AdaptHealth Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data AdaptHealth Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	345	530	1,056	2,455	2,971	3,200	3,261	3,245
Cost of revenue	293	441	899	2,009	2,390	2,576	2,580	2,636
Gross profit	51.9	88.9	158	446	580	624	681	609
General and administrative	18.1	56.5	89.3	168	325	335	359	382
Operating income	31.1	29.4	71.3	226	190	-598	264	90.9
Interest expense	7.45	39.3	41.4	95.2	109	130	125	104
Interest income	4.15
Other non-operating income		0.32	3.44	-1.83	-0.25	-29.6	-2.79	-0.27
Pre-tax income	22.2	-21.9	-206	191	97.9	-724	136	-15.2
Income tax	-2.1	0.74	-12	32.8	24.8	-49	41.2	50.9
Net income to minority interests	1.08	-1.26	-32.5	1.98	3.82	4.12	4.36	4.76
Net income	23.3	-21.3	-162	156	69.3	-679	90.4	-70.8
EBITDA	79	91.9	154	484	542	-216	629	473
EPS, basic	2.81	-0.95	-3.08	1.12	0.47	-5.06	0.62	-0.52
EPS, diluted	2.81	-0.95	-3.08	0.67	0.33	-5.31	0.61	-0.52
Shares, basic (weighted)	8.27	22.6	52.5	126	134	134	134	135
Shares, diluted (weighted)	8.27	22.6	52.5	133	139	134	136	135

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.95	76.9	100	150	46.3	77.1	110	106
Receivables	53	78.6	171	360	359	389	408	371
Inventory	7.67	13.2	58.8	123	128	114	140	115
Other current assets	4.92	12.7	33.4	37.4	52.1	69.3	45.4	101
Total current assets	90.8	181	363	670	585	649	756	729
Property, plant and equipment	61.6	63.6	110	399	487	495	475	503
Lease right-of-use assets				148	130	110	106	112
Goodwill	202	267	999	3,513	3,545	2,725	2,675	2,458
Intangible assets		0	116	202	163	130	106	35.8
Other non-current assets	5.05	6.85	16.5	15.1	22.4	21.1	17.6	19.1
Total assets	369	547	1,813	5,250	5,220	4,509	4,487	4,317
Accounts payable	70.6	79.2	191	248	223	212	282	352
Accrued liabilities	0.5	12.3	26.7	34.4	41.9	47.5	54.6	64.1
Deferred revenue	7.51	9.56	11	31.4	31.6	38.6	34.9	59.3
Short-term debt	7.09	1.72	8.15	20	35	53.4	16.3	20.3
Total current liabilities	136	154	422	500	456	537	567	712
Long-term debt	127	395	777	2,184	2,153	2,095	1,965	1,716
Lease liabilities				120	104	85.5	80.3	85.5
Other non-current liabilities	3.24	29.4	186	322	306	302	272	244
Total liabilities	266	612	1,533	3,184	3,062	3,042	2,909	2,790
Total debt	134	397	785	2,204	2,188	2,148	1,981	1,736
Paid-in capital	2.91	4.42	558	2,107	2,130	2,150	2,157	2,177
Retained earnings	-13.4	-40.3	-199	-43	26.3	-653	-562	-633
Treasury stock				0	-14	-43.3	-25.5	-25.5
Other comprehensive income		1.43	-4.41	-2.35	8.69	4.36	2.25	0.08
Shareholders' equity	5	-38.8	355	2,062	2,151	1,458	1,571	1,519
Minority interests		-27	-74	4.78	6.6	8.22	6.97	7.76
Total equity	0	-65.8	281	2,067	2,158	1,467	1,578	1,526
Total liabilities and equity	369	547	1,813	5,250	5,220	4,509	4,487	4,317
Shares outstanding	5			134	134	133	135	135

