Addus Homecare Stock Earnings Reports

Addus reported a solid start to FY2026 with total revenue of $363.6M, up 7.7% year-over-year, adjusted EPS of $1.62 (up 14.1%), and adjusted EBITDA of $44.5M (up 9.7%). Operating cash flow was strong at $52.4M for Q1, enabling a reduction of bank debt to $94.3M and leaving ~ $103M cash on hand and significant revolver availability. Personal Care (77% of revenue) drove results: same-store revenue grew 6.5% and same-store hours per business day rose ~2.2%. Hospice performed well (same-store revenue +7.7%, average daily census +8.2%); home health is a small segment (4.6% of revenue) with improving operating income and targeted growth initiatives. Management closed an acquisition (HomeCourt in Indiana) and signed a second Indiana deal, continuing a strategy of entering new states with scale and building geographic density. Illinois and Texas rate increases are contributing to results; New Mexico budget included additional HCBS funding (details pending). The caregiver mobile app rollout (deployed in Illinois, partially in New Mexico, and rolled out in Texas) is expected to improve service fill rates, caregiver engagement, and scheduling/visibility. Management expects adjusted EBITDA margin to remain above 12% for the year, will remain disciplined on capital allocation but is prepared to deploy cash for larger M&A given the improved pipeline, and emphasizes compliance/fraud & abuse enforcement as structural tailwinds for larger, compliant providers like Addus. Key near-term items: integration of Indiana acquisitions, further app rollout, monitoring of state rate developments (Illinois, New Mexico), DSOs elevated sequentially (63 days), and continued focus on leveraging scale across lines of care (personal care, hospice, home health).