Adapthealth Corp. income statement
In fiscal 2025, Adapthealth Corp. reported revenue of $3.24bn, down 0.5% on the year before, operating income of $90.9m (a 2.8% margin) and net income of −$70.8m, or −$0.52 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 345 | 530 | 1,056 | 2,455 | 2,971 | 3,200 | 3,261 | 3,245 | 3,227 |
| Cost of revenue | 293 | 441 | 899 | 2,009 | 2,390 | 2,576 | 2,580 | 2,636 | 2,677 |
| Gross profit | 52 | 89 | 158 | 446 | 580 | 624 | 681 | 609 | 550 |
| General and administrative | 18 | 56 | 89 | 168 | 325 | 335 | 359 | 382 | 390 |
| Operating income | 31 | 29 | 71 | 226 | 190 | −598 | 264 | 91 | −144 |
| Interest expense | 7 | 39 | 41 | 95 | 109 | 130 | 125 | 104 | — |
| Income before tax | 22 | −22 | −206 | 191 | 98 | −724 | 136 | −15 | −247 |
| Income tax | −2 | 1 | −12 | 33 | 25 | −49 | 41 | 51 | −12 |
| Net income | 23 | −21 | −162 | 156 | 69 | −679 | 90 | −71 | −228 |
| Diluted EPS | $0.97 | −$0.95 | −$3.08 | $0.67 | $0.33 | −$5.31 | $0.61 | −$0.52 | −$1.69 |
| Diluted shares (average) | 24m | 23m | 52m | 133m | 139m | 134m | 136m | 135m | 135m |
| EBITDA | 79 | 92 | 154 | 484 | 542 | −216 | 629 | 473 | 266 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 806 | 857 | 778 | 657 | 820 | 846 | 820 | 740 |
| Cost of revenue | 644 | 664 | 657 | 521 | 658 | 674 | 708 | 636 |
| Gross profit | 162 | 192 | 120 | 136 | 162 | 172 | 112 | 104 |
| General and administrative | 87 | 84 | 87 | 95 | 90 | 108 | 96 | 96 |
| Operating income | 63 | 98 | 23 | 66 | 62 | −73 | 5 | −138 |
| Interest expense | 31 | 28 | — | — | — | — | — | — |
| Income before tax | 32 | 71 | −5 | 38 | 36 | −98 | −20 | −165 |
| Income tax | 8 | 19 | 1 | 33 | 11 | 4 | −5 | −21 |
| Net income | 23 | 50 | −7 | 15 | 25 | −103 | −16 | −134 |
| Diluted EPS | $0.15 | $0.34 | −$0.05 | $0.10 | $0.16 | −$0.73 | −$0.12 | −$0.99 |
| EBITDA | 149 | 188 | 118 | 150 | 154 | 24 | 112 | −25 |
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