Revenue growth remains robust at 15.9% in 2026Q1, though structural labor costs and administrative overhead continue to limit operating margins to 11.7%.
| Sales/Revenue | 2.52B | 2.43B | 2.02B | 1.9B | 1.79B | 1.68B | 1.5B | 1.38B | 1.25B |
| Revenue Growth % | 20.49% | 20.19% | 6.82% | 6.02% | 6.49% | 12.27% | 8.02% | 10.4% | - |
| Cost of Goods Sold | 1.7B | 1.63B | 1.39B | 1.3B | 1.23B | 1.14B | 1.04B | 964.81M | 859.35M |
| COGS % of Revenue | - | 66.91% | 68.61% | 68.58% | 69.05% | 67.69% | 69.6% | 69.71% | 68.55% |
| Gross Profit | 823.98M | 805.15M | 635.54M | 595.43M | 553.23M | 542.4M | 454.51M | 419.25M | 394.32M |
| Gross Margin % | 32.67% | 33.09% | 31.39% | 31.42% | 30.95% | 32.31% | 30.4% | 30.29% | 31.45% |
| Gross Profit Growth % | - | 26.69% | 6.74% | 7.63% | 2% | 19.34% | 8.41% | 6.32% | - |
| Operating Expenses | 534.46M | 539.77M | 495.75M | 587.36M | 1.2B | 578.51M | 458M | 380.3M | 339.71M |
| OpEx % of Revenue | - | 22.18% | 24.49% | 30.99% | 66.88% | 34.46% | 30.63% | 27.48% | 27.1% |
| Selling, General & Admin | 524.68M | 526.74M | 470.47M | 464.74M | 483.95M | 419.64M | 354.77M | 341M | 321.84M |
| SG&A % of Revenue | - | 21.65% | 23.24% | 24.52% | 27.07% | 25% | 23.73% | 24.64% | 25.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.42M | 13.04M | 25.28M | 122.62M | 711.56M | 158.88M | 103.23M | 39.3M | -13.74M |
| Operating Income | 289.52M | 265.38M | 139.79M | 8.07M | -642.28M | -36.11M | -3.49M | 38.95M | 39.03M |
| Operating Margin % | 11.48% | 10.91% | 6.9% | 0.43% | -35.93% | -2.15% | -0.23% | 2.81% | 3.11% |
| Operating Income Growth % | - | 89.85% | 1631.75% | 101.26% | -1678.62% | -935.59% | -108.95% | -0.2% | - |
| EBITDA | 313.99M | 289.15M | 170.95M | 38.17M | -603.46M | -722K | 26.74M | 65.97M | 50.97M |
| EBITDA Margin % | 12.45% | 11.88% | 8.44% | 2.01% | -33.76% | -0.04% | 1.79% | 4.77% | 4.07% |
| EBITDA Growth % | 58.83% | 69.14% | 347.86% | 106.33% | -83481.72% | -102.7% | -59.47% | 29.42% | - |
| D&A (Non-Cash Add-back) | 24.47M | 23.77M | 31.16M | 30.1M | 38.82M | 35.39M | 30.22M | 27.01M | 11.94M |
| EBIT | 281.9M | 250.8M | 156.21M | 9.07M | -563.87M | -53.34M | 31.25M | 17.27M | 25.88M |
| Net Interest Income | -128.55M | -137.25M | -156.1M | -152.92M | -107.04M | -68.68M | -82.64M | -92.09M | -74.95M |
| Interest Income | 4.36M | 2.83M | 498K | 327K | 679K | 253K | 345K | 207K | 594K |
| Interest Expense | 132.91M | 140.09M | 156.6M | 153.25M | 107.72M | 68.93M | 82.98M | 92.3M | 75.54M |
| Other Income/Expense | -147.75M | -158.43M | -134.72M | -147.07M | -21.54M | -77.47M | -48.25M | -113.98M | -88.69M |
| Pretax Income | 141.78M | 106.95M | 5.07M | -139M | -663.81M | -113.58M | -51.73M | -75.03M | -49.66M |
| Pretax Margin % | 5.62% | 4.4% | 0.25% | -7.33% | -37.13% | -6.77% | -3.46% | -5.42% | -3.96% |
| Income Tax | -119.72M | -118.09M | 16M | -4.47M | -1.78M | 3.47M | 5.32M | 1.49M | -2.51M |
| Effective Tax Rate % | -84.44% | -110.41% | 315.48% | 3.22% | 0.27% | -3.05% | -10.28% | -1.98% | 5.06% |
| Net Income | 261.49M | 225.03M | -10.93M | -134.52M | -662.03M | -117.04M | -57.05M | -76.52M | -47.15M |
| Net Margin % | 10.37% | 9.25% | -0.54% | -7.1% | -37.03% | -6.97% | -3.82% | -5.53% | -3.76% |
| Net Income Growth % | 4710.41% | 2159.05% | 91.88% | 79.68% | -465.63% | -105.16% | 25.44% | -62.3% | - |
| Net Income (Continuing) | 261.49M | 225.03M | -10.93M | -134.52M | -662.03M | -117.04M | -57.05M | -76.52M | -47.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.18 | 1.05 | -0.06 | -0.71 | -3.57 | -0.63 | -0.31 | -0.41 | -0.26 |
| EPS Growth % | 7579.11% | 1951.85% | 92.01% | 80.11% | -466.67% | -103.23% | 24.39% | -57.69% | - |
| EPS (Basic) | - | 1.10 | -0.06 | -0.71 | -3.57 | -0.63 | -0.31 | -0.41 | -0.26 |
