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Sep 30, 2025
AdaptHealth Q3 2025 Earnings Report
Estimated Revenue:$800M
-2.0% YoY
Estimated EPS:$0.24
+44.3% YoY
Key Takeaways
AdaptHealth delivered strong financial results in the third quarter of 2025, exceeding expectations with a 1.8% increase in net revenue to $820.3 million and a 7% rise in net income to $24.5 million. The company also achieved its highest organic revenue growth since Q1 2024 and reduced debt by $50 million.
Net revenue increased by 1.8% to $820.3 million compared to the third quarter of 2024.
Net income attributable to AdaptHealth Corp. rose to $24.5 million from $22.9 million in the prior year.
Adjusted EBITDA grew by 3.5% to $170.1 million.
The company reduced debt by $50.0 million during the quarter, bringing year-to-date debt reduction to $225.0 million.
Forward Guidance
AdaptHealth is maintaining its financial guidance for the full fiscal year 2025, projecting net revenue between $3.18 billion and $3.26 billion, adjusted EBITDA between $642 million and $682 million, and free cash flow between $170 million and $190 million.
Positive Outlook
- Maintained strong net revenue guidance for fiscal year 2025, indicating continued growth.
- Consistent Adjusted EBITDA guidance suggests stable profitability.
- Positive free cash flow guidance for the full year.
- The company's strategic initiatives are expected to support these financial targets.
- Management expresses confidence in achieving sustainable growth.
Challenges Ahead
- No specific negative adjustments to guidance were mentioned.
- The net leverage ratio of 2.68x is slightly above the company's stated target of 2.50x.
- Free cash flow year-to-date 2025 was $140.1 million, lower than $162.7 million in the comparable period in 2024.
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