ADUS · Addus HomeCare Corporation

Addus HomeCare delivered solid first-quarter 2026 results, with net service revenues up 7.7% year-over-year to $363.6 million, driven primarily by organic growth in its personal care business — which accounted for 77.3% of total revenue — and favorable rate adjustments in key states: a 9.9% increase in Texas effective September 1, 2025, and a 3.9% increase in Illinois effective January 1, 2026. Adjusted EBITDA grew faster than revenue at 9.7% to $44.5 million, indicating operational efficiency gains and margin resilience despite inflationary pressures. The hospice segment contributed 18.1% of revenue and posted 7.7% organic growth, while home health represented 4.6%. Management attributed performance to stable caregiver hiring trends and sustained demand for home-based care across the continuum. Strategically, Addus expanded into Indiana via the May 1, 2026 acquisition of HomeCourt Home Care — a $9.7 million annualized personal care provider serving ~240 clients — marking its first market entry in the state and aligning with its density-driven growth strategy. A second Indiana acquisition is pending, reinforcing commitment to geographic expansion. The Company maintained strong liquidity with $103.1 million cash and $547.8 million available under its revolver, supporting continued M&A execution. While no formal full-year guidance was issued, management expressed confidence in sustained organic growth and accretive integration of newly acquired operations, citing disciplined capital allocation and synergies across personal care, hospice, and home health services.