Aveanna Posts Strong Q4, Sets 2026 Guidance That Excludes Pending Family First Deal

Management signals payer-driven momentum with 2026 targets that exclude the pending Family First acquisition.

Overview

Aveanna reported Q4 2025 revenue of about $662 million, up 27% year over year, with adjusted EBITDA of $85 million, up 54%.
Full-year 2025 revenue reached approximately $2.433 billion with adjusted EBITDA of $320.8 million, aided by a 53rd week in the fiscal calendar.
Operational gains were led by Private Duty Services as hours rose roughly 18% and revenue per hour increased about 10%, with preferred-payer agreements expanding from 22 to 30 in 2025 and 10 state rate enhancements secured.
2026 guidance calls for $2.54–$2.56 billion in revenue and $318–$322 million in adjusted EBITDA, explicitly excluding any impact from the pending acquisition.
Aveanna plans to buy Family First Homecare for $175.5 million at about 7.5x post-synergy EBITDA, targeting a Q2 close financed with cash and securitization, while ending Q4 with roughly $529 million in liquidity and about $1.49 billion in variable-rate debt with hedges and aiming to keep leverage near 4x.