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AdaptHealth cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$51.1M in Q3 2026 · $81.9M over twelve months

Operating cash flow$157M
Capital spending−$106M
Free cash flow+$51.1M
Cash conversion cycle4 days

Analysis

In Q3 2026, AdaptHealth generated $157M of operating cash flow and spent $106M on capital projects, leaving free cash flow of $51.1M. That is $15.8M less than in Q3 2025 ($66.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was $579M; the largest uses were capital spending ($497M), acquisitions ($151M), other financing ($31.2M); besides operations, cash came from net borrowing (+) / repaid (−) ($101M), asset & business sales ($11.0M); the cash balance rose by $330K.

Operating cash flow was $157M against net income of −$153M. The largest differences: impairments +$185M, depreciation & amortization +$117M, payables +$27.4M.

Its cash conversion cycle was 4 days (receivables 49 + inventory 16 − payables 61).

Free cash flow

AdaptHealth: free cash flow by quarterAdaptHealth: free cash flow by quarter$73.1MQ4 2024−$58KQ1 2025$73.3MQ2 2025$66.8MQ3 2025$79.3MQ4 2025−$27.5MQ1 2026−$20.9MQ2 2026$51.1MQ3 2026
Operating cash flow less capital spending.
AdaptHealth: operating cash flow against capital spendingAdaptHealth: operating cash flow against capital spendingOperating cash flowCapital spending$150M$77.3MQ4 2024$95.5M$95.6MQ1 2025$162M$88.7MQ2 2025$161M$94.2MQ3 2025$183M$104MQ4 2025$93.7M$121MQ1 2026$145M$166MQ2 2026$157M$106MQ3 2026
Latest (Q3 2026): Operating cash flow $157M, Capital spending $106M.

Capital allocation, year by year

AdaptHealth: where the cash came from (up) and went (down), by fiscal yearAdaptHealth: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $276MFY2021: Net borrowing $1.4BFY2021: Shares issued $291MFY2021: Capital spending −$203MFY2021: Acquisitions −$1.6B$2.0BFY2021FY2022: Operating cash flow $374MFY2022: Net borrowing −$36.2MFY2022: Shares issued $2.5MFY2022: Capital spending −$391MFY2022: Acquisitions −$19.0MFY2022: Buybacks −$14.0M$376MFY2022FY2023: Operating cash flow $481MFY2023: Net borrowing −$51.8MFY2023: Shares issued $587KFY2023: Capital spending −$337MFY2023: Acquisitions −$19.7MFY2023: Buybacks −$29.3M$481MFY2023FY2024: Operating cash flow $542MFY2024: Net borrowing −$180MFY2024: Shares issued $742KFY2024: Asset sales $5.3MFY2024: Capital spending −$306MFY2024: Acquisitions −$9.5M$548MFY2024FY2025: Operating cash flow $602MFY2025: Net borrowing −$268MFY2025: Asset sales $120MFY2025: Capital spending −$382MFY2025: Acquisitions −$42.4M$722MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were acquisitions ($1.7B) and capital spending ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$48.0M
Debt$1.9B
Net debt$1.8B
Due within a year$20.3M

AdaptHealth funds itself: free cash flow was $81.9M over the last twelve months, and $48.0M of cash and investments stands against $1.9B of debt ($20.3M due within a year, 2.4× covered by cash).

AdaptHealth: debt maturities by year (FY2025)AdaptHealth: debt maturities by year (FY2025)$20.3MYear 1$32.5MYear 2$368MYear 3$730MYear 4$600MYear 5
Principal due in each year as disclosed in the annual report, against $48.0M of cash and investments now.

Where the cash came from and went

AdaptHealth: sources (+) and uses (−) of cash, Q3 2026AdaptHealth: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$157MCapital spending−$106MCash drawn (+) / kept (−)−$37.4MNet borrowing (+) / repaid (−)−$9.8MOther investing−$2.0MPartners−$1.5MTaxes on employees’ shares−$337KOther financing−$19K
AdaptHealth: sources (+) and uses (−) of cash, TTM to Q3 2026AdaptHealth: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$579MCapital spending−$497MAcquisitions−$151MNet borrowing (+) / repaid (−)$101MOther financing−$31.2MAsset & business sales$11.0MPartners−$5.4MTaxes on employees’ shares−$3.5MOther investing−$2.0MCash drawn (+) / kept (−)−$330K

From profit to cash

AdaptHealth: net income to operating cash flow, Q3 2026AdaptHealth: net income to operating cash flow, Q3 2026Net income−$153MDepreciation & amortization$117MStock-based pay$1.2MDeferred taxes−$12.3MImpairments$185MReceivables−$5.5MInventory−$17.0MPayables$27.4MPrepaid and other assets$16.7MOperating cash flow$157M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264916614
Q2 20264819598
Q1 20264217509
Q4 20252712318
Q3 202553265920
Q2 202556245525
Q1 202548183927
Q4 202443193824

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$157M−$106M—−$9.8M−$37.4M$51.1M
Q2 2026$145M−$166M−$42.7M$59.0M$4.7M−$20.9M
Q1 2026$93.7M−$121M−$84.7M$82.8M$58.2M−$27.5M
Q4 2025$183M−$104M−$23.8M−$31.3M−$25.8M$79.3M
Q3 2025$161M−$94.2M—−$53.8M−$11.7M$66.8M
Q2 2025$162M−$88.7M−$18.6M−$155M−$15.0M$73.3M
Q1 2025$95.5M−$95.6M—−$28.2M$56.1M−$58K
Q4 2024$150M−$77.3M−$9.5M−$51.6M−$9.6M$73.1M

AdaptHealth: income statement and cash flow

AdaptHealth, Q3 2026: revenue $746M (+11% year over year), operating margin -20.9%. The chart follows the revenue to costs, profit and cash.

AdaptHealth: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.