AdaptHealth Corp. Q4 2025 results

In the fourth quarter, we continued that momentum with broad-based patient census growth and strong revenue performance, along with meaningful operational improvements and commercial progress. Starting with the financial results, full-year revenue of $3.245 billion and Q4 revenue of $846.3 million, both exceeded the midpoint of our guidance range. Organic revenue growth, which does not include changes in revenue from divestitures or acquisitions, was 1.7% for both the full year and Q4. Underlying this revenue performance, we set patient census records in Sleep Health, Respiratory Health, and Wellness at Home, and a retention record in Diabetes Health.

In Sleep Health, new starts were up about 6% year-over-year and just a few hundred shy of the record set in Q1 2023 during the post-Philips recall demand snapback. Sleep Health patient census grew 4% year-over-year and set another new record. Turning to profitability, Adjusted EBITDA was $616.7 million for the full year and $163.1 million for Q4. Excluding these two items, Adjusted EBITDA was in line with our full year 2025 guidance as we continue to demonstrate discipline on labor and operating expenses.

We are maintaining the 2026 guidance previewed on our Q3 earnings call. S&P and Moody's both upgraded our credit ratings, reflecting our focus on debt reduction and our strong Free Cash Flow, which was $219.4 million for the full year. The patient census growth I highlighted previously reflects our continued focus on rapid service delivery and clinical outcomes that drive physician referrals and patient retention. On the business development front, we closed the acquisition of a Hawaii-based HME provider, expanding our footprint to our 48th state.