CONSHOHOCKEN, PA — AdaptHealth Corp. reported modest third-quarter revenue gains and improved profitability, supported by new capitated agreements, rising patient engagement through its digital platform, and continued balance-sheet strengthening.
The home medical equipment provider generated $820.3 million in net revenue for the quarter, up 1.8% from the prior year. Organic revenue growth reached 5.1% — the company’s strongest since early 2024 — driven by steady volume trends across all four business segments. Net income rose to $24.5 million from $22.9 million a year earlier, while adjusted EBITDA increased 3.5% to $170.1 million.
AdaptHealth continued to reduce debt, paying down $50 million during the quarter and $225 million year-to-date, bringing its net leverage ratio to 2.68x. The company reiterated its target of 2.5x. Cash flow from operations reached $418.6 million for the year to date, up from $391.4 million last year, although free cash flow came in at $140.1 million, below the prior-year figure of $162.7 million.
During the quarter, the company signed another capitated agreement — this one with a payor covering roughly 170,000 members — and expanded infrastructure to support a previously announced partnership with a major national health system. AdaptHealth also advanced its digital engagement initiatives, growing registered users of its myApp platform to 271,000, up from 118,000 a year earlier.
CEO Suzanne Foster said the quarter “demonstrated both the progress we’ve made and the significant opportunity ahead,” citing operational improvements and stable financial performance.
The company reaffirmed its full-year 2025 guidance, projecting net revenue of $3.18 billion to $3.26 billion, adjusted EBITDA between $642 million and $682 million, and free cash flow of $170 million to $190 million.
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