AdaptHealth Corp.

AdaptHealth Corp. is a national provider of home medical equipment (HME), medical supplies, and related services in the United States. The company offers products designed to help patients manage chronic conditions at home, including sleep therapy equipment, diabetes management supplies, and respiratory therapy devices. It primarily serves beneficiaries of Medicare, Medicaid, and commercial insurance payors.

Financials

Earnings Transcripts

Leadership & board

Acquisitions

There were no purchases of equity securities by AdaptHealth or any affiliated purchaser during the quarter ended December 31, 2025 (Item 5, Issuer Purchases of Equity Securities). No board-authorized repurchase program was in effect as of the FY2025 10-K; the filing notes only that if the board authorizes a program, shares may be repurchased from time to time under Exchange Act Rule 10b-18. The company's most recent share repurchases occurred in 2023, when financing activities included $29.3 million of common-stock purchases under a share repurchase program.

AdaptHealth's revenue is concentrated in government healthcare reimbursement programs: it derived approximately 26% of net revenue from government programs (including Medicare and Medicaid) in both 2025 and 2024 and 27% in 2023, with each reportable segment selling to these programs. By payor type, FY2025 net revenue of $3.24 billion was split into Insurance ($1.96B), Government ($853.0M), and Patient pay ($428.7M). Fixed-monthly-fee (capitated designation) HME products accounted for ~33% of net revenue and at-risk PMPM capitation arrangements ~4.0%. The company states concentration of credit risk with other (non-government) payors is limited given the large number and geographic diversity of payors; as of Dec 31, 2025 ~14% of net accounts receivable were from patients under co-pay or private-plan arrangements.

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