Adapthealth Corp. · NASDAQ:AHCO
Adapthealth — Q2 2026 Earnings Presentation
15 slides from Adapthealth's earnings presentation, Aug 4, 2026
Slide 1: Financial Supplement Q2 2026
Financial Supplement Q2 2026
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 Continuing Operations only All amounts and discussion in this presentation, including current and prior periods, unless otherwise noted, reflects the Continuing Operations of the Company, which excludes the Diabetes Health business presented as Discontinued Operations. Thre
Slide 4: Q2 2026 Business Mix Summary
Q2 2026 Business Mix Summary Continuing Operations only Patient Pay Wellness at 15.4% Home Rental 21.5% Sale 37.7% Sleep Health 48.4% 52.2% Government 23.3% Insurance Respiratory 61.3% Sale Health 65.1 26.3% % Capitated 13.9% Sale Type Segment Payor Type / Investor Supplement / Q2 2026 4
Slide 5: Revenue by Segment (1 of 2)
Revenue by Segment (1 of 2) Continuing Operations only Three Months Ended June 30, March 31, December 31, September 30, June 30, March 31, (in thousands, except percentages) 2026 2026 2025 2025 2025 2025 Net sales revenue: Sleep Health $ 267,764 $ 251,753 $ 278,627 $ 265,994 $ 254,593 $ 241,171 Resp
Slide 6: Revenue by Segment (2 of 2)
Revenue by Segment (2 of 2) Continuing Operations only Three Months Ended June 30, March 31, December 31, September 30, June 30, March 31, (in thousands, except percentages) 2026 2026 2025 2025 2025 2025 Net revenue from capitated revenue arrangements: Sleep Health $ 34,672 $ 25,118 $ 7,485 $ 7,049
Slide 7: Net Revenue Growth
Net Revenue Growth Continuing Operations only In thousands Net revenue change drivers Change in Net revenue from Organic revenue $104,369 $4,932 15.9% C $740,307 B 0.8% $(26,094) A (4.0)% $657,100 10.0% 15.9% 4.5% 3.5% 2.5% 0.6% Q2'25 Organic Acquisition Disposition Q2'26 revenue Q1'25 Q2'25 Q3'25 Q
Slide 8: Appendix
Appendix
Slide 9: Consolidated Non-GAAP Reconciliation
Consolidated Non-GAAP Reconciliation Continuing Operations only Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue Revenue Revenue Revenue (in thousands, except percentages) Dollars Percentage Dollars Percentage Dollars Percentage Dollars Percentage Net (loss) income f
Slide 10: Segment Information
Segment Information Continuing Operations only Three Months Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 (in thousands, Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted except Net Adjusted EBITDA Net Adjusted EBITDA Net Adjusted EBITDA Net
Slide 11: Segment Non-GAAP Reconciliation
Segment Non-GAAP Reconciliation Continuing Operations only Three months ended June 30, Six months ended June 30, (in thousands) 2026 2025 2026 2025 Total Segment Adjusted EBITDA $ 131,993 $ 136,419 $ 236,558 $ 249,089 Interest expense, net (26,209) (27,533) (51,803) (55,932) Depreciation and amortiz
Slide 12: Free Cash Flow
Free Cash Flow The following table reconciles net cash provided by operating activities to free cash flow, which includes the cash flows from Continuing Operations and Discontinued Operations. Three Months Ended June 30, March 31, December 31, September 30, June 30, March 31, (in thousands) 2026 202
Slide 13: Debt Structure
Debt Structure As of Rate as of Maturity as of (in thousands) June 30, 2026 June 30, 2026 June 30, 2026 Revolving credit facility $ 150,000 Base Rate or Term SOFR (1) April 2031 Secured term loan 325,000 Base Rate or Term SOFR (1) April 2031 6.125% Senior unsecured notes due 2028 325,000 6.125% Augu
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, March 31, 2026 136,013 124 148,420 Equity-based compensation activity 216 — 216 Exercise of stock options 35 — 35 Employee stock purchase plan activity
Slide 15: Earnings Per Share (EPS)
Earnings Per Share (EPS) Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2026 2025 2026 2025 Numerator Net (loss) income from continuing operations attributable to AdaptHealth Corp. $ (145,316) $ 4,227 $ (170,333) $ (9,403) Less: Earnings allocated to part