AdaptHealth : Q1 Financial document - (AHCO Q1 26 Supplemental Investor Presentation)

Published: 2026-05-05 09:35:12 ET AHCO

Published on 05/05/2026 at 09:35 am EDT

(in thousands, except percentages)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Sales revenue

$ 472,444

$ 524,493

$ 506,282

$ 504,715

$ 495,522

Rental revenue

272,428

289,530

282,489

264,587

249,535

Capitated revenue

74,927

32,266

31,543

31,070

32,825

Total net revenue

$ 819,799

$ 846,289

$ 820,314

$ 800,372

$ 777,882

Operating income (loss) (1)

$ 5,489

$ (73,279)

$ 61,730

$ 79,252

$ 23,170

Net (loss) income attributable to AdaptHealth Corp. (2)

$ (16,040)

$ (102,770)

$ 24,509

$ 14,674

$ (7,207)

Adjusted EBITDA

$ 121,193

$ 163,143

$ 170,056

$ 155,544

$ 127,938

Adjusted EBITDA Margin

14.8 %

19.3 %

20.7 %

19.4 %

16.4 %

(1) Operating loss for the three months ended December 31, 2025 includes a non-cash goodwill impairment charge of $128.0 million. Operating income for the three months ended June 30, 2025 includes a pre-tax gain on sale of businesses of $32.2 million.

‌Rental

33.2%

Sale

57.6%

Capitated

9.2%

Wellness at

Home 17.2%

Sleep Health

43.7%

Diabetes Health

17.4%

Respiratory

Health 21.7%

Patient Pay

16.1%

Government

25.1%

Insurance

58.8%

‌Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(in thousands, except percentages) 2026

2025

Net sales revenue:

Sleep Health

$ 251,753

$ 278,627

$ 265,995

$ 254,593

$ 241,171

Respiratory Health

8,257

8,411

8,997

7,826

8,261

Diabetes Health

136,622

153,444

145,316

140,544

134,386

Wellness at Home

75,812

84,011

85,974

101,752

111,704

Total net sales revenue

$ 472,444

$ 524,493

$ 506,282

$ 504,715

$ 495,522

% of total net revenue

57.6 %

61.9 %

61.7 %

63.1 %

63.7 %

Net revenue from fixed monthly equipment reimbursements:

Sleep Health

$ 81,624

$ 86,159

$ 81,792

$ 73,292

$ 67,541

Respiratory Health

146,759

156,277

154,228

148,827

142,174

Diabetes Health

3,574

3,475

3,275

2,992

2,834

Wellness at Home

40,471

43,619

43,194

39,476

36,986

Total net revenue from fixed monthly equipment reimbursements

$ 272,428

$ 289,530

$ 282,489

$ 264,587

$ 249,535

% of total net revenue

33.2 %

34.3 %

34.4 %

33.0 %

32.1 %

‌Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(in thousands, except percentages) 2026

2025

Net revenue from capitated revenue arrangements:

Sleep Health

$ 25,118

$ 7,485

$ 7,049

$ 6,804

$ 7,639

Respiratory Health

23,124

13,545

13,771

13,797

15,046

Diabetes Health

1,970

1,614

1,484

1,425

1,624

Wellness at Home

24,715

9,622

9,239

9,044

8,516

Total net revenue from capitated revenue arrangements

$ 74,927

$ 32,266

$ 31,543

$ 31,070

$ 32,825

% of total net revenue

9.2 %

3.8 %

3.9 %

4.2 %

Total net revenue:

Sleep Health

$ 358,495

$ 372,271

$ 354,836

$ 334,689

$ 316,351

Respiratory Health

178,140

178,233

176,996

170,450

165,481

Diabetes Health

142,166

158,533

150,075

144,961

138,844

Wellness at Home

140,998

137,252

138,407

150,272

157,206

Total net revenue

$ 819,799

$ 846,289

$ 820,314

$ 800,372

$ 777,882

‌In thousands

9.1% $6,587

$71,122 B

$819,799

$(35,792)

$777,882

Q1'25 Organic revenue

Acquisition Disposition Q1'26

Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

All changes in reported net revenue from the comparable period presented excluding the impacts from acquisitions (B) and dispositions (C).

