AdaptHealth Corp.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
AHCO$7.72+5.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows—For the years ended
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(66,038) | $94,780 | $(674,780) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Depreciation and amortization, including patient equipment depreciation | 381,927 | 365,334 | 382,783 |
| Goodwill impairment | 127,995 | 13,078 | 830,787 |
| Equity-based compensation | 21,876 | 14,880 | 22,468 |
| Change in fair value of warrant liability | — | (4,021) | (34,482) |
| Reduction in the carrying amount of operating lease right-of-use assets | 31,114 | 32,848 | 31,873 |
| Reduction in the carrying amount of finance lease right-of-use assets | 15,342 | 11,100 | 5,938 |
| Deferred income tax expense (benefit) | 47,163 | 32,049 | (62,595) |
| Change in fair value of interest rate swaps, net of reclassification adjustment | — | (367) | (1,801) |
| Amortization of deferred financing costs | 5,694 | 5,666 | 5,234 |
| Loss on extinguishment of debt | — | 2,273 | — |
| Payment of contingent consideration from an acquisition | — | (1,850) | — |
| Gain on sale of businesses | (32,602) | — | — |
| Other | 2,721 | 2,128 | 350 |
| Changes in operating assets and liabilities, net of effects from acquisitions: | |||
| Accounts receivable | 30,986 | (26,217) | (28,862) |
| Inventory | (11,491) | (28,065) | 15,531 |
| Prepaid and other assets | (61,071) | 27,325 | (20,305) |
| Operating lease obligations | (31,117) | (32,934) | (32,428) |
| Operating liabilities | 139,272 | 33,832 | 40,955 |
| Net cash provided by operating activities | 601,771 | 541,839 | 480,666 |
| Cash flows from investing activities: | |||
| Purchases of equipment and other fixed assets | (382,388) | (306,055) | (337,463) |
| Payments for business acquisitions, net of cash acquired | (42,378) | (9,536) | (19,687) |
| Proceeds from the sale of businesses, net of cash disposed | 120,420 | — | — |
| Proceeds from the sale of assets | — | 5,316 | — |
| Payments for cost method investments | — | — | (128) |
| Receipt of contingent consideration from the sale of assets | 1,156 | — | — |
| Net cash used in investing activities | (303,190) | (310,275) | (357,278) |
| Cash flows from financing activities: | |||
| Repayments on long-term debt and lines of credit | (250,000) | (423,477) | (95,000) |
| Proceeds from borrowings on lines of credit | — | 253,477 | 50,000 |
| Repayments of finance lease obligations | (18,478) | (9,865) | (6,769) |
| Payments for shares purchased under share repurchase program | — | — | (29,275) |
| Proceeds from the exercise of stock options | — | 742 | 587 |
| Proceeds received in connection with employee stock purchase plan | 1,211 | 999 | 2,031 |
| Payments relating to the Tax Receivable Agreement | (25,045) | (1,432) | (3,224) |
| Payments of debt financing costs | — | (6,429) | — |
| Distributions to noncontrolling interests | (6,967) | (5,600) | (2,500) |
| Payments for tax withholdings from vesting of restricted stock units | (2,701) | (2,066) | (5,843) |
| Payments of contingent consideration and deferred purchase price from acquisitions | (212) | (5,298) | (2,535) |
| Net cash used in financing activities | (302,192) | (198,949) | (92,528) |
| Net (decrease) increase in cash | (3,611) | 32,615 | 30,860 |
| Cash at beginning of period | 109,747 | 77,132 | 46,272 |
| Cash at end of period | $106,136 | $109,747 | $77,132 |
| Supplemental disclosures: | |||
| Cash paid for interest | $101,243 | $122,072 | $126,228 |
| Cash paid for income taxes, net of refunds | 24,283 | 14,139 | 14,756 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Noncash investing and financing activities: | |||
| Unpaid equipment and other fixed asset purchases at end of period | $65,892 | $56,123 | $35,867 |
| Assets subject to operating lease obligations | 37,872 | 35,871 | 22,000 |
| Operating lease obligations | (37,872) | (35,871) | (22,000) |
| Write-off of assets subject to operating lease obligations | (2,605) | (6,653) | (14,675) |
| Write-off of operating lease obligations | 2,605 | 6,653 | 14,675 |
| Assets subject to finance lease obligations | 31,392 | 17,871 | 32,101 |
| Finance lease obligations | (31,392) | (17,871) | (32,101) |
| Write-off of assets subject to finance lease obligations | (1,552) | (513) | — |
| Write-off of finance lease obligations | 1,552 | 513 | — |
| Deferred purchase price in connection with acquisitions | 355 | — | 137 |
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