# Addus HomeCare Corp (ADUS)

Informational only - not investment advice.

CIK: 0001468328
SIC: 8082 Services-Home Health Care Services
SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8082 Services-Home Health Care Services](/industry/8082/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1468328
Filing source: https://www.sec.gov/Archives/edgar/data/1468328/000143774926005352/adus20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001437749-26-005352 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001468328.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,422,530,000 USD | 2025 | verified |
| Net income | 95,910,000 USD | 2025 | verified |
| Assets | 1,437,308,000 USD | 2025 | verified |
| Free cash flow | 103,788,000 USD | 2025 | computed |
| Net margin | 6.74% | 2025 | computed |
| Operating margin | 9.74% | 2025 | computed |
| Revenue YoY | +23.21% | 2025 | computed |
| ROE | 8.84% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ADUS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 6.7% | 3.2% | 73 | 56 |
| Operating margin | 9.7% | 5.5% | 68 | 51 |
| Revenue growth | 23.2% | 11.8% | 77 | 57 |
| FCF margin | 7.3% | 5.4% | 57 | 48 |
| ROE | 8.8% | 7.9% | 56 | 53 |
| ROA | 6.7% | 2.8% | 75 | 58 |
| Liabilities / equity | 0.32 | 1.13 | 13 | 54 |
| Current ratio | 1.80 | 1.63 | 58 | 58 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 80 SIC Major Group 80, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1422530000 | USD | 2025 | 2026-02-24 |
| Net income | 95910000 | USD | 2025 | 2026-02-24 |
| Assets | 1437308000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001468328.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 400,929,000 | 425,994,000 | 516,647,000 | 648,791,000 | 764,775,000 | 864,499,000 | 951,120,000 | 1,058,651,000 | 1,154,599,000 | 1,422,530,000 |
| Net income |  | 12,160,000 | 11,953,000 | 16,433,000 | 25,237,000 | 33,133,000 | 45,126,000 | 46,025,000 | 62,516,000 | 73,598,000 | 95,910,000 |
| Operating income |  | 15,476,000 | 25,253,000 | 22,827,000 | 34,752,000 | 44,507,000 | 65,936,000 | 68,737,000 | 90,956,000 | 102,691,000 | 138,615,000 |
| Gross profit |  | 106,336,000 | 115,875,000 | 136,804,000 | 179,238,000 | 226,237,000 | 269,848,000 | 299,739,000 | 339,876,000 | 375,021,000 | 461,874,000 |
| Diluted EPS |  | 1.07 | 1.03 | 1.33 | 1.77 | 2.08 | 2.81 | 2.84 | 3.83 | 4.23 | 5.22 |
| Operating cash flow |  | -743,000 | 52,771,000 | 33,203,000 | 12,019,000 | 109,411,000 | 39,488,000 | 105,110,000 | 112,247,000 | 116,434,000 | 111,507,000 |
| Capital expenditures |  | 1,712,000 | 3,616,000 | 5,349,000 | 4,621,000 | 6,831,000 | 4,645,000 | 8,300,000 | 9,454,000 | 6,050,000 | 7,719,000 |
| Assets |  | 229,864,000 | 271,691,000 | 348,094,000 | 636,748,000 | 892,582,000 | 947,585,000 | 937,994,000 | 1,024,426,000 | 1,412,634,000 | 1,437,308,000 |
| Liabilities |  | 72,102,000 | 95,382,000 | 79,603,000 | 161,156,000 | 373,906,000 | 373,241,000 | 304,454,000 | 317,732,000 | 442,142,000 | 352,005,000 |
| Stockholders' equity |  | 154,674,000 | 170,337,000 | 268,491,000 | 475,592,000 | 518,676,000 | 574,344,000 | 633,540,000 | 706,694,000 | 970,492,000 | 1,085,303,000 |
| Cash and cash equivalents | 4,104,000 | 8,013,000 | 53,754,000 | 70,406,000 | 111,714,000 | 145,078,000 | 168,895,000 | 79,961,000 | 64,791,000 | 98,911,000 |  |
| Free cash flow |  | -2,455,000 | 49,155,000 | 27,854,000 | 7,398,000 | 102,580,000 | 34,843,000 | 96,810,000 | 102,793,000 | 110,384,000 | 103,788,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 3.03% | 2.81% | 3.18% | 3.89% | 4.33% | 5.22% | 4.84% | 5.91% | 6.37% | 6.74% |
| Operating margin |  | 3.86% | 5.93% | 4.42% | 5.36% | 5.82% | 7.63% | 7.23% | 8.59% | 8.89% | 9.74% |
| Return on equity |  | 7.86% | 7.02% | 6.12% | 5.31% | 6.39% | 7.86% | 7.26% | 8.85% | 7.58% | 8.84% |
| Return on assets |  | 5.29% | 4.40% | 4.72% | 3.96% | 3.71% | 4.76% | 4.91% | 6.10% | 5.21% | 6.67% |
| Liabilities / equity |  | 0.47 | 0.56 | 0.30 | 0.34 | 0.72 | 0.65 | 0.48 | 0.45 | 0.46 | 0.32 |
| Current ratio |  | 2.64 | 2.83 | 2.86 | 3.08 | 2.00 | 2.76 | 1.70 | 1.38 | 1.67 | 1.80 |

