CONSHOHOCKEN, PA — AdaptHealth Corp. (Nasdaq: AHCO) reported a net loss for both the fourth quarter and full year of 2025 as revenue declined slightly and the company recorded a goodwill impairment charge, the company announced.
For the year ended December 31, 2025, AdaptHealth reported net revenue of $3,244.9 million, down 0.5% from $3,261.0 million in 2024.
Fourth-quarter revenue totaled $846.3 million, compared with $856.6 million in the same period a year earlier.
The company reported a full-year net loss attributable to AdaptHealth of $70.8 million, compared with net income of $90.4 million in 2024.
Fourth-quarter net loss was $102.8 million, compared with net income of $50.3 million in the fourth quarter of 2024.
AdaptHealth said results for the full year and fourth quarter included a non-cash goodwill impairment charge of $128.0 million.
Adjusted EBITDA for 2025 totaled $616.7 million, down 10.5% from $688.7 million the prior year.
Fourth-quarter adjusted EBITDA was $163.1 million, down from $200.6 million a year earlier.
Cash flow from operations for 2025 totaled $601.8 million, up from $541.8 million in 2024.
Free cash flow for the year was $219.4 million, compared with $235.8 million in the prior year.
Suzanne Foster, chief executive officer of AdaptHealth, said the company spent the year restructuring operations and expanding contracts.
“2025 was a tremendous year of transition in which we made significant strides toward building a stronger operational and financial foundation,” Foster said.
The company also reported setting patient census records in its Sleep Health, Respiratory Health and Wellness at Home segments, and a patient retention record in Diabetes Health.
During the year, AdaptHealth acquired a home medical equipment provider in Hawaii, expanding its operations to a 48th state.
The company said it also reduced debt by $25 million in the fourth quarter, bringing total debt reduction in 2025 to $250 million.
For fiscal year 2026, AdaptHealth said it expects net revenue between $3.44 billion and $3.51 billion.
The company forecasts adjusted EBITDA between $680 million and $730 million and free cash flow between $175 million and $225 million.
AdaptHealth provides home-based healthcare services including medical equipment, respiratory therapy, diabetes management devices and other medical supplies.
The company serves about 4.3 million patients annually across the United States through approximately 640 locations.
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