Adapthealth (AHCO) financial statements
Adapthealth reported revenue of $3.2B in fiscal 2025, up 37.7% a year over 7 years.
Net income was -$71M and the operating margin 2.8%, against 9.0% in 2018.
Free cash flow was $219M.
The diluted share count rose 1036% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Adapthealth's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $345M | $530M | $1.1B | $2.5B | $3.0B | $3.2B | $3.3B | $3.2B |
| Cost of revenue | $293M | $441M | $899M | $2.0B | $2.4B | $2.6B | $2.6B | $2.6B |
| Gross profit | $52M | $89M | $158M | $446M | $580M | $624M | $681M | $609M |
| Selling, general and admin | $18M | $56M | $89M | $168M | $325M | $335M | $359M | $382M |
| Operating income | $31M | $29M | $71M | $226M | $190M | -$598M | $264M | $91M |
| Interest expense | $7M | $39M | $41M | $95M | $109M | $130M | $125M | $104M |
| Pre-tax income | $22M | -$22M | -$206M | $191M | $98M | -$724M | $136M | -$15M |
| Income tax | -$2M | $739,000 | -$12M | $33M | $25M | -$49M | $41M | $51M |
| Net income | $23M | -$21M | -$162M | $156M | $69M | -$679M | $90M | -$71M |
| EPS (diluted) | -$0.13 | -$0.95 | -$3.08 | $0.67 | $0.33 | -$5.31 | $0.61 | -$0.52 |
| Diluted shares | 12M | 23M | 52M | 133M | 139M | 134M | 136M | 135M |
| Gross margin | 15.0% | 16.8% | 14.9% | 18.2% | 19.5% | 19.5% | 20.9% | 18.8% |
| Operating margin | 9.0% | 5.5% | 6.8% | 9.2% | 6.4% | -18.7% | 8.1% | 2.8% |
| Net margin | 6.7% | -4.0% | -15.3% | 6.4% | 2.3% | -21.2% | 2.8% | -2.2% |
Balance sheet
Fiscal years, from Adapthealth's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $947,098 | $23M | $94M | $150M | $46M | $77M | $110M | $106M |
| Receivables | $53M | $79M | $171M | $360M | $359M | $389M | $408M | $371M |
| Inventory | $8M | $13M | $59M | $123M | $128M | $114M | $140M | $115M |
| Total current assets | $91M | $181M | $363M | $670M | $585M | $649M | $756M | $729M |
| Property, plant and equipment | $62M | $64M | $110M | $399M | $487M | $495M | $475M | $503M |
| Goodwill | $202M | $267M | $999M | $3.5B | $3.5B | $2.7B | $2.7B | $2.5B |
| Total assets | $369M | $547M | $1.8B | $5.3B | $5.2B | $4.5B | $4.5B | $4.3B |
| Total current liabilities | $136M | $154M | $422M | $500M | $456M | $537M | $567M | $712M |
| Long-term debt | $127M | $395M | $777M | $2.2B | $2.2B | $2.1B | $2.0B | $1.7B |
| Total liabilities | $266M | $612M | $1.5B | $3.2B | $3.1B | $3.0B | $2.9B | $2.8B |
| Shareholders' equity | $5M | -$39M | $355M | $2.1B | $2.2B | $1.5B | $1.6B | $1.5B |
| Net debt | $133M | $374M | $690M | $2.1B | $2.1B | $2.1B | $1.9B | $1.6B |
Cash flow
Fiscal years, from Adapthealth's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $68M | $60M | $196M | $276M | $374M | $481M | $542M | $602M |
| Capital spending | $10M | $21M | $40M | $203M | $391M | $337M | $306M | $382M |
| Free cash flow | $58M | $39M | $156M | $72M | -$18M | $143M | $236M | $219M |
| Stock-based compensation | $883,373 | $11M | $19M | $25M | $22M | $22M | $15M | $22M |
| Share buybacks (net) | — | -$20M | $0 | $0 | -$14M | -$29M | $0 | $0 |
| Net borrowing | $115M | $67M | -$547M | -$827M | -$20M | -$95M | -$423M | -$250M |
| Free cash flow margin | 16.9% | 7.4% | 14.8% | 2.9% | -0.6% | 4.5% | 7.2% | 6.8% |
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Open AHCO in InvestinglyQuestions
What was Adapthealth's revenue in 2025?
$3.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Adapthealth generate?
$219M in fiscal 2025 (operating cash flow minus capital spending).
From Adapthealth's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.