CHEMED CORP (CHE)
SIC breadcrumb: Services > SIC Major Group 80 > SIC 8082 Services-Home Health Care Services
SEC company page: https://www.sec.gov/edgar/browse/?CIK=19584. Latest filing source: 0001562762-26-000020.
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|---|---|---|---|
| Revenue | 2,529,978,000 | USD | 2025 | 2026-02-27 |
| Net income | 265,238,000 | USD | 2025 | 2026-02-27 |
| Assets | 1,538,189,000 | USD | 2025 | 2026-02-27 |
Financials
Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000019584.json. Derived margins are computed from the extracted annual SEC facts.
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,576,881,000 | 1,666,724,000 | 1,782,648,000 | 1,938,555,000 | 2,079,583,000 | 2,139,261,000 | 2,134,963,000 | 2,264,417,000 | 2,431,287,000 | 2,529,978,000 |
| Net income | 108,743,000 | 98,177,000 | 205,544,000 | 219,923,000 | 319,466,000 | 268,550,000 | 249,624,000 | 272,509,000 | 301,999,000 | 265,238,000 |
| Operating income | 178,749,000 | 113,035,000 | 243,632,000 | 257,380,000 | 389,680,000 | 343,038,000 | 343,496,000 | 340,569,000 | 366,493,000 | 338,246,000 |
| Diluted EPS | 6.48 | 5.86 | 12.23 | 13.31 | 19.48 | 16.85 | 16.53 | 17.93 | 19.89 | 18.34 |
| Assets | 880,059,000 | 920,026,000 | 975,529,000 | 1,268,317,000 | 1,434,911,000 | 1,342,723,000 | 1,442,012,000 | 1,668,095,000 | 1,668,575,000 | 1,538,189,000 |
| Liabilities | 355,960,000 | 379,672,000 | 384,195,000 | 541,709,000 | 533,711,000 | 719,450,000 | 643,297,000 | 560,219,000 | 549,582,000 | 558,784,000 |
| Stockholders' equity | 524,099,000 | 540,354,000 | 591,334,000 | 726,608,000 | 901,200,000 | 623,273,000 | 798,715,000 | 1,107,876,000 | 1,118,993,000 | 979,405,000 |
| Cash and cash equivalents | 15,310,000 | 11,121,000 | 4,831,000 | 6,158,000 | 162,675,000 | 32,895,000 | 74,126,000 | 263,958,000 | 178,350,000 | 74,515,000 |
| Net margin | 6.90% | 5.89% | 11.53% | 11.34% | 15.36% | 12.55% | 11.69% | 12.03% | 12.42% | 10.48% |
| Operating margin | 11.34% | 6.78% | 13.67% | 13.28% | 18.74% | 16.04% | 16.09% | 15.04% | 15.07% | 13.37% |
Financial Charts
Quarterly
Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000019584.json.
| Quarter | End Date | Revenue | Net Income | Diluted EPS | Method |
|---|---|---|---|---|---|
| 2022-Q2 | 2022-06-30 | 4.40 | reported discrete quarter | ||
| 2022-Q3 | 2022-09-30 | 3.78 | reported discrete quarter | ||
| 2023-Q1 | 2023-03-31 | 3.58 | reported discrete quarter | ||
| 2023-Q2 | 2023-06-30 | 553,816,000 | 53,377,000 | 3.51 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 564,532,000 | 74,958,000 | 4.93 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 585,912,000 | 90,053,000 | derived Q4 = FY annual - nine-month YTD | |
| 2024-Q1 | 2024-03-31 | 589,233,000 | 65,017,000 | 4.24 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 595,880,000 | 70,887,000 | 4.65 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 606,181,000 | 75,776,000 | 5.00 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 639,993,000 | 90,319,000 | derived Q4 = FY annual - nine-month YTD | |
| 2025-Q1 | 2025-03-31 | 646,943,000 | 71,757,000 | 4.86 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 618,798,000 | 52,493,000 | 3.57 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 624,900,000 | 64,237,000 | 4.46 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 639,337,000 | 76,751,000 | derived Q4 = FY annual - nine-month YTD | |
| 2026-Q1 | 2026-03-31 | 657,513,000 | 66,302,000 | 4.84 | reported discrete quarter |
Quarterly Charts
Macro Cross-References
- CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- UNRATE - Unemployment Rate
- FEDFUNDS - Federal Funds Effective Rate
- CES0500000003 - Average Hourly Earnings of All Employees, Total Private
- DFEDTARU - Federal Funds Target Range - Upper Limit
- DFEDTARL - Federal Funds Target Range - Lower Limit
- DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
- CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
- CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
- PCEPI - Personal Consumption Expenditures: Chain-type Price Index
- PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- PPIACO - Producer Price Index by Commodity: All Commodities
- T10YIE - 10-Year Breakeven Inflation Rate
- U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- PAYEMS - All Employees, Total Nonfarm
- CIVPART - Labor Force Participation Rate