| Diluted Shares Outstanding | 222.1M | 214.98M | 192.89M | 189.96M | 185.55M | 184.73M | 185.9M | 185.9M | 180.16M |
| Basic Shares Outstanding | 214.59M | 203.53M | 192.89M | 189.96M | 185.55M | 184.73M | 185.9M | 185.9M | 180.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Medicaid reimbursement rate sensitivity
According to the latest quarterly income statements, AVAH achieved a 15.9% year-over-year revenue increase in 2026Q1, building upon a consistent trend of double-digit growth that suggests the company is successfully capturing market share within the specialized pediatric private duty nursing niche despite broader industry headwinds.
The acceleration in top-line performance appears driven by both organic census expansion and the company's ability to navigate complex state-level reimbursement protocols. Investors should monitor whether this growth trajectory remains sustainable as the company faces potential saturation in its core pediatric markets and the inherent volatility of Medicaid redetermination cycles.
As reported in financial statements, the company maintains a gross margin of 31.2% for 2026Q1, reflecting the persistent difficulty of balancing fixed government reimbursement rates against the competitive labor costs required to attract and retain specialized clinical staff in a high-acuity care environment.
The current margin profile suggests that Aveanna lacks significant pricing power, as its revenue is largely dictated by state-mandated Medicaid budgets. Any meaningful expansion in profitability would likely require a structural shift in reimbursement policy or a sustained reduction in clinical wage inflation, neither of which appears imminent.
Based on the provided income statement data, operating margins have fluctuated between 4.7% and 13.6% over the last ten quarters, indicating that administrative overhead and the costs of maintaining a multi-state regulatory footprint continue to absorb a significant portion of the company's gross profit gains.
The inability to consistently scale operating income faster than revenue suggests that the company's roll-up strategy has introduced substantial complexity that weighs on efficiency. Analysts should investigate whether the current SG&A structure is optimized for the existing footprint or if further integration efforts are required to unlock meaningful operating leverage.
Analysis of recent filings reveals significant quarterly swings in net income, including a notable $178.8 million profit in 2025Q4, which appears heavily influenced by non-operating items rather than core clinical performance, warranting caution when evaluating the company's underlying earnings power and long-term profitability trends.
The inconsistency in net income, punctuated by periods of negative earnings, suggests that investors should prioritize operating income and cash flow metrics over reported EPS. The impact of stock-based compensation and potential retroactive government rate adjustments further complicates the assessment of true bottom-line quality.
Quick answers to the most common questions about buying AVAH stock.
For fiscal year 2025, Aveanna Healthcare Holdings Inc. (AVAH) reported total revenue of $2.43B. This represents a 94.1% increase compared to $1.25B in 2018.
Aveanna Healthcare Holdings Inc. (AVAH) is profitable, generating $225.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Aveanna Healthcare Holdings Inc. (AVAH) reported an operating income of $265.4M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aveanna Healthcare Holdings Inc. (AVAH) generated $805.2M in gross profit for the year, representing a gross profit margin of 33.1%. This demonstrates the company's core pricing power and production efficiency.