Addus HomeCare Corp【ADUS】株式ニュース

Addus HomeCare Announces First Quarter 2026 Financial ResultsMay 4, 2026 4:05 PM
Business Wire Acquires Personal Care Operations in State of Indiana with Plans for Further Expansion Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the first quarter ended March 31, 2026. First Quarter 2026 Highlights: Net Service Revenues Increase 7.7% to $363.6 Million Net Income of $25.1 Million, or $1.36 per Diluted Share Adjusted Net Income per Diluted Share Increases 14.1% year-over-year to $1.62 Adjusted EBITDA Increases 9.7% year-over-year to $44.5 Million Cash Flow from Operations increased to $52.4 Million Announced Acquisition in State of Indiana and Agreement for Additional Indiana Acquisition Overview Net service revenues were $363.6 million for the first quarter of 2026, a 7.7% increase compared with $337.7 million for the first quarter of 2025. Net income was $25.1 million for the first quarter of 2026 compared with $21.2 million for the first quarter of 2025, while net income per diluted share was $1.36 compared with $1.16 for the same period a year ago. Adjusted EBITDA increased 9.7% to $44.5 million for the first quarter of 2026 from $40.6 million for the first quarter of 2025. Adjusted net income was $30.0 million for the first quarter of 2026 compared with $26.0 million for the prior-year period, while adjusted net income per diluted share was $1.62 compared with $1.42 for the first quarter of 2025. Adjusted net income per diluted share for the first quarter of 2026 excludes acquisition expenses of $0.06 and stock-based compensation expense of $0.20. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.) Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus had a solid start to 2026, delivering an improved year-over-year financial and operating performance with revenue up 7.7% and adjusted EBITDA up 9.7% over the first quarter last year. These results reflect continued demand for our home-based care services across the continuum. Addus is well positioned to meet this demand as we continue to expand our market reach and add density in the states where we operate. Our hiring trends have been stable and consistent in the first quarter despite some brief winter weather interruptions in January. We are proud of the dedicated caregivers who represent Addus and continue to provide outstanding care and support to the patients and families who rely on us for quality care in their preferred home setting. “Our personal care business, which accounted for 77.3% of our revenues, was the primary driver of our growth with a 6.5% organic revenue increase over the first quarter last year. We benefitted from higher volumes as well as additional rate support from two key states, including a 9.9% increase in Texas that was effective September 1, 2025, and a 3.9% increase from the State of Illinois that was effective beginning January 1, 2026. We are pleased that our strong value proposition as a cost-effective provider is being recognized by the states where we serve clients. “Our hospice care business has performed well and accounted for 18.1% of our revenue for the first quarter. We have seen consistent trends in our hospice segment, resulting in 7.7% organic revenue growth over the first quarter of last year and year-over-year improvement in average daily census. Our home health business represented 4.6% of revenue for the first quarter. We believe home health provides important complementary capabilities and clinical collaboration for our personal care and hospice care segments as we see more patients in select markets receive the benefit of the full continuum of care,” said Allison. Indiana Acquisition Supports Market Expansion The Company also announced it acquired the personal care operations of HomeCourt Home Care (“HomeCourt”) on May 1, 2026. Based in Fort Wayne, Indiana, HomeCourt serves approximately 240 clients and has annualized revenues of approximately $9.7 million. The Company also entered into a definitive agreement to acquire additional Indiana operations of a similar size to further expand geographic reach in the state, which is expected to close later this year. Allison added, “We are excited to announce this acquisition, which marks our entry into Indiana, a new market for Addus and our plans to further grow in the state. Acquisitions remain an integral part of our growth strategy, and we are pleased to welcome HomeCourt Home Care to our personal care operations. This transaction and our planned additional transaction are aligned with our strategy of expanding our personal care footprint in select markets and creating density in markets where we operate. We expect the HomeCourt transaction to be immediately accretive to our financial results. We look forward to further expanding our coverage and capabilities in Indiana.” Cash and Liquidity As of March 31, 2026, the Company had cash of $103.1 million and bank debt of $94.3 million, with capacity and availability under its revolving credit facility of $650.0 million and $547.8 million, respectively. Net cash provided by operating activities was $52.4 million for the first quarter of 2026. Allison added, “For the first quarter of 2026, we continued to generate consistent cash flow from operations and maintain a strong balance sheet. Our conservative leverage position allows us flexibility to make strategic investments in our business and to evaluate and pursue additional acquisition opportunities