AdaptHealth Corp 2025年度报告

FORM 10-K OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38399 AdaptHealth Corp.(Exact name of registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YesNo Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YesNo Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of RegulationS-T (§232.0405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Smaller reporting company 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 orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by anyof the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesNo As of June30, 2025, the last business day of the Registrant's most recently completed second fiscal quarter, the aggregate market value of the shares of CommonStock, par value $0.0001 per share, held by non-affiliates of the Registrant, computed based on the closing sale price of $9.43 per share on June30, 2025, as reported byThe Nasdaq Stock Market LLC, was approximately $1.04billion. Shares of Common Stock held by each executive officer and director and by each shareholderaffiliated with a director or an executive officer have been excluded from this calculation because such persons may be deemed to be affiliates. As of February20, 2026,there were 135,914,816 shares of the Registrant’s Common Stock outstanding. Documents Incorporated by Reference The information called for by Part III is incorporated by reference to the Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders of the Registrantwhich will be filed with the U.S. Securities and Exchange Commission not later than April30, 2026. TABLE OF CONTENTS PART I Item 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 1C. CybersecurityItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Mine Safety Disclosures PART II Item 5. Market Price of and Dividends on Registrant’s Common Equity and Related Stockholder Matters; Issuer Purchasesof Equity Securities39Item 6. [Reserved]39Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations39Item 7A. Quantitative and Qualitative Disclosures About Market Risk64Item 8. Financial Statements and Supplementary Data65Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure123Item 9A. Controls and Procedures123Item 9B. Other Information124Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections124PART IIIItem 10. Directors, Executive Officers and Corporate Governance124Item 11. Executive Compensation124Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters124Item 13. Certain Relationships and Related Transactions, and Director Independence124Item 14. Principal Accountant’s Fees and Services124PART IV Item 15. Exhibits and Financial Statement Schedules Signatures CAUTIONARY STATEMENT In this Annual Report on Form 10-K, including “Management’s Discussion and Ana