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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the Quarterly Period Ended September 30, 2025

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 1-8351

CHEMED CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		31-0791746
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)
255 E. Fifth Street, Suite 2600, Cincinnati, Ohio		45202
(Address of principal executive offices)		(Zip code)
(513) 762-6690 (Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Yes	x	No	o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Yes	x	No	o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Yes	o	No	x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on which Registered	Amount	Date

Capital Stock $1 Par Value	CHE	New York Stock Exchange	14,164,195 Shares	September 30, 2025

‎

-1-

CHEMED CORPORATION AND

SUBSIDIARY COMPANIES

Index



	Page No.
PART I. FINANCIAL INFORMATION:

Item 1. Financial Statements
Unaudited Consolidated Balance Sheets -
September 30, 2025 and December 31, 2024	3

Unaudited Consolidated Statements of Income -
Three months and nine months ended September 30, 2025 and 2024	4

Unaudited Consolidated Statements of Cash Flows -
Nine months ended September 30, 2025 and 2024	5

Unaudited Consolidated Statements of Changes in Stockholders’ Equity-
Three months and nine months ended September 30, 2025 and 2024	6

Notes to Unaudited Consolidated Financial Statements	8

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3. Quantitative and Qualitative Disclosures about Market Risk	43

Item 4. Controls and Procedures	43

PART II. OTHER INFORMATION

Item 1. Legal Proceedings	43

Item 1A. Risk Factors	43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	43

Item 3. Defaults Upon Senior Securities	44

Item 4. Mine Safety Disclosures	44

Item 5. Other Information	44

Item 6. Exhibits	46

EX – 31.1
EX – 31.2
EX – 32.1
EX – 32.2
EX – 101
EX – 104

SIGNATURES	47

‎

-2-


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)



	September 30, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents	$	129,752	$	178,350
Accounts receivable less allowances		215,570		171,163
Inventories		8,238		8,193
Prepaid income taxes		7,106		11,068
Prepaid expenses		34,577		25,974
Total current assets		395,243		394,748
Investments of deferred compensation plans held in trust		136,021		130,960
Properties and equipment, at cost, less accumulated depreciation of $392,384 (2024- $382,001)		203,939		200,837
Lease right of use asset		128,362		127,323
Identifiable intangible assets less accumulated amortization of $66,861 (2024 - $59,147)		84,930		92,206
Goodwill		666,987		666,744
Other assets		8,137		55,757
Total Assets	$	1,623,619	$	1,668,575

LIABILITIES
Current liabilities
Accounts payable	$	48,095	$	44,146
Accrued insurance		65,733		56,703
Income taxes		1,469		7,593
Accrued compensation		79,668		92,073
Short-term lease liability		42,013		42,306
Other current liabilities		55,063		42,874
Total current liabilities		292,041		285,695
Deferred income taxes		9,687		25,945
Deferred compensation liabilities		132,380		126,035
Long-term lease liability		99,461		98,538
Other liabilities		13,367		13,369
Total Liabilities		546,936		549,582
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY
Capital stock - authorized 80,000,000 shares $1 par; issued 37,592,974 shares (2024 - 37,422,348 shares)		37,593		37,422
Paid-in capital		1,581,067		1,484,176
Retained earnings		2,887,123		2,721,832
Treasury stock - 23,484,059 shares (2024 - 22,865,842 shares)		(3,431,475)		(3,126,660)
Deferred compensation payable in Company stock		2,375		2,223
Total Stockholders' Equity		1,076,683		1,118,993
Total Liabilities and Stockholders' Equity	$	1,623,619	$	1,668,575

See Accompanying Notes to Unaudited Consolidated Financial Statements.

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Service revenues and sales	$	624,900	$	606,181	$	1,890,641	$	1,791,294
Cost of services provided and goods sold (excluding depreciation)		427,993		396,187		1,292,628		1,171,064
Selling, general and administrative expenses		105,775		101,981		311,685		320,109
Depreciation		13,664		13,147		40,798		39,601
Amortization		2,570		2,550		7,713		7,617
Other operating expense		148		159		225		288
Total costs and expenses		550,150		514,024		1,653,049		1,538,679
Income from operations		74,750		92,157		237,592		252,615
Interest expense		(457)		(427)		(1,229)		(1,281)
Other income - net		9,251		9,299		13,970		28,008
Income before income taxes		83,544		101,029		250,333		279,342
Income taxes		(19,307)		(25,253)		(61,846)		(67,662)
Net income	$	64,237	$	75,776	$	188,487	$	211,680

Earnings Per Share:
Net income	$	4.46	$	5.04	$	12.97	$	14.04
Average number of shares outstanding		14,394		15,025		14,535		15,082

Diluted Earnings Per Share:
Net income	$	4.46	$	5.00	$	12.89	$	13.88
Average number of shares outstanding		14,409		15,168		14,620		15,253

Cash Dividends Per Share	$	0.60	$	0.50	$	1.60	$	1.30

See Accompanying Notes to Unaudited Consolidated Financial Statements.