like those announced today. We have a strong development team with a proven track record, and we will continue our disciplined approach focused on both non-clinical and clinical acquisition opportunities where we can increase both density and geographic coverage. We see important synergies in offering the full care continuum as we build scale and expand our market coverage, and we are optimistic that we will see additional acquisition opportunities in 2026. Looking Ahead “We are pleased with the favorable trends in our business and believe we have significant opportunities in 2026 for continued organic growth and for deriving additional value from acquired operations. Addus plays an important role in our nation’s health care delivery system as a leading provider of quality, cost-effective care in the preferred home setting. We have a dedicated team of caregivers who work tirelessly every day to provide outstanding care across our markets. We look forward to the opportunities ahead for Addus in 2026 to deliver value to the clients we serve and our shareholders,” added Allison. Non-GAAP Financial Measures The information provided in this release includes adjusted net income, adjusted EBITDA, adjusted net income per diluted share and adjusted net service revenue, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, and the gain or loss on the sale of assets. The Company defines adjusted EBITDA as earnings before net interest expense, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, and the gain or loss on the sale of assets. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, and gain or loss on the sale of assets. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted net income per share to net income per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted net income per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company’s operating performance, to provide investors with insight and consistency in the Company’s financial reporting and to present a basis for comparison of the Company’s business operations among periods, and to facilitate comparison with the results of the Company’s peers. Conference Call Addus HomeCare will host a conference call on Tuesday, May 5, 2026, at 9:00 a.m. Eastern Time. Joining the call from the Company will be Dirk Allison, Chairman and CEO, Brian Poff, Executive Vice President and CFO, and Heather Dixon, President and COO. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on May 12, 2026, by dialing (855) 669-9658 (international dial-in number is (412) 317-0088) and entering pass code 7882999. A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast. Forward-Looking Statements Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 24, 2026, which is available at www.sec.gov. The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow). About Addus HomeCare Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to approximately 62,750 patients and consumers through 263 locations across 24 states. For more information, please visit www.addus.com. ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Income (amounts and shares in thousands, except per share data) (Unaudited) Income Statement Information: For the Three Months Ended March 31, 2026 2025 Net service revenues $ 363,611 $ 337,708 Cost of service revenues 247,738 230,031 Gross profit 115,873 107,677 31.9 % 31.9 % General and administrative expenses 77,771 73,220 Depreciation and amortization 4,030 3,943 Total operating expenses 81,801 77,163 Operating income from continuing operations 34,072 30,514 Total interest expense, net 1,641 3,516 Income before income taxes 32,431 26,998 Income tax expense 7,362 5,770 Net income $ 25,069 $ 21,228 Net income per diluted share: $ 1.36 $ 1.16 Weighted average number of common shares outstanding: Diluted 18,486 18,311 Cash Flow Information: For the Three Months Ended March 31, 2026 2025 Net cash provided by operating activities $ 52,365 $ 18,949 Net cash used in investing activities (1,692 ) (1,378 ) Net cash used in financing activities (29,225 ) (19,528 ) Net change in cash 21,448 (1,957 ) Cash at the beginning of the period 81,617 98,911 Cash at the end of the period $ 103,065 $ 96,954 ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited) March 31, 2026 2025 Assets Current assets Cash $ 103,065 $ 96,954 Accounts receivable, net 144,823 134,607 Prepaid expenses and other current assets 24,988 26,267 Total current assets 272,876 257,828 Property and equipment, net 24,657 24,701 Other assets Goodwill 996,680 972,347 Intangible assets, net 100,488 107,644 Operating lease assets 40,999 45,064 Total other assets 1,138,167 1,125,055 Total assets $ 1,435,700 $ 1,407,584 Liabilities and stockholders' equity Current liabilities Accounts payable $ 14,040 $ 27,969 Accrued payroll 63,926 54,858 Accrued expenses 30,348 29,748 Operating lease liabilities, current portion 13,139 12,649 Government stimulus advance 14,637 8,702 Accrued workers compensation 13,385 14,010 Total current liabilities 149,475 147,936 Long-term debt, less current portion, net of debt issuance costs 91,274 198,740 Long-term operating lease liabilities, less current portion 34,331 39,414 Deferred tax liabilities, net 44,205 25,986 Other long-term liabilities 255 125 Total long-term liabilities 170,065 264,265 Total liabilities 319,540 412,201 Total stockholders' equity 1,116,160 995,383 Total liabilities and stockholders' equity $ 1,435,700 $ 1,407,584 ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Net Service Revenue by Segment (Amounts in thousands) (Unaudited) For the Three Months
