Q4 25 EPS
$-0.76
MISS 323.86%
Est. $0.34
Q4 25 Revenue
$846.3M
BEAT +1.77%
Est. $831.6M
vs S&P Since Q4 25
+3.5%
BEATING MARKET
AHCO +9.4% vs S&P +5.8%
Full Year 2025 Results
FY 25 EPS
$-0.52
MISS 172.93%
Est. $0.71
FY 25 Revenue
$3.24B
BEAT +0.45%
Est. $3.23B
Market Reaction
Did AHCO Beat Earnings? Q4 2025 Results
AdaptHealth delivered a sharply disappointing Q4 2025, missing both top and bottom line estimates by wide margins as a $128 million non-cash goodwill impairment charge tied to its Diabetes Health unit overwhelmed the quarter's underlying results. Rev… Read more AdaptHealth delivered a sharply disappointing Q4 2025, missing both top and bottom line estimates by wide margins as a $128 million non-cash goodwill impairment charge tied to its Diabetes Health unit overwhelmed the quarter's underlying results. Revenue came in at $846.29 million, falling 31.62% short of the $1.24 billion consensus and declining 1.2% year-over-year, while EPS landed at -$0.76 against a consensus estimate of $0.36, a miss of 310.88%. The impairment drove a net loss of $102.77 million for the quarter, reversing net income of $50.26 million in the year-ago period, and Adjusted EBITDA dropped 18.7% to $163.14 million, further pressured by a $14.50 million legal settlement and more than $10 million in strategic investments to accelerate onboarding of what management described as the largest capitated contract in HME industry history. Shares fell roughly 9.7% in the wake of the report, though management issued FY2026 guidance for net revenue of $3.44 billion to $3.51 billion and Adjusted EBITDA of $680 million to $730 million, betting that the new capitated contract ramp will restore earnings momentum.
Key Takeaways
- • Organic revenue growth of 1.7% for both Q4 and full year 2025
- • Set patient census records for Sleep Health, Respiratory Health, and Wellness at Home
- • Patient retention record for Diabetes Health
- • Operating cash flow increased to $183.2 million in Q4 from $150.4 million a year ago
- • Full year 2025 operating cash flow of $601.8 million, up from $541.8 million
AHCO YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“2025 was a tremendous year of transition in which we made significant strides toward building a stronger operational and financial foundation. We transformed our operating model to position the company for sustained growth. We closed the largest capitated contract in the industry's history. And we strengthened our balance sheet by paying down debt while generating cash flow that exceeded expectations.”
— Suzanne Foster, Q4 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% |