Revenue growth has accelerated to 13.7% in 2026Q2, while operating margins have expanded to 11.9% from 4.7% in 2024Q1, indicating successful execution of a scale-driven profitability strategy.
Aveanna Healthcare Holdings Inc. (AVAH) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 2.6B | 2.43B | 2.02B | 1.9B | 1.79B | 1.68B | 1.5B | 1.38B | 1.25B |
| Revenue Growth % | 19.52% | 20.19% | 6.82% | 6.02% | 6.49% | 12.27% | 8.02% | 10.4% | - |
| Cost of Goods Sold | 1.77B | 1.63B | 1.39B | 1.3B | 1.23B | 1.14B | 1.04B | 964.81M | 859.35M |
| COGS % of Revenue | - | 66.91% | 68.61% | 68.58% | 69.05% | 67.69% | 69.6% | 69.71% | 68.55% |
| Gross Profit | 831.71M | 805.15M | 635.54M | 595.43M | 553.23M | 542.4M | 454.51M | 419.25M | 394.32M |
| Gross Margin % | 31.95% | 33.09% | 31.39% | 31.42% | 30.95% | 32.31% | 30.4% | 30.29% | 31.45% |
| Gross Profit Growth % | - | 26.69% | 6.74% | 7.63% | 2% | 19.34% | 8.41% | 6.32% | - |
| Operating Expenses | 542.24M | 539.77M | 495.75M | 587.36M | 1.2B | 578.51M | 458M | 380.3M | 339.71M |
| OpEx % of Revenue | - | 22.18% | 24.49% | 30.99% | 66.88% | 34.46% | 30.63% | 27.48% | 27.1% |
| Selling, General & Admin | 402.15M | 526.74M | 470.47M | 464.74M | 483.95M | 419.64M | 354.77M | 341M | 321.84M |
| SG&A % of Revenue | - | 21.65% | 23.24% | 24.52% | 27.07% | 25% | 23.73% | 24.64% | 25.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.42M | 13.04M | 25.28M | 122.62M | 711.56M | 158.88M | 103.23M | 39.3M | -13.74M |
| Operating Income | 289.47M | 265.38M | 139.79M | 8.07M | -642.28M | -36.11M | -3.49M | 38.95M | 39.03M |
| Operating Margin % | 11.12% | 10.91% | 6.9% | 0.43% | -35.93% | -2.15% | -0.23% | 2.81% | 3.11% |
| Operating Income Growth % | - | 89.85% | 1631.75% | 101.26% | -1678.62% | -935.59% | -108.95% | -0.2% | - |
| EBITDA | 309.82M | 289.15M | 170.95M | 38.17M | -603.46M | -722K | 26.74M | 65.97M | 50.97M |
| EBITDA Margin % | 11.9% | 11.88% | 8.44% | 2.01% | -33.76% | -0.04% | 1.79% | 4.77% | 4.07% |
| EBITDA Growth % | 29.04% | 69.14% | 347.86% | 106.33% | -83481.72% | -102.7% | -59.47% | 29.42% | - |
| D&A (Non-Cash Add-back) | 20.35M | 23.77M | 31.16M | 30.1M | 38.82M | 35.39M | 30.22M | 27.01M | 11.94M |
| EBIT | 278.79M | 250.8M | 156.21M | 9.07M | -563.87M | -53.34M | 31.25M | 17.27M | 25.88M |
| Net Interest Income | -119.19M | -137.25M | -156.1M | -152.92M | -107.04M | -68.68M | -82.64M | -92.09M | -74.95M |
| Interest Income | 5.49M | 2.83M | 498K | 327K | 679K | 253K | 345K | 207K | 594K |
| Interest Expense | 124.68M | 140.09M | 156.6M | 153.25M | 107.72M | 68.93M | 82.98M | 92.3M | 75.54M |
| Other Income/Expense | -135.36M | -158.43M | -134.72M | -147.07M | -21.54M | -77.47M | -48.25M | -113.98M | -88.69M |
| Pretax Income | 154.11M | 106.95M | 5.07M | -139M | -663.81M | -113.58M | -51.73M | -75.03M | -49.66M |
| Pretax Margin % | 5.92% | 4.4% | 0.25% | -7.33% | -37.13% | -6.77% | -3.46% | -5.42% | -3.96% |
| Income Tax | -120.65M | -118.09M | 16M | -4.47M | -1.78M | 3.47M | 5.32M | 1.49M | -2.51M |
| Effective Tax Rate % | -78.29% | -110.41% | 315.48% | 3.22% | 0.27% | -3.05% | -10.28% | -1.98% | 5.06% |
| Net Income | 274.76M | 225.03M | -10.93M | -134.52M | -662.03M | -117.04M | -57.05M | -76.52M | -47.15M |
| Net Margin % | 10.56% | 9.25% | -0.54% | -7.1% | -37.03% | -6.97% | -3.82% | -5.53% | -3.76% |
| Net Income Growth % | 1380.8% | 2159.05% | 91.88% | 79.68% | -465.63% | -105.16% | 25.44% | -62.3% | - |
| Net Income (Continuing) | 274.76M | 225.03M | -10.93M | -134.52M | -662.03M | -117.04M | -57.05M | -76.52M | -47.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.22 | 1.05 | -0.06 | -0.71 | -3.57 | -0.63 | -0.31 | -0.41 | -0.26 |
| EPS Growth % | 1579.92% | 1951.85% | 92.01% | 80.11% | -466.67% | -103.23% | 24.39% | -57.69% | - |
| EPS (Basic) | - | 1.10 | -0.06 | -0.71 | -3.57 | -0.63 | -0.31 | -0.41 | -0.26 |
| Diluted Shares Outstanding | 224.86M | 214.98M | 192.89M | 189.96M | 185.55M | 184.73M | 185.9M | 185.9M | 180.16M |
| Basic Shares Outstanding | 217.8M | 203.53M | 192.89M | 189.96M | 185.55M | 184.73M | 185.9M | 185.9M | 180.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AVAH stock.