Ended March 31, 2026 2025 Net Service Revenues by Segment Personal Care $ 281,094 $ 258,286 Hospice 65,785 61,437 Home Health 16,732 17,985 Total Revenue $ 363,611 $ 337,708 ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Key Statistical and Financial Data (Unaudited) For the Three Months
Ended March 31, 2026 2025 Personal Care States served at period end 23 23 Locations served at period end 200 199 Average billable census - same store (1) 49,287 50,340 Average billable census - acquistions 996 81 Average billable census - closed (2) - 57 Average billable census total 50,283 50,478 Billable hours (in thousands) 10,733 10,201 Average billable hours per census per month 71.1 67.4 Billable hours per business day 167,699 159,395 Revenues per billable hour $ 26.16 $ 25.32 Organic growth - Revenue 6.5 % 7.4 % Hospice Locations served at period end 40 38 Admissions 3,417 3,474 Average daily census (3) 3,804 3,515 Average discharge length of stay 110.6 97.4 Patient days 342,359 316,319 Revenue per patient day $ 191.42 $ 194.23 Organic growth - Revenue 7.7 % 9.9 % - Average daily census 8.1 % 4.6 % Home Health Locations served at period end 22 23 New Admissions 4,694 4,708 Recertifications 2,523 2,982 Total Volume 7,217 7,690 Visits 80,892 94,593 Organic growth - Revenue (6.6 ) % 1.3 % - New Admissions (0.3 ) % (3.7 ) % - Volume (6.2 ) % (4.6 ) % Percentage of Revenues by Payor: Personal Care State, local and other governmental programs 49.7 % 51.5 % Managed care organizations 47.6 45.3 Private duty 2.2 2.7 Commercial 0.4 0.4 Other 0.1 % 0.1 % Hospice Medicare 94.4 % 92.4 % Commercial 2.8 3.9 Managed care organizations 2.3 3.3 Other 0.5 % 0.4 % Home Health Medicare 61.1 % 69.9 % Managed care organizations 23.7 21.2 State, local and other governmental programs 12.2 6.0 Commercial 2.5 2.5 Other 0.5 % 0.4 % (1) The average billable census in acquisitions of 14,449 for the three months ended March 31, 2025, was reclassified to average billable census - same stores for comparability purposes. (2) The average billable census for closed stores of 57 for the three months ended March 31, 2025 was reclassified to average billable census - closed stores for comparability purposes. (3) Exited sites would have reduced ADC for the three months ended March 31, 2026 and March 31, 2025 by 2 and 6, respectively. ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures (Amounts in thousands, except per share data) (Unaudited) (1) For the Three Months
Ended March 31, 2026 2025 Reconciliation of Adjusted EBITDA to Net Income: (1) Net income $ 25,069 $ 21,228 Interest expense, net 1,641 3,516 Gain on the sale of assets (16 ) (7 ) Income tax expense 7,362 5,770 Depreciation and amortization 4,030 3,943 Acquisition expenses 1,324 2,952 Stock-based compensation expense 5,000 3,170 Restructure and other non-recurring costs 104 - Adjusted EBITDA $ 44,514 $ 40,572 Reconciliation of Adjusted Net Income to Net Income: (2) Net income $ 25,069 $ 21,228 Gain on the sale of assets (16 ) (7 ) Acquisition expenses 1,324 2,952 Stock-based compensation expense 5,000 3,170 Restructure and other non-recurring costs 104 - Tax effect (1,456 ) (1,306 ) Adjusted Net Income 30,025 26,037 Reconciliation of Diluted Earnings per Share to Adjusted Diluted Earnings per Share: (3) Diluted earnings per share $ 1.36 $ 1.16 Acquisition expenses, per diluted share 0.06 0.13 Stock-based compensation expense per diluted share 0.20 0.13 Adjusted net income per diluted share $ 1.62 $ 1.42 Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4) Net service revenues $ 363,611 $ 337,708 Revenue associated with the closure of certain sites (109 ) (1,066 ) Adjusted net service revenues $ 363,502 $ 336,642 Footnotes: (1) We define Adjusted EBITDA as earnings before net interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructure and other non-recurring costs and gain or loss on the sale of assets. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We believe that Adjusted EBITDA is useful to investors, management and others in evaluating the Company's operating performance, to provide investors with insight and consistency in the Company's financial reporting and to present a basis for comparison of the Company's business among periods, and to facilitate comparison with results of the Company's peers. Additionally, we believe that Adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate the financial performance of other public companies. The financial results presented in accordance with U.S GAAP and a reconciliation of this non-GAAP measure included within our Annual Report on Form 10-K should be carefully evaluated. (2) We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs, and gain on the sale of assets. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP. (3) We define Adjusted diluted earnings per share as earnings per share, adjusted for acquisition expenses, stock-based compensation expense and restructure and other non-recurring costs, and gain on the sale of assets. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP. (4) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504114668/en/ Brian W. Poff
Executive Vice President, Chief Financial Officer
Addus HomeCare Corporation
(469) 535-8200
investorrelations @bc-bill
dru.anderson@finnpartners.com Original: Addus HomeCare Announces First Quarter 2026 Financial Results