## As-reported value updates

10 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ADUS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001468328.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.71 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.78 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.91 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 270,721,000 | 15,411,000 | 0.95 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 276,351,000 | 19,578,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 280,746,000 | 15,830,000 | 0.97 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 286,922,000 | 18,079,000 | 1.10 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 289,787,000 | 20,163,000 | 1.10 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 297,144,000 | 19,526,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 337,708,000 | 21,228,000 | 1.16 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 349,443,000 | 22,052,000 | 1.20 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 362,301,000 | 22,848,000 | 1.24 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 373,078,000 | 29,782,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 363,611,000 | 25,069,000 | 1.36 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 377,417,000 | 27,607,000 | 1.49 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ADUS's latest 10-K: [/company/ADUS/business/](/company/ADUS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ADUS's latest 10-K: [/company/ADUS/risk-factors/](/company/ADUS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1468328/000143774926025678/adus20260630_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion together with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report on Form 10-Q. This discussion contains forward-looking statements about our business and operations. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would,” “should,” and similar expressions are intended to be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of macroeconomic conditions, including inflation and interest rates, legislative and political developments, including federal government shutdowns, any lapse in appropriations and any hold on or cancellation of congressionally authorized spending or interruptions in the distribution of government funds, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and the potential adverse effects of current conditions; business disruptions due to inclement weather, natural disasters, acts of terrorism, military conflicts, pandemics, civil insurrection or social unrest; changes in operational and reimbursement processes and payment structures at the state or federal levels; changes in Medicaid, Medicare, other government program and managed care organizations’ policies and payment rates, and the timeliness of reimbursements received under government programs; the implementation of new, and possible changes to existing, federal and state laws or regulations, or our failure to comply with such laws or regulations or comply on a timely basis; the impact of decisions of the U.S. Supreme Court regarding the actions of federal agencies; changes in the executive branch of the federal government; changes in the structure and administration of, and funding for, federal and state agencies and programs; competition in the healthcare industry; the geographical concentration of our operations; changes in the case mix of consumers and payment methodologies; operational changes resulting from the assumption by managed care organizations of responsibility for managing and paying for our services to consumers; the nature and success of future financial and/or delivery system reforms; changes in estimates and judgments associated with critical accounting policies; our ability to maintain or establish new referral sources; our ability to renew significant agreements or groups of agreements; our ability to attract and retain qualified personnel; federal, state and city minimum wage pressure, including any failure of any governmental entity to enact a minimum wage offset and/or the timing of any such enactment; changes in payments and covered services due to overall economic conditions and deficit or spending reduction measures by federal and state governments, and our expectations regarding these changes; cost containment initiatives undertaken by federal and state governmental and other third-party payors; our ability to access financing through the capital and credit markets; our ability to meet debt service requirements and comply with covenants in debt agreements; our ability to integrate and manage our information systems; any security breaches, cyber-attacks, loss of data, or cybersecurity threats or incidents, and any actual or perceived failures to comply with legal requirements related to the privacy of confidential consumer data and other sensitive information; the size and growth of the markets for our services, including our expectations regarding the markets for our services; eligibility standards, moratoria on new provider enrollments and limits on services imposed through legislation or by governmental agencies or other third-party payors; the potential for litigation, audits, and investigations; discretionary determinations by government officials; our ability to successfully implement our business model to grow our business; our ability to continue identifying, pursuing, consummating, and integrating acquisition opportunities and expanding into new geographic markets; the impact of acquisitions and dispositions on our business, including the potential inability to realize the benefits of potential acquisitions; the effectiveness, quality, and cost of our services; our ability to successfully execute our growth strategy; changes in tax rates;  and various other matters, many of which are beyond our control. In addition, these forward-looking statements are subject to the risk factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2025, filed with the SEC. You should carefully review all of these factors. Moreover, our business may be materially adversely affected by factors that are not currently known to us, by factors that we currently consider immaterial or by factors that are not specific to us, such as general economic conditions. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by law.

