AdaptHealth Corp. reported its financial results for the third quarter of 2025, revealing a net revenue of $820.3 million, a 1.8% increase from $805.9 million in the same period last year. The company’s net income for the quarter was $25.8 million, up 7.5% from $24.0 million in Q3 2024. For the nine months ending September 30, 2025, total revenue was $2.4 billion, slightly down from $2.4 billion in the prior year, with net income decreasing to $36.0 million from $43.4 million.
The company experienced notable changes in its operational segments. The Sleep Health segment saw a revenue increase of 5.7% to $354.8 million, driven by higher sales of CPAP resupply products. Conversely, the Wellness at Home segment reported a significant decline of 16.0% in revenue, totaling $138.4 million, primarily due to the divestiture of two businesses earlier in the year. The Diabetes Health segment also faced a revenue decrease of 2.1%, attributed to a shift in payor mix from commercial insurance to government payors.
AdaptHealth's strategic developments included the acquisition of assets from two home medical equipment providers, which contributed to a goodwill increase of $15.7 million. The company also completed the sale of two businesses within its Wellness at Home segment, generating a pre-tax gain of $32.2 million. These acquisitions and divestitures reflect AdaptHealth's ongoing strategy to optimize its service offerings and streamline operations.
Operationally, AdaptHealth serviced approximately 4.3 million patients across 640 locations in 47 states as of September 30, 2025. The company reported a total employee headcount of 5,500, reflecting its commitment to expanding its workforce to meet growing demand. The company’s cash position decreased to $80.4 million from $109.7 million at the end of 2024, while total liabilities decreased to $2.8 billion from $2.9 billion.
Looking ahead, AdaptHealth anticipates continued growth in its Sleep and Respiratory Health segments, driven by increased patient census and demand for home medical equipment. However, the company remains cautious about potential impacts from inflation and market conditions on its operational costs and revenue generation. The management is focused on enhancing operational efficiencies and maintaining compliance with financial covenants under its credit agreements, ensuring sufficient liquidity to support its growth initiatives.
About AdaptHealth Corp.
AdaptHealth Corp. provides patient-centered healthcare-at-home solutions across four segments: Sleep Health, Respiratory Health, Diabetes Health, and Wellness at Home. It supplies home medical equipment, devices, and related services to patients nationwide, primarily serving Medicare, Medicaid, and commercial insurance beneficiaries. AdaptHealth’s integrated technology platform and extensive referral network support efficient delivery and compliance, positioning it competitively in the fragmented home medical equipment market.
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