Revenue of $745.6M in 2026Q3 reflects an uneven trajectory, but gross margin of 15.4% and operating margin of -20.9% indicate that cost growth has outpaced gross profit, warranting further investigation of cost allocation.
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 | 3.15B | 3.24B | 3.26B | 3.2B | 2.97B | 2.45B | 1.06B | 529.64M | 345.28M | 192.56M |
| Revenue Growth % | 19.78% | -0.49% | 1.9% | 7.73% | 21.02% | 132.35% | 99.45% | 53.4% | 79.31% | - |
| Cost of Goods Sold | 2.67B | 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 | 482.64M | 568.56M | 681.09M | 681.77M | 417.43M | 445.61M | 157.79M | 88.94M | 60.08M | 29.66M |
| Gross Margin % | 15.31% | 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 | 715.13M | 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 | 388.55M | 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 | -232.49M | 186.27M | 263.73M | -598.4M | 190.41M | 225.6M | 71.35M | 29.38M | -1.23M | -690 |
| Operating Margin % | -7.38% | 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% | - | - |
| EBITDA | 208.68M | 568.19M | 629.07M | -177.81M | 541.59M | 483.66M | 153.79M | 91.94M | 49.38M | 27.82M |
| EBITDA Margin % | 6.62% | 17.51% | 19.29% | -5.56% | 18.23% | 19.7% | 14.56% | 17.36% | 14.3% | 14.45% |
| EBITDA Growth % | -68.44% | -9.68% | 453.79% | -132.83% | 11.98% | 214.49% | 67.26% | 86.21% | 77.52% | - |
| D&A (Non-Cash Add-back) | 441.17M | 381.93M | 365.33M | 420.59M | 351.18M | 258.05M | 82.44M | 62.57M | 50.61M | 27.82M |
| EBIT | -360.46M | 90.6M | 262.69M | -591.68M | 207.32M | 286.15M | -164.61M | 17.44M | 30.24M | -693 |
| Net Interest Income | -104.84M | -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 | 104.84M | 105.75M | 126.67M | 130.3M | 109.41M | 95.19M | 41.43M | 39.3M | 4.15M | 0 |
| Other Income/Expense | -235.46M | -201.42M | -127.71M | -125.38M | -92.51M | -34.65M | -277.39M | -51.24M | -8.85M | 0 |
| Pretax Income | -467.95M | -15.15M | 136.02M | -723.78M | 97.9M | 190.96M | -206.04M | -21.86M | 2.92M | -693 |
| Pretax Margin % | -14.85% | -0.47% | 4.17% | -22.62% | 3.3% | 7.78% | -19.5% | -4.13% | 0.84% | -0% |
| Income Tax | -40.41M | 50.88M | 41.24M | -49M | 24.77M | 32.81M | -11.96M | 739K | 829.81K | 0 |
| Effective Tax Rate % | 8.64% | -335.78% | 30.32% | 6.77% | 25.3% | 17.18% | 5.8% | -3.38% | 28.46% | 0% |
| Net Income | -406.73M | -70.79M | 90.42M | -678.89M | 69.32M | 156.18M | -161.63M | -21.34M | 2.09M | -693 |
| Net Margin % | -12.9% | -2.18% | 2.77% | -21.21% | 2.33% | 6.36% | -15.3% | -4.03% | 0.6% | -0% |
| Net Income Growth % | -594.57% | -178.29% | 113.32% | -1079.42% | -55.62% | 196.62% | -657.38% | -1123.01% | - | - |
| Net Income (Continuing) | -427.54M | -66.04M | 94.78M | -674.78M | 73.13M | 158.15M | -194.09M | -22.6M | 24.34M | -693 |
| Discontinued Operations | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.54M | 7.76M | 6.97M | 8.21M | 6.6M | 4.78M | -74.04M | -26.96M | 2.87M | -34.09M |
| EPS (Diluted) | -2.98 | -0.52 | 0.61 | -5.31 | 0.50 | 0.67 | -1.23 | -0.29 | 0.07 | 0.00 |
| EPS Growth % | -640% | -185.25% | 111.49% | -1162% | -25.37% | 154.47% | -324.14% | -534.13% | - | - |
| EPS (Basic) | - | -0.52 | 0.62 | -5.32 | 0.52 | 1.12 | -1.23 | -0.29 | 0.07 | 0.00 |
| Diluted Shares Outstanding | 136.4M | 135.15M | 135.53M | 134.42M | 138.99M | 133.03M | 52.49M | 72.38M | 31.25M | 31.25M |
| Basic Shares Outstanding | 136.4M | 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
Persistent GAAP net losses
Metrics are mathematically derived from official filings.
