CONSHOHOCKEN, PA— AdaptHealth Corp. (NASDAQ: AHCO) reported a slight revenue decline in its second quarter results but remains confident in its long-term strategy, highlighting operational improvements, enhanced patient services, and a major new national partnership.
For the quarter ended June 30, 2025, AdaptHealth posted net revenue of $800.4 million, down 0.7% from $806 million during the same period last year. Net income attributable to the company fell to $14.7 million, compared to $19.4 million in Q2 2024. Adjusted EBITDA also declined, landing at $155.5 million—a 5.9% drop from the prior year.
Despite the softness in top-line results, the company pointed to several operational wins. Year-to-date cash flow from operations rose to $257.5 million, up from $247 million in the same period last year. Free cash flow reached $73.3 million, slightly down from $77.9 million year-over-year. The company also completed the previously announced divestitures of certain incontinence and infusion assets from its Wellness at Home segment.
“AdaptHealth’s momentum continues to build,” said CEO Suzanne Foster. “We delivered another quarter of solid results… We are driving revenue growth, underscored by today’s milestone announcement of a new capitated partnership with a major national healthcare system. We are advancing multiple initiatives to boost operating efficiency, elevate the patient experience, and expand our profit margins.”
The new agreement with a national healthcare system, announced concurrently, positions AdaptHealth as the exclusive provider of home medical equipment to over 10 million members under a capitation model—offering a more stable and scalable revenue stream moving forward.
In light of second-quarter performance and the impact of the new partnership, AdaptHealth adjusted its full-year 2025 guidance. The company now expects revenue between $3.18 billion and $3.26 billion, slightly tightening its previous range. Adjusted EBITDA is projected between $642 million and $682 million, down from the earlier forecast of $662 million to $702 million. Free cash flow expectations remain unchanged at $170 million to $190 million.
AdaptHealth serves approximately 4.2 million patients across the U.S. and continues to focus on strengthening its financial position while delivering care through scalable, tech-enabled home healthcare solutions.
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