Q2 26 EPS
$-0.99
MISS 689.29%
Est. $0.17
Q2 26 Revenue
$740.3M
MISS 12.57%
Est. $846.8M
vs S&P Since Q2 26
-45.5%
TRAILING MARKET
AHCO -45.4% vs S&P +0.0%
Market Reaction
Did AHCO Beat Earnings? Q2 2026 Results
AdaptHealth Corp. Delivered a deeply disappointing second quarter, missing Wall Street expectations by wide margins as a massive goodwill impairment charge overwhelmed modest top-line growth. The home medical equipment provider posted an adjusted EPS… Read more AdaptHealth Corp. Delivered a deeply disappointing second quarter, missing Wall Street expectations by wide margins as a massive goodwill impairment charge overwhelmed modest top-line growth. The home medical equipment provider posted an adjusted EPS of $-0.99, falling well short of the $0.17 consensus estimate by 689.29%, while revenue of $740.31 million, up 25.1% year over year, trailed the $846.77 million consensus by 12.57%. The most significant blow came from a $144.24 million non-cash goodwill impairment charge tied to the Respiratory Health and Wellness at Home reporting units, which swung the company to a net loss of $133.93 million compared to net income of $14.67 million in the year-ago quarter. Adjusted EBITDA margin compressed sharply to 17.8% from 20.8%, pressured by the scaling complexity of a West Coast capitated partnership and an unexpected manufacturer price increase. Looking ahead, management materially lowered full-year 2026 Adjusted EBITDA guidance to $490 million to $520 million, down from $680 million to $730 million previously, while simultaneously announcing a $235 million divestiture of its Diabetes Health business to sharpen focus on core segments.
Key Takeaways
- • 15.9% organic revenue growth across all three reportable segments
- • First full quarter under exclusive capitated agreement with a large national integrated delivery network at full run-rate
- • New capitated agreement with Humana OneHome in South Florida and Texas, transitioning approximately 478,000 members
- • myAPP registered users grew to more than 512,000, up 56% from year end 2025
AHCO Forward Guidance & Outlook
AdaptHealth revised its fiscal year 2026 guidance on a continuing operations basis (excluding the Diabetes Health business, except free cash flow which includes continuing and discontinued operations): Net revenue of $2.85 billion to $2.89 billion; Adjusted EBITDA of $490 million to $520 million (down from prior guidance of $680 million to $730 million); and Free cash flow of $80 million to $120 million. The Adjusted EBITDA guidance reduction reflects a $100 million impact from Diabetes Health discontinued operations reclassification (including $60 million of stranded corporate overhead, roughly half expected to be eliminated within 12 months), a $55 million impact from the West Coast capitated contract, a $30 million manufacturer price increase impact, and a $15 million impact from other portfolio actions.
AHCO YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“In the second quarter, we delivered 15.9% organic growth, with record volume gains across the business. 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.”
— Suzanne Foster, Q2 2026 Earnings Press Release
AHCO Earnings Trends
AHCO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AHCO EPS Trend
Earnings per share: estimate vs actual
AHCO Revenue Trend
Quarterly revenue: estimate vs actual
AHCO Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.17 | $-0.99 | -689.29% | $740.3M | -12.57% |
| Q1 26 MISS | $0.01 | $-0.12 | -1,125.64% | $819.8M | +2.91% |
| Q4 25 MISS FY | $0.34 | $-0.76 | -323.86% | $846.3M | +1.77% |
| FY Full Year | $0.71 | $-0.52 | -172.93% | $3.24B | +0.45% |
| Q3 25 MISS | $0.24 | $0.16 | -33.14% | $820.3M | +2.63% |
| Q2 25 MISS | $0.16 | $0.10 | -36.79% | $800.4M | -0.43% |
| Q1 25 MISS | $0.04 | $-0.05 | -225.00% | $777.9M | +1.71% |