AdaptHealth sets stage for ‘defining year’

CONSHOHOCKEN, Pa. – AdaptHealth reported revenue of $819.8 million for the first quarter ended March 31, 2026, an increase of 5.4% over the same period the prior year.

Other financial results

• Organic revenue growth of 9.1%, with growth across each of the reportable Segments.
• Net loss attributable to AdaptHealth Corp. was $16.0 million compared to net loss of $7.2 million.
• Adjusted EBITDA was $121.2 million compared to $127.9 million, a decrease of 5.3%.
• Cash flow from operations was $93.7 million, a slight decrease from $95.5 million, and free cash flow was negative $27.5 million, compared to negative $0.1 million.
• Organic revenue growth was 9.1%, with growth across each of the reportable segments.
• Adjusted EBITDA was $121.2 million compared to $127.9 million, a decrease of 5.3% over the same quarter in 2025.

“The opening months of 2026 have set the stage for what will be a defining year for AdaptHealth,” said Suzanne Foster, CEO. “We completed the largest de novo expansion in the history of the home medical equipment industry, delivering revenue well ahead of our first quarter guidance, with broad-based organic growth across all four segments. Although we incurred elevated labor costs to execute the transition responsibly, we are already working to optimize the business for our newly attained scale.”

First quarter highlights

• The company says it has completed the largest de novo expansion in the history of the home medical equipment industry, meeting an aggressive go live schedule to become the exclusive provider to the more than 10 million members of our new strategic partner.
• The acceleration of the transition came with $12 million of elevated labor expense, of which the majority was variable and is expected to normalize by the end of the second quarter. The remainder was elevated wages and benefits that the company expects to decline as it aligns the operating model to the service requirements.
• Advanced digital patient engagement and expanded self-service capabilities, growing registered myApp users to 412,000, up 26% from the fourth quarter of 2025. 
• In April 2026, completed a $1.1 billion refinancing of the company’s senior secured credit facility.
• In April 2026, completed the disposition of the company's remaining custom rehabilitation assets, further concentrating the company's portfolio around its core Sleep and Respiratory Health businesses.

Financial outlook for fiscal year 2026

The company is raising net revenue guidance by $10 million and maintaining adjusted EBITDA and free cash flow guidance, as follows:

• Net revenue of $3.45 billion to $3.52 billion
• Adjusted EBITDA of $680 million to $730 million
• Free cash flow of $175 million to $225 million