Companies /Healthcare

AdaptHealth Corp

NASDAQ: AHCO Medical Devices
$5.59
▼ $0.08 (−1.42%) today
Markets open · 12:39pm ET

Q4 2025 Earnings

Reported Feb 24, 2026, 7:11am ET · SEC source
$-0.76
Miss −323.86%
EPS · est. $0.34
$846.3M
Beat +1.77%
Revenue · est. $831.6M
+35.0%
Beating market
AHCO vs S&P since report
6 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−18%−12%−6%0Feb 24Feb 25report 7:11am ETearnings+1.4%−10.1%
−18%−12%−6%0Feb 24Feb 25earnings+1.4%−10.1%
AHCO −10.1%S&P 500 +1.4%
−18%−12%−6%0Feb 24Feb 25report 7:11am ETearnings+2.2%−10.1%
−18%−12%−6%0Feb 24Feb 25earnings+2.2%−10.1%
AHCO −10.1%NASDAQ +2.2%
−18%−12%−6%0Feb 23Mar 4report 7:11am ETearnings−0.4%−9.4%
−18%−12%−6%0Feb 23Mar 4earnings−0.4%−9.4%
AHCO −9.4%S&P 500 −0.4%
−18%−12%−6%0Feb 23Mar 4report 7:11am ETearnings−0.1%−9.4%
−18%−12%−6%0Feb 23Mar 4earnings−0.1%−9.4%
AHCO −9.4%NASDAQ −0.1%
−13.95%
Day of report
+5.36%
Next session
+6.15%
One week
+28.85%
30 days

S&P 500 over the same 30 days: −6.15%.

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. 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

“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.”

AdaptHealth CEO, on the earnings call

Forward Guidance & Outlook

For fiscal year 2026, AdaptHealth guided net revenue of $3.44 billion to $3.51 billion, Adjusted EBITDA of $680 million to $730 million, and free cash flow of $175 million to $225 million. Management noted that while Q4 2025 Adjusted EBITDA was impacted by a $14.5 million legal settlement expense and over $10 million of strategic investments to accelerate onboarding the new capitated contract, the underlying earnings power of the business remains intact. The guidance excludes potential future strategic acquisitions.

AHCO YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$300.0M$600.0M$900.0M$856.7M$846.3MRevenue
$0$300.0M$600.0M$900.0MRevenue

Figures from SEC filings and company reports. Not investment advice.