AdaptHealth Corp.
For the period ended Feb 24, 2026. Filed Feb 24, 2026.
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Feb 24, 2026 · Filed Feb 24, 2026
Contents
EX-99.1 · EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
This press release presents AdaptHealth’s EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for the three and twelve months ended December 31, 2025 and 2024.
AdaptHealth defines EBITDA as net income (loss) attributable to AdaptHealth Corp., plus net income (loss) attributable to noncontrolling interests, interest expense, net, income tax expense (benefit), and depreciation and amortization, including patient equipment depreciation.
AdaptHealth defines Adjusted EBITDA as EBITDA (as defined above), plus equity-based compensation expense, change in fair value of the warrant liability, goodwill impairment, loss on extinguishment of debt, litigation settlement expense, gain on sale of businesses, and other non-recurring items of expense or income.
AdaptHealth defines Adjusted EBITDA Margin as Adjusted EBITDA (as defined above) as a percentage of net revenue.
The following unaudited table presents the reconciliation of net (loss) income attributable to AdaptHealth Corp., to EBITDA and Adjusted EBITDA, and the reconciliation of net (loss) income attributable to AdaptHealth Corp. as a percentage of net revenue to Adjusted EBITDA Margin, for the three months ended December 31, 2025 and 2024:
| Three Months Ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 · 2024 | |||||
| (Unaudited) | |||||
| (in thousands, except percentages) · Dollars · Revenue Percentage · Dollars · Revenue Percentage | |||||
| Net (loss) income attributable to AdaptHealth Corp. | $(102,770) | (12.1)% | $50,262 | 5.9% | |
| Income attributable to noncontrolling interest | 1,233 | 0.1% | 1,141 | 0.1% | |
| Interest expense, net | 24,441 | 2.9% | 29,729 | 3.5% | |
| Income tax expense | 3,543 | 0.4% | 19,308 | 2.3% | |
| Depreciation and amortization, including patient equipment depreciation | 97,506 | 11.5% | 90,537 | 10.6% | |
| EBITDA | 23,953 | 2.8% | 190,977 | 22.4% | |
| Equity-based compensation expense (a) | 5,138 | 0.6% | 4,266 | 0.5% | |
| Change in fair value of warrant liability (b) | — | —% | (2,221) | (0.3)% | |
| Goodwill impairment (c) | 127,995 | 15.1% | — | —% | |
| Litigation settlement expense (d) | 1,000 | 0.1% | — | —% | |
| Gain on sale of businesses (e) | (377) | —% | — | —% | |
| Other non-recurring expenses, net (f) | 5,434 | 0.7% | 7,578 | 0.8% | |
| Adjusted EBITDA | $163,143 | 19.3% | $200,600 | 23.4% | |
| Adjusted EBITDA Margin | 19.3% | 23.4% | |||
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| (a) | Represents equity-based compensation expense for awards granted to employees and non-employee directors. |
| (b) | Represents a non-cash gain for the change in the estimated fair value of the warrant liability. The warrants expired on November 8, 2024. |
| (c) | Represents a non-cash goodwill impairment charge as a result of the fair value of the Company's Diabetes Health reporting unit being less than its carrying value. |
| (d) | Represents the estimated amount expected to be funded by the Company relating to a previously disclosed securities settlement. |
| (e) | Represents pre-tax gains from the dispositions of certain businesses within the Company's Wellness at Home segment. |
| (f) | The 2025 period consists of $1.2 million of transaction costs associated with acquisitions, $0.9 million of consulting expenses associated with asset dispositions, $0.9 million of severance charges, $0.9 million of consulting expenses associated with a reorganization project, $0.8 million of expenses associated with litigation, and $0.7 million of other non-recurring expenses. The 2024 period consists of $4.2 million of consulting expenses associated with systems implementation activities, $1.6 million of consulting expenses associated with asset dispositions, $1.0 million of expenses associated with litigation, $0.5 million of severance charges, and $0.3 million of other non-recurring expenses. |