‎

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities
Net income	$	188,487	$	211,680
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization		48,511		47,218
Stock option expense		24,374		23,933
Benefit for deferred income taxes		(16,259)		(2,245)
Noncash long-term incentive compensation		3,057		15,783
Litigation settlements		1,850		(5,750)
Noncash directors' compensation		1,123		1,282
Amortization of debt issuance costs		241		241
Changes in operating assets and liabilities:
Increase in accounts receivable		(44,403)		(14,336)
(Increase)/decrease in inventories		(45)		2,125
Increase in prepaid expenses		(8,603)		(1,173)
Increase/(decrease) in accounts payable and other current liabilities		10,102		(19,641)
Change in current income taxes		(2,162)		(4,545)
Net change in lease assets and liabilities		(576)		(400)
Decrease/(increase) in other assets		42,048		(21,101)
Increase in other liabilities		6,355		18,348
Other sources		639		1,165
Net cash provided by operating activities		254,739		252,584
Cash Flows from Investing Activities
Capital expenditures		(46,447)		(36,770)
Proceeds from sale of fixed assets		3,751		3,060
Business combinations, net of cash acquired		(225)		(97,400)
Other uses		(468)		(281)
Net cash used by investing activities		(43,389)		(131,391)
Cash Flows from Financing Activities
Purchases of treasury stock		(256,944)		(152,049)
Proceeds from exercise of stock options		27,152		49,906
Dividends paid		(23,196)		(19,594)
Capital stock surrendered to pay taxes on stock-based compensation		(8,484)		(8,827)
Change in cash overdrafts payable		610		(15,749)
Other sources/(uses)		914		(387)
Net cash used by financing activities		(259,948)		(146,700)
Decrease in Cash and Cash Equivalents		(48,598)		(25,507)
Cash and cash equivalents at beginning of period		178,350		263,958
Cash and cash equivalents at end of period	$	129,752	$	238,451

See Accompanying Notes to Unaudited Consolidated Financial Statements.

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands, except per share data)

For the three months ended September 30, 2025 and 2024:										Deferred
										Compensation
								Treasury		Payable in
		Capital		Paid-in		Retained		Stock-		Company
		Stock		Capital		Earnings		at Cost		Stock		Total
Balance at June 30, 2025	$	37,593	$	1,576,165	$	2,831,540	$	(3,249,115)	$	2,302	$	1,198,485
Net income		-		-		64,237		-		-		64,237
Dividends paid ($0.60 per share)		-		-		(8,654)		-		-		(8,654)
Stock awards and exercise of stock options		-		5,101		-		-		-		5,101
Purchases of treasury stock		-		-		-		(180,776)		-		(180,776)
Excise tax on share repurchase		-		-		-		(1,544)		-		(1,544)
Other		-		(199)		-		(40)		73		(166)
Balance at September 30, 2025	$	37,593	$	1,581,067	$	2,887,123	$	(3,431,475)	$	2,375	$	1,076,683
										Deferred
										Compensation
								Treasury		Payable in
		Capital		Paid-in		Retained		Stock-		Company
		Stock		Capital		Earnings		at Cost		Stock		Total
Balance at June 30, 2024	$	37,313	$	1,416,166	$	2,570,722	$	(2,819,053)	$	2,149	$	1,207,297
Net income		-		-		75,776		-		-		75,776
Dividends paid ($0.50 per share)		-		-		(7,487)		-		-		(7,487)
Stock awards and exercise of stock options		82		46,008		-		(28,523)		-		17,567
Purchases of treasury stock		-		-		-		(57,820)		-		(57,820)
Other		-		395		-		(34)		61		422
Balance at September 30, 2024	$	37,395	$	1,462,569	$	2,639,011	$	(2,905,430)	$	2,210	$	1,235,755

See Accompanying Notes to Unaudited Consolidated Financial Statements.

