Addus HomeCare (NASDAQ: ADUS) posts Q1 2026 growth and Indiana deal

Rhea-AI Filing Summary

Addus HomeCare reported solid first-quarter 2026 growth and expanded its footprint. Net service revenues were $363.6 million, up 7.7% from 2025, while net income rose to $25.1 million and diluted EPS increased to $1.36 from $1.16. Adjusted EBITDA grew 9.7% to $44.5 million, and adjusted diluted EPS reached $1.62, up from $1.42.

Personal care, at $281.1 million, drove results with 6.5% organic revenue growth, supported by higher volumes and Texas and Illinois rate increases. Hospice revenue was $65.8 million with 7.7% organic growth, while home health revenue of $16.7 million declined modestly.

The company acquired the personal care operations of HomeCourt Home Care in Indiana, serving about 240 clients with approximately $9.7 million in annualized revenue, and signed a definitive agreement for a similarly sized Indiana business. As of March 31, 2026, Addus held $103.1 million in cash and $94.3 million in bank debt, generated $52.4 million in operating cash flow, and had $547.8 million of revolver availability.

Positive

• Revenue and earnings growth: Net service revenues rose 7.7% to $363.6 million, while net income increased to $25.1 million and adjusted EBITDA grew 9.7% to $44.5 million, with adjusted diluted EPS up to $1.62.
• Strength in core personal care and hospice: Personal care, 77.3% of revenue, delivered 6.5% organic growth, and hospice posted 7.7% organic revenue growth with higher average daily census.
• Accretive Indiana acquisition and pipeline: Acquisition of HomeCourt Home Care adds about $9.7 million in annualized revenue and is expected to be immediately accretive, with a definitive agreement for similarly sized Indiana operations.
• Robust cash flow and lower leverage: Net cash from operating activities was $52.4 million, cash was $103.1 million versus bank debt of $94.3 million, supporting continued strategic investment capacity.

Negative

• None.

Insights

Healthcare services equity analyst

Q1 2026 showed healthy growth, strong cash flow, and bolt-on M&A.

Addus HomeCare delivered a balanced quarter, with net service revenues of $363.6M up 7.7% year over year and adjusted EBITDA up 9.7% to $44.5M. Earnings expanded as diluted EPS rose to $1.36 and adjusted diluted EPS to $1.62.

Growth was led by personal care, which contributed 77.3% of revenue and achieved 6.5% organic revenue growth, aided by reimbursement increases in Texas and Illinois. Hospice also performed well with 7.7% organic revenue growth and higher average daily census, while home health remained a smaller, softer segment.

The acquisition of Indiana-based HomeCourt Home Care, with approximately $9.7M in annualized revenue and an expected immediately accretive profile, plus a signed agreement for similarly sized Indiana operations, reinforces a strategy of building density in targeted markets. With cash of $103.1M, bank debt of $94.3M, and operating cash flow of $52.4M in Q1 2026, leverage appears conservative, giving room for additional deals as disclosed opportunities in 2026 are evaluated.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net service revenues: $363.6M Net income: $25.1M Diluted EPS: $1.36 +5 more

8 metrics

Net service revenues $363.6M For the three months ended March 31, 2026; up 7.7% YoY

Net income $25.1M Q1 2026 vs $21.2M in Q1 2025

Diluted EPS $1.36 For the three months ended March 31, 2026; up from $1.16

Adjusted EBITDA $44.5M Q1 2026; 9.7% growth from $40.6M in Q1 2025

Operating cash flow $52.4M Net cash provided by operating activities in Q1 2026

Cash and bank debt $103.1M cash, $94.3M debt Balances as of March 31, 2026

HomeCourt annualized revenue $9.7M Personal care operations acquired in Indiana, announced May 1, 2026

Personal care revenue share 77.3% Portion of Q1 2026 revenues from personal care segment

Key Terms

Adjusted EBITDA, organic growth, managed care organizations, revolving credit facility, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA increased 9.7% to $44.5 million for the first quarter of 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

organic growth financial

"personal care business...with a 6.5% organic revenue increase over the first quarter last year"

Organic growth is the increase in a company's sales or profits that comes from its own activities, such as selling more products or services, rather than through acquisitions or mergers. It is like a plant growing taller on its own, without needing outside help. For investors, it indicates the company's ability to expand steadily and sustainably through its existing business efforts.

managed care organizations financial

"Our payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers"

revolving credit facility financial

"capacity and availability under its revolving credit facility of $650.0 million and $547.8 million"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

average daily census financial

"year-over-year improvement in average daily census. Our home health business represented"

The average daily census is the average number of patients occupying beds in a hospital or healthcare facility each day over a set period. Like a hotel’s average number of guests, it shows how fully a facility is being used and matters to investors because higher or more stable census typically signals stronger revenue, better resource use, and clearer demand trends for planning and valuation.

stock-based compensation expense financial

"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"

Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.

