AdaptHealth makes strides toward building stronger operations, CEO says

CONSHOHOCKEN, Pa. – AdaptHealth reported revenue of $3.245 billion for full-year 2025, a decrease of 0.5% over the prior year. For the fourth quarter, revenue was $846.3 million, a decrease of 1.2% over the same period in 2024.

Other results:

• Organic revenue growth was 1.7% for both the full-year 2025 and the fourth quarter of 2025.
• Full-year 2025 adjusted EBITDA was $616.7 million, a decrease of 10.5%. Fourth quarter 2025 adjusted EBITDA was $163.1 million, a decrease of 18.7%.

“2025 was a tremendous year of transition in which we made significant strides toward building a stronger operational and financial foundation,” said Suzanne Foster, CEO. “We transformed our operating model to position the company for sustained growth. We closed the largest capitated contract in the industry’s history. And we strengthened our balance sheet by paying down debt while generating cash flow that exceeded expectations. In the fourth quarter, we continued that momentum with strong patient growth across our portfolio, setting new census records in Sleep Health, Respiratory Health, and Wellness at Home. This progress positions us well for strong financial performance in 2026 and beyond.”

AdaptHealth included the following fourth-quarter highlights:

• Set patient census records for Sleep Health, Respiratory Health, and Wellness at Home, and a patient retention record for Diabetes Health.
• Acquired a leading HME provider in Hawaii, expanding the company’s geographic footprint to its 48th state.
• Made significant investments in critical infrastructure and nearly 500 dedicated employees to secure the first start dates of the new key capitated agreement.
• Advanced digital patient engagement and expanded self-service capabilities, more than doubling myApp users to 327,300 from the fourth quarter of 2024.
• Received credit upgrades from S&P and Moody’s rating agencies. Reduced debt by $25 million, bringing full year 2025 debt reduction to $250 million.

The company provided the following guidance for 2026:

• Net revenue of $3.44 billion to $3.51 billion.
• Adjusted EBITDA of $680 million to $730 million.
• Free cash flow of $175 million to $225 million.