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AdaptHealth (AHCO) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · AdaptHealth (AHCO) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $746M · 20¢ of every $1 of revenue lost · operating margin -20.9%
AdaptHealth made $746M in Q3 2026 (+11% Y/Y): Sleep Health $394M, Respiratory Health $191M, Wellness at Home $161M. Operating margin -20.9%, net loss $153M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $745.6M in Q3 2026, up 11% year over year and up 1% from the previous quarter. Sleep Health was the largest line at 53% of revenue. Sleep Health added $39.0M year over year (up 11%), 53% of the total change.
Operating costs exceeded revenue by $155.9M, an operating margin of -20.9%. Total costs grew 43% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+2500%). The quarter ended with a net loss of $152.8M, wider than the previous quarter's $132.7M loss.
Operating cash flow was $156.6M (down 3% year over year). Non-cash charges added back $116.9M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $191.3M. After purchases of equipment and other fixed assets ($105.5M), free cash flow as the company reports it was $51.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $746M | +11% | -20.9% | −$153M | $157M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $740M | +13% | -18.6% | −$133M | $145M |
| Q1 2026 | 10-Q | May 5, 2026 | $820M | +5% | 0.7% | −$14.9M | $93.7M |
| Q4 2025 | 10-K | Feb 24, 2026 | $846M | -1% | -8.7% | −$102M | $183M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $820M | +2% | 7.5% | $24.5M | $161M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $800M | -0.7% | 9.9% | $14.7M | $162M |
| Q1 2025 | 10-Q | May 6, 2025 | $778M | -2% | 3.0% | −$6.1M | $95.5M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- Medicare & Medicaid — 26% of its revenue · Stated in 10-K (sentence) · source
About AdaptHealth
AdaptHealth Corp. and subsidiaries ("AdaptHealth" or "the Company") is a national leader in providing patient-centered, healthcare-at-home solutions including home medical equipment (“HME”), medical supplies, and related services. The Company operates under four reportable segments that align with its product categories: (i) Sleep Health, (ii) Respiratory Health, (iii) Diabetes Health, and (iv) Wellness at Home. A description of the products and services provided within each of the Company’s four reportable segments is provided below. The Sleep Health segment provides sleep therapy equipment, supplies and related services (including continuous positive airway pressure and BiLevel services) to individuals for the treatment of obstructive sleep apnea.
In its own words, from its 10-K, filed Feb 24, 2026.
AdaptHealth against its Services-Home Health Care Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +11%. Operating margin: -20.9% against the peers' median 10.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AHCO AdaptHealth | Q3 2026 | $746M | +11% | -20.9% |
| BTSG BrightSpring Health Services | Q3 2026 | $4.2B | +26% | 3.8% |
| OPCH Option Care Health | Q3 2026 | $1.5B | +4% | 6.0% |
| CHE Chemed | Q3 2026 | $691M | +11% | 14.0% |
| AVAH Aveanna Healthcare Holdings | Q2 2026 | $670M | +14% | 11.9% |
| ADUS Addus HomeCare | Q3 2026 | $388M | +7% | 10.3% |
Source: AdaptHealth 10-Q on SEC EDGAR · CIK 1725255 · Services-Home Health Care Services
Guidance and outlook
13F: who owns AHCO and who is buying
More on AHCO
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results