Addus HomeCare Announces Fourth Quarter and Year End 2025 Financial ResultsFebruary 23, 2026 4:05 PM
Business Wire
Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the fourth quarter and year ended December 31, 2025.

Fourth Quarter 2025 Highlights:

Net Service Revenues Increase 25.6% to $373.1 Million

Net Income of $29.8 Million, or $1.61 per Diluted Share

Adjusted Net Income per Diluted Share Increases 28.3% year-over-year to $1.77

Adjusted EBITDA Increases 33.3% year-over-year to $50.3 Million

Cash Flow from Operations of $18.8 Million

Overview

Net service revenues were $373.1 million for the fourth quarter of 2025, a 25.6% increase compared with $297.1 million for the fourth quarter of 2024. Net income was $29.8 million for the fourth quarter of 2025 compared with $19.5 million for the fourth quarter of 2024, while net income per diluted share was $1.61 compared with $1.07 for the same period a year ago. Adjusted EBITDA increased 33.3% to $50.3 million for the fourth quarter of 2025 from $37.8 million for the fourth quarter of 2024. Adjusted net income was $32.6 million for the fourth quarter of 2025 compared with $25.2 million for the prior-year period, while adjusted net income per diluted share was $1.77 compared with $1.38 for the fourth quarter of 2024. Adjusted net income per diluted share for the fourth quarter of 2025 excludes the impact of accounts receivable settlements related to divested New York operations of $(0.07), acquisition expenses of $0.05 and stock-based compensation expense of $0.18. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

