Companies /Healthcare

AdaptHealth Corp

NASDAQ: AHCO Medical Devices
$5.80
â–² $0.13 (+2.29%) today
Markets closed · 6:19am ET

Q1 2026 Earnings

Reported May 5, 2026, 7:07am ET · SEC source
$-0.12
Miss −1,125.64%
EPS · est. $0.01
$819.8M
Beat +2.91%
Revenue · est. $796.6M
−17.7%
Trailing market
AHCO vs S&P since report
6 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−12%−8%−4%0May 5May 6report 7:07am ETearnings+1.6%−8.3%
−12%−8%−4%0May 5May 6earnings+1.6%−8.3%
AHCO −8.3%S&P 500 +1.6%
−10%−5%0May 5May 6report 7:07am ETearnings+2.4%−8.3%
−10%−5%0May 5May 6earnings+2.4%−8.3%
AHCO −8.3%NASDAQ +2.4%
−12%−6%0+6%May 4May 13report 7:07am ETearnings+2.3%−9.7%
−12%−6%0+6%May 4May 13earnings+2.3%−9.7%
AHCO −9.7%S&P 500 +2.3%
−12%−6%0+6%May 4May 13report 7:07am ETearnings+4.7%−9.7%
−12%−6%0+6%May 4May 13earnings+4.7%−9.7%
AHCO −9.7%NASDAQ +4.7%
−9.89%
Day of report
−2.81%
Next session
−4.26%
One week
−15.83%
30 days

S&P 500 over the same 30 days: +1.90%.

Did AHCO Beat Earnings? Q1 2026 Results

AdaptHealth delivered a split verdict in Q1 2026, posting revenue of $819.80 million, a 41.2% year-over-year increase that cleared the $796.63 million consensus by 2.91%, while its bottom line fell sharply short, with a GAAP loss of $0.12 per share against an expected gain of $0.01, a miss of more than 1,100%. The divergence traces directly to the company's completion of what it called the largest de novo expansion in the home medical equipment industry, becoming the exclusive provider to a strategic partner with over 10 million members; the accelerated ramp generated $12.00 million in elevated labor costs that compressed Adjusted EBITDA by 5.3% to $121.19 million and pushed margins down to 14.8% from 16.4% a year ago. Management expects the bulk of those costs to normalize by end of Q2. Analysts noted the EBITDA miss triggered a near-term stock pullback, though some lifted price targets on the view that AdaptHealth is well-positioned in the growing capitated-care market. The company raised its full-year net revenue guidance by $10 million to a range of $3.45 billion to $3.52 billion, while maintaining Adjusted EBITDA guidance of $680 million to $730 million.

Key Takeaways
  • Organic revenue growth of 9.1% with growth across all four reportable segments
  • Completion of largest de novo expansion in home medical equipment industry as exclusive provider to new strategic partner with 10+ million members
  • Revenue delivered well ahead of first quarter guidance

“The opening months of 2026 have set the stage for what will be a defining year for AdaptHealth. We completed the largest de novo expansion in the history of the home medical equipment industry, delivering revenue well ahead of our first quarter guidance, with broad-based organic growth across all four segments. Although we incurred elevated labor costs to execute the transition responsibly, we are already working to optimize the business for our newly attained scale.”

AdaptHealth CEO, on the earnings call

Forward Guidance & Outlook

For fiscal year 2026, AdaptHealth raised net revenue guidance by $10 million to a range of $3.45 billion to $3.52 billion, while maintaining Adjusted EBITDA guidance of $680 million to $730 million and free cash flow guidance of $175 million to $225 million. The majority of the $12 million in elevated labor expenses from the de novo expansion is expected to normalize by the end of Q2 2026, with remaining elevated wages and benefits declining as the operating model aligns with service requirements.

AHCO YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$300.0M$600.0M$900.0M$580.5M$819.8MRevenue$23.2M$5.5MOperating Income
$0$300.0M$600.0M$900.0MRevenueOperating Income

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