Filing Flows › AdaptHealth (AHCO) › Q3 2025
AdaptHealth (AHCO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
AdaptHealth (AHCO) reported revenue of $820M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +2% from the quarter before. Operating margin was 7.5%, net earnings $24.5M (3.0% of revenue).
AdaptHealth, Q3 2025: revenue $820M (+2% year over year), operating margin 7.5%, net earnings $24.5M, operating cash flow $161M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $820M | +2% | +2% |
| Operating profit | $61.7M | -22% | -3% |
| Net earnings | $24.5M | +67% | +7% |
| Operating cash flow | $161M | -0.6% | +12% |
| Free cash flow | $66.8M | — | -21% |
What changed
Revenue was $820.3M in Q3 2025, up 2% year over year and up 2% from the previous quarter. Sleep Health was the largest line at 43% of revenue. Sleep Health added $19.0M year over year (up 6%), 132% of the total change. Wellness at Home declined 16%.
Operating profit was $61.7M, a 7.5% margin (down 0.4 points year over year). Operating profit fell $1.8M even though revenue rose $14.5M versus a year earlier, so costs grew faster than sales. Total costs grew 2% against revenue growth of 2%. Net earnings were $24.5M, up 7% year over year. The effective tax rate was 29.2%.
Operating cash flow was $161.1M (up 12% year over year), 625% of net income including minority interests. Non-cash charges added back $97.7M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $32.3M. After purchases of equipment and other fixed assets ($94.2M), free cash flow as the company reports it was $66.8M.
Questions
What was AdaptHealth's revenue in the third quarter 2025?
AdaptHealth (AHCO) reported revenue of $820M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +2% from the quarter before.
Was AdaptHealth profitable in the third quarter 2025?
Operating profit was $61.7M (7.5% of revenue) and net earnings $24.5M.
Source: AdaptHealth 10-Q on SEC EDGAR.