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Addus HomeCare
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Latest analysis
Updated Nov 4, 2026
Addus HomeCare Q3 2026: Personal Care Drives 7% Revenue Growth While $275M AccentCare Deal Reshapes Scale
Addus HomeCare posted $387.7 million in Q3 2026 net service revenue, up 7.0% year-over-year, with all growth concentrated in personal care (+9.2% to $301.0 million) as billable hours rose 4.0% and revenue per billable hour rose 5.0%. The hospice segment is the critical margin concern: gross profit collapsed to 45.7% from 49.4% as direct wage and benefit costs surged, and segment operating income fell 19.3% to $15.2 million in the quarter. The pending $275 million acquisition of AccentCare's personal care division — serving approximately 13,700 customers across ten states — is the single most consequential strategic event in the company's recent history and now constitutes a new risk factor in this filing.
Tone: mixedRevenue
$1.4B
ADUS 10-K · FY 2025
Employees
50,659
Revenue FY2024
$1.2B
Founded
1979
Profile
ADUS 10-K Item 1 · Feb 24, 2026Addus HomeCare is a home-based care services company operating across three segments — personal care, hospice, and home health — serving approximately 107,000 consumers in 23 states through 262 offices as of December 31, 2025. Its consumer base is predominantly dual-eligible individuals who qualify for both Medicare and Medicaid. The company delivers services under agreements with government agencies, managed care organizations, commercial insurers, and private individuals.
Read filing description ↓ Collapse description ↑
Addus has been providing home care services since 1979. We operate three segments: personal care, hospice, and home health. Our services are principally provided in-home under agreements with federal, state and local government agencies, managed care organizations, commercial insurers and private individuals. Our consumers are predominantly 'dual eligible,' meaning they are eligible to receive both Medicare and Medicaid benefits. As of December 31, 2025, we provided services in 23 states through approximately 262 offices. For the year ended December 31, 2025, we served approximately 107,000 discrete consumers. We continue to drive organic growth while also growing through acquisitions, focusing on growth in the states in which we have a presence while adding clinical care services to our offerings. Our services and operating model address a number of crucial needs across the healthcare continuum. Care provided in the home generally costs less than facility-based care and is typically preferred by consumers and their families. By providing services in the home to the elderly and others who require long-term care and support with the activities of daily living, we lower the cost of chronic and acute care treatment by delaying or eliminating the need for care in more expensive settings. In addition, our caregivers observe and report changes in the condition of our consumers for the purpose of facilitating early intervention in the disease process, which often reduces the cost of medical services by preventing unnecessary emergency room visits and/or hospital admissions and re-admissions. We believe our model provides significant value to managed care organizations, which have assumed significant responsibility for the healthcare needs and the related healthcare costs of our consumers.
Primary products
- personal care services
- hospice services
- home health services
- staffing services
Business segments
End markets
Geographies
Named customers
A significant amount of our net service revenues from our personal care segment are derived from one specific payor client, the Illinois Department on Aging, which accounted for 18.1% and 21.0% of our net service revenues for 2025 and 2024, respectively.
“We believe our industry is highly competitive, fragmented and market specific. Each local market has its own competitive profile, and no single competitor has significant market share across all of our markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net service revenues increased from $1.15 billion in 2024 to $1.42 billion in 2025, driven by organic growth and contributions from acquisitions completed in 2024 and 2025, particularly the Gentiva Acquisition.
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