AdaptHealth Corp. (AHCO) Income Statement
AHCO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAHCO revenue and net income
Where AHCO's revenue goes
2025Each bar shows an amount and its share of revenue. AHCO kept −2.2% of revenue as net income.
AHCO profit margins
AHCO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −0.5% | +3.0% | +25.2% | — |
| Gross profit | −16.5% | +10.8% | +29.2% | — |
| Operating income | −29.4% | −0.7% | +21.2% | — |
| Net income | −178.3% | — | — | — |
| EPS (diluted) | −41.6% | +7.9% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AHCO quarterly EPS vs estimates
AdaptHealth beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.06).
AHCO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.24B | $3.26B | $3.20B | $2.97B | $2.45B | $1.06B | $529.6M | $345.3M | $192.6M | $174.3M |
| Cost of revenue | $2.68B | $2.58B | $2.52B | $2.55B | $2.01B | $898.6M | $440.7M | $285.2M | $162.9M | $158.7M |
| Gross profit | $568.6M | $681.1M | $681.8M | $417.4M | $445.6M | $157.8M | $88.9M | $60.1M | $29.7M | $15.6M |
| Research & development | — | — | — | — | — | — | — | — | $310,000 | — |
| Sales, general & admin | $382.3M | $359.2M | $198.2M | $181.3M | $186.0M | $89.3M | $56.5M | $1.0M | $690 | $8.4M |
| Total operating expenses | $382.3M | $417.4M | $1.28B | $227.0M | $220.0M | $86.4M | $59.6M | $1.2M | $690 | $13.3M |
| Operating income | $186.3M | $263.7M | −$598.4M | $190.4M | $225.6M | $71.3M | $29.4M | −$1.2M | −$690 | $2.3M |
| Interest income | — | — | — | — | — | — | $39.3M | $4.1M | — | — |
| Interest expense | $105.8M | $126.7M | $130.3M | $109.4M | $95.2M | $41.4M | $39.3M | $4.1M | $0 | $0 |
| Income before taxes | −$15.2M | $136.0M | −$723.8M | $97.9M | $191.0M | −$206.0M | −$21.9M | $2.9M | −$690 | −$3.4M |
| Income taxes | $50.9M | $41.2M | −$49.0M | $24.8M | $32.8M | −$12.0M | $739,000 | $829,807 | $248,808 | −$208,445 |
| Net income | −$70.8M | $90.4M | −$678.9M | $69.3M | $156.2M | −$161.6M | −$21.3M | $2.1M | −$690 | −$3.8M |
| EBITDA | $472.5M | $628.0M | −$171.1M | $558.5M | $544.2M | −$82.2M | $80.0M | $7.1M | −$690 | $28.9M |
| EPS (diluted) | $0.59 | $1.01 | −$1.43 | $0.47 | $1.23 | −$0.30 | $0.11 | $0.06 | — | — |
| Gross margin | 17.5% | 20.9% | 21.3% | 14.1% | 18.2% | 14.9% | 16.8% | 17.4% | 15.4% | 9.0% |
| Operating margin | 5.7% | 8.1% | −18.7% | 6.4% | 9.2% | 6.8% | 5.5% | −0.4% | −0.0% | 1.3% |
| Net margin | −2.2% | 2.8% | −21.2% | 2.3% | 6.4% | −15.3% | −4.0% | 0.6% | −0.0% | −2.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $740.3M | $819.8M | $846.3M | $602.6M | $591.8M | $580.5M | $856.6M | $597.5M | $595.0M | $594.1M | $1.48B | $583.7M |
| Cost of revenue | $636.1M | $718.4M | $684.1M | $658.4M | $645.7M | $657.4M | $528.8M | $681.9M | $636.6M | $635.0M | $698.3M | $693.5M |
| Gross profit | $104.2M | $101.4M | $162.2M | −$55.7M | −$53.9M | −$77.0M | $327.9M | −$84.3M | −$41.6M | −$40.9M | $778.8M | −$109.8M |
| Sales, general & admin | $96.1M | $95.9M | $107.9M | $84.7M | $97.4M | $86.9M | $225.6M | $41.3M | $99.4M | $89.0M | $48.4M | $37.9M |
