AdaptHealth Corp. reported third‑quarter 2025 results with net revenue of $820.3 million, a 1.8% year‑over‑year increase from $805.9 million in Q3 2024. Operating income was $61.7 million, slightly below the $63.5 million reported for the same period last year.
Net income attributable to AdaptHealth was $24.5 million, up 7.0% from $22.9 million in Q3 2024. Basic earnings per share were $0.16, matching the GAAP EPS reported for the quarter.
Adjusted EBITDA reached $170.1 million, an increase of 3.5% from $164.3 million in Q3 2024, and represented a margin of 20.7%. The company’s Sleep Health and Respiratory Health segments contributed to the revenue growth, while the Diabetes Health segment saw a modest decline.
AdaptHealth reaffirmed its fiscal 2025 guidance, maintaining net revenue expectations of $3.18 billion to $3.26 billion and adjusted EBITDA guidance of $642 million to $682 million. The company also highlighted continued debt reduction, with a year‑to‑date decrease of $225 million and a current net leverage ratio of 2.68x, close to its target of 2.50x.
Digital engagement metrics improved sharply, with registered myApp users rising to 271,000 in Q3 2025 from 118,000 in Q3 2024, reflecting the success of the company’s digital patient‑engagement strategy. The company’s “One Adapt” initiative continues to drive operational efficiencies and enhance the patient experience.
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