For the full year 2025, net service revenues increased 23.2% to $1.42 billion from $1.15 billion for the prior-year period. Net income was $95.9 million for 2025 compared with $73.6 million for 2024, and net income per diluted share was $5.22 compared with $4.23 per diluted share. Adjusted EBITDA increased 28.3% to $180.0 million for 2025 from $140.3 million for 2024. Adjusted net income was $114.7 million for 2025 compared with $91.4 million for 2024, while adjusted net income per diluted share was $6.23 compared with $5.26 for the prior-year period.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Our fourth quarter results marked a strong finish to a successful year of growth and progress for Addus. Net service revenues increased 25.6% and adjusted EBITDA was up 33.3% over the fourth quarter of 2024. For the full year, we achieved a new annual record of $1.4 billion in net service revenues, an increase of 23.2% compared with 2024. Continued strong demand has supported this impressive growth as an increasing number of consumers and payers benefit from the value and cost efficiency offered by our home-based care services. With solid execution, our team has done an outstanding job meeting this demand with the ability to leverage our scale and proven operating model across the care continuum. We have also benefitted from continued favorable and stable hiring trends, which support our business, especially in our personal care segment. We are fortunate to have a team of capable and dedicated caregivers who provide outstanding care as we respond to the needs of a growing number of patients and families across the markets we serve.

“Our personal care business has been the key driver of our growth and accounted for 76.6% of our revenues for the fourth quarter. The 6.3% organic revenue growth in our personal care business was supported by strong volumes as well as higher rates in certain key markets compared with the same period last year. These results also include the personal care operations of Del Cielo Home Care Services (“Del Cielo”), which we acquired on October 1, 2025.

“We are pleased with the funding support from many of the states where we operate, including a recent 9.9% rate increase in Texas that was effective September 1, 2025. With the addition of Gentiva’s personal care operations in December 2024, and more recently Del Cielo, Texas is now our second largest personal care market, so this increase will have a significant positive impact on our business going forward. In addition, the State of Illinois, our largest personal care market, announced an increase of 3.9% beginning January 1, 2026.

“We are pleased with the positive trends in our hospice care business, which accounted for 18.8% of our revenue in the fourth quarter. The operational improvements we have made over the past year resulted in a solid 16.0% organic revenue growth supported by year-over-year increases in admissions, average daily census, and revenue per patient day. Our home health services accounted for 4.6% of fourth quarter revenue. While this represents our smallest business segment, we continue to believe our home health operations provide an important clinical partner to our personal care and hospice care segments, allowing us to further our goal of providing all three levels of care in select markets,” said Allison.

Cash and Liquidity

As of December 31, 2025, the Company had cash of $81.6 million and bank debt of $124.3 million, with capacity and availability under its revolving credit facility of $650.0 million and $517.7 million, respectively. Net cash provided by operating activities was $18.8 million for the fourth quarter of 2025 and $111.5 million for 2025.

Allison added, “We have continued to use our strong cash flow from operations in 2025 to pay down debt, allowing us greater flexibility in our capital allocation strategy. Acquisitions remain an integral part of our overall growth strategy, and Addus has achieved a solid record of deriving value from our acquired operations, including three acquisitions completed in 2025. Going forward, our development team will continue to assess both clinical and non-clinical operations to increase the density and geographic coverage in strategic markets. We also see important synergies in offering multiple elements of the care continuum as we build scale and extend our market reach. We are optimistic that we will see additional acquisition opportunities in 2026. While our priority is to deploy our capital for acquisitions, we also continue to invest in our business, adding technologies that support our operations and enhance the work of our caregivers.

Looking Ahead

“We are extremely proud of the important work Addus is doing to address a vital need for quality, compassionate care for more patients and families in their preferred home setting. We believe we offer a strong value proposition that meets the growing demand for home-based care. Our favorable results for 2025 affirm our strategic priorities, and we will continue to extend our market reach through both organic growth and acquisitions in the year ahead. We recognize the success of our operations and continued growth reflect the hard work and dedication of the caregivers who are the face of Addus, and we are grateful for the outstanding care and support they provide every day. Working together, we look forward to the opportunities ahead for Addus in 2026,” said Allison.

Non-GAAP Financial Measures

The information provided in this release includes adjusted net income, adjusted EBITDA, adjusted net income per diluted share and adjusted net service revenue, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, the gain or loss on the sale of assets, the impairment of operating lease assets, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. The Company defines adjusted EBITDA as earnings before net interest expense, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, the gain or loss on the sale of assets, the impairment of operating lease assets, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, gain or loss on the sale of assets, impairment of operating lease assets, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted net income per share to net income per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted net income per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company’s operating performance, to provide investors with insight and consistency in the Company’s financial reporting and to present a basis for comparison of the Company’s business operations among periods, and to facilitate comparison with the results of the Company’s peers.

