Chemed : Q1 2026 Presentation
CHE
Published on 04/23/2026 at 05:28 pm EDT
1 Results as of 03/31/26
For the years ended December 31, 2003, through 2025
(1) (2) (3)
CAGR
One Three Twenty-Two
Chemed
Year
Year
Year (a)
(1) Service revenues and sales
4.1%
5.8%
10.9%
(2) Adj. net income
(11.3%)
1.5%
18.2%
(3) Adj. diluted EPS from continuing operations
(6.8%)
3.0%
19.9%
VITAS
(4) Service revenues and sales
6.5%
10.7%
6.1%
(5) Adj. net income
(5.0%)
11.4%
11.2%
Roto-Rooter
(6) Service revenues and sales
0.0%
(1.2%)
5.8%
(7) Adj. net income
(14.4%)
(9.6%)
11.5%
(a) Chemed Revenue Growth from 2003 Revenue Base
(a) Chemed Revenue Growth from 2003 Revenue Base.
3
3 CHEMED Corporation
For the Period January 1, 2007, through March 31, 2026 ($000)
(1)
(2)
(3)
(4)
Total
Free
Shares
Returned to
Cash Flow
Repurchased
Dividends
Shareholders
Generated (1)
(1)
Activity in 2007
$ 127,881
$ 5,888
$ 133,769
$ 72,944
(2)
Activity in 2008
67,126
5,543
72,669
85,989
(3)
Activity in 2009
742
8,157
8,899
139,336
(4)
Activity in 2010
104,055
11,881
115,936
60,373
(5)
Activity in 2011
143,875
12,538
156,413
144,751
(6)
Activity in 2012
60,529
13,026
73,555
96,516
(7)
Activity in 2013
92,911
14,148
107,059
121,523
(8)
Activity in 2014
110,019
14,255
124,274
66,708
(9)
Activity in 2015
59,323
15,605
74,928
127,365
(10)
Activity in 2016
102,312
16,440
118,752
95,621
(11)
Activity in 2017
94,640
17,371
112,011
98,195
(12)
Activity in 2018
158,884
18,661
177,545
234,266
(13)
Activity in 2019
92,631
19,788
112,419
248,227
(14)
Activity in 2020
175,595
21,079
196,674
430,458
(15)
Activity in 2021
576,483
22,016
598,499
249,922
(16)
Activity in 2022
114,074
22,017
136,091
252,561
(17)
Activity in 2023
73,813
23,501
97,314
273,445
(18)
Activity in 2024
358,737
27,092
385,829
367,966
(19)
Activity in 2025
428,035
31,696
459,731
325,477
(20)
Activity in 2026
197,680
8,173
205,853
71,103
(21)
Cumulative Activity
2007 - 2026 (2)
$ 3,139,345
$ 328,875
$ 3,468,220
$ 3,562,746
Net cash provided by operating activities less capital expenditures.
18.1 million shares repurchased at an average cost of $172.92.
(1) (2)
Chemed has delivered strong and consistent EPS to stockholders since 2003, 19.9% 22-year CAGR
Adj. Diluted EPS
Adj. Stock Price
Adjusted Diluted EPS (non GAAP); see Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted (non-GAAP) results.
Adjusted for stock split.
For the years ended December 31, 2003, through 2025 (in thousands, except per share data)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
Average Annual
2003
2011
2013
2015
2017
2019
2021
2022
2023
2024
2025
Inc./(Dec.)
