Revenue growth remains highly volatile, swinging from a 41.2% surge in 2026Q1 to previous periods of contraction, while operating margins have fluctuated between -14.7% and 13.4% due to reimbursement sensitivities.
| Sales/Revenue | 2.86B | 3.24B | 3.26B | 3.2B | 2.97B | 2.45B | 1.06B | 529.64M | 345.28M | 192.56M |
| Revenue Growth % | 8.78% | -0.49% | 1.9% | 7.73% | 21.02% | 132.35% | 99.45% | 53.4% | 79.31% | - |
| Cost of Goods Sold | 1.99B | 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 | 52.59M | 568.56M | 681.09M | 681.77M | 417.43M | 445.61M | 157.79M | 88.94M | 60.08M | 29.66M |
| Gross Margin % | 1.84% | 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 | -52.23M | 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 | 385.95M | 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 | -2M | 0 | 58.12M | 1.09B | 64.89M | 52.5M | -2.9M | 3.07M | 197.59K | 0 |
| Operating Income | 206.21M | 186.27M | 263.73M | -598.4M | 190.41M | 225.6M | 71.35M | 29.38M | -1.23M | -690 |
| Operating Margin % | 7.21% | 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 | 503.9M | 599.31M | 629.07M | -177.81M | 613.85M | 483.66M | 153.79M | 91.94M | 49.38M | 27.82M |
| EBITDA Margin % | 17.62% | 18.47% | 19.29% | -5.56% | 20.66% | 19.7% | 14.56% | 17.36% | 14.3% | 14.45% |
| EBITDA Growth % | -16.46% | -4.73% | 453.79% | -128.97% | 26.92% | 214.49% | 67.26% | 86.21% | 77.52% | - |
| D&A (Non-Cash Add-back) | 297.69M | 413.04M | 365.33M | 420.59M | 423.44M | 258.05M | 82.44M | 62.57M | 50.61M | 27.82M |
| EBIT | 67.43M | 90.6M | 262.69M | -591.68M | 207.32M | 286.15M | -164.61M | 17.44M | 30.24M | -693 |
| Net Interest Income | -77.35M | -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 | 102.95M | 105.75M | 126.67M | 130.3M | 109.41M | 95.19M | 41.43M | 39.3M | 4.15M | 0 |
| Other Income/Expense | -236.24M | -201.42M | -127.71M | -125.38M | -92.51M | -34.65M | -277.39M | -51.24M | -8.85M | 0 |
| Pretax Income | -30.03M | -15.15M | 136.02M | -723.78M | 97.9M | 190.96M | -206.04M | -21.86M | 2.92M | -693 |
| Pretax Margin % | -1.05% | -0.47% | 4.17% | -22.62% | 3.3% | 7.78% | -19.5% | -4.13% | 0.84% | -0% |
| Income Tax | 44.8M | 50.88M | 41.24M | -49M | 24.77M | 32.81M | -11.96M | 739K | 829.81K | 0 |
| Effective Tax Rate % | -149.19% | -335.78% | 30.32% | 6.77% | 25.3% | 17.18% | 5.8% | -3.38% | 28.46% | 0% |
| Net Income | -79.63M | -70.79M | 90.42M | -678.89M | 69.32M | 156.18M | -161.63M | -21.34M | 2.09M | -693 |
| Net Margin % | -2.78% | -2.18% | 2.77% | -21.21% | 2.33% | 6.36% | -15.3% | -4.03% | 0.6% | -0% |
| Net Income Growth % | -193.3% | -178.29% | 113.32% | -1079.42% | -55.62% | 196.62% | -657.38% | -1123.01% | 301123.67% | - |
| Net Income (Continuing) | -76M | -66.04M | 94.78M | -674.78M | 73.13M | 158.15M | -194.09M | -22.6M | 24.34M | -693 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.41M | 7.76M | 6.97M | 8.21M | 6.6M | 4.78M | -74.04M | -26.96M | 2.87M | -34.09M |
| EPS (Diluted) | -0.59 | -0.52 | 0.61 | -5.31 | 0.50 | 0.67 | -1.23 | 0.17 | 0.07 | 0.00 |
| EPS Growth % | -203.51% | -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 | 135.78M | 135.15M | 135.53M | 134.42M | 138.99M | 133.03M | 52.49M | 72.38M | 31.25M | 31.25M |
| Basic Shares Outstanding | 135.78M | 135.15M | 133.76M | 134.16M | 134.18M | 126.31M | 52.49M | 72.38M | 31.25M | 31.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Regulatory Reimbursement Compression
As reported in recent financial filings, AdaptHealth's revenue trajectory exhibits significant volatility, characterized by a 41.2% surge in 2026Q1 followed by periods of contraction, suggesting that the company's reliance on inorganic growth through acquisitions may be masking underlying organic weakness in its core medical equipment segments.
The erratic quarterly revenue figures indicate that the company is struggling to maintain consistent top-line momentum, likely due to the integration challenges inherent in its roll-up strategy. Investors should monitor whether the recent revenue spikes are sustainable or merely reflective of timing differences in large-scale contract acquisitions.
Based on the provided income statement data, AdaptHealth's gross margins have fluctuated wildly, swinging from a peak of 52.7% in 2023Q4 to negative territory in multiple subsequent quarters, which highlights the extreme sensitivity of the company's cost structure to reimbursement changes and operational inefficiencies.
The persistent negative gross margins in several periods suggest that the cost of goods sold is frequently outpacing the revenue generated from medical device distribution. This volatility implies that the company lacks the pricing power necessary to offset rising logistics and procurement costs, warranting further investigation into its long-term unit economics.
According to the company's historical income statements, operating income has failed to scale predictably, with margins oscillating between -14.7% and 13.4%, indicating that the company has not yet achieved the necessary operational efficiency to convert its massive revenue base into consistent, positive operating cash flow.
The inability to maintain stable operating margins suggests that administrative overhead and the complexities of managing high-volume, low-dollar billing are consuming potential profits. This lack of operating leverage may indicate that the company's infrastructure is currently too bloated to support its current revenue scale effectively.
As evidenced by the frequent swings between net losses and modest profits, AdaptHealth's bottom-line performance appears highly unstable, with net margins reaching as low as -17.2% in 2023Q4, suggesting that non-operating items and restructuring charges are significantly distorting the company's true underlying earnings potential.
The discrepancy between operating income and net income suggests that interest expenses and depreciation of the rental fleet are exerting substantial pressure on the bottom line. Investors should be cautious of the reliance on non-GAAP adjustments to present a more favorable view of profitability than the GAAP figures suggest.
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.