AHCO Nasdaq Earnings call
AdaptHealth Corp. (AHCO) · Q2 2026 results and valuation
Share price: $7.80 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 4 Aug 2026 and 5 May 2026
Net loss widened on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2026
Outlook given
Net income -133.9M vs -14.9M
Revenue −9.7%
2 · How management spoke
Restrained
Less upbeat than 72% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
AHCO's myAPP user base climbed 56% to 512,000, reflecting rapid adoption driven by the app's features and ease of use.
Valuation
Is AdaptHealth Corp. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 3.0% growth a year (3-year revenue growth), the model's fair value is $8.94 a share — the stock trades 13% below it. Today's price assumes 2.3% growth a year.
Current price
$7.80
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+2.3% for 10 yrs
Fair value / share
$8.94
Buy below
$6.71
Price vs fair value
Undervalued 13%
Price vs buy-below price
Overvalued 16%
Read between the lines
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Guidance
AHCO updated guidance to expect roughly half of that stranded cost to be removed within 12 months of closing the deal, which should lower expenses.
Source quote
“We expect roughly half of that stranded cost to be removed within 12 months of closing the deal.”
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Guidance
AHCO signed an agreement to sell its Diabetes Health business for $235 million to improve its growth rate and enhance its margin.
Source quote
“We signed a definitive agreement to sell our Diabetes Health business for $235 million, a move that we expect will ultimately improve our growth rate, enhance our margin...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Our growth strategy is focused on improving our service levels in our core business, expanding our capitated relationships where it makes sense and growing the number of large health systems...”
“First, we delivered 16% organic growth with record volumes gains across the business.”
“Ultimately, these growing pains will make us a stronger, more efficient company.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 740.3M | 819.8M | −9.7% | 657.1M | +12.7% |
| Gross profit | 104.2M | 111.5M | −6.5% | 135.8M | −23.3% |
| Operating income | -137.8M | 5.5M | Turned loss | 65.7M | Turned loss |
| Net income | -133.9M | -14.9M | Loss widened | 14.7M | Turned loss |
| EPS | -0.99 | -0.12 | Loss widened | 0.10 | Turned loss |
| P/E | 12-mo loss | 12-mo loss | — | 17.5 | — |
Topics
Most discussed now
- New AdaptHealth saw an incredible spike happen once it sent that letter.
- New The reason for that is AdaptHealth has already started shutting down certain sales channels that produce new patient volumes and...
- New Cash flow from ops should follow a pretty similar shape as what you've seen in the past from us.
- Sleep Health net revenue was $386.5 million, up 15.5% versus the prior year.
- Total capitated revenue grew to $103.3 million in the quarter and now represents approximately 14% of AdaptHealth's continued operations…
Faded since Q1 2026
- Dropped Firstly, AdaptHealth will have an entire quarter of revenue from the new capitated arrangement, very different from Q1, where it...
- Fading AdaptHealth had planned to work through this transition over the first a result of completing this transition on a more...
- Fading As AdaptHealth considers new capitated agreements, it is looking at where do it has locations or can it buys locations to...
- Fading At negative $27.5 million, AdaptHealth was pleased with the cash flow performance despite the additional cost on the P&L.
Latest announcements
Official filings, newest first.
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- 1.05 · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Director or officer change · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation; Regulation FD disclosure · SEC 8-K