Filing Flows › AdaptHealth (AHCO) › Q4 2025
AdaptHealth (AHCO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
AdaptHealth (AHCO) reported revenue of $846M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +3% from the quarter before. Operating margin was -8.7%, net loss $102M (12.0% of revenue).
AdaptHealth, Q4 2025: revenue $846M (-1% year over year), operating margin -8.7%, net loss $102M, operating cash flow $183M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $846M | +3% | -1% |
| Operating profit | −$73.3M | -219% | — |
| Net earnings | −$102M | -514% | — |
| Operating cash flow | $183M | +14% | +22% |
| Free cash flow | $79.3M | — | +8% |
What changed
Revenue was $846.3M in Q4 2025, down 1% year over year and up 3% from the previous quarter. Sleep Health was the largest line at 44% of revenue.
Operating costs exceeded revenue by $73.3M, an operating margin of -8.7%. Total costs grew 21% against a revenue fall of 1%. The fastest-growing cost line was Other operating costs (+1093%). The quarter ended with a net loss of $101.5M, after a profit of $25.8M the previous quarter.
Operating cash flow was $183.2M (up 22% year over year). Non-cash charges added back $97.5M of depreciation and amortization and $5.1M of share-based compensation. Working capital and other items added $182.1M. After purchases of equipment and other fixed assets ($103.9M), free cash flow as the company reports it was $79.3M.
Questions
What was AdaptHealth's revenue in the fourth quarter 2025?
AdaptHealth (AHCO) reported revenue of $846M for the fourth quarter 2025 (Q4 2025), -1% from a year earlier and +3% from the quarter before.
Was AdaptHealth profitable in the fourth quarter 2025?
Operating loss was $73.3M (-8.7% of revenue) and net loss $102M.
Source: AdaptHealth 10-K on SEC EDGAR.