The change in net revenue attributable to businesses and/or assets AdaptHealth has owned for less than one year based on the month of acquisition. This excludes the acquisition of assets from previous providers to facilitate the transition of patients related to newly awarded at-risk capitated contracts, since the revenue related to these agreements is earned organically.

Net revenue generated in the comparative prior year period from divested product lines, services, and/or businesses for which there is no revenue recognized in the comparative months within the current period presented.

Appendix

(in thousands, except percentages)

Dollars

Percentage

Dollars

Percentage

Net loss attributable to AdaptHealth Corp.

$ (16,040)

(2.0)%

$ (7,207)

(0.9)%

Income attributable to noncontrolling interest

1,167

0.2%

1,128

0.1%

Interest expense, net

25,594

3.1%

28,399

3.7%

Income tax (benefit) expense

(5,232)

(0.6)%

850

0.1%

Depreciation and amortization, including patient equipment depreciation

106,469

13.0%

94,345

12.1%

EBITDA

$ 111,958

13.7%

$ 117,515

15.1%

Equity-based compensation expense (a)

6,532

0.8%

5,296

0.7%

Litigation settlement expense (b)

500

0.1%

Other non-recurring expenses, net (c)

2,203

0.2%

5,127

0.6%

Adjusted EBITDA

$ 121,193

14.8%

$ 127,938

16.4%

Adjusted EBITDA Margin

14.8%

16.4%

Represents equity-based compensation expense for awards granted to employees and non-employee directors.

Represents an estimated expense to settle a shareholder derivative complaint.

The 2026 period consists of $1.6 million of consulting expenses associated with asset dispositions and $0.9 million of transaction costs associated with acquisitions, partially offset by $0.3 million of other net non-recurring income. The 2025 period consists of $2.3 million of consulting expenses associated with asset dispositions,

$1.6 million of consulting expenses associated with systems implementation activities, and $1.2 million of other non-recurring expenses.

Consolidated Non-GAAP Reconciliation

‌Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

(in thousands, except percentages)

Net revenue

Adjusted EBITDA

Margin

Net revenue

Adjusted EBITDA

Margin

Net revenue

Adjusted EBITDA

Margin

Net revenue

Adjusted EBITDA

Margin

Net revenue

Adjusted EBITDA

Margin

Sleep Health

$358,495

$ 62,697

17.5%

$372,271

$ 81,670

21.9%

$354,836

$ 84,488

23.8%

$334,689

$ 80,774

24.1%

$316,351

$ 63,627

20.1%

Respiratory Health

178,140

50,041

28.1%

178,233

60,258

33.8%

176,996

55,052

31.1%

170,450

48,961

28.7%

165,481

45,478

27.5%

Diabetes Health

142,166

4,141

2.9%

158,533

4,099

2.6%

150,075

10,034

6.7%

144,961

5,552

3.8%

138,844

6,388

4.6%

Wellness at Home

140,998

4,314

3.1%

137,252

17,116

12.5%

138,407

20,482

14.8%

150,272

20,257

13.5%

157,206

12,445

7.9%

Total

$819,799 $121,193

14.8%

$846,289 $163,143

19.3%

$820,314 $170,056

20.7%

$800,372 $155,544

19.4%

$777,882 $127,938

16.4%

Segment Information

(in thousands)

2026

2025

Total Segment Adjusted EBITDA

$ 121,193

$ 127,938

Interest expense, net

(25,594)

(28,399)

Depreciation and amortization, including patient equipment depreciation

(106,469)

(94,345)

Equity-based compensation expense

(6,532)

(5,296)

Litigation settlement expense

(500)

Other non-recurring expenses, net

(2,203)

(5,127)

Loss before income taxes

$ (20,105)

$ (5,229)

‌Three Months Ended

(in thousands)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Net cash provided by operating activities

$ 93,722

$ 183,184

$ 161,066

$ 161,994

$ 95,527

Purchases of equipment and other fixed assets

(121,212)

(103,896)

