AdaptHealth Cash Flow 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
Net Income	-70.79	90.42	-678.9	69.32	156.18
Depreciation & Amortization	381.93	365.33	382.78	351.18	258.05
Other Amortization	5.69	5.67	5.23	5.23	9.43
Loss (Gain) From Sale of Assets	-32.6	-	-	-	-
Asset Writedown & Restructuring Costs	128	13.08	830.79	-	-
Loss (Gain) From Sale of Investments	-	-0.37	-1.8	-2.94	-2.93
Stock-Based Compensation	21.88	14.88	22.47	22.4	25.32
Other Operating Activities	101.1	78.89	-54.8	36.67	-17.07
Change in Accounts Receivable	30.99	-26.22	-28.86	-0.21	-29.69
Change in Inventory	-11.49	-28.07	15.53	-6.3	-14.92
Change in Other Net Operating Assets	47.08	28.22	-11.78	-101.49	-108.7
Operating Cash Flow	601.77	541.84	480.67	373.87	275.68
Operating Cash Flow Growth	11.06%	12.73%	28.57%	35.62%	40.92%
Capital Expenditures	-382.39	-306.06	-337.46	-391.42	-203.31
Sale of Property, Plant & Equipment	1.16	5.32	-	-	-
Cash Acquisitions	-42.38	-9.54	-19.69	-19.02	-1,620
Divestitures	120.42	-	-	-	-
Investment in Securities	-	-	-0.13	-0.73	-1.13
Investing Cash Flow	-303.19	-310.28	-357.28	-411.17	-1,825
Long-Term Debt Issued	-	253.48	50	-	2,265
Long-Term Debt Repaid	-268.48	-433.34	-101.77	-36.18	-869.44
Net Debt Issued (Repaid)	-268.48	-179.87	-51.77	-36.18	1,396
Issuance of Common Stock	1.21	1.74	2.62	4.13	292.19
Repurchase of Common Stock	-2.7	-2.07	-35.12	-17.51	-3.56
Other Financing Activities	-32.22	-18.76	-8.26	-16.49	-85.46
Financing Cash Flow	-302.19	-198.95	-92.53	-66.05	1,599
Net Cash Flow	-3.61	32.62	30.86	-103.36	49.67
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 Margin	6.76%	7.23%	4.47%	-0.59%	2.94%
Free Cash Flow Per Share	1.62	1.74	1.06	-0.13	0.54
Cash Interest Paid	101.24	122.07	126.23	108.89	73.63
Cash Income Tax Paid	24.28	14.14	14.76	14.95	14.79
Levered Free Cash Flow	246.52	166.32	187.78	2.37	-43.97
Unlevered Free Cash Flow	306.92	239.82	263.98	65.52	6.1
Change in Working Capital	66.58	-26.06	-25.11	-108	-153.31

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

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