Revenue scaling remains robust with 25.6% year-over-year growth in 2025Q4, though operating margins remain range-bound between 8% and 11% due to rising administrative and recruitment overhead.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Sales/Revenue | 1.45B | 1.42B | 1.15B | 1.06B | 951.12M | 864.5M | 764.77M | 648.79M | 518.12M | 425.71M | 400.69M | 336.81M | 312.94M | 265.94M | 244.31M | 273.1M | 271.73M | 259.31M | 236.31M | 194.57M |
| Revenue Growth % | 19.55% | 23.21% | 9.06% | 11.31% | 10.02% | 13.04% | 17.88% | 25.22% | 21.71% | 6.25% | 18.96% | 7.63% | 17.67% | 8.85% | -10.54% | 0.5% | 4.79% | 9.73% | 21.45% | - |
| Cost of Goods Sold | 978.36M | 960.66M | 779.58M | 718.77M | 651.38M | 595.24M | 538.54M | 469.55M | 379.84M | 310.12M | 294.59M | 245.49M | 229.21M | 198.2M | 180.26M | 191.31M | 191.85M | 182.69M | 167.25M | 139.27M |
| COGS % of Revenue | - | 67.53% | 67.52% | 67.9% | 68.49% | 68.85% | 70.42% | 72.37% | 73.31% | 72.85% | 73.52% | 72.89% | 73.24% | 74.53% | 73.78% | 70.05% | 70.6% | 70.45% | 70.78% | 71.58% |
| Gross Profit | 470.07M | 461.87M | 375.02M | 339.88M | 299.74M | 269.85M | 226.24M | 179.24M | 138.28M | 115.6M | 106.09M | 91.32M | 83.73M | 67.74M | 64.05M | 81.8M | 79.88M | 76.61M | 69.05M | 55.3M |
| Gross Margin % | 32.45% | 32.47% | 32.48% | 32.1% | 31.51% | 31.21% | 29.58% | 27.63% | 26.69% | 27.15% | 26.48% | 27.11% | 26.76% | 25.47% | 26.22% | 29.95% | 29.4% | 29.55% | 29.22% | 28.42% |
| Gross Profit Growth % | - | 23.16% | 10.34% | 13.39% | 11.08% | 19.28% | 26.22% | 29.62% | 19.62% | 8.96% | 16.18% | 9.06% | 23.61% | 5.76% | -21.69% | 2.4% | 4.26% | 10.95% | 24.87% | - |
| Operating Expenses | 327.9M | 323.26M | 272.33M | 248.92M | 231M | 203.32M | 181.73M | 144.49M | 113.94M | 91.82M | 90.86M | 75.3M | 65.66M | 52.28M | 48.88M | 70.01M | 67.89M | 64.84M | 58.2M | 50.26M |
| OpEx % of Revenue | - | 22.72% | 23.59% | 23.51% | 24.29% | 23.52% | 23.76% | 22.27% | 21.99% | 21.57% | 22.68% | 22.36% | 20.98% | 19.66% | 20.01% | 25.64% | 24.98% | 25% | 24.63% | 25.83% |
| Selling, General & Admin | 311.4M | 306.85M | 258.8M | 231.68M | 216.94M | 189.42M | 169.68M | 133.57M | 105.03M | 76.9M | 84.21M | 70.58M | 61.83M | 50.12M | 46.36M | 66.46M | 63.84M | 59.92M | 52.11M | 44.23M |
| SG&A % of Revenue | - | 21.57% | 22.41% | 21.88% | 22.81% | 21.91% | 22.19% | 20.59% | 20.27% | 18.06% | 21.02% | 20.96% | 19.76% | 18.85% | 18.98% | 24.33% | 23.49% | 23.11% | 22.05% | 22.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 16.41M | 13.53M | 17.24M | 14.06M | 13.9M | 12.05M | 10.92M | 8.91M | 14.92M | 6.65M | 4.72M | 3.83M | 2.16M | 2.03M | 19.07M | 4.05M | 4.91M | 6.09M | 6.03M |
| Operating Income | 142.17M | 138.62M | 102.69M | 90.96M | 68.74M | 65.94M | 44.51M | 34.75M | 22.83M | 25.25M | 15.48M | 16.02M | 18.07M | 15.46M | 15.17M | -4.21M | 11.99M | 11.78M | 10.85M | 5.04M |
| Operating Margin % | 9.82% | 9.74% | 8.89% | 8.59% | 7.23% | 7.63% | 5.82% | 5.36% | 4.41% | 5.93% | 3.86% | 4.76% | 5.77% | 5.81% | 6.21% | -1.54% | 4.41% | 4.54% | 4.59% | 2.59% |
| Operating Income Growth % | - | 34.98% | 12.9% | 32.32% | 4.25% | 48.15% | 28.07% | 52.24% | -9.61% | 63.18% | -3.42% | -11.33% | 16.88% | 1.93% | 460.71% | -135.06% | 1.84% | 8.55% | 115.37% | - |
| EBITDA | 158.67M | 155.03M | 116.22M | 105.08M | 82.8M | 80.43M | 56.56M | 45.33M | 31.47M | 31.92M | 22.12M | 20.74M | 21.9M | 17.62M | 17.69M | -651K | 16.04M | 16.69M | 16.94M | 11.07M |
| EBITDA Margin % | 10.95% | 10.9% | 10.07% | 9.93% | 8.71% | 9.3% | 7.4% | 6.99% | 6.07% | 7.5% | 5.52% | 6.16% | 7% | 6.63% | 7.24% | -0.24% | 5.9% | 6.44% | 7.17% | 5.69% |