22

Table of Contents

Overview

We are a home care services provider operating three segments: personal care, hospice, and home health. Our services are principally provided in-home under agreements with federal, state, and local government agencies, managed care organizations, commercial insurers, and private individuals. Our consumers are predominantly “dual eligible,” meaning they are eligible to receive both Medicare and Medicaid benefits. Managed care organizations accounted for 38.6% and 36.7% of our net service revenues during the three months ended June 30, 2026 and 2025, respectively, and 38.4% and 36.5% of our net service revenues during the six months ended June 30, 2026 and 2025, respectively.

A summary of certain consolidated financial results is provided in the table below.

[[GREPCENT_TABLE]]
[["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["Net service revenues by segment:","","(Amounts in Thousands)","","","(Amounts in Thousands)"],["Personal care","","$","295,995","","","$","269,183","","","$","577,089","","","$","527,469"],["Hospice","","","64,247","","","","62,212","","","","130,032","","","","123,649"],["Home health","","","17,175","","","","18,048","","","","33,907","","","","36,033"],["Total net service revenue","","$","377,417","","","$","349,443","","","$","741,028","","","$","687,151"],["Net income","","$","27,607","","","$","22,052","","","$","52,676","","","$","43,280"]]
[[/GREPCENT_TABLE]]

As of June 30, 2026, we provided our services in 24 states through 264 offices. Our personal care segment also includes staffing services, with clients including assisted living facilities, nursing homes, and hospice facilities.

Acquisitions

In addition to our organic growth, we have grown through acquisitions that have expanded our presence in current markets, with the goal of having all three levels of in-home care in our markets or facilitating our entry into new markets where in-home care has been moving to managed care organizations or that present other strategic opportunities.

On January 1, 2025, the Company completed its acquisition of its Jacksonville affiliate (the “Jacksonville Acquisition”), for approximately $0.8 million, with funding provided by available cash. With the Jacksonville Acquisition, the Company expanded its personal care segment in Florida and recorded goodwill of $0.8 million.

On March 1, 2025, the Company completed its acquisition of the assets of Great Lakes Home Care Unlimited, LLC (the “Great Lakes Acquisition”), for $2.6 million, with funding provided by available cash. With the Great Lakes Acquisition, the Company expanded its personal care segment in Michigan and recognized goodwill in its personal care segment of $2.6 million.

