Addus HomeCare answered the question its own shareholders had been asking: what happens to growth now that the big acquisition is behind it. Fiscal 2025 arrived largely bought, not built - net service revenue jumped 23% because a December 2024 deal folded Gentiva's personal care business into the base. The second quarter of 2026 was the proof that a meaningful share of the growth is real, licensed organic momentum. Net service revenue rose 8% to $377.4 million; net income rose 25% to $27.6 million; adjusted net income per diluted share rose 16% to $1.73. The organic numbers were the part that mattered: personal care grew 6.8% same-store, hospice grew 11.1% same-store, and revenue per billable hour in personal care climbed 4.2% on rate increases in Texas and Illinois.
This was also the quarter the balance sheet did the talking. The company repaid $60 million on its revolving credit facility in six months, cut total debt from $124.3 million at year-end to $64.3 million, and saw quarterly net interest expense fall 61%. Adjusted EBITDA grew faster than revenue - up 11.9% to $49.2 million - the arithmetic of rate increases flowing to the bottom line while leverage comes down. The stock closed August 11 at roughly $117, up about a third off its 52-week low of $87.95 and a few percent below the high of $124.44. The case rests on whether organic growth holds without the acquisition tailwind, and whether the regulatory overhang - Medicaid reform, a hospice enrollment moratorium, a caregiver-pay mandate - stays a watched risk instead of a realized one.