Revenue growth has stalled at -0.49% YoY, while gross margin volatility persists, with a recent 14.1% margin and a net loss of -$133.9M in 2026Q2.
AdaptHealth Corp. (AHCO) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 3.01B | 3.24B | 3.26B | 3.2B | 2.97B | 2.45B | 1.06B | 529.64M | 345.28M | 192.56M |
| Revenue Growth % | 14.57% | -0.49% | 1.9% | 7.73% | 21.02% | 132.35% | 99.45% | 53.4% | 79.31% | - |
| Cost of Goods Sold | 2.7B | 2.68B | 2.58B | 2.52B | 2.55B | 2.01B | 898.6M | 440.7M | 285.2M | 162.9M |
| COGS % of Revenue | - | 82.48% | 79.11% | 78.7% | 85.95% | 81.85% | 85.06% | 83.21% | 82.6% | 84.6% |
| Gross Profit | 312.09M | 568.56M | 681.09M | 681.77M | 417.43M | 445.61M | 157.79M | 88.94M | 60.08M | 29.66M |
| Gross Margin % | 10.37% | 17.52% | 20.89% | 21.3% | 14.05% | 18.15% | 14.94% | 16.79% | 17.4% | 15.4% |
| Gross Profit Growth % | - | -16.52% | -0.1% | 63.33% | -6.32% | 182.41% | 77.41% | 48.05% | 102.56% | - |
| Operating Expenses | 321.54M | 382.29M | 417.36M | 1.28B | 227.01M | 220M | 86.44M | 59.56M | 1.23M | 693 |
| OpEx % of Revenue | - | 11.78% | 12.8% | 40% | 7.64% | 8.96% | 8.18% | 11.25% | 0.36% | 0% |
| Selling, General & Admin | 384.6M | 382.29M | 359.24M | 190.09M | 162.13M | 167.5M | 89.35M | 56.49M | 1.04M | 693 |
| SG&A % of Revenue | - | 11.78% | 11.02% | 5.94% | 5.46% | 6.82% | 8.46% | 10.67% | 0.3% | 0% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 310K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.16% |
| Other Operating Expenses | -1000K | 0 | 58.12M | 1.09B | 64.89M | 52.5M | -2.9M | 3.07M | 197.59K | 0 |
| Operating Income | -9.44M | 186.27M | 263.73M | -598.4M | 190.41M | 225.6M | 71.35M | 29.38M | -1.23M | -690 |
| Operating Margin % | -0.31% | 5.74% | 8.09% | -18.7% | 6.41% | 9.19% | 6.75% | 5.55% | -0.36% | -0% |
| Operating Income Growth % | - | -29.37% | 144.07% | -414.27% | -15.6% | 216.21% | 142.86% | 2481.26% | -178699.42% | - |
| EBITDA | 423.38M | 599.31M | 629.07M | -177.81M | 613.85M | 483.66M | 153.79M | 91.94M | 49.38M | 27.82M |
| EBITDA Margin % | 14.07% | 18.47% | 19.29% | -5.56% | 20.66% | 19.7% | 14.56% | 17.36% | 14.3% | 14.45% |
| EBITDA Growth % | -33.71% | -4.73% | 453.79% | -128.97% | 26.92% | 214.49% | 67.26% | 86.21% | 77.52% | - |
| D&A (Non-Cash Add-back) | 432.82M | 413.04M | 365.33M | 420.59M | 423.44M | 258.05M | 82.44M | 62.57M | 50.61M | 27.82M |
| EBIT | -142.81M | 90.6M | 262.69M | -591.68M | 207.32M | 286.15M | -164.61M | 17.44M | 30.24M | -693 |
| Net Interest Income | -101.62M | -105.75M | -126.67M | -130.3M | -109.41M | -95.19M | -41.43M | -39.3M | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.15M | 0 |
| Interest Expense | 101.62M | 105.75M | 126.67M | 130.3M | 109.41M | 95.19M | 41.43M | 39.3M | 4.15M | 0 |
| Other Income/Expense | -237.64M | -201.42M | -127.71M | -125.38M | -92.51M | -34.65M | -277.39M | -51.24M | -8.85M | 0 |
| Pretax Income | -247.08M | -15.15M | 136.02M | -723.78M | 97.9M | 190.96M | -206.04M | -21.86M | 2.92M | -693 |
| Pretax Margin % | -8.21% | -0.47% | 4.17% | -22.62% | 3.3% | 7.78% | -19.5% | -4.13% | 0.84% | -0% |