On August 1, 2025, the Company completed its acquisition of Helping Hands Home Care Service, Inc. (the “Helping Hands Acquisition”), for approximately $21.4 million, with funding through the Company’s revolving credit facility and available cash. With the Helping Hands Acquisition, the Company expanded its services within its personal care segment and entered the hospice and home health markets in Pennsylvania and recognized goodwill in its personal care segment of $19.0 million.

On October 1, 2025, the Company completed its acquisition of Gold Horses, LLC (the “Gold Horses Acquisition”), for approximately $7.4 million, with funding provided by available cash. With the Gold Horses Acquisition, the Company expanded its services within its personal care segment in Texas and recognized goodwill in its personal care segment of $7.4 million.

On May 1, 2026, the Company completed its acquisition of HomeCourt Home Care (the “HomeCourt Acquisition”), for approximately $12.2 million, with funding provided by available cash. With the HomeCourt Acquisition, the Company expanded its services within its personal care segment to Indiana and recognized goodwill in its personal care segment of $11.3 million.

New York Asset Sale

Effective May 20, 2024, we entered into the New York Asset Sale. The Company entered into a consulting agreement with the purchaser, as the transfer of clients and caregivers and payment for assets pursuant to the New York Asset Sale was occurring over time. In connection with this transaction, the Company ceased operations in New York. See Note 3 to the Notes to Unaudited Condensed Consolidated Financial Statements, Divestiture, for additional details regarding our divestiture.

23

Table of Contents

Recruiting

As the labor market continues to be tight and unemployment remains at low levels, the competition for new caregivers, including skilled healthcare staff, and support staff continues to be significant. In addition, the United States economy continues to experience inflationary pressures. To the extent that we continue to experience a shortage of caregivers, it may hinder our ability to fully meet the continuing demand for both our non-clinical and clinical services.

Revenue by Payor and Significant States

Our payors are principally federal, state, and local governmental agencies and managed care organizations. The federal, state, and local programs under which the agencies operate are subject to legislative and budgetary changes and other risks that can influence reimbursement rates. We have experienced a transition of business from government payors to managed care organizations, which we believe aligns with our emphasis on coordinated care and the reduction of the need for acute care.

Our revenue by payor and significant states by segment were as follows:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1468328/000143774926005352/adus20251231_10k.htm
Complete FY 2025 MD&A: /company/ADUS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion together with our Consolidated Financial Statements and the related notes included elsewhere in this Annual Report on Form 10-K. This discussion contains forward-looking statements about our business and operations. Our actual results may differ materially from those we currently anticipate as a result of the factors we describe under “Risk Factors” and elsewhere in this Annual Report on Form 10-K and other risks as well as other factors that are not currently known to us, that we currently consider immaterial or that are not specific to us, such as general economic conditions. The discussion of our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, included in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) can be found in the Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

We are a home care services provider operating three segments: personal care, hospice and home health. Our services are principally provided in-home under agreements with federal, state and local government agencies, managed care organizations, commercial insurers and private individuals. Our consumers are predominantly “dual eligible,” meaning they are eligible to receive both Medicare and Medicaid benefits. Managed care revenues accounted for 37.0%, 34.8% and 36.6% of our revenue during the years ended December 31, 2025, 2024, and 2023 respectively.

A summary of certain consolidated financial and statistical data results for 2025, 2024 and 2023 are provided in the table below.