| EBITDA Growth % | 28.41% | 33.39% | 10.6% | 26.92% | 2.94% | 42.21% | 24.78% | 44.03% | -1.4% | 44.27% | 6.66% | -5.3% | 24.29% | -0.38% | 2817.2% | -104.06% | -3.9% | -1.49% | 53.08% | - |
| D&A (Non-Cash Add-back) | 16.5M | 16.41M | 13.53M | 14.13M | 14.06M | 14.49M | 12.05M | 10.57M | 8.64M | 6.66M | 6.65M | 4.72M | 3.83M | 2.16M | 2.52M | 3.55M | 4.05M | 4.91M | 6.09M | 6.03M |
| EBIT | 142.76M | 137.03M | 107.08M | 92.43M | 69.08M | 66.2M | 45.13M | 36.27M | 25.42M | 26.65M | 18.25M | 16.07M | 18.09M | 15.65M | 15.82M | -1.94M | 11.99M | 11.78M | 10.85M | 5.18M |
| Net Interest Income | -9.29M | -8M | -3.34M | -9.63M | -8.57M | -5.54M | -2.56M | -1.58M | -2.42M | -4.41M | 480K | -739K | -680K | -486K | -1.57M | -261K | -3M | -6.77M | -5.75M | -4.81M |
| Interest Income | 583K | 1.59M | 4.39M | 1.48M | 341K | 268K | 624K | 1.52M | 2.59M | 66K | 2.81M | 47K | 18K | 188K | 155K | 2.26M | 0 | 0 | 51K | 144K |
| Interest Expense | 9.88M | 9.58M | 7.73M | 11.11M | 8.91M | 5.81M | 3.19M | 3.1M | 5.02M | 4.47M | 2.33M | 786K | 698K | 674K | 1.72M | 2.52M | 3M | 6.77M | 5.81M | 4.95M |
| Other Income/Expense | -9.29M | -11.17M | -3.34M | -9.63M | -8.57M | -5.54M | -2.56M | -1.58M | -2.42M | -5.17M | 686K | -739K | -680K | -486K | -1.57M | -261K | -3M | -6.77M | -5.75M | -4.81M |
| Pretax Income | 132.88M | 127.44M | 99.35M | 81.33M | 60.17M | 60.4M | 41.94M | 33.17M | 20.4M | 21.06M | 16.16M | 15.29M | 17.39M | 14.97M | 14.1M | -4.47M | 8.99M | 5M | 5.09M | 229K |
| Pretax Margin % | 9.17% | 8.96% | 8.61% | 7.68% | 6.33% | 6.99% | 5.48% | 5.11% | 3.94% | 4.95% | 4.03% | 4.54% | 5.56% | 5.63% | 5.77% | -1.64% | 3.31% | 1.93% | 2.16% | 0.12% |
| Income Tax | 33.13M | 31.54M | 25.75M | 18.81M | 14.15M | 15.27M | 8.81M | 7.36M | 4.1M | 9.26M | 4.1M | 3.93M | 5.43M | 3.81M | 4.81M | -2.48M | 2.96M | 1.4M | 1.07M | 32K |
| Effective Tax Rate % | 24.93% | 24.74% | 25.92% | 23.13% | 23.51% | 25.29% | 21% | 22.19% | 20.08% | 43.95% | 25.36% | 25.72% | 31.21% | 25.46% | 34.1% | 55.64% | 32.93% | 27.99% | 21.01% | 13.97% |
| Net Income | 99.75M | 95.91M | 73.6M | 62.52M | 46.02M | 45.13M | 33.13M | 25.24M | 17.5M | 13.61M | 12.02M | 11.62M | 12.24M | 19.14M | 7.63M | -1.98M | 6.03M | 3.6M | 4.02M | 197K |
| Net Margin % | 6.89% | 6.74% | 6.37% | 5.91% | 4.84% | 5.22% | 4.33% | 3.89% | 3.38% | 3.2% | 3% | 3.45% | 3.91% | 7.2% | 3.13% | -0.73% | 2.22% | 1.39% | 1.7% | 0.1% |
| Net Income Growth % | 26.27% | 30.32% | 17.73% | 35.83% | 1.99% | 36.2% | 31.29% | 44.19% | 28.62% | 13.17% | 3.45% | -5.06% | -36.05% | 150.75% | 485.41% | -132.86% | 67.35% | -10.46% | 1942.13% | - |
| Net Income (Continuing) | 99.75M | 95.91M | 73.6M | 62.52M | 46.02M | 45.13M | 33.13M | 25.81M | 16.31M | 13.53M | 12.06M | 11.35M | 11.96M | 11.16M | 9.29M | -1.98M | 4.37M | 3.6M | 4.02M | 197K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126K | 147K | 97K | 270K | 280K | 7.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.40 | 5.21 | 4.23 | 3.83 | 2.84 | 2.81 | 2.08 | 1.77 | 1.33 | 1.17 | 1.04 | 1.04 | 1.10 | 1.73 | 0.71 | -0.18 | 0.57 | -0.66 | -0.24 | -3.62 |
| EPS Growth % | 22.12% | 23.17% | 10.44% | 34.86% | 1.07% | 35.1% | 17.51% | 33.08% | 13.68% | 12.5% | 0% | -5.45% | -36.42% | 143.66% | 494.44% | -131.58% | 186.36% | -175% | 93.37% | - |
| EPS (Basic) | - | 5.19 | 4.33 | 3.91 | 2.90 | 2.87 | 2.12 | 1.83 | 1.33 | 1.17 | 1.04 | 1.05 | 1.12 | 1.77 | 0.71 | -0.18 | 0.57 | 0.63 | -0.24 | -3.62 |
| Diluted Shares Outstanding | 18.49M | 18.45M | 17.38M | 16.31M | 16.18M | 16.06M | 15.96M | 14.25M | 13.13M | 11.63M | 11.53M | 11.19M | 11.11M | 11.07M | 10.78M | 10.75M | 10.61M | 2.71M | 1.02M | 1.02M |