Conference Call

Addus HomeCare will host a conference call on Tuesday, February 24, 2026, at 9:00 a.m. Eastern Time. Joining the call from the Company will be Dirk Allison, Chairman and CEO, Brian Poff, Executive Vice President and CFO, and Heather Dixon, President and COO. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on March 3, 2026, by dialing (855) 669-9658 (international dial-in number is (412) 317-0088) and entering pass code 4057470.

A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2025, which is available at www.sec.gov. The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow).

About Addus HomeCare

Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to approximately 62,500 patients and consumers through 262 locations across 23 states. For more information, please visit www.addus.com.

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(amounts and shares in thousands, except per share data)

(Unaudited)

For the Three Months

For the Twelve Months

Income Statement Information:

Ended December 31,

Ended December 31,

2025

2024

2025

2024

Net service revenues

$

373,078

$

297,144

$

1,422,530

$

1,154,599

Cost of service revenues

249,473

195,662

960,656

779,578

Gross profit

123,605

101,482

461,874

375,021

33.1

%

34.2

%

32.5

%

32.5

%

General and administrative expenses

77,180

71,356

306,847

258,800

Depreciation and amortization

4,148

3,214

16,412

13,530

Total operating expenses

81,328

74,570

323,259

272,330

Operating income

42,277

26,912

138,615

102,691

Total interest expense, net

2,129

698

11,170

3,338

Income before income taxes

40,148

26,214

127,445

99,353

Income tax expense

10,366

6,688

31,535

25,755

Net income

$

29,782

$

19,526

$

95,910

$

73,598

Net income per diluted share:

$

1.61

$

1.07

$

5.22

$

4.23

Weighted average number of common shares outstanding:

Diluted

18,447

18,294

18,391

17,380

For the Three Months

For the Twelve Months

Cash Flow Information:

Ended December 31,

Ended December 31,

2025

2024

2025

2024

Net cash provided by operating activities

$

18,763

$

10,418

$

111,507

$

116,434

Net cash (used in) investing activities

(10,056

)

(354,486

)

(32,500

)

(354,610

)

Net cash provided by (used in) financing activities

(29,008

)

220,127

(96,301

)

272,296

Net change in cash

(20,301

)

(123,941

)

(17,294

)

34,120

Cash at the beginning of the period

101,918

222,852

98,911

64,791

Cash at the end of the period

$

81,617

$

98,911

$

81,617

$

98,911

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

December 31,

2025

2024

Assets

Current assets

Cash

$

81,617

$

98,911

Accounts receivable, net

151,695

122,880

Prepaid expenses and other current assets

36,179

38,591

Total current assets

269,491

260,382

Property and equipment, net

24,998

24,703

Other assets

Goodwill

996,696

970,558

Intangible assets, net

102,410

109,643

Operating lease assets

43,713

47,348

Total other assets

1,142,819

1,127,549

Total assets

$

1,437,308

$

1,412,634

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

16,832

$

27,176

Accrued payroll

65,941

62,053

Accrued expenses

28,191

28,959

Operating lease liabilities - current portion

13,144

12,800

Government stimulus advance

11,699

11,239

Accrued workers compensation

13,680

13,644

Total current liabilities

149,487

155,871

Long-term debt, less current portion, net of debt issuance costs

120,959

218,443

Long-term lease liability, less current portion

37,259

41,883

Deferred tax liabilities, net

44,065

25,820

Other long-term liabilities

235

125

Total long-term liabilities

202,518

286,271

Total liabilities

352,005

442,142

Total stockholders' equity

1,085,303

970,492

Total liabilities and stockholders' equity

$

1,437,308

$

1,412,634

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Net Service Revenue by Segment

(Amounts in thousands)

(Unaudited)

