AdaptHealth Corp. (AHCO) FY2025 10-K Annual Report
AdaptHealth Corp. (AHCO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
AdaptHealth Corp. FY2025 10-K Analysis
Business Overview
- • Core business: Patient-centered healthcare-at-home solutions, including home medical equipment, medical supplies, and related services across four segments (Sleep, Respiratory, Diabetes, Wellness)
- • Newly emphasized: Deployment of artificial intelligence (AI), including generative AI, for improving patient and operational workflows with associated regulatory risks highlighted
Management Discussion & Analysis
- • Net revenue $3.24B in 2025, down 0.5% YoY from $3.26B in 2024, driven by $56.9M organic growth offset by $92.4M disposition decline
- • Operating margin 2.8% in 2025 vs 8.1% in 2024; net loss $(70.8M) vs net income $90.4M; goodwill impairment $128M in 2025 vs $13.1M prior year
Risk Factors
- • Regulatory risk: 2026 CMS Final Rule bundling payment for CGMs and insulin pumps starting January 1, 2028, may disrupt AdaptHealth's product coverage and reimbursement
- • Macroeconomic risk: Inflation and rising interest rates could increase costs and interest expense on variable rate debt, impairing refinancing and cash flow
AdaptHealth Corp. FY2025 Key Financial MetricsXBRL
Revenue
$3.2B
▼ -0.5% YoY
Net Income
-$71M
▼ -178.3% YoY
Operating Margin
2.8%
▼ -529bp YoY
Net Margin
-2.2%
▼ -495bp YoY
ROE
-4.7%
▼ -1042bp YoY
Total Assets
$4.3B
▼ -3.8% YoY
EPS (Diluted)
$-0.52
▼ -185.2% YoY
Operating Cash Flow
$602M
▲ +11.1% YoY
Source: XBRL data from AdaptHealth Corp. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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