| Total operating expenses | $242.0M | $94.5M | $107.9M | −$122.9M | −$133.2M | −$100.1M | $230.2M | −$147.8M | −$93.6M | −$91.5M | $996.6M | $351.2M |
| Operating income | −$137.8M | $6.9M | $54.3M | $67.1M | $79.3M | $23.2M | $97.7M | $63.5M | $52.0M | $50.5M | −$217.8M | −$461.0M |
| Interest expense | $26.2M | $25.6M | $24.4M | $25.4M | $27.5M | $28.4M | $29.7M | $31.4M | $33.0M | $32.5M | $33.5M | $32.3M |
| Income before taxes | −$165.3M | −$20.1M | −$98.0M | $36.4M | $51.7M | −$5.2M | $70.7M | $32.0M | $27.8M | $5.5M | −$271.7M | −$487.5M |
| Income taxes | −$21.2M | −$5.2M | $3.5M | $10.6M | $35.9M | $850,000 | $19.3M | $8.1M | $7.2M | $6.6M | −$18.1M | −$34.6M |
| Net income | −$133.9M | −$16.0M | −$102.8M | $24.5M | $14.7M | −$7.2M | $50.3M | $22.9M | $19.4M | −$2.1M | −$254.5M | −$454.1M |
| EBITDA | −$16.2M | $112.0M | $24.0M | $170.9M | $156.8M | $122.6M | $191.0M | $154.2M | $152.0M | $130.8M | −$145.8M | −$357.9M |
| EPS (diluted) | $0.03 | −$0.05 | $0.27 | $0.23 | $0.07 | $0.02 | $0.42 | $0.22 | $0.22 | $0.15 | −$1.91 | $0.21 |
| Gross margin | 14.1% | 12.4% | 19.2% | −9.2% | −9.1% | −13.3% | 38.3% | −14.1% | −7.0% | −6.9% | 52.7% | −18.8% |
| Operating margin | −18.6% | 0.8% | 6.4% | 11.1% | 13.4% | 4.0% | 11.4% | 10.6% | 8.7% | 8.5% | −14.7% | −79.0% |
| Net margin | −18.1% | −2.0% | −12.1% | 4.1% | 2.5% | −1.2% | 5.9% | 3.8% | 3.3% | −0.4% | −17.2% | −77.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AHCO's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AHCO financial results
In fiscal year 2025 (ended December 31, 2025), AdaptHealth reported revenue of $3.2 billion, down 0.5% from the year before. It had a net loss of $70.8 million, a net profit margin of −2.2%. Diluted earnings per share came to $0.59. Over five years revenue grew at an average rate of 25.2% a year.
See the AHCO stock overview for the latest quote and news, or the AHCO chart for price history and technical indicators.
AHCO income statement FAQ
What is AdaptHealth's annual revenue?
AdaptHealth reported total revenue of $3.2 billion for fiscal year 2025, which ended on December 31, 2025. That was down 0.5% from $3.3 billion the previous year.
Is AdaptHealth profitable?
No. AdaptHealth reported a net loss of $70.8 million in fiscal 2025, a net profit margin of −2.2%; its operating margin was 5.7%.
What is AdaptHealth's gross margin?
AdaptHealth's gross margin was 17.5% in fiscal 2025: for every $100 of revenue, AdaptHealth kept $18 after the direct cost of its products and services.
How fast is AdaptHealth growing?
Revenue grew 25.2% a year on average over the last five fiscal years, from $1.1 billion to $3.2 billion.
What are AdaptHealth's earnings per share?
AdaptHealth earned $0.59 per diluted share in fiscal 2025, compared with $1.01 a year earlier.
When will AdaptHealth report its next earnings?
AdaptHealth is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does AdaptHealth's fiscal year end?
AdaptHealth's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.