The revenue beat and raised guidance are positive, but the GAAP EPS miss, declining Adjusted EBITDA, deeply negative FCF, and COO departure create a mixed picture. Watch the Q2 2026 call for evidence that the $12M in elevated labor costs normalize and that the new capitated contract drives margin recovery. The $1.1B refinancing reduces near-term debt risk.
Price Chart
Executive Summary
AdaptHealth reported Q1 2026 revenue of $819.8M (+5.4% YoY), beating the $796.6M consensus, but GAAP EPS was -$0.12, a miss vs the $0.01 consensus. Adjusted EBITDA declined 5.3% to $121.2M and free cash flow was deeply negative at -$27.5M. Revenue guidance was raised by $10M to $3.45B-$3.52B, but EBITDA and FCF guidance were maintained. The COO was terminated and replaced internally. The combination of a GAAP EPS miss, declining profitability, negative FCF, and a C-suite departure tempers the positive revenue beat and guidance raise.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $819.8M, +5.4% YoY from $777.9M, above $796.6M consensus
- GAAP diluted EPS -$0.12 vs consensus $0.01 — a significant miss
- Net loss attributable to AdaptHealth widened to -$16.0M from -$7.2M YoY
- Adjusted EBITDA fell 5.3% to $121.2M from $127.9M; margin contracted to 14.8% from 16.4%
- Free cash flow was -$27.5M vs -$0.1M YoY, driven by $121.2M in capex
- FY 2026 revenue guidance raised by $10M to $3.45B-$3.52B; EBITDA and FCF guidance maintained
- COO Toby Scott Barnhart terminated May 4, 2026; replaced by Daniel McFadden (internal)
- Completed $1.1B refinancing of senior secured credit facility in April 2026
- Organic revenue growth of 9.1%, with growth across all four segments
- Cash balance fell to $48.0M from $106.1M at year-end 2025
Financial Impact
Revenue beat of ~$23M vs consensus but GAAP EPS miss of -$0.13; Adjusted EBITDA down $6.7M YoY; FCF swing of -$27.4M
Risk Factors
- GAAP profitability continues to deteriorate — net loss widened 123% YoY
- Free cash flow deeply negative at -$27.5M, requiring debt or equity to fund capex
- COO termination could signal operational execution challenges with the new capitated contract
- Cash balance halved to $48M, reducing financial flexibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030120 |
| Document: ahco-20260505.htm | 0001628280-26-030120 |
| Document: 0001628280-26-030120-index-headers.html | 0001628280-26-030120 |
| Document: 0001628280-26-030120-index.html | 0001628280-26-030120 |
| Document: 0001628280-26-030120.txt | 0001628280-26-030120 |
| 8-K Data (Synthetic) | 0001628280-26-030120 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 15, 2026 6w ago | Institutional Cluster | $5.81 $5.82 | ▼ −0.17% | ▼ −2.15% | $5.60 (+3.61%) |
Aug 14, 2026 7w ago | Insider Cluster | $5.81 $5.88 | ▲ +1.20% | ▲ +3.20% | $5.60 (−3.61%) |
Aug 11, 2026 7w ago | Insider Cluster | $5.65 $5.70 | ▲ +0.89% | ▲ +1.94% | $5.60 (−0.88%) |
Jul 2, 2026 13w ago | 8-K | $10.76 $10.68 | ▲ +0.74% | ▲ +0.33% | $5.60 (+47.96%) |
Jun 26, 2026 14w ago | 3 | $10.21 $10.76 | ▲ +5.39% | ▲ +5.67% | $5.60 (−45.15%) |
May 5, 2026 21w ago | 8-K | $11.75 $9.65 | ▼ −17.87% | ▼ −22.83% | $5.60 (−52.34%) |
Apr 13, 2026 24w ago | 8-K | $12.32 $11.24 | ▼ −8.77% | ▼ −16.49% | $5.60 (−54.55%) |
Mar 12, 2026 29w ago | Insider Cluster | $13.08 $10.35 | ▼ −20.87% | ▼ −26.92% | $5.60 (−57.19%) |
Feb 26, 2026 31w ago | Insider Cluster | $9.08 $11.41 | ▲ +25.66% | ▲ +32.06% | $5.60 (−38.33%) |
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