- EMRATIO - Employment-Population Ratio
- UNEMPLOY - Unemployed
- CE16OV - Employment Level
- ICSA - Initial Claims
- JTSJOL - Job Openings: Total Nonfarm
- JTSQUR - Quits: Total Nonfarm
- GDPC1 - Real Gross Domestic Product
- A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
- INDPRO - Industrial Production: Total Index
- TCU - Capacity Utilization: Total Index
- HOUST - New Privately-Owned Housing Units Started: Total Units
- PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- RSAFS - Advance Retail Sales: Retail Trade
- PCE - Personal Consumption Expenditures
- DSPIC96 - Real Disposable Personal Income
- PSAVERT - Personal Saving Rate
- M2SL - M2
- BOPGSTB - U.S. International Trade in Goods and Services: Balance
- MSPUS - Median Sales Price of Houses Sold for the United States
- HSN1F - New One Family Houses Sold: United States
- RHORUSQ156N - Homeownership Rate in the United States
- TTLCONS - Total Construction Spending: Total Construction in the United States
- RRVRUSQ156N - Rental Vacancy Rate in the United States
- TOTALSL - Total Consumer Credit Owned and Securitized
- REVOLSL - Revolving Consumer Credit Owned and Securitized
- DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
- GDP - Gross Domestic Product
- GPDI - Gross Private Domestic Investment
- GCE - Government Consumption Expenditures and Gross Investment
- PCEC - Personal Consumption Expenditures
- NETEXP - Net Exports of Goods and Services
- GFDEBTN - Federal Debt: Total Public Debt
- GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- FYFSD - Federal Surplus or Deficit
- FGRECPT - Federal Government Current Receipts
- FGEXPND - Federal Government: Current Expenditures
- MANEMP - All Employees, Manufacturing
- USCONS - All Employees, Construction
- USTRADE - All Employees, Retail Trade
- USFIRE - All Employees, Financial Activities
- USGOVT - All Employees, Government
- AWHAETP - Average Weekly Hours of All Employees, Total Private
- DGORDER - Manufacturers' New Orders: Durable Goods
- NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- BUSINV - Total Business Inventories
- EXPGS - Exports of Goods and Services
- IMPGS - Imports of Goods and Services
- IR - Import Price Index (End Use): All Commodities
- PPIFIS - Producer Price Index by Commodity: Final Demand
Latest quarter (10-Q)
Latest 10-Q source: 0000019584-26-000012.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Executive Summary We operate through our two wholly-owned subsidiaries, VITAS Healthcare Corporation and Roto-Rooter Group, Inc. VITAS focuses on hospice care that helps make terminally ill patients’ final days as comfortable as possible. Through its teams of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter’s services are focused on providing plumbing, drain cleaning, excavation, water restoration, and other related services to both residential and commercial customers. Through its network of company-owned branches, independent contractors and franchisees, Roto-Rooter offers plumbing and drain cleaning service to over 90% of the U.S. population. The vast majority of the Company’s operations are located in the United States. As both operations are service companies, our employees are the most critical resource of the Company. We have very little exposure related to customers, vendors, or employees in other regions of the world. We continue to monitor macroeconomic trends and uncertainties such as inflation, the effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs, as well as the impact of the war with Iran on fuel prices, which may have adverse effects on net sales and profitability. Based on preliminary analysis of the potential effects of the announced tariffs and these other factors, we do not expect a material negative effect on our net sales or profitability for the remainder of fiscal year 2026. However, we are continuing to evaluate these factors and their potential effects as well as our ability to potentially offset all or a portion of cost increases through pricing actions and cost savings efforts for fiscal year 2027 planning. Economic pressures including the challenges of high inflation and the effects of increased tariffs and the impact of the war with Iran may negatively affect our net sales and profitability in the future. The following is a summary of the key operating results (in thousands except per share amounts): Three months ended March 31, 2026 2025 Service revenues