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AdaptHealth (AHCO)
NASDAQ:AHCO
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.01Last Year’s EPS
0.03Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a largely positive outlook driven by operational improvements, record patient census in key segments, strong adjusted EBITDA and free cash flow performance, meaningful debt reduction, credit upgrades, and a major capitated contract with successful early onboarding and clear revenue/margin upside in 2026. Offsetting risks include reported revenue declines due to dispositions, weakness and a goodwill impairment in the Diabetes segment, a one-time legal settlement and accelerated onboarding costs that pressure near-term working capital and leverage, and anticipated negative free cash flow and margin drag in Q1 2026 as the capitated contract ramps. Overall, the positive operational momentum, cash generation, strategic contract win and upwardly revised 2026 guidance outweigh the near-term financial headwinds and one-time charges.Company Guidance
Revenue Beat and Organic Growth
Full year 2025 net revenue of $3.245B and Q4 revenue of $846.3M both exceeded the midpoint of guidance; organic revenue growth was 1.7% for both the full year and Q4.
Record Patient Census and New Starts Across Key Segments
Sleep health patient census reached a record 1.73M (+4% YoY) with new starts ~130,600 (+~6% YoY). Respiratory health set new records for oxygen (~335k patients) and vents; oxygen and vent new starts rose ~4% and ~5%, respectively. Wellness at Home new starts for wheelchairs and beds rose ~6% and ~5%, with patient census records.
Adjusted EBITDA and Margin Strength
Full year adjusted EBITDA of $616.7M (19.0% margin) and Q4 adjusted EBITDA of $163.1M (19.3% margin). Excluding a $14.5M legal settlement and ~ $10M of accelerated capitated onboarding costs, adjusted EBITDA was in line with FY25 guidance.
Strong Free Cash Flow and Cash Generation
Full year free cash flow of $219.4M, meaningfully exceeding the top end of guidance; Q4 cash flow from operations was $183.2M and Q4 free cash flow was $79.3M.
Debt Reduction and Credit Upgrades
Debt reduced by $25M in Q4 and $250M year-to-date; net debt $1.694B and net leverage 2.75x. Interest expense decreased ~ $21M YoY and both S&P and Moody's upgraded the company’s credit ratings.
Largest Capitated Contract Win and Early Successful Onboarding
Closed the largest capitated contract in the industry; Dec go-live for 3 Mid-Atlantic states (~50k members) executed ahead of plan with a 98% contact center answer rate. Fully scaled contract expected to serve >10M patients with ~1,200 employees across 30 locations.
Operational Improvements and Technology Initiatives
Standardized operating model improved referral-to-setup in sleep to 9 days (from 23 a year ago); respiratory referral-to-setup improved by 3 days YoY. Clinical adherence ~10 percentage points above industry top quartile. AI pilots reduced processing time and PAP self-scheduling cut patient phone times; myAPP users grew to >327,000.
2026 Guidance: Growth and Margin Upside
2026 guidance: net revenue $3.44B–$3.51B (6%–8% growth), adjusted EBITDA $680M–$730M (midpoint ~20.3% margin, +~1 ppt vs 2025), and free cash flow $175M–$225M. Company expects capitated contract to contribute ~5%–6% revenue growth in 2026 and ramp to low-double-digit YoY growth by Q4.
AHCO Earnings History
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 |
|---|---|---|---|
Feb 24, 2026 | $10.29 | $8.86 | -13.95% |
Nov 04, 2025 | $9.09 | $10.67 | +17.38% |
Aug 05, 2025 | $9.11 | $10.11 | +10.98% |
May 06, 2025 | $8.70 | $8.85 | +1.72% |
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.
FAQ
When does AdaptHealth (AHCO) report earnings?
AdaptHealth (AHCO) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is AdaptHealth (AHCO) earnings time?
AdaptHealth (AHCO) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AHCO EPS forecast?
AHCO EPS forecast for the fiscal quarter 2026 (Q1) is 0.01.
