$AHCO

AdaptHealth Corp.

CIK:0001725255|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenue	$ 740,307	$ 657,100	$ 1,420,180	$ 1,301,647
Revenue, Product and Service [Extensible Enumeration]			Health Care, Patient Service [Member]	Health Care, Patient Service [Member]
Costs and expenses:
Cost of net revenue	636,101	521,312	$ 1,220,342	$ 1,060,281
Cost, Product and Service [Extensible Enumeration]			Health Care, Patient Service [Member]	Health Care, Patient Service [Member]
General and administrative expenses	96,093	95,263	$ 189,977	$ 180,158
Depreciation and amortization, excluding patient equipment depreciation	7,948	7,056	15,117	14,328
Goodwill impairment	144,236	0	144,236	0
Total costs and expenses	884,378	623,631	1,569,672	1,254,767
Gain on sale of businesses (note 4)	(6,269)	(32,225)	(6,269)	(32,225)
Operating (loss) income	(137,802)	65,694	(143,223)	79,105
Interest expense, net	26,209	27,533	51,803	55,932
Loss on extinguishment of debt	1,322	0	1,322	0
(Loss) income from continuing operations before income taxes	(165,333)	38,161	(196,348)	23,173
Income tax (benefit) expense	(21,227)	32,780	(28,392)	30,294
Net (loss) income from continuing operations	(144,106)	5,381	(167,956)	(7,121)
Net income from discontinued operations, net of tax	11,387	10,447	20,364	16,870
Net (loss) income	(132,719)	15,828	(147,592)	9,749
Income attributable to noncontrolling interest	1,210	1,154	2,377	2,282
Net (loss) income from continuing operations attributable to AdaptHealth Corp.	$ (133,929)	$ 14,674	$ (149,969)	$ 7,467
Weighted average common shares outstanding - basic (in shares)	136,120	134,993	135,950	134,897
Weighted average common shares outstanding - diluted (in shares)	136,120	137,071	135,950	134,897
Basic net (loss) income per share (note 14):
Continuing operations (in dollars per share)	$ (1.07)	$ 0.03	$ (1.25)	$ (0.06)
Discontinued operations (in dollars per share)	0.08	0.07	0.15	0.11
Basic net (loss) income per share (in dollars per share)	(0.99)	0.10	(1.10)	0.05
Diluted net (loss) income per share (note 14):
Continuing operations (in dollars per share)	(1.07)	0.03	(1.25)	(0.06)
Discontinued operations (in dollars per share)	0.08	0.07	0.15	0.11
Diluted net (loss) income per share (in dollars per share)	$ (0.99)	$ 0.10	$ (1.10)	$ 0.05