and sales $ 657,513 $ 646,943 Net income $ 66,302 $ 71,757 Diluted EPS $ 4.84 $ 4.86 Adjusted net income $ 77,383 $ 83,074 Adjusted diluted EPS $ 5.65 $ 5.63 Adjusted EBITDA $ 116,257 $ 121,692 Adjusted EBITDA as a % of revenue 17.7 % 18.8 % Adjusted net income, adjusted diluted EPS, earnings before interest, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA and Adjusted EBITDA as a percent of revenue are not measures derived in accordance with US GAAP. We provide non-GAAP measures to help readers evaluate our operating results and to compare our operating performance with that of similar companies that have different capital structures. Our non-GAAP measures should not be considered in isolation or as a substitute for comparable measures presented in accordance with GAAP. A reconciliation of our non-GAAP measures is presented on pages 28-29. For the three months ended March 31, 2026, the increase in consolidated service revenues and sales was driven by a 3.1% increase at VITAS offset by a 0.9% decrease at Roto-Rooter. The increase in service revenues at VITAS is comprised primarily of 2.2% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.6%. Acuity mix shift negatively impacted revenue growth by 120-basis points in the quarter when compared to the prior year revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes decreased revenue growth by 47-basis points. The decline in service revenues at Roto-Rooter was driven by a 1.9% decrease in commercial revenue and a 1.5% decrease in residential revenue. Financial Condition Liquidity and Capital Resources Material changes in the balance sheet accounts from December 31, 2025 to March 31, 2026 include the following: A $32.9 million increase in accounts receivable due to the timing of payments. Other significant changes in our accounts receivable balances are typically driven by the timing of payments received from the Federal government at our VITAS subsidiary. We typically receive a payment in excess of $62.0 million from the Federal government for hospice services -21- every other Friday. The timing of a period end will have a significant impact on the accounts receivable at VITAS. These changes generally normalize over a two-year period, as cash flow variations in one year are offset in the following year. A $20.5 million increase in goodwill due to the two acquisitions at Roto-Rooter. A $23.3 million increase in income taxes payable due to timing of payments. A $91.2 million increase in long-term debt due primarily to the acquisitions and stock repurchases. A $201.1 million increase in treasury stock due to stock repurchases. Net cash provided by operating activities increased $55.5 million from March 31, 2025 to March 31, 2026. See the Unaudited Consolidated Statements of Cash Flow on page 5 for the detail components making up the change. Management continually evaluates cash utilization alternatives, including share repurchase, debt repurchase, acquisitions and increased dividends to determine the most beneficial use of available capital resources. We anticipate that our operating income and cash flows will be sufficient to operate our business and meet any commitments for the foreseeable future. Commitments and Contingencies On April 10, 2026, we replaced the Prior Credit Agreement with a sixth amended and restated Credit Agreement. Terms of the Credit Agreement consist of a five-year $450.0 million revolving credit facility including $100.0 million for letters of credit. The interest on this Credit Agreement has a floating interest rate that is generally the secured overnight financing rate (“SOFR”) plus an additional tiered rate which varies based on our current leverage ratio. As of March 31, 2026, the interest rate is SOFR plus 100 basis points. The Credit Agreement includes an expansion feature that provides the Company the opportunity to increase its revolver by an additional $250.0 million. We have issued $45.5 million in standby letters of credit as of March 31, 2026 under the Prior Credit Agreement, which has continued under the Credit Agreement mainly for insurance purposes. Issued letters of credit reduce our available credit under the Credit Agreement. As of March 31, 2026, we have approximately $313.3 million of unused lines of credit available and are eligible to be drawn down under the Prior Credit Agreement. Management believes its liquidity and sources of capital are