[[GREPCENT_TABLE]]
[["","","For the Years Ended December 31,"],["","","2025","","","2024","","","2023"],["","","(Amounts in Thousands, except States and Locations)"],["Net service revenues","","$","1,422,530","","","$","1,154,599","","","$","1,058,651"],["Net income","","$","95,910","","","$","73,598","","","$","62,516"],["Total assets","","$","1,437,308","","","$","1,412,634","","","$","1,024,426"],["Adjusted EBITDA (1)","","$","179,984","","","$","140,290","","","$","121,020"],["States served at period end","","","23","","","","23","","","","22"],["Locations at period end","","","262","","","","258","","","","219"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(1)","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. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (\u201cGAAP\u201d). 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. Management believes that Adjusted EBITDA is useful to investors, management and others in evaluating the Company\u2019s operating performance, to provide investors with insight and consistency in the Company\u2019s financial reporting and to present a basis for comparison of the Company\u2019s business operations among periods, and to facilitate comparison with the results of the Company\u2019s 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 this Annual Report on Form 10-K should be carefully evaluated."]]
[[/GREPCENT_TABLE]]

43

Table of Contents

Acquisitions

In addition to our organic growth, we have grown through acquisitions that have expanded our presence in current markets, with the goal of having all three levels of in-home care in our markets, or facilitating our entry into new markets where in-home care has been moving to managed care organizations.

On March 9, 2024, we completed the Upstate Acquisition for $0.4 million, with funding provided by available cash. With the Upstate Acquisition, the Company expanded its personal care segment in South Carolina.

On December 2, 2024, we completed the Gentiva Acquisition for approximately $353.6 million, with funding primarily provided by drawing on the Company’s revolving credit facility and a portion of the net proceeds of the Company’s public offering of common stock. With the Gentiva Acquisition, the Company expanded its services within its personal care segment in Arizona, Arkansas, California, and North Carolina, and entered the market in Missouri and Texas. The home health segment also was expanded in Tennessee.

On January 1, 2025, we completed the Jacksonville Acquisition for approximately $0.8 million, with funding provided by available cash. With the Jacksonville Acquisition, the Company expanded its personal care segment in Florida and recorded goodwill of $0.8 million.

On March 1, 2025, we completed the Great Lakes Acquisition for $2.6 million, with funding provided by available cash. With the Great Lakes Acquisition, the Company expanded its personal care segment in Michigan and recognized goodwill in its personal care segment of $2.6 million.

On August 1, 2025, we completed the Helping Hands Acquisition, for approximately $21.4 million, with funding through the Company’s revolving credit facility and available cash. With the Helping Hands Acquisition, the Company expanded its services within its personal care segment and entered the hospice and home health markets in Pennsylvania and recognized goodwill in its personal care segment of $19.0 million.

On October 1, 2025, we completed the Gold Horses Acquisition, for approximately $7.4 million, with funding provided by available cash. With the Gold Horses Acquisition, the Company expanded its services within its personal care segment in Texas and recognized goodwill in its personal care segment of $7.4 million.

Divestiture

Effective May 20, 2024, we entered into a definitive asset purchase agreement to sell all of the Company’s New York operations for a purchase price of up to $23.0 million in cash, subject to certain adjustments, including adjustments for future operating requirements (the “New York Asset Sale”). The purchase price included 50% cash consideration, paid out as an initial payment of $4.6 million and $6.9 million paid pro rata as a deferred payment as caregivers are transferred, and 50% in the form of contingent consideration for the Company’s New York Consumer Directed Personal Assistance Program (“CDPAP”) business. The Company entered into a consulting agreement with the purchaser effective May 20, 2024, as the transfer of clients and caregivers and payment for assets pursuant to the New York Asset Sale is occurring over time as regulatory approvals are received, coordination of the transfer of clients and caregivers occurs, and the change of control takes place. The Company determined that the consulting agreement gave it the ability to control the business until October 2024, when the Company determined that it no longer controlled the business as it transferred more than 50% of the clients and caregivers and therefore qualified for sale consideration of the New York Asset Sale. As a result, the Company deconsolidated the results of its New York operations and recorded a gain on divestiture of $3.7 million during the year ended December 31, 2024. The gain was reflected within general and administrative expenses on the consolidated statement of operations.

