AdaptHealth Corp. Announces Fourth Quarter and Full-Year 2025 Results and Provides 2026 Financial Guidance

Core Insights - AdaptHealth Corp. reported its financial results for Q4 and full year 2025, highlighting significant operational and financial transitions, including a focus on patient-centered healthcare-at-home solutions [1] Financial Performance - Full-year 2025 net revenue was $3,244.9 million, a decrease of 0.5% from $3,261.0 million in 2024 [1] - Q4 2025 net revenue was $846.3 million, down 1.2% from $856.6 million in Q4 2024 [1] - Full-year 2025 cash flow from operations increased to $601.8 million from $541.8 million in 2024 [1] - Free cash flow for full-year 2025 was $219.4 million, a decrease from $235.8 million in 2024 [1] - Full-year 2025 Adjusted EBITDA was $616.7 million, down 10.5% from $688.7 million in 2024 [1] - Q4 2025 Adjusted EBITDA was $163.1 million, an 18.7% decrease from $200.6 million in Q4 2024 [1] Debt and Ratings - The company reduced its debt by $25 million in Q4 2025, totaling a $250 million reduction for the full year [1] - AdaptHealth received credit upgrades from S&P and Moody's, with Moody's upgrading its Corporate Family Rating to Ba2 from Ba3 [1][6] Operational Highlights - The company doubled its myApp users to 327,300 from Q4 2024 [1] - AdaptHealth made significant investments in infrastructure and hired nearly 500 employees to support a new key capitated agreement [1] - The company acquired a leading HME provider in Hawaii, expanding its operations to 48 states [1] Patient Metrics - Set patient census records in Sleep Health, Respiratory Health, and Wellness at Home, along with a record in patient retention for Diabetes Health [1] Guidance for 2026 - The company provided financial guidance for fiscal year 2026, projecting free cash flow of $175 million to $225 million, Adjusted EBITDA of $680 million to $730 million, and net revenue of $3.44 billion to $3.51 billion [1]