(1)
Service Revenues
and Sales (a)
$ 260,776
$ 1,355,970
$ 1,413,329
$ 1,543,388
$ 1,666,724
$ 1,938,555
$ 2,139,261
$ 2,134,963
$ 2,264,417
$ 2,431,287
$ 2,529,978
10.9%
(2) EBITDA (b)
30,366
181,157
168,206
217,270
156,814
311,349
411,233
393,435
414,340
464,294
422,369
12.7%
(3) Adj. EBITDA (b)
25,118
197,273
206,850
235,931
268,459
350,927
461,414
432,660
451,897
503,002
458,710
14.1%
(4) Net Income (GAAP)
11,188
85,979
77,227
110,274
98,177
219,923
268,550
249,624
272,509
301,999
265,238
15.5%
(5) Adj. Net Income (b)
7,894
100,030
104,372
121,667
141,054
230,473
308,007
283,609
308,515
351,188
311,580
18.2%
(6) Diluted EPS (GAAP)
0.56
4.10
4.16
6.33
5.86
13.31
16.85
16.53
17.93
19.89
18.34
17.2%
(7) Adj. Diluted EPS (b) (c)
0.40
4.78
5.62
6.98
8.43
13.95
19.33
18.78
20.30
23.13
21.55
19.9%
(8) Diluted Average
19,908
20,945
18,585
17,422
16,742
16,527
15,938
15,099
15,200
15,186
14,460
(1.4%)
Shares Outstanding
Continuing operations
See Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted non-GAAP results
Adj. Diluted EPS is calculated by dividing Adj. Net Income by Diluted Average Shares Outstanding, and Diluted EPS is calculated by dividing Net Income by Diluted Average Shares Outstanding
(in thousands, except per share data)
(1) (2) (3) (4) (5) (6)
Full-Year Results Three Months Ended March 31, Fav/(Unfav) Fav/(Unfav)
2024 2025 % Growth 2025 2026 % Growth
(1)
Service Revenues and Sales
$2,431,287
$2,529,978
4.1%
$ 646,943
$ 657,513
1.6%
(2) Adj. EBITDA (a)
503,002
458,710
(8.8%)
121,692
116,257
(4.5%)
(3) Adj. EBITDA Margin
(a)
20.7%
18.1%
(2.6 pts.)
18.8%
17.7%
(1.1 pts.)
(4) Adj. Net Income (a)
351,188
311,580
(11.3%)
83,074
77,383
(6.9%)
(5) Adj. Diluted EPS (a) (b)
23.13
21.55
(6.8%)
5.63
5.65
0.4%
(6) Capital Expenditures
49,531
62,795
(26.8%)
13,280
17,116
(28.9%)
See footnote (b) below and the Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted (non-GAAP) results.
Adj. Diluted EPS is calculated by dividing Adj. Net Income by Diluted Average Shares Outstanding, and Diluted EPS is calculated by dividing Net Income by Diluted Average Shares Outstanding.
Chemed Adjusted EBITDA (a)
Chemed Central Support
2024
2025
VITAS
COS
VITAS
COS
Roto-Rooter
Central Support
Roto-Rooter
COS
VITAS
Central Support
Roto-Rooter
Central Support
Roto-Rooter
COS
VITAS
Central Support
Chemed
Adjusted EBITDA (a)
Chemed
Central Support
See Appendix at the back of this presentation for reconciliation of EBITDA and Adjusted EBITDA to Net Income
Largest provider of plumbing and drain cleaning services in North America
Provides plumbing services to approximately 90% of the United States and 30% of the Canadian population
Provides plumbing and drain cleaning services in 122 company-owned territories
and 345 franchise territories
Maintains an estimated 15% of the drain cleaning market and 2-3% share of the same-day service plumbing market
Residential customers represent 71% of revenues, while commercial customers represent 24% of revenues
Revenues 2025
Water
Restoration
Excavation
Commercial
Plumbing
Other Residential
Drain Cleaning
Product & Equip.
Franchise Fees
Residential
Plumbing
Commercial
Drain Cleaning
Contractors
Adjusted EBITDA(a) 2025
Roto-Rooter Branches
Product &
Equipment Sales
Franchise Fees
Contractors
Continue to increase efficiency
Acquire franchisee territories at reasonable valuations
$75 - $100 million in franchise street sales in desirable markets
Purchase at 6-8 times Proforma Adjusted EBITDA
Minimal capital expenditure
Focus on earnings and cash flow
$368.2
$392.1
$427.8
$453.6
$518.5 $592.0
$663.6
$750.7
$882.5 $938.0 $957.1
$909.5 $911.7
(a) 2018 - 2025 reflect GAAP Revenue Recognition Accounting Standard. Prior years are not restated for the 2018 Revenue Recognition Accounting Standard.
2004 through 2011
(in thousands, except percentages)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
2004 2005 2006 2007 2008 2009
2010 2011
(1) Service Revenues
$ 276,611
$ 297,337
$ 319,495
$ 344,632
$ 340,496
$ 335,893
$ 354,735
$ 369,698
and Sales (a)
(2) EBITDA (b)
38,314
52,598
59,307
72,030
62,924
62,107
59,369
64,948
(3) Adj. EBITDA (b)
42,355
49,234
55,548
69,188
59,922
59,862
58,516
64,176
(4) Adj. EBITDA Margin
(b) 15.3%
16.6%
17.4%
20.1%
17.6%
17.8%
16.5%
17.4%
(5) Net Income (GAAP)
18,795
27,626
32,454
38,971
33,427
33,040
31,678
34,879
(6) Adj. Net Income (b)
21,044
25,486
31,203
40,139
33,785
33,574
32,960
36,260
(a) Continuing Operations
(b) See Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted (non-GAAP) results
2013 through 2025
(in thousands, except percentages)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Average
Annual Inc./(Dec.)