| Basic Shares Outstanding | 18.49M | 18.45M | 17.01M | 16.23M | 16.13M | 15.74M | 15.83M | 13.82M | 13.13M | 11.47M | 11.29M | 11.11M | 10.9M | 10.83M | 10.76M | 10.75M | 10.6M | 5.76M | 1.02M | 1.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Medicaid reimbursement rate sensitivity
As reported in recent financial statements, Addus HomeCare achieved a notable 25.6% year-over-year revenue growth in 2025Q4, signaling that the company's aggressive tuck-in acquisition strategy is successfully capturing market share despite the inherent labor constraints within the Medicaid-funded personal care services sector.
The acceleration in top-line growth suggests that management is effectively deploying capital to expand its geographic footprint and service density. Investors should monitor whether this growth remains sustainable as the company integrates larger acquisitions, as organic volume gains may be masked by the timing of these inorganic additions.
Based on the provided income statement data, gross margins have fluctuated within a narrow 31.4% to 34.2% range, reflecting the company's limited ability to pass through rising labor costs to state payors who dictate reimbursement rates for personal care services.
This margin profile indicates a business model highly sensitive to wage inflation and state-level budgetary decisions. The inability to expand gross margins significantly despite double-digit revenue growth suggests that the company remains a price-taker in its core Medicaid markets, necessitating constant operational efficiency to protect the bottom line.
According to quarterly filings, operating income has scaled from $23.6 million in 2024Q1 to $42.3 million in 2025Q4, yet operating margins have remained largely range-bound between 8% and 11%, suggesting that incremental revenue gains are being offset by rising administrative and recruitment overhead.
The lack of significant operating margin expansion implies that the company's cost structure is highly variable, requiring proportional increases in SG&A to support a larger caregiver workforce. This pattern suggests that while the company is growing, it has not yet achieved the economies of scale necessary to drive meaningful margin leverage.
Analysis of the income statement reveals that stock-based compensation has become a recurring expense, reaching $4.5 million in 2025Q4, which warrants further investigation into the dilution impact on shareholders and the extent to which these non-cash charges influence reported net income volatility.
The presence of consistent stock-based compensation suggests that management is utilizing equity-based incentives to retain key personnel in a competitive labor market. Investors should evaluate whether these charges are appropriately aligned with long-term performance metrics or if they represent a persistent drag on GAAP earnings quality.
Quick answers to the most common questions about buying ADUS stock.
For fiscal year 2025, Addus HomeCare Corporation (ADUS) reported total revenue of $1.42B. This represents a 631.1% increase compared to $194.6M in 2007.
Addus HomeCare Corporation (ADUS) is profitable, generating $95.9M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.
Addus HomeCare Corporation (ADUS) reported an operating income of $138.6M, resulting in an operating profit margin of 9.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Addus HomeCare Corporation (ADUS) generated $461.9M in gross profit for the year, representing a gross profit margin of 32.5%. This demonstrates the company's core pricing power and production efficiency.