| Income Tax | -12.32M | 50.88M | 41.24M | -49M | 24.77M | 32.81M | -11.96M | 739K | 829.81K | 0 |
| Effective Tax Rate % | 4.98% | -335.78% | 30.32% | 6.77% | 25.3% | 17.18% | 5.8% | -3.38% | 28.46% | 0% |
| Net Income | -228.23M | -70.79M | 90.42M | -678.89M | 69.32M | 156.18M | -161.63M | -21.34M | 2.09M | -693 |
| Net Margin % | -7.58% | -2.18% | 2.77% | -21.21% | 2.33% | 6.36% | -15.3% | -4.03% | 0.6% | -0% |
| Net Income Growth % | -383.21% | -178.29% | 113.32% | -1079.42% | -55.62% | 196.62% | -657.38% | -1123.01% | 301123.67% | - |
| Net Income (Continuing) | -234.77M | -66.04M | 94.78M | -674.78M | 73.13M | 158.15M | -194.09M | -22.6M | 24.34M | -693 |
| Discontinued Operations | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.79M | 7.76M | 6.97M | 8.21M | 6.6M | 4.78M | -74.04M | -26.96M | 2.87M | -34.09M |
| EPS (Diluted) | -1.68 | -0.52 | 0.61 | -5.31 | 0.50 | 0.67 | -1.23 | 0.17 | 0.07 | 0.00 |
| EPS Growth % | -411.11% | -185.25% | 111.49% | -1162% | -25.37% | 154.47% | -823.53% | 154.49% | - | - |
| EPS (Basic) | - | -0.52 | 0.62 | -5.32 | 0.52 | 1.12 | -1.23 | 0.17 | 0.07 | 0.00 |
| Diluted Shares Outstanding | 136.12M | 135.15M | 135.53M | 134.42M | 138.99M | 133.03M | 52.49M | 72.38M | 31.25M | 31.25M |
| Basic Shares Outstanding | 136.12M | 135.15M | 133.76M | 134.16M | 134.18M | 126.31M | 52.49M | 72.38M | 31.25M | 31.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AHCO stock.
For fiscal year 2025, AdaptHealth Corp. (AHCO) reported total revenue of $3.24B. This represents a 1585.1% increase compared to $192.6M in 2017.
AdaptHealth Corp. (AHCO) reported a net loss of $70.8M for the fiscal year ending 2025.
AdaptHealth Corp. (AHCO) reported an operating income of $186.3M, resulting in an operating profit margin of 5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
AdaptHealth Corp. (AHCO) generated $568.6M in gross profit for the year, representing a gross profit margin of 17.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative margins and leverage
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Stagnation
Revenue swung from $594M in 2024Q1 to $846M in 2025Q4, but YoY growth was -0.49% in the latest quarter, indicating stagnation. According to the income statement data, recent spikes appear tied to acquisitions or one-time events.
The revenue trajectory is highly erratic, with quarters like 2025Q4 showing $846.3M and 2026Q1 $819.8M, yet YoY growth in 2026Q2 was 25.1% on a base that was depressed. Excluding these anomalies, the underlying organic growth appears flat, as evidenced by the -0.49% YoY change in the most recent quarter. This suggests that the company's core operations are not expanding organically, and the reported growth may be driven by inorganic factors or timing of patient starts.
Gross Margin Instability Reflects Cost Pressures
Gross margin swung from -14.1% in 2024Q3 to 38.3% in 2024Q4, but recent quarters show a thin 14.1% in 2026Q2. Based on reported figures, the negative gross margins in several quarters indicate severe cost mismatches or accounting adjustments.
