AdaptHealth Corp. Announces 3rd Quarter 2025 Results

CONSHOHOCKEN, Pennsylvania—AdaptHealth Corp., a provider of health care-at-home solutions including home medical equipment (HME), medical supplies and related services, announced its financial results for the third quarter which ended Sept. 30, 2025. Included in the report was the announcement the company had signed a new capitated agreement to be the exclusive HME provider for a payer serving approximately 170,000 members.

Highlights from the company’s report included:

• Added infrastructure to support its previously announced partnership with a major national health care system.
• Advanced digital patient engagement and expanded self-service capabilities, growing registered myApp users to 271,000, up from 118,000 in the third quarter of 2024.
• Reduced debt by $50 million, bringing year-to-date debt reduction to $225 million, resulting in a net leverage ratio of 2.68x at quarter end versus the Company’s stated net leverage target of 2.50x.

All comparisons are to the quarter ended Sept. 30, 2024 unless otherwise stated. Other third quarter results included:

• Net revenue was $820.3 million compared to $805.9 million, an increase of 1.8%.
• Organic revenue growth of 5.1% was the highest since the first quarter of 2024, driven by solid underlying volume trends across the four reportable segments.
• Net income attributable to AdaptHealth Corp. was $24.5 million compared to net income of $22.9 million.
• Adjusted EBITDA was $170.1 million compared to $164.3 million, an increase of 3.5%.
• Cash flow from operations was $418.6 million year-to-date 2025, an increase from $391.4 million during the comparable period in 2024, and free cash flow was $140.1 million year-to-date 2025, compared to $162.7 million during the comparable period in 2024.

“Q3 was a milestone quarter for AdaptHealth,” said Suzanne Foster, CEO of AdaptHealth. “We delivered strong financial results that exceeded our expectations, made substantial operational improvements across the organization and continued building foundational capabilities to drive sustainable growth. The quarter demonstrated both the progress we’ve made and the significant opportunity ahead.”