AdaptHealth Corp. is a national provider of home medical equipment (HME), medical supplies, and related services in the United States. The company offers products designed to help patients manage chronic conditions at home, including sleep therapy equipment, diabetes management supplies, and respiratory therapy devices. It primarily serves beneficiaries of Medicare, Medicaid, and commercial insurance payors.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,244,857
3,260,975
3,200,177
2,970,595
Cost of Sales
2,635,658
2,579,882
2,576,110
2,390,480
Gross Profit
609,199
681,093
624,067
580,115
Selling, General & Administrative Expenses
382,293
359,238
334,594
324,814
Depreciation & Amortization Expenses
40,640
45,045
57,087
64,890
Other Operating Expenses
127,995
13,078
830,787
—
Operating Profit
90,873
263,732
(598,401)
190,411
Interest Expense
(105,753)
(126,668)
(130,299)
(109,414)
Non-Operating Income
32,876
(3,501)
(4,916)
(16,905)
Total Non-Operating Income
(72,877)
(130,169)
(135,215)
(126,319)
Income Before Provision for Income Taxes
(15,154)
136,019
(723,784)
97,902
Provision for Income Taxes
50,884
41,239
(49,004)
24,769
Consolidated Net Income
(66,038)
94,780
(674,780)
73,133
Net Income Attributable to Minority Interests and Other
4,756
4,358
4,115
3,817
Net Income Attributable to Common Shareholders
(70,794)
90,422
(678,895)
69,316
Basic EPS
-0.52
0.62
-5.06
0.47
Diluted EPS
-0.52
0.61
-5.31
0.33
Basic Weighted Average Shares Outstanding
135,146
133,756
134,156
147,481
Diluted Weighted Average Shares Outstanding
135,146
135,531
134,418
210,048
Shares Outstanding
132,515
131,667
132,635
134,435
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
106,136
151,247
77,132
46,272
Total Cash and Cash Equivalents
106,136
151,247
77,132
46,272
Accounts Receivable
370,897
408,019
388,910
359,146
Total Trade Receivables
370,897
408,019
388,910
359,146
Inventories
109,747
139,842
113,642
127,754
Other Current Assets
100,619
98,180
69,338
52,136
Total Current Assets
728,899
755,788
649,022
585,308
Net Property, Plant & Equipment
659,725
632,855
637,528
622,008
Net Intangible Assets
85,121
105,548
130,160
162,773
Goodwill
2,541,428
2,675,166
2,724,958
3,545,297
Other Long-Term Assets
286,905
332,089
366,982
304,201
Total Assets
4,316,577
4,486,947
4,508,650
5,219,587
Accounts Payable
553,700
437,985
391,994
337,498
Current Portion of Long-Term Debt
20,313
16,250
53,368
35,000
Current Portion of Leases
48,430
44,260
38,392
32,212
Unearned Revenue
59,843
34,944
38,570
31,641
Other Current Liabilities
30,106
33,548
14,675
19,863
Total Current Liabilities
712,392
566,987
536,999
456,214
Long-Term Debt
1,715,983
1,964,921
2,094,614
2,153,267
Leases
118,074
104,905
108,275
108,344
Other Long-Term Liabilities
243,804
272,016
302,093
344,004
Total Long-Term Liabilities
2,077,861
2,341,842
2,504,982
2,605,615
Total Liabilities
2,790,253
2,908,829
3,041,981
3,061,829
Preferred Stock
—
—
1
1
Common Stock
—
—
13
13
Treasury Stock
(25,548)
(25,548)
(43,267)
(13,992)
Additional Paid-in Capital
2,176,990
2,156,604
2,149,951
2,130,148
Accumulated Other Comprehensive Income
78
2,253
4,356
8,693
Retained Earnings
—
—
(652,600)
26,295
Total Common Shareholders' Equity
2,151,520
2,133,309
1,458,454
2,151,158
Minority Interests and Other
7,762
6,973
8,215
6,600
Total Shareholders' Equity
2,159,282
2,140,282
1,466,669
2,157,758
Total Liabilities and Shareholders' Equity
4,316,577
4,486,947
4,508,650
5,219,587
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
(66,038)
94,780
(674,780)
73,133
Depreciation & Amortization
381,927
365,334
382,783
351,178
Share-Based Compensation Expense
21,876
14,880
22,468
22,397
Other Adjustments
197,427
92,904
775,304
35,155
Changes in Trade Receivables
30,986
(26,217)
(28,862)
(209)
Changes in Inventories
(11,491)
(28,065)
15,531
(6,300)
Changes in Other Operating Activities
47,084
28,223
(11,778)
(101,487)
Cash from Operating Activities
601,771
541,839
480,666
373,867
Capital Expenditure
(382,388)
(306,055)
(337,463)
(391,423)
Proceeds from Sale of Property, Plant & Equipment
—
5,316
—
—
Purchases of Investments
—
—
(128)
(731)
Payments for Business Acquisitions
(42,378)
(9,536)
(19,687)
(19,017)
Proceeds from Business Divestments
121,576
—
—
—
Cash from Investing Activities
(303,190)
(310,275)
(357,278)
(411,171)
Issuance of Long-Term Debt
—
253,477
50,000
—
Repayments of Long-Term Debt
(250,000)
(423,477)
(95,000)
(20,000)
Net Issuance / (Repayments) of Long-Term Debt
(250,000)
(170,000)
(45,000)
(20,000)
Issuance of Common Shares
1,211
1,741
2,618
4,126
Repurchases of Common Shares
—
—
(29,275)
(13,992)
Net Issuance / (Repurchases) of Common Shares
1,211
1,741
(26,657)
(9,866)
Other Financing Activities
(53,403)
(30,690)
(20,871)
(36,185)
Cash from Financing Activities
(302,192)
(198,949)
(92,528)
(66,051)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash