UNITED STATES SECURITIES AND EXCHANGE COMMISSION o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38399 AdaptHealth Corp. OR WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 (Exact name of registrant as specified in its charter) | Delaware | 82-3677704 | | --- | --- | | (State of Other Jurisdiction of incorporation or Organiz ...

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Core Insights - AdaptHealth reported a challenging Q4 2025 with a net revenue of $846.3 million, down 1.2% year over year, attributed mainly to business dispositions in the Wellness at Home segment [5][6] - The company achieved full-year net revenue of $3.245 billion, slightly down 0.5% from the previous year, but with organic growth of 1.7% [6][7] - Management highlighted record patient census in multiple segments, indicating strong operational performance despite revenue declines [5][11] Financial Performance - Q4 net revenue breakdown: - Wellness at Home: $137.3 million, down 16.1% [2] - Diabetes Health: $158.5 million, down 7.4% [3] - Respiratory Health: $178.2 million, up 7.8% [4] - Sleep Health: $372.3 million, up 4.4% [4] - Adjusted EBITDA for 2025 was $616.7 million, with a margin of 19.0%, while Q4 Adjusted EBITDA was $163.1 million, with a margin of 19.3% [8] - Free cash flow for Q4 was $79.3 million, and for the full year, it was $219.4 million, exceeding guidance [9] Operational Developments - The company implemented a new operating model in 2025 to standardize workflows and improve service delivery, resulting in improved setup times for Sleep Health and Respiratory Health [11] - Technology pilots, including AI tools for order intake and patient scheduling, are expected to enhance operational efficiency in the future [12] - A new capitated contract went live in December 2025, covering about 50,000 members, with expectations to serve over 10 million patients nationwide [13] Guidance and Future Outlook - For 2026, AdaptHealth expects revenue growth of 6%-8% over 2025, with organic growth of 7.5%-9.5% [15] - Q1 2026 revenue growth is projected at 2%-3% year over year, with an Adjusted EBITDA margin of approximately 16% [16] - The company anticipates negative free cash flow in Q1 2026, with improvements expected as capitated revenue ramps up [16] Strategic Initiatives - AdaptHealth expanded its footprint with a Hawaii-based HME acquisition, marking its presence in the 48th state [17] - The company received a favorable outcome from CMS regarding competitive bidding, providing long-term stability for its core products [18] - A $14.5 million legal settlement related to a debt collection class action was finalized, with improvements in the company's control environment noted [19][20]

AdaptHealth Corp. (AHCO) came out with quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -19.81%. A quarter ago, it was expected that this company would post earnings of $0.24 per share when it actually produced earnings of $0.22, delivering a surprise of -8.33%.Over the last four quarters, the compa ...

AdaptHealth (NasdaqCM:AHCO) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsJason Clemens - CFORichard Close - Managing Director Digital and Tech-Enabled Health Equity ResearchSuzanne Foster - CEOConference Call ParticipantsEric Coldwell - Senior Research AnalystKevin Caliendo - Managing Director and Senior Equity Research AnalystKieran Ryan - Equity Research AnalystMegan Holton - AnalystOperatorGood day, everyone, and welcome to today's AdaptHealth fourth quarter 2025 earnings relea ...

AdaptHealth (NasdaqCM:AHCO) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Company ParticipantsJason Clemens - CFORichard Close - Managing Director Digital and Tech-Enabled Health Equity ResearchSuzanne Foster - CEOConference Call ParticipantsEric Coldwell - Senior Research AnalystKevin Caliendo - Managing Director and Senior Equity Research AnalystKieran Ryan - Equity Research AnalystMegan Holton - AnalystOperatorGood day, everyone, and welcome to today's AdaptHealth fourth quarter 2025 earnings relea ...

AdaptHealth (NasdaqCM:AHCO) Q4 2025 Earnings call February 24, 2026 08:30 AM ET Speaker5Good day, everyone, and welcome to today's AdaptHealth fourth quarter 2025 earnings release. Today's speakers will be Suzanne Foster, Chief Executive Officer of AdaptHealth, and Jason Clemens, Chief Financial Officer of AdaptHealth. Before we begin, I would like to remind everyone that statements included in this conference call and in the press release issued today may constitute forward-looking statements within the me ...

Financial Supplement Q4 2025 Disclaimer This presentation contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "future," "goal, ...

Exhibit 99.1 FOR IMMEDIATE RELEASE ADAPTHEALTH CORP. ANNOUNCES FOURTH QUARTER AND FULL-YEAR 2025 RESULTS AND PROVIDES 2026 FINANCIAL GUIDANCE CONSHOHOCKEN, Pa. – February 24, 2026 - AdaptHealth Corp. (NASDAQ: AHCO) ("AdaptHealth" or the "Company"), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial results for the fourth quarter and fiscal year ended December 31, 2025. Fourth Quarte ...

AdaptHealth Corp. Announces Fourth Quarter and Full-Year 2025 Results and Provides 2026 Financial Guidance-# AdaptHealth Corp. Announces Fourth Quarter and Full-Year 2025 Results and Provides 2026 Financial GuidanceShare---CONSHOHOCKEN, Pa.--([BUSINESS WIRE])--AdaptHealth Corp. (NASDAQ: AHCO) ("AdaptHealth†or the "Company†), a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment, medical supplies, and related services, announced today financial resul ...