AdaptHealth (AHCO) Q2 2026 earnings summary

Executive summary

• Achieved up to 16% organic revenue growth year-over-year, with record volume gains and strong performance in Sleep Health and Respiratory Health segments, driven by new and expanded capitated contracts.

• Q2 2026 net revenue was $740.3 million, up as much as 15.9% year-over-year, but a $144.2 million non-cash goodwill impairment led to a net loss of up to $145.3 million.

• Adjusted EBITDA for Q2 2026 was $132.0 million (17.8% margin), down from $136.4 million last year, reflecting higher costs and contract inefficiencies.

• Divested Diabetes Health business for $235 million, with proceeds prioritized for debt reduction and results now reported as discontinued operations.

• Workforce restructuring delivered up to $26.8 million in annualized savings.

Financial highlights

• Q2 2026 net revenue: $740.3 million, up as much as 15.9% year-over-year.

• Adjusted EBITDA: $132.0 million (17.8% margin), down from $136.4 million (20.8%) in Q2 2025.

• Net loss attributable to the company: up to $145.3 million, mainly due to $144.2 million goodwill impairment.

• Free cash flow for Q2 2026 ranged from negative $48.4 million to negative $20.9 million, impacted by capital expenditures.

• Basic and diluted net loss per share from continuing operations was $(1.07) for the quarter.

Outlook and guidance

• Full-year 2026 net revenue guidance is $2.85–$2.89 billion, up $15 million from prior guidance, excluding $630 million from Diabetes Health.

• Full-year Adjusted EBITDA guidance is $490–$520 million, revised down from $680–$730 million due to divestiture, contract, and supplier impacts.

• Free cash flow guidance for 2026: $80–$120 million.

• Guidance revision includes $100 million impact from discontinued operations, $55 million from West Coast contract, $30 million from manufacturer price increase, and $15 million from other actions.

• Management expects annualized savings of up to $26.8 million from restructuring and believes liquidity is sufficient for at least the next twelve months.