Adapthealth Corp. · NASDAQ:AHCO
Adapthealth — Q4 2025 Earnings Presentation
15 slides from Adapthealth's earnings presentation, Feb 24, 2026
Slide 1: Financial Supplement Q4 2025
Financial Supplement Q4 2025
Slide 2: Disclaimer
Disclaimer This presentation contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future business, events, trends, contingencies, financial performance, or financial condition,
Slide 3: Summary Financial Results
Summary Financial Results Three Months Ended December 31, September 30, June 30, March 31, December 31, (in thousands, except percentages) 2025 2025 2025 2025 2024 Sales revenue $ 524,493 $ 506,282 $ 504,715 $ 495,522 $ 557,533 Rental revenue 289,530 282,489 264,587 249,535 265,078 Capitated revenue
Slide 4: Q4 2025 Business Mix Summary
Q4 2025 Business Mix Summary Patient Wellness at Pay Home 10.3% Rental 16.2% 34.3% Sleep Health 44.0% Insurance Government Diabetes Health 62.6% Sale 18.7% 27.1% 61.9% Sale 65.1 Capitated % Respiratory 3.8% Health 21.1% Sale Type Segment Payor Type / Investor Supplement / Q4 2025 4
Slide 5: Revenue by Segment (1 of 2)
Revenue by Segment (1 of 2) Three Months Ended December 31, September 30, June 30, March 31, December 31, (in thousands, except percentages) 2025 2025 2025 2025 2024 Net sales revenue: Sleep Health $ 278,627 $ 265,995 $ 254,593 $ 241,171 $ 265,319 Respiratory Health 8,411 8,997 7,826 8,261 8,443 Dia
Slide 6: Revenue by Segment (2 of 2)
Revenue by Segment (2 of 2) Three Months Ended December 31, September 30, June 30, March 31, December 31, (in thousands, except percentages) 2025 2025 2025 2025 2024 Net revenue from capitated revenue arrangements: Sleep Health $ 7,485 $ 7,049 $ 6,804 $ 7,639 $ 7,745 Respiratory Health 13,545 13,771
Slide 7: Net Revenue Growth
Net Revenue Growth In thousands Net revenue change drivers Change in Net revenue from organic revenue 0.8% 1.7% $6,888 $14,598 B A 5.1% $856,645 C $846,289 $(31,842) 1.5% 1.7% (3.7)% 0.4% (1.4)% Q4'24 Organic Acquisition Disposition Q4'25 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue A All changes in report
Slide 8: Appendix
Appendix
Slide 9: Consolidated Non-GAAP Reconciliation
Consolidated Non-GAAP Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Revenue Revenue Revenue Revenue (in thousands, except percentages) Dollars Percentage Dollars Percentage Dollars Percentage Dollars Percentage Net (loss) income attributable to A
Slide 10: Segment Information
Segment Information Three Months Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Adjusted Adjusted Adjusted Adjusted Adjusted (in thousands, Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA except percentage
Slide 11: Segment Non-GAAP Reconciliation
Segment Non-GAAP Reconciliation Three Months Ended December 31, Twelve Months Ended December 31, (in thousands) 2025 2024 2025 2024 Total Segment Adjusted EBITDA $ 163,143 $ 200,600 $ 616,681 $ 688,657 Interest expense, net (24,441) (29,729) (105,753) (126,668) Depreciation and amortization, includi
Slide 12: Free Cash Flow
Free Cash Flow Three Months Ended December 31, September 30, June 30, March 31, December 31, (in thousands) 2025 2025 2025 2025 2024 Net cash provided by operating activities $ 183,184 $ 161,066 $ 161,994 $ 95,527 $ 150,415 Purchases of equipment and other fixed assets (103,896) (94,242) (88,665) (9
Slide 13: Debt Structure
Debt Structure (in thousands) 12/31/2025 Rate Maturity Revolving credit facility Undrawn Base Rate or Term SOFR (1) September 2029 Secured term loan $ 315,000 Base Rate or Term SOFR (1) September 2029 6.125% Senior unsecured notes due 2028 335,000 6.125% August 2028 4.625% Senior unsecured notes due
Slide 14: Share Count Information
Share Count Information Total Common and Preferred Stock, if (in thousands) Common Stock Preferred Stock (1) Converted Number of shares outstanding, September 30, 2025 135,425 124 147,832 Equity-based compensation activity 25 — 25 Number of shares outstanding, December 31, 2025 135,450 124 147,857 U
Slide 15: Earnings Per Share (EPS)
Earnings Per Share (EPS) Three Months Ended December 31, Twelve Months Ended December 31, (in thousands, except per share data) 2025 2024 2025 2024 Numerator Net (loss) income attributable to AdaptHealth Corp. $ (102,770) $ 50,262 $ (70,794) $ 90,422 Less: Earnings allocated to participating securit