AVAH · Aveanna Healthcare Holdings Inc.

Aveanna Healthcare delivered a strong first quarter in 2026, with revenue of $647.9 million, a 15.9% increase year-over-year, driven primarily by a $75.7 million increase in the PDS segment. Net income surged to $41.7 million from $5.2 million in the prior year, reflecting improved operational leverage and lower interest costs. Adjusted EBITDA grew 25.2% to $84.4 million, with margin expanding to 13.0% from 12.0%. Management attributed the performance to the strength of the business model, Preferred Payor and Government Affairs strategies, and strong organic growth across all segments. The company raised its full-year 2026 guidance: revenue now expected between $2.56 and $2.58 billion (up from $2.54-$2.56 billion) and Adjusted EBITDA between $328 and $332 million (up from $318-$322 million). The guidance excludes the pending Family First Homecare acquisition, which is progressing through regulatory approval. Cash flow from operations was $4.3 million, with free cash flow of negative $3.8 million due to capital expenditures. The company had $189.3 million in cash and $1,483.4 million in total debt, with interest rate hedges in place. The strong start to 2026 and raised guidance signal positive momentum, though the pending acquisition and its impact on liquidity remain key items to watch.