2013
2015
2017
2019
2021
2022
2023
2024
2025
2004-2025
(1) Service Revenues
$ 368,216
$ 427,837
$ 518,464
$ 657,371
$ 878,015
$ 933,399
$ 949,352
$ 900,309
$ 899,877
5.8%
and Sales (a)
(2) EBITDA (b)
56,398
91,911
123,194
159,325
254,133
282,255
279,557
251,519
220,521
8.7%
(3)
Adj. EBITDA (b)
70,936
87,614
116,670
155,759
249,166
273,760
269,570
237,087
204,729
7.8%
(4)
Adj. EBITDA Margin (b)
19.3%
20.5%
22.5%
23.7%
28.4%
29.3%
28.4%
26.3%
22.8%
n.a.
(5)
Net Income (GAAP)
29,243
48,573
73,299
103,710
166,333
186,120
188,241
160,046
135,493
9.9%
(6)
Adj. Net Income (b)
39,845
48,680
65,667
110,092
174,965
193,761
193,475
167,288
143,115
9.6%
(a)
Continuing Operations
(b)
See Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted (non-GAAP) results
($000)
(1) (2) (3) (4) (5) (6)
Full-Year Results Three Months Ended March 31,
Fav/(Unfav) Fav/(Unfav)
2024
2025
% Growth
2025
2026
% Growth
(1) Service Revenues and Sales
$ 900,309
$ 899,877
(0.0%)
$ 239,543
$ 237,495
(0.9%)
(2) Net Income (GAAP)
160,046
135,493
(15.3%)
39,944
35,784
(10.4%)
(3) Adj. EBITDA (a) (b)
237,087
204,729
(13.6%)
59,184
53,511
(9.6%)
(4) Adj. EBITDA Margin (a) (b)
26.3%
22.8%
(3.5 pts.)
24.7%
22.5%
(2.2 pts.)
(5) Adj. EBIT (a) (b)
194,555
161,349
(17.1%)
48,401
42,588
(12.0%)
(6) Adj. EBIT Margin (a) (b)
21.6%
17.9%
(3.7 pts.)
20.2%
17.9%
(2.3 pts.)
(7) Capital Expenditures
25,906
31,377
(21.1%)
9,216
10,547
(14.4%)
Excludes certain discreet items.
Reconciliation from GAAP reported results to adjusted (non-GAAP) results is provided in the Appendix at the back of this presentation.
Continue to Consolidate Franchises
Purchase at reasonable multiples
Avoid over-paying for current acquisitions
Inflates expectations/demands of remaining franchisees
Utilize Cash Flow for:
Purchase of franchises
Acquisition of hospices
Share buy-back, increased dividends
Roto-Rooter Divestiture Considerations:
If after-tax proceeds can be reinvested at higher return, risk adjusted
If Chemed's capital structure and cash flow without Roto-Rooter provide it significant flexibility to support continued growth of VITAS
If tax-free spin-off creates long-term stockholder value
Future of Roto-Rooter
One of the largest providers of hospice services for patients with severe, life-limiting illnesses with approximately 7-8% of the U.S. market share
Operates a comprehensive range of hospice services through 59 operating programs in 15 states
and the District of Columbia
Utilizes an approach for customized plans of care which is intended to maximize quality and enhance patient satisfaction
Operating statistics:
Revenues: $420 million (Q1 2026)
Average daily census per established program of ~ 400 ADC with the largest single program
of ~ 2,100 (Q1 2026)
Average length of stay: 102.7 (Q1 2026)
Approximately 11,700 employees, including approximately 5,200 nurses (Q1 2026)
Revenue - 2025
Routine Home Care
General Inpatient Care
Continuous Home Care
87%
5%
8%
Revenue by Payer - 2025
2% 3%
95%
Medicare Medicaid Private
Days of Care - 2025
Revenues - 2025
Revenue and Expenses - 2025
Adjusted EBITDA - 2025
(1) 2018 - 2025 include the impact of the new revenue recognition accounting standard. Prior periods are not restated for the 2018 revenue recognition accounting standard.
Disclaimer
Chemed Corporation published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:19 UTC.