The gross margin profile is highly unstable, with negative gross profits in multiple quarters (e.g., -$84.3M in 2024Q3) followed by a spike to 38.3% in 2024Q4. This volatility suggests that the company's cost of goods sold is not consistently aligned with revenue, possibly due to inventory write-downs, changes in product mix, or one-time charges. The recent 14.1% gross margin in 2026Q2 is thin for a medical device distributor, implying that the company lacks pricing power and faces high input costs, which may be structural.
Operating Leverage Absent Amid Cost Overruns
Operating income swung from $97.7M in 2024Q4 to -$137.8M in 2026Q2, with operating margin collapsing to -18.6%. As reported in the income statement, SG&A has remained relatively stable, but gross profit declines have not been offset by cost controls.
The company exhibits negative operating leverage, as revenue growth in 2026Q2 (25.1% YoY) did not translate into operating income growth; instead, operating income turned deeply negative. SG&A expenses have been relatively consistent (around $85-108M per quarter), but the gross profit has been insufficient to cover these costs in several quarters. This suggests that the company's cost structure is not scaling efficiently, and any revenue increase is being absorbed by higher COGS or other charges, indicating a lack of operational efficiency.
Net Losses Persist Despite Positive Operating Quarters
Net income was positive in 2025Q3 ($24.5M) and 2025Q2 ($14.7M), but 2026Q2 saw a net loss of -$133.9M. According to the income statement data, EPS has been negative in most quarters, with SBC adding modestly to expenses.
The quality of earnings is questionable, as the company has reported net losses in several quarters despite positive operating income in others. For example, in 2025Q4, operating income was $54.3M but net income was -$102.8M, indicating significant non-operating charges, likely interest expense or impairments. The negative net margin of -2.18% in the latest quarter suggests that interest costs and other non-operating items are overwhelming operational profitability, which may not be sustainable if the company cannot refinance or reduce debt.
COGS Volatility Drives Margin Compression
COGS has exceeded revenue in several quarters, leading to negative gross profits, such as -$77.0M in 2025Q1. Based on the income statement data, SG&A has been relatively stable, but COGS is the primary source of instability.
The cost structure is dominated by COGS, which has been highly volatile, sometimes exceeding revenue (e.g., 2025Q1 COGS of $657.4M vs. revenue of $580.5M). This suggests that the company may be recognizing costs related to inventory or supply chain disruptions that are not matched by revenue. SG&A has been more predictable, but the company's inability to control COGS is a major concern, as it directly impacts gross margin and overall profitability. Management's expense discipline appears weak, as evidenced by the lack of improvement in gross margin over time.
2024Q4 Spike Masks Underlying Deterioration
2024Q4 showed a dramatic improvement with gross margin of 38.3% and net income of $50.3M, but this was followed by a sharp decline. As reported in the income statement, this quarter appears to be an anomaly, not a trend.
The most significant inflection point is 2024Q4, where revenue jumped to $856.6M and gross profit to $327.9M, resulting in a net income of $50.3M. However, this was not sustained, as subsequent quarters returned to negative or thin margins. This suggests that the 2024Q4 results were likely driven by one-time events, such as a large contract or favorable reimbursement adjustments, rather than operational improvements. The lasting impact is that investors should not extrapolate from that quarter, as the underlying business appears to be struggling with margin pressures and cost overruns.
Margin Compression and Debt Overhang
Despite revenue stabilization, negative net margins and a 1.25 debt-to-equity ratio suggest financial strain. According to the income statement data, operating income has been insufficient to cover interest expenses, leading to persistent losses.
Short-sellers would focus on the company's inability to generate consistent profits, as evidenced by the negative net margin in the latest quarter and the volatile gross margins. The high debt-to-equity ratio of 1.25, combined with negative ROE, indicates that the company is highly leveraged and may face refinancing risks if interest rates remain high. Additionally, the recent divestiture of the Diabetes business could reduce revenue, and the lowered guidance suggests that management sees headwinds that may not be fully reflected in the current numbers. The reliance on adjusted EBITDA could mask the true cash flow generation, and investors should monitor the company's ability to service its debt.