Short answer
AdaptHealth Corp. (AHCO) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $3.2B (−0.5% year over year) and net income of −$71M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $3.2B
- −0.5% YoY
- Net income
- −$71M
- −178.3% YoY
- Operating margin
- 2.8%
- −5.3 pp YoY
- EPS (diluted)
- −$0.52
- −185.2% YoY
- ROE
- -4.7%
- −10.4 pp YoY
- Operating cash flow
- $602M
- +11.1% YoY
Source: XBRL data from the AdaptHealth Corp. (AHCO) FY2025 10-K on SEC EDGAR. USD.
AdaptHealth Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Strategic shift: Increased focus on advanced technology platform integration and AI to enhance efficiency, compliance, and competitive positioning versus more manual competitors
- Notable quantitative metric: Serviced approximately 4.3 million patients annually through 640 locations in 48 states; approximately 10,900 employees as of December 31, 2025
- Distinctive fact: Outsourcing of about 4,400 full-time equivalent personnel for billing and administrative functions primarily in India and the Philippines
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
- Best performing segment Respiratory Health: revenue up 6.1% ($40M) to $691.2M; worst performing Wellness at Home: revenue down 9.8% ($63.1M) to $583.1M
- Cost of net revenue increased 2.2% to $2.64B; G&A expenses up 6.4% to $382.3M; depreciation down 9.8% to $40.6M; capital allocation details not provided
- Forward outlook highlights inflation risks impacting costs and demand; management leveraging purchasing power and technology for efficiencies; goodwill impairment risks remain
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
- Supply chain risk: Dependence on few suppliers for patient service equipment exposes AdaptHealth to price hikes, tariffs, and supply disruptions impacting revenue
- Competitive risk: Pharmacy benefit managers CVS Health and Optum, plus tech giants Amazon and Alphabet, entered HME market, threatening AdaptHealth’s referrals and revenue
- Financial risk: Capitated agreements with managed care payors pose risk if patient care expenses exceed prepaid fixed payments, impacting earnings
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.