For fiscal year 2025, Aveanna Healthcare Holdings Inc. (AVAH) reported total revenue of $2.43B. This represents a 94.1% increase compared to $1.25B in 2018.
Aveanna Healthcare Holdings Inc. (AVAH) is profitable, generating $225.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Aveanna Healthcare Holdings Inc. (AVAH) reported an operating income of $265.4M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aveanna Healthcare Holdings Inc. (AVAH) generated $805.2M in gross profit for the year, representing a gross profit margin of 33.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated leverage and margin pressure
Metrics are mathematically derived from official filings.
Robust Top-Line Acceleration
Aveanna's revenue growth has accelerated markedly, reaching 13.7% year-over-year in 2026Q2, a significant improvement from the 5.2% growth seen in 2024Q1, suggesting successful execution of its expansion strategy.
The acceleration appears driven by a combination of organic patient census growth and potentially favorable Medicaid rate adjustments across its core pediatric private duty nursing segment. This sustained double-digit growth trajectory, particularly the jump from 8.6% in 2024Q4 to 27.4% in 2025Q4, indicates the company is effectively capturing market share in its specialized niche. However, the durability of this pace will depend on continued state-level reimbursement support and the company's ability to recruit sufficient specialized nursing staff to fulfill authorized hours.
Gross Margin Resilience Amid Labor Pressures
Gross margins have stabilized in the 31-33% range over the last four quarters, a notable recovery from the 29.7% low in 2024Q1, indicating improved management of the critical nurse wage-to-reimbursement spread.
The structural floor for gross margins appears to be set by the competitive market for registered nurses and the fixed nature of state Medicaid reimbursement rates. The recent stability suggests the company has achieved a better balance in its labor mix, potentially through reduced reliance on expensive contract labor or improved retention. Compared to peer Addus HomeCare's 32.5% gross margin, Aveanna's profile is competitive, but any significant tightening in the labor market or delay in state rate increases could quickly compress this spread.
Operating Leverage Unlocked in Recent Quarters
Operating income scaled to $80.0M in 2026Q2 on 13.7% revenue growth, demonstrating meaningful operating leverage as the operating margin expanded to 11.9% from a low of 4.7% in 2024Q1.
The improvement in operating margin from 4.7% to 11.9% over ten quarters indicates that SG&A expenses are growing at a slower rate than gross profit, a positive sign of overhead efficiency. This suggests the company's multi-state platform is beginning to leverage its fixed administrative costs over a larger revenue base. The key question for sustainability is whether this leverage can be maintained as the company continues to integrate acquisitions and navigate the complex regulatory landscape of new states.
Net Income Volatility from Non-Operating Items
Reported net income has been highly volatile, swinging from a loss of $42.8M in 2024Q3 to a profit of $178.8M in 2025Q4, indicating significant non-operating items are distorting the underlying earnings trend.
The massive $178.8M net income in 2025Q4, which occurred alongside a negative $21.1M stock-based compensation charge, strongly suggests a large one-time gain, likely from a debt extinguishment or tax benefit, rather than core operational performance. This volatility makes trailing EPS figures unreliable for valuation. Investors should focus on operating income as a cleaner measure of the business's core profitability, as the net income line is heavily influenced by financing decisions and non-recurring accounting adjustments.
SG&A Discipline Underpins Margin Expansion
SG&A expenses as a percentage of revenue have declined from 23.9% in 2024Q1 to approximately 18.9% in 2026Q2, demonstrating effective cost control that has been the primary driver of operating margin improvement.
The reduction in SG&A intensity is particularly impressive given the company's 20.2% year-over-year revenue growth, suggesting that corporate overhead is not scaling linearly with the top line. This discipline appears to stem from the integration of acquired platforms and a focus on centralized administrative functions. However, with R&D consistently at zero, the cost structure is entirely focused on clinical delivery and administration, leaving no buffer for investment in new service lines or technology that could drive future efficiency.
Leverage and Margin Sustainability Risks
The company's elevated leverage profile, indicated by a debt/equity ratio of 7.79, combined with net margins that have recently compressed to 6.0%, creates a vulnerability to refinancing risk and limits financial flexibility.
While revenue growth is strong, the net margin of 6.0% in 2026Q2 is below the 9.25% cited in the company intelligence, suggesting recent profitability may be under pressure. The high leverage means a significant portion of operating cash flow is likely dedicated to interest expense, which could become burdensome if growth slows or margins contract further. A short-seller would focus on whether the current growth is being funded by unsustainable debt levels and whether the operating margin can be maintained without continued favorable labor market conditions.