25.5M | -$25.5M | |
| Additional paid-in capital | $2.2B | $2.2B | |
| Accumulated deficit | -$633.0M | -$562.2M | |
| Accumulated other comprehensive income | $78.0K | $2.3M | |
| Total stockholders' equity attributable to AdaptHealth Corp. | $1.5B | $1.6B | |
| Noncontrolling interest in subsidiary | $7.8M | $7.0M | |
| Total Stockholders' Equity | $1.5B | $1.6B | $1.5B |
| Total Liabilities and Stockholders' Equity | $4.3B | $4.5B | |
| Common Stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common Stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | |
| Common Stock, shares issued (in shares) | 135.5M shares | 134.6M shares | |
| Common Stock, shares outstanding (in shares) | 135.5M shares | 134.6M shares | |
| Preferred Stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred Stock, shares authorized (in shares) | 5.0M shares | 5.0M shares | |
| Preferred Stock, shares issued (in shares) | 124.1K shares | 124.1K shares | |
| Preferred Stock, shares outstanding (in shares) | 124.1K shares | 124.1K shares | |
| Treasury stock, at cost (in shares) | 2.9M shares | 2.9M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net (loss) income | -$66.0M | $94.8M | -$674.8M |
| Depreciation and amortization, including patient equipment depreciation | $381.9M | $365.3M | $382.8M |
| Goodwill impairment | $128.0M | $13.1M | $830.8M |
| Equity-based compensation | $21.9M | $14.9M | $22.5M |
| Change in fair value of warrant liability | $0 | -$4.0M | -$34.5M |
| Reduction in the carrying amount of operating lease right-of-use assets | $31.1M | $32.8M | $31.9M |
| Reduction in the carrying amount of finance lease right-of-use assets | $15.3M | $11.1M | $5.9M |
| Deferred income tax expense (benefit) | $47.2M | $32.0M | -$62.6M |
| Change in fair value of interest rate swaps, net of reclassification adjustment | $0 | -$367.0K | -$1.8M |
| Amortization of deferred financing costs | $5.7M | $5.7M | $5.2M |
| Loss on extinguishment of debt | $0 | $2.3M | $0 |
| Payment of contingent consideration from an acquisition | $0 | -$1.9M | $0 |
| Gain on sale of businesses (note 4) | -$32.6M | $0 | $0 |
| Other | $2.7M | $2.1M | $350.0K |
| Accounts receivable | $31.0M | -$26.2M | -$28.9M |
| Inventory | -$11.5M | -$28.1M | $15.5M |
| Prepaid and other assets | -$61.1M | $27.3M | -$20.3M |
| Operating lease obligations | -$31.1M | -$32.9M | -$32.4M |
| Operating liabilities | $139.3M | $33.8M | $41.0M |
| Net cash provided by operating activities | $601.8M | $541.8M | $480.7M |
| Purchases of equipment and other fixed assets | -$382.4M | -$306.1M | -$337.5M |
| Payments for business acquisitions, net of cash acquired | -$42.4M | -$9.5M | -$19.7M |
| Proceeds from the sale of businesses, net of cash disposed | $120.4M | $0 | $0 |
| Proceeds from the sale of assets | $0 | $5.3M | $0 |
| Payments for cost method investments | $0 | $0 | -$128.0K |
| Receipt of contingent consideration from the sale of assets | $1.2M | $0 | $0 |
| Net cash used in investing activities | -$303.2M | -$310.3M | -$357.3M |
| Repayments on long-term debt and lines of credit | -$250.0M | -$423.5M | -$95.0M |
| Proceeds from borrowings on lines of credit | $0 | $253.5M | $50.0M |
| Repayments of finance lease obligations | -$18.5M | -$9.9M | -$6.8M |
| Payments for shares purchased under share repurchase program | $0 | $0 | -$29.3M |
| Proceeds from the exercise of stock options | $0 | $742.0K | $587.0K |
| Proceeds received in connection with employee stock purchase plan | $1.2M | $999.0K | $2.0M |
| Payments of debt financing costs | -$25.0M | -$1.4M | -$3.2M |
| Payments of debt financing costs | $0 | -$6.4M | $0 |
| Distributions to noncontrolling interests | -$7.0M | -$5.6M | -$2.5M |
| Payments for tax withholdings from vesting of restricted stock units | -$2.7M | -$2.1M | -$5.8M |
| Payments of contingent consideration and deferred purchase price from acquisitions | -$212.0K | -$5.3M | -$2.5M |
| Net cash used in financing activities | -$302.2M | -$198.9M | -$92.5M |
| Net (decrease) increase in cash | -$3.6M | $32.6M | $30.9M |
| Cash paid for interest | $101.2M | $122.1M | $126.2M |
| Cash paid for income taxes, net of refunds | $24.3M | $14.1M | $14.8M |
| Unpaid equipment and other fixed asset purchases at end of period | $65.9M | $56.1M | $35.9M |
| Operating leases | $37.9M | $35.9M | $22.0M |
| Operating lease obligations | -$37.9M | -$35.9M | -$22.0M |
| Write-off of assets subject to operating lease obligations | -$2.6M | -$6.7M | -$14.7M |
| Write-off of operating lease obligations | $2.6M | $6.7M | $14.7M |
| Assets subject to finance lease obligations | $31.4M | $17.9M | $32.1M |
| Finance lease obligations | -$31.4M | -$17.9M | -$32.1M |
| Write-off of assets subject to finance lease obligations | -$1.6M | -$513.0K | $0 |
| Write-off of finance lease obligations | $1.6M | $513.0K | $0 |
| Deferred purchase price in connection with acquisitions | $355.0K | $0 | $137.0K |
Former names
- DFB Healthcare Acquisitions Corp.Dec 29, 2017 to Nov 8, 20192
Recent filings
- Oct 13, 2026SCHEDULE 13G/A
- Oct 8, 2026SCHEDULE 13G/A
- Sep 11, 20263 OWNERSHIP DOCUMENT
- Sep 11, 20264 OWNERSHIP DOCUMENT
- Sep 8, 20268-K
- Aug 14, 20264/A OWNERSHIP DOCUMENT
- Aug 10, 20264 OWNERSHIP DOCUMENT
- Aug 10, 20264 OWNERSHIP DOCUMENT
- Aug 4, 20268-K
- Aug 4, 202610-Q
- Jul 20, 20268-K
- Jul 7, 20268-K
- Jul 6, 20264 OWNERSHIP DOCUMENT
- Jul 2, 20268-K
- Jul 1, 2026144
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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