Revenue Stabilized After Volatile Swings
Based on reported quarterly figures, AHCO's revenue moved from roughly $580M to $846M across the ten quarters shown, with the latest quarter at $745.6M, indicating a sharp but uneven trajectory rather than steady compounding growth.
The quarterly series is dominated by a large spike in 2024Q4 and a recovery in 2026Q1 to 2026Q3, which suggests that reported revenue reflects acquisition timing, reimbursement timing, or reporting changes more than a clean organic trend. The reported year-over-year growth figures are internally inconsistent with the revenue levels in several quarters, so investors should treat the growth rates as directional only. Durability of the current run-rate remains unclear without segment-level disclosure separating recurring resupply from one-time equipment sales.
Gross Margin Volatility Signals Mix Shifts
As reported in the quarterly income statements, AHCO's gross margin swung from negative levels in 2025 to 38.3% in 2024Q4 and settled near 14% to 15% in the 2026 quarters, pointing to large swings in cost allocation or revenue mix.
A gross margin that ranges from -9% to 38% within two years is atypical for a home medical equipment distributor with stable reimbursement, and it may indicate changes in how COGS is classified or a shift between rental and sales revenue. The current 14% to 15% range is thin, suggesting that delivery labor and product costs absorb most of the revenue. Investors should monitor whether margins stabilize at this level or revert toward the 2024 peak.
Operating Losses Widen Despite Revenue Base
Based on reported figures, AHCO's operating margin deteriorated from a 6.4% profit in 2025Q4 to operating losses of 18.6% and 20.9% in the two most recent quarters, indicating that cost growth has outpaced gross profit.
Operating deleverage is evident because SG&A remained near $88M to $96M per quarter while gross profit fell well short of covering it in 2026Q2 and 2026Q3. This pattern suggests overhead is not scaling with revenue and may reflect integration costs or impairment-related charges that are not separately itemized in the data provided. Whether the decline is cyclical or structural cannot be determined from the available figures.
Net Losses and Negative EPS Dominate
According to reported financial statements, AHCO posted net losses in most recent quarters, including -$154.0M in 2026Q3 and -$133.9M in 2026Q2, with diluted EPS of -$1.13 and -$0.99 respectively.
The gap between operating results and net income in several quarters suggests material non-operating items, interest expense, or non-cash charges, though the composition is not disclosed in the supplied data. Stock-based compensation is modest relative to the losses, so it does not appear to explain the bottom-line deterioration. Investors should investigate the drivers of the below-the-line charges before assuming the operating results are representative of earnings power.
Losses Could Persist Beyond Current Cycle
The strongest challenge to the bullish case is that AHCO's negative net margin of -20.7% in the latest quarter, combined with operating losses, may indicate that the revenue base is not converting into sustainable profit.
If gross margins remain near 14% and SG&A stays elevated, the business may struggle to cover interest and depreciation, which would raise refinancing and covenant questions that warrant further investigation. The reported revenue stabilization could reflect acquired volume that carries low margins rather than improving unit economics. Short-sellers would likely argue that the 2024Q4 margin peak was non-recurring and that the current run-rate represents the true earnings base.