satisfactory for the Company’s needs in the foreseeable future. Collectively, the terms of the Credit Agreement require us to meet various financial covenants, to be tested quarterly. We were in compliance with all financial and other debt covenants as of March 31, 2026 under the Prior Credit Agreement and anticipate remaining in compliance under the Credit Agreement throughout the foreseeable future. We are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and estimable. We disclose the existence of regulatory and legal actions when we believe it is reasonably possible that a loss could occur in connection with the specific action. In most instances, we are unable to make a reasonable estimate of any reasonably possible liability due to the uncertainty of the outcome and stage of litigation. We record legal fees associated with legal and regulatory actions as the costs are incurred. See Note 10 in the Notes to the Unaudited Consolidated Financial Statements in Item 1 above for a description of current material legal matters. -22- Results of Operations Three months ended March 31, 2026 versus 2025 - Consolidated Results Our service revenues and sales for the first quarter of 2026 increased 1.6% versus services and sales revenues for the first quarter of 2025. Of this increase, a $12.6 million increase was attributable to VITAS, offset by a $2.0 million decrease at Roto-Rooter. The following chart shows the components of revenue by operating segment (in thousands): Three months ended March 31, Increase/(Decrease) 2026 2025 Percent VITAS Routine homecare $ 371,091 $ 351,566 5.6 General inpatient 35,925 34,022 5.6 Continuous care 18,133 24,637 (26.4) Other 5,578 5,344 4.4 Subtotal 430,727 415,569 3.6 Medicare cap adjustment (2,375) (2,325) (2.2) Room and board - net (3,257) (3,525) 7.6 Implicit price concessions (5,077) (2,319) (118.9) Net revenue $ 420,018 $ 407,400 3.1 Roto-Rooter Drain cleaning $ 59,735 $ 59,542 0.3 Plumbing 49,584 46,059 7.7 Excavation 63,510 64,239 (1.1) Other 229 186 23.1 Subtotal - short term core 173,058 170,026 1.8 Water restoration 47,848 54,163 (11.7) Independent contractors 17,765 18,362 (3.3) Outside franchisee fees 1,521 1,424 6.8 Other 5,089 4,895 4.0 Gross revenue 245,281 248,870 (1.4) Implicit price concessions (7,786) (9,327) 16.5 Net revenue 237,495 239,543 (0.9) Total Revenues $ 657,513 $ 646,943 1.6 Days of care at VITAS during the quarters were as follows: Three months ended March 31, Increase/(Decrease) 2026 2025 Percent Routine homecare 1,691,619 1,632,569 3.6 Nursing home 294,818 307,108 (4.0) Respite 10,875 9,995 8.8 Subtotal routine homecare and respite 1,997,312 1,949,672 2.4 General inpatient 30,474 29,704 2.6 Continuous care 17,288 22,620 (23.6) Total days of care 2,045,074 2,001,996 2.2 The increase in service revenues at VITAS is comprised primarily of 2.2% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.6%. Acuity mix shift negatively impacted revenue growth by 120-basis points in the quarter when compared to the prior year revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes decreased revenue growth by 47-basis points. The increase in plumbing revenues for the first quarter of 2026 versus 2025 is attributable to a 14.1% increase in price and service mix shift offset by a 6.4% decrease in job count. The increase in drain cleaning revenues for the first quarter of 2026 versus 2025 is attributable to a 12.3% increase in price and service mix offset by a 12.0% decrease in job count. Excavation revenues decreased -23- 1.1%, water restoration revenues decreased 11.7%, and contractors operations decreased 3.3%. Implicit price concessions and credit memos decreased 16.5% mainly related to the water restoration business. The consolidated gross margin was 32.8% in the first quarter of 2026 as compared with 33.5% in the first quarter of 2025. On a segment basis, VITAS’ gross margin was 22.5% in the first quarter of 2026 as compared with 23.2% in the first quarter of 2025. The decline is related to an increase in variable patient care expenses in the first quarter of 2026 compared to the first quarter of 2025. The Roto-Rooter segment’s gross margin was 51.0% for the first quarter of 2026 which was essentially flat with the first quarter of 2025. Selling, general and administrative expenses (“SG&A”) comprise (in thousands): Three mon [Excerpt truncated for page length; source filing is linked above.]