AdaptHealth Corp

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.