AdaptHealth Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	3,255	3,261	3,200	2,971	2,465	1,071
Revenue Growth (YoY)	-0.22%	1.90%	7.73%	20.51%	130.24%	102.15%
Cost of Revenue	2,555	2,512	2,518	2,336	1,941	893.3
Gross Profit	699.95	749.16	681.77	634.32	524.54	177.37
Selling, General & Admin	400.73	398.6	362.4	353.31	235.84	68.15
Operating Expenses	442.46	443.65	419.49	418.2	298.93	79.52
Operating Income	257.49	305.51	262.29	216.11	225.61	97.85
Interest Expense	-111.04	-126.67	-130.3	-109.41	-95.2	-41.43
Earnings From Equity Investments	0.5	0.5	0.3	-	-	0.1
Other Non Operating Income (Expenses)	1.33	3.13	39.47	22.81	49.45	-135.32
EBT Excluding Unusual Items	148.28	182.47	171.75	129.5	179.86	-78.81
Merger & Restructuring Charges	-1.4	-	-7.5	-6	-	-26.9
Impairment of Goodwill	-	-13.08	-830.79	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	1.9	0.6
Gain (Loss) on Sale of Assets	32.23	-	-	2.4	-	-
Asset Writedown	-1.2	-	-0.9	-	-	-
Legal Settlements	0.05	-6.6	-39.1	-10.6	-	-
Other Unusual Items	-24.4	-26.77	-17.25	-17.4	9.2	-100.93
Pretax Income	153.55	136.02	-723.78	97.9	190.96	-206.04
Income Tax Expense	66.65	41.24	-49	24.77	32.81	-11.96
Earnings From Continuing Operations	86.9	94.78	-674.78	73.13	158.15	-194.09
Net Income to Company	86.9	94.78	-674.78	73.13	158.15	-194.09
Minority Interest in Earnings	-4.66	-4.36	-4.12	-3.82	-1.98	32.45
Net Income	82.24	90.42	-678.9	69.32	156.18	-161.63
Preferred Dividends & Other Adjustments	6.95	7.68	-	5.87	14.38	-
Net Income to Common	75.29	82.75	-678.9	63.45	141.8	-161.63
Net Income Growth	-	-	-	-55.62%	-	-
Shares Outstanding (Basic)	135	134	134	134	126	52
Shares Outstanding (Diluted)	137	136	134	139	133	52
Shares Change (YoY)	2.57%	0.83%	-3.29%	4.48%	153.46%	132.69%
EPS (Basic)	0.56	0.62	-5.06	0.47	1.12	-3.08
EPS (Diluted)	0.55	0.61	-5.31	0.33	0.67	-3.08
EPS Growth	-	-	-	-50.00%	-	-
Free Cash Flow	213.17	235.78	143.2	-17.56	72.37	155.88
Free Cash Flow Per Share	1.56	1.74	1.06	-0.13	0.54	2.97
Gross Margin	21.50%	22.97%	21.30%	21.35%	21.28%	16.57%
Operating Margin	7.91%	9.37%	8.20%	7.27%	9.15%	9.14%
Profit Margin	2.31%	2.54%	-21.21%	2.14%	5.75%	-15.10%
Free Cash Flow Margin	6.55%	7.23%	4.47%	-0.59%	2.94%	14.56%
EBITDA	632.45	670.84	645.07	567.29	483.66	180.29
EBITDA Margin	19.43%	20.57%	20.16%	19.10%	19.62%	16.84%
D&A For EBITDA	374.96	365.33	382.78	351.18	258.05	82.45
EBIT	257.49	305.51	262.29	216.11	225.61	97.85
EBIT Margin	7.91%	9.37%	8.20%	7.27%	9.15%	9.14%
Effective Tax Rate	43.41%	30.32%	-	25.30%	17.18%	-
Advertising Expenses	-	22.5	22.8	19.2	18.5	5.3

Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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