AdaptHealth Reports $740.3M Revenue with Net Loss of $133.9M in Q2 2026

AdaptHealth Corp. reported a net revenue of $740.3 million for the three months ended June 30, 2026, marking a 12.7% increase from $657.1 million in the same period last year. For the first half of 2026, the company achieved total revenue of $1.42 billion, up 9.1% from $1.30 billion in the first half of 2025. However, the company also faced significant challenges, including a goodwill impairment charge of $144.2 million, which contributed to a net loss of $133.9 million for the second quarter, compared to a net income of $14.7 million in the prior year. The loss attributable to AdaptHealth Corp. for the first half of 2026 was $150 million, compared to a profit of $7.5 million in the same period of 2025.

The increase in revenue was driven primarily by the Sleep Health segment, which saw a 15.5% rise in net revenue to $386.5 million, attributed to a new capitated revenue contract and higher patient census for sleep therapy products. The Respiratory Health segment also experienced growth, with a 14.1% increase in revenue to $194.4 million, while the Wellness at Home segment reported a modest 4.9% increase to $159.4 million. Despite these gains, the overall profitability was impacted by rising costs, including a 22% increase in the cost of net revenue, which totaled $636.1 million for the quarter.

AdaptHealth's operational metrics showed a customer base servicing approximately 4.8 million patients annually across 670 locations in 48 states. The company is currently in the process of divesting its Diabetes Health business, with a definitive agreement to sell for $235 million, expected to close in early 2027. This divestiture is part of a strategic shift to focus on its core segments. The company also initiated a restructuring plan in June 2026, aimed at reducing costs and streamlining operations, which included headcount reductions and is projected to yield annual savings of approximately $26.8 million.

In terms of financial health, AdaptHealth's cash position decreased to $43.3 million as of June 30, 2026, down from $106.1 million at the end of 2025. The company reported negative working capital of $79.3 million, reflecting challenges in managing its current liabilities against its current assets. The company’s debt profile includes a new credit agreement established in April 2026, which consists of a $325 million term loan and a $450 million revolving credit facility. The company is currently in compliance with its financial covenants under this agreement.

Looking ahead, AdaptHealth anticipates continued revenue growth driven by its core segments, although it acknowledges the potential impact of inflation on operational costs and patient demand. The company is focused on enhancing operational efficiencies and managing its capital expenditures to support its growth strategy while navigating the complexities of the healthcare market.