Aveanna Raises 2026 Revenue and Adjusted EBITDA Outlook

The Tip Desk · November 12, 2026 · 4 min read

Third-quarter revenue reached $695.5 million as the home-care platform lifted full-year revenue guidance to greater than $2.695 billion.

Aveanna Healthcare Holdings (AVAH), a diversified home-care platform for medically complex patients, raised its full-year 2026 revenue outlook to greater than $2.695 billion from greater than $2.68 billion, and lifted Adjusted EBITDA guidance to greater than $374 million from greater than $365 million.

For the three months ended October 3, 2026, revenue was $695.5 million, up 11.8% from $621.9 million a year earlier. Year-over-year revenue growth slowed from 13.7% in the second quarter, after 15.9% in the first quarter. Chief Executive Officer Jeff Shaner said the results reflected organic growth across all three business segments and that the company was raising 2026 revenue and Adjusted EBITDA guidance given performance through the first three quarters.

Net income was $45.5 million, or 6.5% of revenue, compared with $14.1 million, or 2.3% of revenue, a year earlier. Diluted earnings were $0.20 a share versus $0.06. Adjusted EBITDA was $100.1 million, or 14.4% of revenue, up 25.0% from $80.1 million, or 12.9% of revenue, a year earlier. Adjusted EBITDA growth accelerated from 8.0% in the second quarter.

Gross margin was $226.8 million, or 32.6% of revenue, matching the year-ago rate. Field contribution was $123.3 million, or 17.7% of revenue, up 14.8% from $107.4 million, or 17.3% of revenue. Corporate expenses fell to $35.9 million, or 5.2% of revenue, from $52.0 million, or 8.4% of revenue. Operating income was $83.6 million, or 12.0% of revenue, up 55.9% from $53.6 million, or 8.6% of revenue.

The Pediatric and Developmental Services segment, the largest of the three, generated $574.2 million of revenue, up 11.6% from $514.4 million a year earlier. Hours rose 10.2% to 13.02 million and the revenue rate rose 1.4% to $44.09. Home health and hospice revenue was $72.1 million, up 15.6% from $62.4 million. Total admissions rose 19.6% to 11.6 thousand and episodic mix rose to 80.2% from 77.3%. Medical supplies revenue was $49.2 million, up 9.1% from $45.1 million. Unique patients served rose 7.7% to 98 thousand and the revenue rate rose 1.4% to $501.87.

The company said the overall revenue increase was attributable to a $59.8 million increase in PDS segment revenue, a $9.7 million increase in HHH segment revenue, and a $4.1 million increase in MS segment revenue compared with the third quarter of 2025.

For the nine months ended October 3, 2026, revenue was $2,013.9 million, up 13.7% from $1,770.7 million. Net income was $127.4 million, or 6.3% of revenue, versus $46.3 million, or 2.6% of revenue. Diluted earnings were $0.57 a share versus $0.22. Adjusted EBITDA was $279.9 million, or 13.9% of revenue, up 18.7% from $235.9 million, or 13.3% of revenue.

Net cash provided by operating activities was $157.5 million for the nine-month period. Free cash flow was $141.2 million. Cash was $197.8 million as of October 3, 2026, with $68.7 million of incremental borrowing capacity under the securitization facility. The revolver was undrawn, with approximately $225.6 million of borrowing capacity and about $24.4 million of outstanding letters of credit. Total indebtedness was $1,521.3 million.

Chief Financial Officer Matt Buckhalter said the company continued to reduce net leverage and that the results reflected profitable growth, cash-flow generation and disciplined deleveraging. Interest-rate exposure under credit facilities is hedged with $520.0 million notional of caps at 4.00% on SOFR and $880.0 million notional of caps at 2.96%.

The company is not providing net-income guidance for the year ending January 2, 2027, citing volatility in inputs including future fair-value adjustments on interest-rate caps.