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	2,465
Revenue Growth (YoY)	-0.49%	1.90%	7.73%	20.51%	130.24%
Cost of Revenue	2,567	2,512	2,518	2,336	1,941
Gross Profit	677.93	749.16	681.77	634.32	524.54
Selling, General & Admin	432.72	415.86	346.16	353.31	235.84
Operating Expenses	473.36	460.91	403.25	418.2	298.93
Operating Income	204.57	288.25	278.53	216.11	225.61
Interest Expense	-105.75	-126.67	-130.3	-109.41	-95.2
Other Non Operating Income (Expenses)	0.73	1.23	4.92	22.81	49.45
EBT Excluding Unusual Items	99.54	162.81	153.14	129.5	179.86
Merger & Restructuring Charges	-	-	-	-6	-
Impairment of Goodwill	-128	-13.08	-830.79	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	1.9
Gain (Loss) on Sale of Assets	32.6	-	-	2.4	-
Legal Settlements	-18.1	-7.54	-39.04	-10.6	-
Other Unusual Items	-1.2	-6.17	-7.1	-17.4	9.2
Pretax Income	-15.15	136.02	-723.78	97.9	190.96
Income Tax Expense	50.88	41.24	-49	24.77	32.81
Earnings From Continuing Operations	-66.04	94.78	-674.78	73.13	158.15
Net Income to Company	-66.04	94.78	-674.78	73.13	158.15
Minority Interest in Earnings	-4.76	-4.36	-4.12	-3.82	-1.98
Net Income	-70.79	90.42	-678.9	69.32	156.18
Preferred Dividends & Other Adjustments	-	7.68	-	5.87	14.38
Net Income to Common	-70.79	82.75	-678.9	63.45	141.8
Net Income Growth	-	-	-	-55.62%	-
Shares Outstanding (Basic)	135	134	134	134	126
Shares Outstanding (Diluted)	135	136	134	139	133
Shares Change (YoY)	-0.28%	0.83%	-3.29%	4.48%	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	-	-	-	-50.00%	-
Free Cash Flow	219.38	235.78	143.2	-17.56	72.37
Free Cash Flow Per Share	1.62	1.74	1.06	-0.13	0.54
Gross Margin	20.89%	22.97%	21.30%	21.35%	21.28%
Operating Margin	6.30%	8.84%	8.70%	7.27%	9.15%
Profit Margin	-2.18%	2.54%	-21.21%	2.14%	5.75%
Free Cash Flow Margin	6.76%	7.23%	4.47%	-0.59%	2.94%
EBITDA	586.49	653.58	661.31	567.29	483.66
EBITDA Margin	18.07%	20.04%	20.66%	19.10%	19.62%
D&A For EBITDA	381.93	365.33	382.78	351.18	258.05
EBIT	204.57	288.25	278.53	216.11	225.61
EBIT Margin	6.30%	8.84%	8.70%	7.27%	9.15%
Effective Tax Rate	-	30.32%	-	25.30%	17.18%
Advertising Expenses	21.5	22.5	22.8	19.2	18.5

Updated Feb 24, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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