Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2025

Earnings (Loss) Per Share ("EPS") is computed by dividing net (loss) income by the weighted average number of common shares outstanding during the period on a basic and diluted basis. The Company computes diluted net (loss) income per share using the more dilutive of the treasury stock method and the two-class method after giving effect to all potential dilutive Common Stock.

The Company’s potentially dilutive securities include potential common shares related to unvested restricted stock, outstanding stock options and outstanding preferred stock. See Note 13, Stockholders' Equity, for additional discussion of these potential dilutive securities.

Diluted net (loss) income per share considers the impact of potentially dilutive securities except when the potential common shares have an antidilutive effect. The Company’s outstanding preferred stock are considered participating securities, thus requiring the two-class method of computing diluted net (loss) income per share. Computation of diluted net (loss) income per share under the two-class method excludes from the numerator any dividends paid or owed on

participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.

Computations of basic and diluted net (loss) income per share were as follows (in thousands, except per share data):


	Year Ended December 31,
	2025		2024		2023
Numerator
Net (loss) income attributable to AdaptHealth Corp.	$	(70,794)	$	90,422	$	(678,895)
Less: Earnings allocated to participating securities (1)	—		7,675		—
Net (loss) income for basic EPS	$	(70,794)	$	82,747	$	(678,895)
Change in fair value of warrant liability (2)	—		—		(34,482)
Net (loss) income for diluted EPS	$	(70,794)	$	82,747	$	(713,377)

Denominator (1) (2)
Basic weighted-average common shares outstanding	135,146		133,756		134,156
Add: Warrants (2)	—		—		262
Add: Stock options	—		251		—
Add: Unvested restricted stock	—		1,524		—
Diluted weighted-average common shares outstanding	135,146		135,531		134,418

Basic net (loss) income per share	$	(0.52)	$	0.62	$	(5.06)
Diluted net (loss) income per share	$	(0.52)	$	0.61	$	(5.31)

(1)The Company's preferred stock are considered participating securities. Computation of EPS under the two-class method excludes from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator. There were no amounts allocated to the participating securities during the years ended December 31, 2025 and 2023 due to the net losses reported in those periods.

(2)For the year ended December 31, 2023, the impact to earnings from the change in fair value of the Company’s warrant liability is excluded from the numerator, and the corresponding security is included in the denominator, for purposes of computing diluted net loss per share. This adjustment is included as the effect of the numerator and denominator adjustments for this derivative instrument is dilutive as a result of the non-cash gain recognized for the change in fair value of this instrument during the period. For the years ended December 31, 2025 and 2024, this adjustment was not applicable to the computation of diluted net (loss) income per share since the warrants were no longer outstanding as of December 31, 2025 and 2024. See Note 13, Stockholders' Equity, for additional details.

Due to the Company reporting a net loss attributable to AdaptHealth Corp. for the years ended December 31, 2025 and 2023, all potentially dilutive securities related to unvested restricted stock and outstanding stock options were excluded from the computation of diluted net loss per share for those periods as their inclusion would have been anti-dilutive.

The table below provides the weighted-average number of potential common shares associated with outstanding securities not included in the Company’s computation of diluted net (loss) income per share for the years ended December 31, 2025, 2024 and 2023 because to do so would be antidilutive (in thousands):


	Year Ended December 31,
	2025	2024	2023
Preferred Stock	12,406	12,406	12,406
Stock Options	945	1,943	3,409
Unvested restricted stock	4,017	1,545	1,993
Total	17,368	15,894	17,808