$AHCO AdaptHealth Corp. | Understand Stock

What Do They Do?

Provides sleep therapy equipment and services to people with sleep apnea, and respiratory, diabetes and other home medical products to patients.

How Do They Make Money?

Insurance and government payors, and patients, are billed for delivered products and services. Supplies and one-time products are paid for once when sold, equipment is reimbursed monthly while used, and managed-care payors pay a monthly fee for covered care.

revenue

Segment	Share	How money arrives
Sleep Health Mix	42% FY2022: 37%	Mix
Respiratory Health Mix	21% FY2022: 19%	Mix
Diabetes Health Sold outright	18% FY2022: 23%	Sold outright
Wellness at Home Mix	18% FY2022: 21%	Mix

Who Are Their Customers?

Patients receive products at home following referrals from hospitals, sleep labs, physicians and care facilities. AdaptHealth bills insurance and government payors and patients directly.

Do Revenues Turn Into Profits?

Not on paper. It lost $70.8M in FY2025, but brought in more cash than it spent: $219.4M of free cash flow.

Operating income, FY2025

3% of revenue

▼ −66% vs FY2024 ($263.7M, 8%)

Net income, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($90.4M, 3%)

Free cash flow, FY2025

7% of revenue

▼ −7% vs FY2024 ($235.8M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +13%; vs $657.1M in Q2 FY2025
Net income: ▼ Now a loss; vs $14.7M in Q2 FY2025

Sleep Health share of revenue vs 50.9% in Q2 FY2025

Sep 3, 2026 Appoints a new CFO as the current CFO departs Harriss Currie is appointed effective September 9, 2026; Jason Clemens’s CFO role ends September 8, 2026.
Aug 4, 2026 Cuts full-year financial guidance Revised guidance sets net revenue at $2.85 billion to $2.89 billion and adjusted EBITDA at $490 million to $520 million.
Jul 20, 2026 Agrees to sell Diabetes Health to Cardinal Health The agreed cash price is $235.0 million, subject to customary adjustments; the sale still requires regulatory review and other closing conditions.

Growing. Revenue grew 32% in 4 years, from $2.5B in FY2021 to $3.2B in FY2025, about 7% a year.

Revenue over time

Sleep Health Respiratory Health Diabetes Health Wellness at Home

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Accendra Health, Lincare Holdings, Rotech Healthcare, Cardinal Health, Quipt Home Medical, DASCO Home Medical Equipment, Binson’s Medical Equipment, Norco, Protech Home Medical, Viemed Healthcare, Breg, Inogen, Acelity, CCS Medical, CVS, and Amazon