Insurance was AdaptHealth’s largest revenue line in fiscal 2025, bringing in $1.96B of $3.24B (61%).
| Customer | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Insurance | $1.81B | $1.93B | $2.00B | $1.96B | ||||
| Insurance Payor | — | — | — | — | ||||
| Government | $781.98M | $852.79M | $842.55M | $852.99M | ||||
| Government Payor | — | — | — | — | ||||
| Patient Pay | $379.99M | $413.95M | $419.70M | $428.68M | ||||
| Patient Payor | — | — | — | — | ||||
| Total | $2.97B | $3.20B | $3.26B | $3.24B |
AdaptHealth brought in $3.24B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 0.5% from $3.26B in fiscal 2024. Insurance was the largest at $1.96B (60.5%), ahead of Government at $852.99M (26.3%) and Patient Pay at $428.68M (13.2%).
Compared with fiscal 2024, Patient Pay grew fastest, up 2.1% to $428.68M, while Insurance fell the most, down 1.8% to $1.96B. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $2.97B to $3.24B, a compound annual growth rate of 3.0%. Insurance's share held steady at about 60.5%.
Sleep Health was AdaptHealth’s largest segment in fiscal 2025, bringing in $1.38B of $3.24B (42%).
| Segment | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Sleep Health | $1.10B | $1.29B | $1.35B | $1.38B |
| Diabetes Health | $687.09M | $660.04M | $614.41M | $592.41M |
| Respiratory Health | $554.14M | $614.56M | $651.15M | $691.16M |
| Wellness At Home | $625.59M | $633.86M | $646.20M | $583.14M |
| Total | $2.97B | $3.20B | $3.26B | $3.24B |
AdaptHealth brought in $3.24B from its four segments in fiscal 2025, the year ended December 31, 2025. That was down 0.5% from $3.26B in fiscal 2024. Sleep Health was the largest at $1.38B (42.5%), ahead of Respiratory Health at $691.16M (21.3%) and Diabetes Health at $592.41M (18.3%). The remaining segment, Wellness At Home, brought in $583.14M.
Compared with fiscal 2024, Respiratory Health grew fastest, up 6.1% to $691.16M, while Wellness At Home fell the most, down 9.8% to $583.14M. From fiscal 2022 to 2025, combined revenue from these segments grew from $2.97B to $3.24B, a compound annual growth rate of 3.0%. Sleep Health's share of the total rose from 37.2% to 42.5%.
Transferred At Point In Time was AdaptHealth’s largest revenue line in fiscal 2025, bringing in $2.03B of $3.24B (63%).
| Timing of Transfer of Good or Service | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Transferred At Point In Time | $2.02B | $2.13B | $2.09B | $2.03B | ||||
| Transferred Over Time, Non-Capitated Arrangement | $954.92M | $1.07B | $1.04B | $1.09B | ||||
| Transferred Over Time | — | — | — | — | ||||
| Transferred Over Time, Capitated Arrangement | — | — | $130.15M | $127.70M | ||||
| Total | $2.97B | $3.20B | $3.26B | $3.24B |
AdaptHealth brought in $3.24B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 0.5% from $3.26B in fiscal 2024. Transferred At Point In Time was the largest at $2.03B (62.6%), ahead of Transferred Over Time, Non-Capitated Arrangement at $1.09B (33.5%) and Transferred Over Time, Capitated Arrangement at $127.70M (3.9%).
Compared with fiscal 2024, Transferred Over Time, Non-Capitated Arrangement grew fastest, up 4.4% to $1.09B, while Transferred At Point In Time fell the most, down 2.9% to $2.03B.
AdaptHealth began breaking out Transferred Over Time, Capitated Arrangement in fiscal 2024, when it brought in $130.15M.
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 $1.96B (60.5% of the total), followed by Government at $852.99M (26.3%).
Insurance was AdaptHealth's largest revenue line in fiscal 2025, bringing in $1.96B, or 60.5% of the $3.24B total across its three revenue lines.
Sleep Health was AdaptHealth's largest segment in fiscal 2025, bringing in $1.38B, or 42.5% of the $3.24B total across its four 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 $419.70M to $428.68M.
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.