Insurance was AdaptHealth’s largest revenue line in fiscal 2025, bringing in $3.93B of $6.49B (61%).
| Customer | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Insurance | $3.62B | $3.87B | $4.00B | $3.93B | ||||
| Insurance Payor | — | — | — | — | ||||
| Government | $1.56B | $1.71B | $1.69B | $1.71B | ||||
| Government Payor | — | — | — | — | ||||
| Patient Pay | $759.97M | $827.90M | $839.40M | $857.36M | ||||
| Patient Payor | — | — | — | — | ||||
| Total | $5.94B | $6.40B | $6.52B | $6.49B |
AdaptHealth brought in $6.49B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 0.5% from $6.52B in fiscal 2024. Insurance was the largest at $3.93B (60.5%), ahead of Government at $1.71B (26.3%) and Patient Pay at $857.36M (13.2%).
Compared with fiscal 2024, Patient Pay grew fastest, up 2.1% to $857.36M, while Insurance fell the most, down 1.8% to $3.93B. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $5.94B to $6.49B, a compound annual growth rate of 3.0%. Insurance's share held steady at about 60.5%.
Transferred At Point In Time was AdaptHealth’s largest segment in fiscal 2025, bringing in $2.08B of $3.40B (61%).
| Segment | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Transferred At Point In Time | $1.66B | $1.89B | $1.98B | $2.08B | ||||
| Transferred Over Time, Non-Capitated Arrangement | $1.04B | $1.14B | $1.12B | $1.20B | ||||
| Transferred Over Time | — | — | — | — | ||||
| Transferred Over Time, Capitated Arrangement | — | — | $119.87M | $112.32M | ||||
| Total | $2.70B | $3.03B | $3.22B | $3.40B |
AdaptHealth brought in $3.40B from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $6.49B it reports by customer, so these segments do not cover all of its revenue. Transferred At Point In Time was the largest at $2.08B (61.3%), ahead of Transferred Over Time, Non-Capitated Arrangement at $1.20B (35.4%) and Transferred Over Time, Capitated Arrangement at $112.32M (3.3%).
Compared with fiscal 2024, Transferred Over Time, Non-Capitated Arrangement grew fastest, up 7.7% to $1.20B, while Transferred Over Time, Capitated Arrangement fell the most, down 6.3% to $112.32M.
AdaptHealth began breaking out Transferred Over Time, Capitated Arrangement in fiscal 2024, when it brought in $119.87M.
Respiratory was AdaptHealth’s largest revenue line in fiscal 2019, bringing in $337.23M of $930.74M (36%).
| Timing of Transfer of Good or Service | FY 2018 | FY 2019 |
|---|---|---|
| Respiratory | $132.68M | $337.23M |
| Sleep | $247.17M | $161.69M |
| Hme | $73.45M | $256.85M |
| Health Care, Other | — | $159.45M |
| Other | $49.30M | — |
| Supplies To The Home | — | $15.52M |
| Total | $502.60M | $930.74M |
AdaptHealth brought in $930.74M from its five revenue lines in fiscal 2019, the year ended December 31, 2019. AdaptHealth regrouped these revenue lines after fiscal 2018, so the total does not compare directly with that year's $502.60M. Respiratory was the largest at $337.23M (36.2%), ahead of Hme at $256.85M (27.6%) and Sleep at $161.69M (17.4%). The other two revenue lines brought in $174.97M combined.
Compared with fiscal 2018, Hme grew fastest, up 249.7% to $256.85M, while Sleep fell the most, down 34.6% to $161.69M.
AdaptHealth began breaking out Health Care, Other in fiscal 2019 and Supplies To The Home in fiscal 2019. AdaptHealth stopped reporting Other as a separate revenue line after fiscal 2018, when it brought in $49.30M.
AdaptHealth (AHCO) reports its revenue by customer, by segment and by timing of transfer of good or service. In fiscal 2025, Insurance was its largest revenue line, bringing in $3.93B (60.5% of the total), followed by Government at $1.71B (26.3%).
Insurance was AdaptHealth's largest revenue line in fiscal 2025, bringing in $3.93B, or 60.5% of the $6.49B total across its three revenue lines.
Transferred At Point In Time was AdaptHealth's largest segment in fiscal 2025, bringing in $2.08B, or 61.3% of the $3.40B total across its three segments.
Among AdaptHealth's revenue lines that make up at least 2% of revenue, Patient Pay grew fastest in fiscal 2025, up 2.1% from $839.40M to $857.36M.
Every figure comes from AdaptHealth's annual financial filings, as reported. Each line keeps the name AdaptHealth gives it, and years follow its fiscal calendar.
AdaptHealth's revenue by customer goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.