For the Three Months

For the Twelve Months

Ended December 31,

Ended December 31,

2025

2024

2025

2024

Net Service Revenues by Segment

Personal Care

$

285,976

$

220,328

$

1,089,215

$

856,581

Hospice

70,002

58,989

262,542

228,191

Home Health

17,100

17,827

70,773

69,827

Total Revenue

$

373,078

$

297,144

$

1,422,530

$

1,154,599

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Key Statistical and Financial Data (Unaudited)

For the Three Months

For the Twelve Months

Ended December 31,

Ended December 31,

2025

2024

2025

2024

Personal Care

States served at period end

-

-

23

23

Locations at period end

-

-

201

196

Average billable census - same store (1)

35,927

36,342

35,996

36,474

Average billable census - acquisitions (2)

15,044

14,581

15,253

14,581

Average billable census - divestiture (3)

-

-

-

964

Average billable census total

50,971

50,923

51,249

52,019

Billable hours (in thousands)

11,055

8,210

42,670

31,309

Average billable hours per census per month (2)

72.3

69.6

70.1

71.5

Billable hours per business day

167,505

124,397

163,487

119,498

Revenues per billable hour

$

25.70

$

26.40

$

25.48

$

27.21

Organic growth

- Revenue

6.3

%

5.8

%

7.0

%

7.7

%

Hospice

Locations served at period end

-

-

39

38

Admissions

3,180

3,095

13,240

12,866

Average daily census

3,885

3,472

3,760

3,461

Average discharge length of stay

104.2

97.9

95.6

94.1

Patient days

357,380

319,460

1,369,425

1,266,701

Revenue per patient day

$

193.46

$

185.95

$

191.06

$

181.08

Organic growth

- Revenue

16.0

%

7.8

%

14.1

%

5.9

%

- Average daily census

11.5

%

2.7

%

8.2

%

1.3

%

Home Health

Locations served at period end

-

-

22

24

New Admissions

4,621

4,365

18,474

18,622

Recertifications

2,568

3,249

11,010

13,047

Total Volume

7,189

7,614

29,484

31,669

Visits

86,304

99,803

366,228

422,516

Organic growth

- Revenue

(7.4

)

%

1.6

%

(3.6

)

%

(3.1

)

%

- New admissions

3.5

%

(6.2

)

%

(2.2

)

%

(3.0

)

%

- Volume

(7.5

)

%

(3.2

)

%

(8.0

)

%

(1.9

)

%

Percentage of Revenues by Payor:

Personal Care

State, local and other governmental programs

49.9

%

54.2

%

50.8

%

53.3

%

Managed care organizations

47.3

43.1

46.0

44.0

Private duty

2.3

2.0

2.6

1.8

Commercial

0.4

0.5

0.5

0.7

Other

0.1

%

0.2

%

0.1

%

0.2

%

Hospice

Medicare

93.7

%

91.4

%

93.1

%

91.2

%

Commercial

2.9

4.9

3.3

5.1

Managed care organizations

2.7

3.5

3.1

3.3

Other

0.7

%

0.2

%

0.5

%

0.4

%

Home Health

Medicare

64.3

%

69.2

%

67.4

%

69.5

%

Managed care organizations

26.0

24.2

24.0

25.2

State, local and other governmental programs

6.5

3.4

5.7

1.0

Commercial

2.8

2.9

2.5

3.9

Other

0.4

%

0.3

%

0.4

%

0.4

%

(1) Exited sites would have reduced same store census for the three and twelve months ended December 31, 2024, by 64 and 65, respectively. Exited stores would have reduced same store census for the three and twelve months ended December 31, 2025, by 7 and 42, respectively.

(2) The average billable census and average billable hours per census per month for the three and twelve months ended December 31, 2024, and December 31, 2025, were prorated for the date of the acquisition.

(3) The average billable census associated with the divestiture of our New York business of 964 for the twelve months ended December 31, 2024, were reclassified out of same stores for comparability purposes.