Earnings Snapshot

Net service revenues: $363.6M

Q1 2026

Net service revenues $363.6M +7.7% YoY

Net income $25.1M up from $21.2M in Q1 2025

Diluted EPS $1.36 up from $1.16 in Q1 2025

Adjusted EBITDA $44.5M +9.7% YoY

Adjusted diluted EPS $1.62 up from $1.42 in Q1 2025

Understanding 8-K Material Events →

false 0001468328 0001468328 2026-05-04 2026-05-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 4, 2026

ADDUS HOMECARE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-34504	20-5340172
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6303 Cowboys Way, Suite 600 Frisco, Texas		75034
(Address of principal executive offices)		(Zip Code)

(469) 535-8200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d- 2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		ADUS		The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2026, Addus HomeCare Corporation (the “Company”) issued a press release (the “Press Release”) announcing, among other matters, the Company’s results of operations for the fiscal quarter ended March 31, 2026. A copy of the Press Release is furnished herewith as Exhibit 99.1 to this report and is incorporated herein by reference.

Item 7.01. Regulation FD Disclosure

On May 4, 2026, the Company issued the Press Release, announcing, among other matters, its results of operations for the fiscal quarter ended March 31, 2026, the text of which is set forth as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.	Description
99.1	Press Release of Addus HomeCare Corporation dated May 4, 2026.
104	Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ADDUS HOMECARE CORPORATION
Date: May 4, 2026	By:	/s/ Brian Poff
		Brian Poff
		Chief Financial Officer

Exhibit 99.1

Contacts:
Brian W. Poff		Dru Anderson
Executive Vice President, Chief Financial Officer		FINN Partners
Addus HomeCare Corporation		(615) 324-7346
(469) 535-8200		dru.anderson@finnpartners.com
investorrelations@addus.com

ADDUS HOMECARE ANNOUNCES FIRST QUARTER

2026 FINANCIAL RESULTS

Acquires Personal Care Operations in State of Indiana with Plans for Further Expansion

Frisco, Texas (May 4, 2026) – 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.

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

“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.

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

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.

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

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

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

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

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

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

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

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.

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ADUS Announces First Quarter 2026 Financial Results

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May 4, 2026

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

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ADUS Announces First Quarter 2026 Financial Results

Page 9

May 4, 2026

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.

-END-

FAQ

How did Addus HomeCare (ADUS) perform financially in Q1 2026?

Addus HomeCare reported solid Q1 2026 results, with net service revenues of $363.6 million, up 7.7% year over year. Net income increased to $25.1 million, and diluted EPS rose to $1.36, reflecting improved profitability across its home-based care operations.

What were Addus HomeCare’s adjusted earnings metrics for Q1 2026?

Adjusted performance improved, with adjusted EBITDA rising 9.7% to $44.5 million. Adjusted net income reached $30.0 million, and adjusted diluted EPS was $1.62, up from $1.42. Adjustments primarily exclude acquisition expenses, stock-based compensation, and other non-recurring items.

How did each Addus HomeCare business segment perform in Q1 2026?

In Q1 2026, personal care revenue was $281.1 million with 6.5% organic growth. Hospice generated $65.8 million and 7.7% organic growth with higher average daily census. Home health produced $16.7 million in revenue, reflecting a modest year-over-year decline.

What acquisition did Addus HomeCare announce in Indiana?

Addus acquired the personal care operations of HomeCourt Home Care in Fort Wayne, Indiana, effective May 1, 2026. HomeCourt serves about 240 clients and has annualized revenues of approximately $9.7 million. Addus also signed a definitive agreement for additional similar-sized Indiana operations.

What is Addus HomeCare’s cash and debt position after Q1 2026?

As of March 31, 2026, Addus held $103.1 million in cash and had $94.3 million in bank debt. The company reported $52.4 million in net cash provided by operating activities and had $547.8 million of availability under its revolving credit facility.

How significant is personal care to Addus HomeCare’s revenue mix?

Personal care remains Addus’s core business, representing 77.3% of Q1 2026 net service revenues, or $281.1 million. This segment benefited from higher volumes and state rate increases, including a 9.9% increase in Texas and 3.9% in Illinois.

How many patients and locations does Addus HomeCare serve?

Addus HomeCare serves approximately 62,750 patients and consumers through 263 locations across 24 states. Its services span personal care, hospice, and home health, focusing on individuals at risk of hospitalization or institutionalization.

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