44

Table of Contents

Revenue by Payor and Significant States

Our payor clients are principally federal, state and local governmental agencies and managed care organizations. The federal, state and local programs under which the agencies operate are subject to legislative, administrative and budgetary changes and other risks that can influence reimbursement rates. We have experienced a transition of business from government payors to managed care organizations, which we believe aligns with our emphasis on coordinated care and the reduction of the need for acute care. Medicare advantage revenue is included within Medicare.

For the years ended December 31, 2025, 2024 and 2023, our revenue by payor and significant states by segment were as follows:

[[GREPCENT_TABLE]]
[["","","Personal Care"],["","","2025","","","2024","","","2023"],["","","Amount (in Thousands)","","","% of Segment Net Service Revenues","","","Amount (in Thousands)","","","% of Segment Net Service Revenues","","","Amount (in Thousands)","","","% of Segment Net Service Revenues"],["State, local and other governmental programs","","$","553,475","","","","50.8","%","","$","456,885","","","","53.3","%","","$","400,753","","","","50.4","%"],["Managed care organizations","","","501,528","","","","46.0","","","","376,604","","","","44.0","","","","367,557","","","","46.2"],["Private pay","","","27,871","","","","2.6","","","","15,589","","","","1.8","","","","16,268","","","","2.0"],["Commercial insurance","","","5,609","","","","0.5","","","","5,593","","","","0.7","","","","6,321","","","","0.8"],["Other","","","732","","","","0.1","","","","1,910","","","","0.2","","","","3,819","","","","0.6"],["Total personal care segment net service revenues","","$","1,089,215","","","","100.0","%","","$","856,581","","","","100.0","%","","$","794,718","","","","100.0","%"],["Illinois","","$","458,828","","","","42.1","%","","$","441,012","","","","51.5","%","","$","411,081","","","","51.7","%"],["Texas","","","216,712","","","","19.9","","","","17,936","","","","2.0","","","","\u2014","","","","\u2014"],["New Mexico","","","118,588","","","","10.9","","","","115,381","","","","13.5","","","","115,986","","","","14.6"],["New York","","","\u2014","","","","\u2014","","","","71,763","","","","8.4","","","","92,469","","","","11.6"],["All other states","","","295,087","","","","27.1","","","","210,489","","","","24.6","","","","175,182","","","","22.1"],["Total personal care segment net service revenues","","$","1,089,215","","","","100.0","%","","$","856,581","","","","100.0","%","","$","794,718","","","","100.0","%"]]
[[/GREPCENT_TABLE]]

With the Jacksonville Acquisition, the Great Lakes Acquisition, the Helping Hands Acquisition and the Gold Horses Acquisition in 2025, the Company expanded its personal care services to consumers in the state of Florida, Michigan, Pennsylvania and Texas. With the acquisition of Upstate and the Gentiva Acquisition in 2024, the Company expanded its personal care services to consumers in the state of Arizona, Arkansas, California, Missouri, North Carolina, South Carolina and Texas.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ADUS/mda/fy2025/
All MD&A years: /company/ADUS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ADUS/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026747 (https://www.sec.gov/Archives/edgar/data/1468328/000095017025026747/adus-20241231.htm)
- [FY 2023 MD&A](/company/ADUS/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021284 (https://www.sec.gov/Archives/edgar/data/1468328/000095017024021284/adus-20231231.htm)
- [FY 2022 MD&A](/company/ADUS/mda/fy2022/): filed 2023-02-28; accession 0000950170-23-005160 (https://www.sec.gov/Archives/edgar/data/1468328/000095017023005160/adus-20221231.htm)
- [FY 2021 MD&A](/company/ADUS/mda/fy2021/): filed 2022-02-25; accession 0001564590-22-007171 (https://www.sec.gov/Archives/edgar/data/1468328/000156459022007171/adus-10k_20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 8082 Services-Home Health Care Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ADUS.md · JSON record: /company/ADUS.json · verified financials: /company/ADUS/financials.json / /company/ADUS/financials.csv · machine TOC for the whole site: /llms.txt