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]

Core Viewpoint - AdaptHealth Corp. is a national leader in providing patient-centered healthcare-at-home solutions, including home medical equipment and related services, and is actively participating in upcoming investor conferences to enhance its visibility and engagement with investors [1][7]. Company Overview - AdaptHealth operates under four reportable segments: Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home, each focusing on specific healthcare needs and providing tailored services to patients [2]. - The Sleep Health segment offers sleep therapy equipment and services for obstructive sleep apnea, while the Respiratory Health segment provides equipment and services for chronic respiratory diseases [2]. - The Diabetes Health segment supplies medical devices for diabetes management, and the Wellness at Home segment caters to patients transitioning from acute care by providing essential medical supplies and durable medical equipment [2]. Market Reach - The company partners with a diverse network of referral sources, including hospitals and clinics, and serves approximately 4.2 million patients annually across all 50 states through around 630 locations [3].

Core Insights - AdaptHealth Corp. has received an upgrade in its issue-level rating on senior unsecured debt from S&P Global Ratings, moving from 'B+' to 'BB-' [1] - The recovery rating for the company's debt has been revised from '5' to '4' [1] Company Overview - AdaptHealth is recognized as a national leader in providing patient-centered healthcare-at-home solutions, which include home medical equipment, medical supplies, and related services [1]