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Amounts in thousands, except per share data)

(Unaudited) (1)

For the Three Months

For the Twelve Months

Ended December 31,

Ended December 31,

2025

2024

2025

2024

Reconciliation of Adjusted EBITDA to Net Income: (1)

Net income

$

29,782

$

19,526

$

95,910

$

73,598

Interest expense, net

2,129

698

11,170

3,338

(Gain) Loss on sale of assets

4

(3,725

)

(2

)

(3,738

)

Income tax expense

10,366

6,688

31,535

25,755

Depreciation and amortization

4,148

3,214

16,412

13,530

Impact of lease impairment

-

4,968

-

4,968

Impact of New York retroactive rate increases

-

(3,487

)

-

(3,004

)

Impact of New York accounts receivable settlements

(1,864

)

-

(1,864

)

-

Acquisition expenses

1,227

7,031

8,899

14,678

Stock-based compensation expense

4,547

2,858

16,424

11,165

Restructure and other non-recurring costs

-

-

1,500

-

Adjusted EBITDA

$

50,339

$

37,771

$

179,984

$

140,290

Reconciliation of Adjusted Net Income to Net Income: (2)

Net income

$

29,782

$

19,526

$

95,910

$

73,598

(Gain) Loss on sale of assets

4

(3,725

)

(2

)

(3,738

)

Impact of lease impairment

-

4,968

-

4,968

Impact of New York retroactive rate increases

-

(3,487

)

-

(3,004

)

Impact of New York accounts receivable settlements

(1,864

)

-

(1,864

)

-

Acquisition expenses

1,227

7,031

8,899

14,678

Stock-based compensation expense

4,547

2,858

16,424

11,165

Restructure and other non-recurring costs

-

-

1,500

-

Tax Effect

(1,072

)

(1,958

)

(6,175

)

(6,240

)

Adjusted Net Income

$

32,624

$

25,213

$

114,692

$

91,427

Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (3)

Net income per diluted share

$

1.61

$

1.07

$

5.22

$

4.23

(Gain) Loss on the sale of assets per diluted share

-

(0.15

)

-

(0.16

)

Impact of lease impairment per diluted share

-

0.20

-

0.21

Impact of New York retroactive rate increases per diluted share

-

(0.14

)

-

(0.13

)

Impact of New York accounts receivable settlements per diluted share

(0.07

)

-

(0.08

)

-

Acquisition expenses per diluted share

0.05

0.29

0.36

0.63

Restructure and other non-recurring costs per diluted share

-

-

0.06

-

Stock-based compensation expense per diluted share

0.18

0.11

0.67

0.48

Adjusted net income per diluted share

$

1.77

$

1.38

$

6.23

$

5.26

Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4)

Net service revenues

$

373,078

$

297,144

$

1,422,530

$

1,154,599

Revenues associated with the closure of certain sites

(994

)

(4,779

)

(4,309

)

(76,706

)

Adjusted net service revenues

$

372,084

$

292,365

$

1,418,221

$

1,077,893

Footnotes:

(1) We define Adjusted EBITDA as earnings before net interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructure and other non-recurring costs, gain or loss on the sale of assets, impairment of operating lease assets, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We believe that Adjusted EBITDA is useful to investors, management and others in evaluating the Company's operating performance, to provide investors with insight and consistency in the Company's financial reporting and to present a basis for comparison of the Company's business among periods, and to facilitate comparison with results of the Company's peers. Additionally, we believe that Adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate the financial performance of other public companies. The financial results presented in accordance with U.S GAAP and a reconciliation of this non-GAAP measure included within our Annual Report on Form 10-K should be carefully evaluated.

(2) We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs, gain on the sale of assets, lease impairment, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(3) We define Adjusted diluted earnings per share as earnings per share, adjusted for acquisition expenses, stock-based compensation expense and restructure and other non-recurring costs, gain on the sale of assets, lease impairment, the impact of New York retroactive rate increases, and the impact of New York accounts receivable settlements. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(4) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223140576/en/
Brian W. Poff

Executive Vice President, Chief Financial Officer

Addus HomeCare Corporation

(469) 535-8200

investorrelations@addus.com

Dru Anderson

FINN Partners

(615) 324-7346

dru.anderson@finnpartners.com

Original: Addus HomeCare Announces Fourth Quarter and Year End 2025 Financial Results