AdaptHealth Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	3,245	3,261	3,200	2,971	2,455
Revenue Growth (YoY)	-0.49%	1.90%	7.73%	21.02%	132.35%
Cost of Revenue	2,636	2,580	2,576	2,390	2,009
Gross Profit	609.2	681.09	624.07	580.12	445.61
Selling, General & Admin	382.29	359.24	334.59	324.81	167.51
Depreciation & Amortization Expenses	40.64	45.05	57.09	64.89	63.1
Other Operating Expenses	128	13.08	830.79	-	-
Total Operating Expenses	550.93	417.36	1,222	389.7	230.6
Operating Income	90.87	263.73	-598.4	190.41	225.61
Interest Expense	-105.75	-126.67	-130.3	-109.41	-95.2
Other Non-Operating Income (Expense)	32.88	-3.5	-4.92	-16.91	-100.93
Total Non-Operating Income (Expense)	-72.88	-130.17	-135.22	-126.32	-196.12
Pretax Income	-15.15	136.02	-723.78	97.9	190.96
Provision for Income Taxes	50.88	41.24	-49	24.77	32.81
Net Income	-70.79	90.42	-678.9	69.32	156.18
Minority Interest in Earnings	4.76	4.36	4.12	3.82	1.98
Net Income to Common	-70.79	90.42	-678.9	69.32	156.18
Net Income Growth	-	-	-	-55.62%	-
Shares Outstanding (Basic)	135	134	134	147	126
Shares Outstanding (Diluted)	135	136	134	210	133
Shares Change (YoY)	-0.28%	0.83%	-36.01%	57.89%	153.46%
EPS (Basic)	-0.52	0.62	-5.06	0.47	1.12
EPS (Diluted)	-0.52	0.61	-5.31	0.33	0.67
EPS Growth	-	-	-	-50.75%	-
Free Cash Flow	219.38	235.78	143.2	-17.56	72.37
Free Cash Flow Growth	-6.96%	64.65%	-	-	-53.57%
Free Cash Flow Per Share	1.62	1.74	1.07	-	0.54
Gross Margin	18.77%	20.89%	19.50%	19.53%	18.15%
Operating Margin	2.80%	8.09%	-18.70%	6.41%	9.19%
Profit Margin	-2.04%	2.91%	-21.09%	2.46%	6.44%
FCF Margin	6.76%	7.23%	4.47%	-0.59%	2.95%
EBITDA	472.8	629.07	-215.62	541.59	483.66
EBITDA Margin	14.57%	19.29%	-6.74%	18.23%	19.70%
EBIT	90.87	263.73	-598.4	190.41	225.61
EBIT Margin	2.80%	8.09%	-18.70%	6.41%	9.19%
Effective Tax Rate	-335.78%	30.32%	6.77%	25.30%	17.18%

Updated Feb 24, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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