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (147,592)	$ 9,749
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization, including patient equipment depreciation	226,766	186,705
Goodwill impairment	144,236	0
Equity-based compensation	12,089	11,427
Reduction in the carrying amount of operating lease right-of-use assets	21,299	15,300
Reduction in the carrying amount of finance lease right-of-use assets	10,081	7,096
Deferred income tax (benefit) expense	(21,147)	12,643
Loss on extinguishment of debt	1,322	0
Amortization of deferred financing costs	2,326	3,105
Write-off of fixed assets	1,178	0
Gain on sale of businesses (note 4)	(6,269)	(32,225)
Other	(787)	0
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(19,491)	8,868
Inventory	12,066	(9,713)
Prepaid and other assets	10,045	(4,578)
Operating lease obligations	(20,351)	(15,812)
Operating liabilities	13,253	64,956
Net cash provided by operating activities	239,024	257,521
Cash flows from investing activities:
Purchases of equipment and other fixed assets	(287,456)	(184,250)
Payments for business acquisitions, net of cash acquired	(127,422)	(18,561)
Proceeds from the sale of businesses, net of cash disposed	6,269	115,674
Proceeds from the sale of assets	1,439	0
Receipt of contingent consideration from the sale of assets	0	1,156
Net cash used in investing activities	(407,170)	(85,981)
Cash flows from financing activities:
Proceeds from borrowings on long-term debt and lines of credit	575,000	0
Repayments on long-term debt and lines of credit	(425,000)	(175,000)
Repayments of finance lease obligations	(8,118)	(8,346)
Proceeds received in connection with employee stock purchase plan	951	564
Payments relating to the Tax Receivable Agreement	(26,846)	(25,012)
Payments of debt financing costs	(5,038)	0
Distributions to noncontrolling interests	(2,349)	(2,573)
Payments for tax withholdings from vesting of restricted stock units and stock option exercises	(3,090)	(2,079)
Payments of deferred purchase price from acquisitions	(211)	(211)
Net cash provided by (used in) financing activities	105,299	(212,657)
Net decrease in cash	(62,847)	(41,117)
Cash at beginning of period	106,136	109,747
Cash at end of period	43,289	68,630
Supplemental disclosures:
Cash paid for interest	49,535	52,942
Cash (refunded) paid for income taxes	(11,886)	21,709
Noncash investing and financing activities:
Unpaid equipment and other fixed asset purchases at end of period	81,667	59,170
Assets subject to operating lease obligations	33,380	8,611
Operating lease obligations	(33,380)	(8,611)
Write-off of assets subject to operating lease obligations	(543)	(3,327)
Write-off of operating lease obligations	543	3,327
Assets subject to finance lease obligations	3,286	11,441
Finance lease obligations	(3,286)	(11,441)
Write-off of assets subject to finance lease obligations	(704)	(1,329)
Write-off of finance lease obligations	$ 704	$ 1,329

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 43,289	$ 106,136
Accounts receivable	390,389	370,897
Inventory	105,480	114,893
Prepaid and other current assets	90,219	100,619
Current assets held for sale - discontinued operations	168,098	36,354
Total current assets	797,475	728,899
Equipment and other fixed assets, net	656,368	503,193
Operating lease right-of-use assets	127,204	111,968
Finance lease right-of-use assets	44,801	52,300
Goodwill	2,370,431	2,457,627
Identifiable intangible assets, net	31,780	35,774
Deferred income taxes, net	290,720	267,786
Other assets	22,090	19,119
Noncurrent assets held for sale - discontinued operations	0	139,911
Total Assets	4,340,869	4,316,577
Current liabilities:
Accounts payable and accrued expenses	576,300	553,700
Current portion of long-term debt	8,125	20,313
Current portion of operating lease obligations	36,030	30,728
Current portion of finance lease obligations	19,337	17,702
Contract liabilities	64,743	59,339
Other liabilities	4,117	30,106
Liabilities held for sale - discontinued operations	560	504
Total current liabilities	709,212	712,392
Long-term debt, less current portion	1,879,809	1,715,983
Operating lease obligations, less current portion	96,352	85,470
Finance lease obligations, less current portion	25,435	32,604
Other long-term liabilities	243,805	243,804
Total Liabilities	2,954,613	2,790,253
Commitments and contingencies (note 17)
Stockholders' Equity:
Common Stock, par value of $0.0001 per share, 300,000,000 shares authorized; 136,305,075 and 135,450,364 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	14	13
Preferred Stock, par value of $0.0001 per share, 5,000,000 shares authorized; 124,060 shares issued and outstanding as of June 30, 2026 and December 31, 2025	1	1
Treasury stock, at cost (2,935,035 shares at June 30, 2026 and December 31, 2025)	(25,548)	(25,548)
Additional paid-in capital	2,186,940	2,176,990
Accumulated deficit	(782,941)	(632,972)
Accumulated other comprehensive income	0	78
Total stockholders' equity attributable to AdaptHealth Corp.	1,378,466	1,518,562
Noncontrolling interest in subsidiary	7,790	7,762
Total Stockholders' Equity	1,386,256	1,526,324
Total Liabilities and Stockholders' Equity	$ 4,340,869	$ 4,316,577