Filing Flows › AdaptHealth (AHCO) › Q2 2025
AdaptHealth (AHCO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
AdaptHealth (AHCO) reported revenue of $800M for the second quarter 2025 (Q2 2025), -0.7% from a year earlier and +3% from the quarter before. Operating margin was 9.9%, net earnings $14.7M (1.8% of revenue).
AdaptHealth, Q2 2025: revenue $800M (-0.7% year over year), operating margin 9.9%, net earnings $14.7M, operating cash flow $162M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $800M | +3% | -0.7% |
| Operating profit | $79.3M | +242% | +52% |
| Net earnings | $14.7M | — | -24% |
| Operating cash flow | $162M | +70% | -18% |
| Free cash flow | $73.3M | — | -37% |
What changed
Revenue was $800.4M in Q2 2025, down 1% year over year and up 3% from the previous quarter.
Operating profit was $79.3M, a 9.9% margin (up 3.4 points year over year). Total costs fell 4% while revenue fell 1%. Net earnings were $14.7M, down 24% year over year. The effective tax rate was 69.4%.
Operating cash flow was $162.0M (down 18% year over year), 1023% of net income including minority interests. Non-cash charges added back $92.4M of depreciation and amortization and $6.1M of share-based compensation. Working capital and other items added $47.7M. After purchases of equipment and other fixed assets ($88.7M), free cash flow as the company reports it was $73.3M.
Questions
What was AdaptHealth's revenue in the second quarter 2025?
AdaptHealth (AHCO) reported revenue of $800M for the second quarter 2025 (Q2 2025), -0.7% from a year earlier and +3% from the quarter before.
Was AdaptHealth profitable in the second quarter 2025?
Operating profit was $79.3M (9.9% of revenue) and net earnings $14.7M.
Source: AdaptHealth 10-Q on SEC EDGAR.