Q3 25 EPS
$0.16
MISS 33.14%
Est. $0.24
Q3 25 Revenue
$820.3M
BEAT +2.63%
Est. $799.3M
vs S&P Since Q3 25
-12.5%
TRAILING MARKET
AHCO -4.2% vs S&P +8.3%
Market Reaction
Did AHCO Beat Earnings? Q3 2025 Results
AdaptHealth delivered a mixed but broadly encouraging Q3 2025, beating revenue expectations while falling short on earnings in a quarter CEO Suzanne Foster called a "milestone." The home medical equipment provider posted revenue of $820.31 million, u… Read more AdaptHealth delivered a mixed but broadly encouraging Q3 2025, beating revenue expectations while falling short on earnings in a quarter CEO Suzanne Foster called a "milestone." The home medical equipment provider posted revenue of $820.31 million, up 37.3% year-over-year and ahead of the $799.31 million consensus, but GAAP EPS of $0.16 missed the $0.24 analyst estimate by 33.14%, weighed down by higher cost of net revenue and elevated capital expenditures of $94.24 million as the company invests in equipment and infrastructure. The most material driver of revenue momentum was organic growth of 5.1%, the strongest since Q1 2024, reflecting solid volume trends across all four business segments. On the balance sheet, AdaptHealth repaid $50 million in debt during the quarter, bringing year-to-date repayments to $225 million and a net leverage ratio of 2.68x, drawing a credit rating upgrade on its senior unsecured debt. The company also secured a new capitated agreement covering roughly 170,000 members, signaling continued expansion in value-based care. Full-year 2025 guidance was maintained, with net revenue targeted at $3.18 billion to $3.26 billion and Adjusted EBITDA of $642 million to $682 million.
Key Takeaways
- • Organic revenue growth of 5.1%, highest since Q1 2024, driven by solid underlying volume trends across all four reportable segments
- • Adjusted EBITDA margin expanded to 20.7% from 20.4% year-over-year
- • Interest expense reduced to $25.4 million from $31.4 million due to debt reduction
- • myApp registered users grew to 271,000 from 118,000 in Q3 2024
AHCO YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“Q3 was a milestone quarter for AdaptHealth. We delivered strong financial results that exceeded our expectations, made substantial operational improvements across the organization, and continued building foundational capabilities to drive sustainable growth. The quarter demonstrated both the progress we've made and the significant opportunity ahead.”
— Suzanne Foster, Q3 2025 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 | — | — | — | — | — |
| 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% |