On Nov. 6, Aveanna Healthcare Holdings, a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations, announced financial results for the three and nine-month periods ended Sept. 27, 2025.
Jeff Shaner, chief executive officer, commented, “Our third quarter results reflect the strength and momentum in all three operating divisions as we continue year three of our Strategic Transformation. The quarter was highlighted by revenue and adjusted EBITDA growth of 22.2% and 67.5%, respectively, when compared to the prior year period. We continue to advocate for our patients and families to receive the value of high-quality health care in the comfort of their home. Our national footprint delivers cost-effective and high-quality home care that provides significant value to our payor and government partners. The integration of Thrive Skilled Pediatric Care is on track to be completed by the end of the year. Our revised guidance demonstrates the sustained momentum we have in our business as we complete 2025. I am proud of our dedicated team of Aveanna caregivers and leaders, who deliver on our mission of exceptional care every day.”
Three-Month Periods Ended Sept. 27, 2025, and Sept. 28, 2024
Revenue was $621.9 million for the three-month period ended September 27, 2025, as compared to $509.0 million for the three-month period ended September 28, 2024, an increase of $112.9 million, or 22.2%. The overall increase in revenue was attributable to a $104.9 million increase in PDS segment revenue, and a $8.3 million increase in HHH segment revenue, offset by a $0.2 million decrease in MS segment revenue compared to the third quarter of 2024.
Gross margin was $202.8 million, or 32.6% of revenue, for the three-month period ended Sept. 27, 2025, as compared to $159.7 million, or 31.4% of revenue, for the three-month period ended Sept. 28, 2024, an increase of $43.1 million, or 27.0%.
Net income was $14.1 million for the three-month period ended Sept. 27, 2025, as compared to net loss of $42.8 million for the three-month period ended Sept. 28, 2024. Net income per diluted share was $0.06 for the three-month period ended Sept. 27, 2025, as compared to net loss per diluted share of $(0.22) for the three-month period ended September 28, 2024. Adjusted net income per diluted share was $0.15 for the three-month period ended September 27, 2025, as compared to adjusted net income per diluted share of $0.02 for the three-month period ended Sept. 28, 2024.
Adjusted EBITDA was $80.1 million, or 12.9% of revenue, for the three-month period ended September 27, 2025, as compared to $47.8 million, or 9.4% of revenue, for the three-month period ended September 28, 2024, an increase of $32.3 million or 67.5%.
Nine-Month Period Ended September 27, 2025 and September 28, 2024
Revenue was $1,770.7 million for the nine-month period ended Sept. 27, 2025, as compared to $1,504.6 million for the nine-month period ended September 28, 2024, an increase of $266.1 million, or 17.7%. The overall increase in revenue was attributable to a $248.0 million increase in PDS segment revenue, a $15.9 million increase in HHH segment revenue, and a $2.2 million increase in MS segment revenue compared to the first nine months of 2024.
Gross margin was $597.2 million, or 33.7% of revenue, for the nine-month period ended Sept. 27, 2025, as compared to $463.8 million, or 30.8% of revenue, for the nine-month period ended September 28, 2024, an increase of $133.4 million, or 28.8%.
Net income was $46.3 million for the nine-month period ended Sept. 27, 2025, as compared to net loss of $40.1 million for the nine-month period ended September 28, 2024. Net income per diluted share was $0.22 for the nine-month period ended September 27, 2025, as compared to net loss per diluted share of $(0.21) for the nine-month period ended September 28, 2024. Adjusted net income per diluted share was $0.43 for the nine-month period ended September 27, 2025, as compared to adjusted net income per diluted share of $0.01 for the nine-month period ended Sept. 28, 2024.
Adjusted EBITDA was $235.9 million, or 13.3% of revenue, for the nine-month period ended September 27, 2025, as compared to $128.4 million, or 8.5% of revenue, for the nine-month period ended September 28, 2024, an increase of $107.5 million or 83.7%.
Full Year 2025 Guidance
The following is our guidance reflecting our updated expectations for revenue and Adjusted EBITDA for the full fiscal year 2025 (year ending January 3, 2026):
Revenue of greater than $2.375 billion, updated from greater than $2.3 billion
Consistent with prior practice, we are not providing guidance on net income at this time due to the volatility of certain required inputs that are not available without unreasonable efforts, including future fair value adjustments associated with our interest rate swaps and caps.
Adjusted EBITDA of greater than $300 million, updated from greater than $270 million.
Get more details in the full news release.
