Chemed二季度业绩超预期并上调全年指引，但属排期财报且前期已显著重定价

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Full-Year Guidance Increased Due Mainly to VITAS Outperformance
CINCINNATI
,
July 28, 2026
(GLOBE NEWSWIRE) --
Chemed Corporation
(Chemed) (NYSE: CHE), which operates
VITAS Healthcare Corporation
(VITAS), the nation’s largest providers of end-of-life care, and
Roto-Rooter
, the nation’s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its second quarter ended
June 30, 2026
, versus the comparable prior-year period.
Results for Quarter Ended
June 30, 2026
Consolidated operating results:
Revenue increased 8.8% to
$673.3 million
GAAP Diluted Earnings-per-Share (EPS) of
$5.13
, an increase of 43.7%
Adjusted Diluted EPS of
$6.06
, an increase of 41.9%
VITAS segment operating results:
Net Patient Revenue of
$443.3 million
, an increase of 11.9%
Average Daily Census (ADC) of 23,687, an increase of 6.1%
Admissions of 19,125, an increase of 9.0%
Net Income, excluding certain discrete items, of
$61.3 million
, an increase of 60.5%
Adjusted EBITDA, excluding Medicare Cap, of
$80.6 million
, an increase of 20.6%
Adjusted EBITDA margin, excluding Medicare Cap, of 18.2%, an increase of 196-basis points
Roto-Rooter
segment operating results:
Revenue of
$229.9 million
, an increase of 3.3%
Net Income, excluding certain discrete items, of
$33.8 million
, essentially flat
Adjusted EBITDA of
$48.5 million
, essentially flat
Adjusted EBITDA margin of 21.1%, a decline of 77-basis points
VITAS
VITAS net revenue was
$443.3 million
in the second quarter of 2026, which is an increase of 11.9% when compared to the prior-year period. This revenue increase is comprised primarily of a 6.1% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.4%. Acuity mix shift negatively impacted revenue growth 115-basis points in the quarter when compared to the prior-year period’s revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes positively impacted revenue growth by 455-basis points.
Total VITAS admissions increased 9.0% in the second quarter of 2026 compared to the second quarter of 2025.
In the second quarter of 2026, VITAS accrued
$500,000
in Medicare Cap billing limitation. This compares to the Medicare Cap billing limitation recorded in the second quarter of 2025 of
$16.4 million
. No Medicare Cap billing limitation was recorded in the second quarter of 2026 for the
Florida
combined program, and none is anticipated for the 2026 fiscal period.
Of VITAS’ 33 Medicare provider numbers, 22 provider numbers have an anticipated full-year Medicare Cap cushion of 10% or greater, seven provider numbers have a cushion between 0% and 10%, and four provider numbers have a Medicare Cap billing limitation totaling
$7.0 million
.
Average revenue per patient per day in the second quarter of 2026 was
$209.98
which is 143-basis points above the prior-year period. Reimbursement for routine home care and high-acuity care averaged
$188.62
and
$1,152.14
, respectively. During the quarter, high-acuity days-of-care were 2.2% of total days of care, a decline of 24-basis points when compared to the prior-year quarter.
The second quarter 2026 gross margin, excluding Medicare Cap, was 23.9%, a 164-basis point increase from the same period of 2025. Selling, general and administrative expenses were
$26.1 million
in the second quarter of 2026 compared to
$25.1 million
in the prior- year quarter.
Adjusted EBITDA, excluding Medicare Cap, totaled
$80
.6 million in the quarter, an increase of 20.6% when compared to the prior-year period. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 18.2%.
Roto-Rooter
Roto-Rooter
generated quarterly revenue of
$229.9 million
in the second quarter of 2026, an increase of 3.3%, when compared to the prior-year quarter.
Roto-Rooter
branch commercial revenue in the quarter totaled
$56.8 million
, an increase of 6.8% from the prior-year period. This aggregate commercial revenue change consisted of plumbing increasing 11.9%, drain cleaning increasing 6.9%, water restoration increasing 3.7% and excavation increasing 2.3%.
Roto-Rooter
branch residential revenue in the quarter totaled
$159.1 million
, an increase of 1.7%, over the prior-year period. This aggregate residential revenue change consisted of excavation increasing 11.1%, plumbing increasing 3.3%, and drain cleaning increasing 1.3%, offset by a decline in water restoration of 6.7%.
In the second quarter of 2026, revenue from independent contractors was
$17.1 million
which is a decline of 1.9% as compared to the same period of 2025.
Roto-Rooter’s second quarter 2026 gross margin was 50.4%. This compares to the prior-year quarter’s gross margin of 49.0%. Roto-Rooter’s selling, general and administrative expenses were
$67.4 million
in the quarter, which is an increase of 11.3% compared to the second quarter of 2025.
Adjusted EBITDA in the second quarter of 2026 totaled
$48.5 million
, essentially flat when compared to the second quarter of 2025. The Adjusted EBITDA margin in the quarter was 21.1% which represents a 77-basis point decline from the second quarter of 2025.
Chemed Consolidated
As of
June 30, 2026
, Chemed had total cash and cash equivalents of
$40.2 million
and
$140.0 million
in long-term debt.
In
April 2026
, Chemed entered into a new five-year
$450 million
Amended and Restated Credit Agreement (Credit Agreement). This Credit Agreement consists of a
$450 million
revolving line of credit and a
$250 million
expansion feature. The interest rate on this Credit Agreement has a floating rate that is currently SOFR plus 100-basis points. There is approximately
$262.7 million
undrawn borrowing capacity under the Credit Agreement after excluding
$47.3 million
for Letters of Credit.
During the quarter, the Company repurchased 210,000 shares of Chemed stock for
$89.8 million
which equates to a cost per share of
$427.81
. Over the trailing 12-months, the Company has repurchased 1,517,500 shares of Chemed stock at an average price of
$423.63
per share. This equates to a reduction in outstanding Chemed shares of approximately 10.5% over that period. As of
June 30, 2026
, there was approximately
$139.8 million
of remaining share repurchase authorization under its plan.
Guidance Update
Although, historically, we do not give quarterly updates, our guidance was revised in conjunction with the first quarter 2026 earnings release due to the materially improved performance of VITAS, coupled with the level of share repurchases. We have updated the guidance again mainly to continue our normal, historical cadence of updating expectations at the mid-year earnings release. Barring any unusual developments, updating guidance once per year in conjunction with our second quarter press release is our on-going expectation. Further operational detail will be provided during the investor conference call.
VITAS’ initiatives to return to a normal growth pattern after managing the 2025 Medicare Cap issue progressed more quickly than originally anticipated and continue to provide higher than expected growth in the business. The following shows the updated key guidance metrics compared to the guidance metrics provided in the first quarter 2026 earnings release:
Revised
Range
Range
Q1 Release
ADC growth
5.75% - 6.25%
4.5% - 5.5%
Revenue growth, excluding Medicare Cap
8.25% - 9.25%
6.5% - 7.5%
Medicare Cap billing limitation (full year)
$7,000
$9,500
EBITDA margin, excluding Medicare Cap
19.0% - 19.5%
18.0% - 18.5%
Roto-Rooter
performed in-line with our expectations and therefore, full year guidance for the segment remains unchanged. Full year anticipated revenue growth is 3.0% to 3.5%. Estimated adjusted EBITDA margin is 21.5% to 22.5%.
Based on the above, full-year 2026 earnings per diluted share, excluding non-cash expenses for stock options, tax benefits from stock option exercises, costs related to litigation and other discrete items, are estimated to be