The following unaudited table presents the reconciliation of net (loss) income attributable to AdaptHealth Corp., to EBITDA and Adjusted EBITDA, and the reconciliation of net (loss) income attributable to AdaptHealth Corp. as a percentage of net revenue to Adjusted EBITDA Margin, for the twelve months ended December 31, 2025 and 2024:
| Twelve Months Ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 · 2024 | |||||
| (Unaudited) | |||||
| (in thousands, except percentages) · Dollars · Revenue Percentage · Dollars · Revenue Percentage | |||||
| Net (loss) income attributable to AdaptHealth Corp. | $(70,794) | (2.2)% | $90,422 | 2.8% | |
| Income attributable to noncontrolling interest | 4,756 | 0.1% | 4,358 | 0.1% | |
| Interest expense, net | 105,753 | 3.3% | 126,668 | 3.9% | |
| Income tax expense | 50,884 | 1.6% | 41,239 | 1.3% | |
| Depreciation and amortization, including patient equipment depreciation | 381,927 | 11.8% | 365,334 | 11.1% | |
| EBITDA | 472,526 | 14.6% | 628,021 | 19.2% | |
| Equity-based compensation expense (a) | 21,876 | 0.7% | 14,880 | 0.5% | |
| Change in fair value of warrant liability (b) | — | —% | (4,021) | (0.1)% | |
| Goodwill impairment (c) | 127,995 | 3.9% | 13,078 | 0.4% | |
| Loss on extinguishment of debt (d) | — | —% | 2,273 | 0.1% | |
| Litigation settlement expense (e) | 1,000 | —% | 3,338 | 0.1% | |
| Gain on sale of businesses (f) | (32,602) | (1.0)% | — | —% | |
| Other non-recurring expenses, net (g) | 25,886 | 0.8% | 31,088 | 0.9% | |
| Adjusted EBITDA | $616,681 | 19.0% | $688,657 | 21.1% | |
| Adjusted EBITDA Margin | 19.0% | 21.1% | |||
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| (a) | Represents equity-based compensation expense for awards granted to employees and non-employee directors. |
| (b) | Represents a non-cash gain for the change in the estimated fair value of the warrant liability. The warrants expired on November 8, 2024. |
| (c) | The 2025 period includes a non-cash goodwill impairment charge as a result of the fair value of the Company's Diabetes Health reporting unit being less than its carrying value. The 2024 period includes non-cash goodwill impairment charges relating to an immaterial business disposal. |
| (d) | Represents lender fees and the write-off of unamortized deferred financing costs in connection with the refinancing of the Company's credit agreement. |
| (e) | The expense in 2025 represents the estimated amount expected to be funded by the Company relating to a previously disclosed securities settlement. The expense in 2024 includes a $2.4 million charge for the change in fair value of the shares of Common Stock of the Company that were issued in July 2024 following final court approval of a previously disclosed securities settlement, as well as an expense of $0.9 million to settle a shareholder derivative complaint. |
| (f) | Represents pre-tax gains primarily associated with the disposition of certain incontinence and infusion businesses within the Company's Wellness at Home segment. |
| (g) | The 2025 period consists of $10.7 million of consulting expenses associated with asset dispositions (of which $5.1 million relates to contingent success fees from the sales of businesses), $2.6 million of transaction costs associated with acquisitions, $2.6 million of consulting expenses associated with a reorganization project, $2.4 million of consulting expenses associated with systems implementation activities, $1.6 million of expenses associated with securities litigation, $1.2 million write-off of assets, $1.2 million of severance charges, and $3.6 million of other non-recurring expenses. The 2024 period consists of $13.9 million of consulting expenses associated with systems implementation activities, $4.5 million of consulting expenses associated with asset dispositions, $4.2 million of expenses associated with litigation, $3.9 million of severance charges (primarily related to the separation of the Company's former President), $2.7 million write-down of assets, and $1.9 million of other non-recurring expenses. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.