(94,242)

(88,665)

(95,585)

Free cash flow

$ (27,490)

$ 79,288

$ 66,824

$ 73,329

$ (58)

‌(in thousands)

As of

March 31, 2026

Rate as of

March 31, 2026

Maturity as of

March 31, 2026

Revolving credit facility

$ 100,000

Base Rate or Term SOFR (1)

September 2029

Secured term loan

310,938

Base Rate or Term SOFR (1)

September 2029

6.125% Senior unsecured notes due 2028

325,000

6.125%

August 2028

4.625% Senior unsecured notes due 2029

500,000

4.625%

August 2029

5.125% Senior unsecured notes due 2030

600,000

5.125%

March 2030

Finance lease obligations

49,867

Total long-term debt

$ 1,885,805

Less unrestricted cash

(47,964)

Net debt

$ 1,837,841

Consolidated Total Leverage Ratio 3.00 (2)

At the option of the Company, amounts borrowed bore interest at variable rates based upon either the Base Rate, payable quarterly, or Term SOFR, payable monthly or every three months depending on the interest period selected. Interest periods for Term SOFR loans were available for one, three, or six months at the option of the Company. Base Rate loans accrued interest at a per annum rate equal to the sum of (a) the Base Rate determined on each day (subject to a zero percent floor), plus an applicable margin ranging from 0.50% to 2.25% per annum based on the Company's Consolidated Senior Secured Leverage Ratio. Term SOFR loans accrued interest at a per annum rate equal to the sum of (a) Term SOFR for the applicable interest period (subject to a zero percent floor), plus (b) an applicable margin ranging from 1.50% to 3.25% per annum based on the Company's Consolidated Senior Secured Leverage Ratio.

The calculation of the consolidated total leverage ratio was in accordance with the Company's credit agreement as of March 31, 2026.

(in thousands)

Common Stock

Preferred Stock (1)

Converted

Number of shares outstanding, December 31, 2025

135,450

124

147,857

Equity-based compensation activity

485

Exercise of stock options

Employee stock purchase plan activity

Number of shares outstanding, March 31, 2026

136,013

124

148,420

Unvested

(in thousands)

Stock Options (2)

Restricted Stock

Number of shares outstanding, December 31, 2025

945

4,017

Exercise of stock options

(90)

Grants of restricted stock units

2,513

Vesting of restricted stock units

(704)

Forfeitures of restricted stock units

(216)

Number of shares outstanding, March 31, 2026

855

5,610

Shares of Series B-1 Preferred Stock convert to shares of Common Stock at a ratio of 100:1

Stock options outstanding at March 31, 2026 have a weighted-average exercise price of $7.54 per share

Note: The above tables represent the outstanding securities as of March 31, 2026. The shares included in the Earnings Per Share computations on the following slide represent the weighted-average shares outstanding for the corresponding periods as calculated under U.S. GAAP.

‌ Three months ended March 31,

(in thousands, except per share data)

2026

2025

Numerator

Net loss attributable to AdaptHealth Corp.

$ (16,040)

$ (7,207)

Less: Earnings allocated to participating securities (1)

Net loss for basic and diluted EPS

$ (16,040)

$ (7,207)

Denominator

Basic weighted-average common shares outstanding Add: Stock options (2)

Add: Unvested restricted stock units (2)

135,779

134,799

Diluted weighted-average common shares outstanding

135,779

134,799

Basic net loss per share

$ (0.12)

$ (0.05)

Diluted net loss per share

$ (0.12)

$ (0.05)

The Company's preferred stock are considered participating securities. Computation of EPS under the two-class method excludes from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator. There were no amounts allocated to the participating securities during the three months ended March 31, 2026 and 2025 due to the net loss reported in those periods.

Due to the Company reporting net loss attributable to AdaptHealth Corp. for the three months ended March 31, 2026 and 2025, all potentially dilutive securities related to outstanding stock options and unvested restricted stock units were excluded from the computation of diluted net loss per share for those periods as their inclusion would have been anti-dilutive.

Disclaimer

AdaptHealth Corp. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 13:34 UTC.