The earnings call presented a balanced view with significant achievements such as a major new contract and advancements in technology, countered by challenges like revenue decline and potential pressures from regulatory changes. The sentiment is mixed with strong strategic positioning for future growth but current financial pressures.

Company Guidance

During the AdaptHealth Second Quarter 2025 Earnings Call, Suzanne Foster, CEO, reported strong financial performance with a revenue of $800.4 million and an adjusted EBITDA of $155.5 million, resulting in an adjusted EBITDA margin of 19.4%. The company generated $73.3 million in free cash flow, surpassing expectations. AdaptHealth's strategic focus is on accelerating non-acquired revenue growth, enhancing profitability, and strengthening the balance sheet. They announced a significant 5-year contract with a major healthcare system, projected to generate over $1 billion in revenue, boosting capitated revenue to at least 10% of total revenue. Additionally, the company reduced its net debt by $175 million year-to-date and aims to further deleverage. AdaptHealth is also leveraging technology and AI to streamline operations and improve patient services, while navigating potential impacts from CMS's proposed competitive bidding rule changes. The company's full-year 2025 guidance for revenue is set between $3.18 billion and $3.26 billion, with adjusted EBITDA guidance revised to $642 million to $682 million.

Strong Second Quarter Financial Performance

Second quarter revenue was $800.4 million, adjusted EBITDA was $155.5 million, and free cash flow was $73.3 million, all aligning with or exceeding expectations.

Major Capitated Contract Announcement

AdaptHealth signed a definitive agreement to become the exclusive provider for a major national healthcare system, expected to bring in over $1 billion in revenue over five years, significantly increasing recurring revenue.

Momentum in Respiratory and Diabetes Health Segments

The Respiratory Health segment revenue increased by 5.6%, and the Diabetes Health segment showed signs of recovery with new starts and resupply retention improving.

Debt Reduction Progress

The company reduced its debt by $175 million year-to-date and $345 million over the last six quarters, bringing net leverage down to 2.81x.

Advancements in Technology and AI

AdaptHealth is leveraging technology, including AI, to improve efficiency and patient experience, which is expected to reduce costs and enhance profitability.

AdaptHealth (AHCO) Earnings, Revenues Date & History

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AHCO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.24 / -	0.224	―	―	―
Aug 05, 2025	2025 (Q2)	0.16 / 0.22	0.216	0.93% (<+0.01)
May 06, 2025	2025 (Q1)	0.05 / 0.03	0.093	-70.97% (-0.07)
Feb 25, 2025	2024 (Q4)	0.28 / 0.43	0.556	-23.20% (-0.13)	―
Nov 05, 2024	2024 (Q3)	0.19 / 0.22	0.415	-46.02% (-0.19)	―
Aug 06, 2024	2024 (Q2)	0.19 / 0.22	0.228	-5.26% (-0.01)	―
May 07, 2024	2024 (Q1)	0.05 / 0.09	0.051	82.35% (+0.04)	―
Feb 27, 2024	2023 (Q4)	0.19 / 0.56	0.054	929.63% (+0.50)	―
Nov 07, 2023	2023 (Q3)	0.20 / 0.41	0.22	88.64% (+0.19)
Aug 08, 2023	2023 (Q2)	0.13 / 0.23	0.182	25.27% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

AHCO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$9.11	$10.11	+10.98%
May 06, 2025	$8.70	$8.85	+1.72%
Feb 25, 2025	$8.55	$10.64	+24.44%
Nov 05, 2024	$10.15	$9.18	-9.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.