AHCO AdaptHealth Corp.

Overview and Growth

In fiscal 2025, AdaptHealth Corp. recorded $3.24B of revenue, net loss of $70.79M, and an operating cash inflow of $601.77M. The $3.24B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 0.5% below fiscal 2024 revenue of $3.26B, marking a top-line contraction. Diluted earnings per share were -$0.52, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 185.2% from $0.61 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.75x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $609.20M as gross profit before recognizing operating expenses and other items. Gross margin was 18.8%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $90.87M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 2.8%, showing how efficiently sales converted into operating profit. The company ended the period with a net loss of $70.79M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 2.2% after all recognized items. The pretax result was a loss of $15.15M, establishing the deficit before tax effects. The pretax loss equaled 0.5% of revenue, measuring the pre-tax deficit against sales. The company recognized $50.88M of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 4.6%. The loss-to-assets relationship was 1.6%, placing the bottom-line deficit against the company’s resource base.

Liquidity and Capital Structure

Total assets were $4.32B, supported by $2.79B of liabilities and $1.53B of shareholder equity. The near-term balance sheet paired $728.90M of current assets with $712.39M of current liabilities at the reporting date. Current assets covered current liabilities by 1.02x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $106.14M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 14.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $1.74B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 1.14x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 40.2% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 64.6%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 2.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $4.49B in fiscal 2024, the current asset base moved 3.8% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was $601.77M, a reported cash inflow that can be compared directly with net income and capital spending. Capital expenditures used $382.39M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 63.5%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $219.38M of positive free cash flow for the period. Free cash flow represented 6.8% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 5.1%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.