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	24.3	-22.6	-194	158	73.1	-675	94.8	-66
Depreciation and amortization	47.9	62.6	82.4	258	351	383	365	382
Stock-based compensation	0.88	11.1	18.7	25.3	22.4	22.5	14.9	21.9
Deferred income tax	-2.88	0.48	-21.1	22.4	18	-62.6	32	47.2
Change in receivables	-22	-20.2	-29.5	-29.7	-0.21	-28.9	-26.2	31
Change in inventory	2.31	-1.31	-19.4	-14.9	-6.3	15.5	-28.1	-11.5
Change in payables	-0.02	14.2	137	-83.4	-57.1	41	33.8	139
Cash from operations	68.4	60.4	196	276	374	481	542	602
Capital expenditures	-9.95	-21.3	-39.8	-203	-391	-337	-306	-382
Acquisitions	-86.3	-63.5	-769	-1,620	-19	-19.7	-9.54	-42.4
Purchases of investments			-8.66	-1.13	-0.73	-0.13	0	0
Cash from investing	-96.3	-84.9	-816	-1,825	-411	-357	-310	-303
Debt issued	140	305
Debt repaid	-24.8	-238	-547	-827	-20	-95	-423	-250
Stock issued		125	143	279	0	0	0.74	0
Share buybacks		-20	0	0	-14	-29.3	0	0
Cash from financing	48.8	76.1	643	1,599	-66.1	-92.5	-199	-302
Net change in cash	20.9	51.7	23.1	49.7	-103	30.9	32.6	-3.61
Free cash flow	58.5	39.1	156	72.4	-17.6	143	236	219
Interest paid	7.33	23.1	35.8	73.6	109	126	122	101
Income taxes paid	0.41	1.32	7.48	14.8	14.9	14.8	14.1	24.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.6%	Gross profit / revenue.
Operating margin	-3.9%	Operating income / revenue.
EBITDA margin	8.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-7.3%	Pre-tax income / revenue.
Net margin	-6.8%	Net income / revenue.
FCF margin	2.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.3%	Cash from operations / revenue.
Return on equity (ROE)	-16.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.3%	Net income / average total assets.
Return on invested capital (ROIC)	-3.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.4%	Capital expenditures / revenue.
D&A / revenue	12.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-10.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	31.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-65.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-21.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	5.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-24.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	25.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-178.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-185.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	11.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	17.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	7.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-11.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	33.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	20.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Debt / equity	1.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	43.5%	Total debt / total assets.
Liabilities / assets	68.1%	Total liabilities / total assets.
Working capital	$88.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	55.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.02B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.78x	Revenue / average total assets.
Fixed asset turnover	5.13x	Revenue / average property, plant and equipment.
Inventory turnover	25.4x	Cost of revenue / average inventory.
Days inventory	14 days	365 x average inventory / cost of revenue.
Receivables turnover	8.63x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	53 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	4 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	83.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$24.76	Revenue / diluted weighted shares.
FCF per share	$0.72	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.29	Cash from operations / diluted weighted shares.
Book value per share	$10.11	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.51	Tangible book value / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$769.0M	Share price x shares outstanding.
Enterprise value	$2.66B	Market cap + total debt - cash - short-term investments.
P/S	0.23x	Market cap / revenue.
P/B	0.56x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	7.87x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.32x	Market cap / cash from operations, when positive.
EV/Sales	0.79x	Enterprise value / revenue.
EV/EBITDA	9.52x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.7%	Free cash flow / market cap.
Earnings yield	-29.7%	Net income / market cap (the inverse of P/E).

What was AdaptHealth Corp.'s revenue in fiscal 2025?

AdaptHealth Corp. reported revenue of $3.24B for fiscal 2025, 0.5% lower than the year before.

Was AdaptHealth Corp. profitable in fiscal 2025?

No. It reported a net loss of $70.8M.

How much free cash flow did AdaptHealth Corp. generate in fiscal 2025?

Cash from operations of $601.8M minus capital expenditures of $382.4M left free cash flow of $219.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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