AdaptHealth Corp.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

AHCO$7.72+5.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Operations—For the years ended and

(in thousands, except per share data)

	Year Ended December 31,
	2025	2024	2023
Net revenue	$3,244,857	$3,260,975	$3,200,177
Costs and expenses:
Cost of net revenue	2,635,658	2,579,882	2,576,110
General and administrative expenses	382,293	359,238	334,594
Depreciation and amortization, excluding patient equipment depreciation	40,640	45,045	57,087
Goodwill impairment (note 7)	127,995	13,078	830,787
Total costs and expenses	3,186,586	2,997,243	3,798,578
Gain on sale of businesses (note 4)	(32,602)	—	—
Operating income (loss)	90,873	263,732	(598,401)
Interest expense, net	105,753	126,668	130,299
Loss on extinguishment of debt	—	2,273	—
Change in fair value of warrant liability (note 13)	—	(4,021)	(34,482)
Other loss, net	274	2,793	29,566
(Loss) income before income taxes	(15,154)	136,019	(723,784)
Income tax expense (benefit)	50,884	41,239	(49,004)
Net (loss) income	(66,038)	94,780	(674,780)
Income attributable to noncontrolling interest	4,756	4,358	4,115
Net (loss) income attributable to AdaptHealth Corp.	$(70,794)	$90,422	$(678,895)
Weighted average common shares outstanding - basic	135,146	133,756	134,156
Weighted average common shares outstanding - diluted	135,146	135,531	134,418
Basic net (loss) income per share (note 14)	$(0.52)	$0.62	$(5.06)
Diluted net (loss) income per share (note 14)	$(0.52)	$0.61	$(5.31)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.