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(in thousands, except per share data)
For the nine months ended September 30, 2025 and 2024:										Deferred
										Compensation
								Treasury		Payable in
		Capital		Paid-in		Retained		Stock-		Company
		Stock		Capital		Earnings		at Cost		Stock		Total
Balance at December 31, 2024	$	37,422	$	1,484,176	$	2,721,832	$	(3,126,660)	$	2,223	$	1,118,993
Net income		-		-		188,487		-		-		188,487
Dividends paid ($1.60 per share)		-		-		(23,196)		-		-		(23,196)
Stock awards and exercise of stock options		171		95,976		-		(49,675)		-		46,472
Purchases of treasury stock		-		-		-		(253,477)		-		(253,477)
Excise tax on share repurchase		-		-		-		(1,544)		-		(1,544)
Other		-		915		-		(119)		152		948
Balance at September 30, 2025	$	37,593	$	1,581,067	$	2,887,123	$	(3,431,475)	$	2,375	$	1,076,683
										Deferred
										Compensation
								Treasury		Payable in
		Capital		Paid-in		Retained		Stock-		Company
		Stock		Capital		Earnings		at Cost		Stock		Total
Balance at December 31, 2023	$	37,184	$	1,341,273	$	2,446,925	$	(2,719,588)	$	2,082	$	1,107,876
Net income		-		-		211,680		-		-		211,680
Dividends paid ($1.30 per share)		-		-		(19,594)		-		-		(19,594)
Stock awards and exercise of stock options		211		121,675		-		(39,809)		-		82,077
Purchases of treasury stock		-		-		-		(145,933)		-		(145,933)
Other		-		(379)		-		(100)		128		(351)
Balance at September 30, 2024	$	37,395	$	1,462,569	$	2,639,011	$	(2,905,430)	$	2,210	$	1,235,755

See Accompanying Notes to Unaudited Consolidated Financial Statements.

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES

Notes to Unaudited Consolidated Financial Statements

1. Basis of Presentation

As used herein, the terms “We,” “Company” and “Chemed” refer to Chemed Corporation or Chemed Corporation and its consolidated subsidiaries.

We have prepared the accompanying unaudited consolidated financial statements of Chemed in accordance with Rule 10-01 of SEC Regulation S-X. Consequently, we have omitted certain disclosures required under generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. The December 31, 2024 balance sheet data were derived from audited financial statements but do not include all disclosures required by GAAP. However, in our opinion, the financial statements presented herein contain all adjustments, consisting only of normal recurring adjustments, necessary to state fairly our financial position, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or any other future period, and we make no representations related thereto. These financial statements are prepared on the same basis as and should be read in conjunction with the audited Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 31, 2024.

CLOUD COMPUTING

As of September 30, 2025, Roto-Rooter and VITAS have no significant capitalized implementation costs related to cloud computing.

INCOME TAXES

Our effective income tax rate was 23.1% in the third quarter of 2025 compared to 25.0% during the third quarter of 2024. Excess tax benefit on stock options exercised were immaterial for the quarters ended September 30, 2025 and 2024.

Our effective income tax rate was 24.7% in the first nine months of 2025 compared to 24.2% during the first nine months of 2024. Excess tax benefit on stock options exercised reduced our income tax expenses by $513,000 and $4.3 million for the first nine months ended September 30, 2025 and 2024, respectively.

NON-CASH TRANSACTIONS

Included in the accompanying Consolidated Balance Sheets are $2.6 million and $1.1 million of capitalized property and equipment which were not paid for as of September 30, 2025 and December 31, 2024, respectively. Accrued property and equipment purchases have been excluded from capital expenditures in the accompanying Consolidated Statements of Cash Flow. There are no material non-cash amounts included in interest expense for any period presented.

BUSINESS COMBINATIONS

We account for acquired businesses using the acquisition method of accounting. All assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. The determination of fair value involves estimates and the use of valuation techniques when market value is not readily available. We use various techniques to determine fair value in accordance with accepted valuation models, primarily the income approach. The significant assumptions used in developing fair values include, but are not limited to, revenue growth rates, the amount and timing of future cash flows, discount rates, useful lives, royalty rates and future tax rates. The excess of purchase price over the fair value of assets and liabilities acquired is recorded as goodwill. See Note 16 for discussion of recent acquisitions.

ESTIMATES

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying Notes. Actual results could differ from those estimates. Disclosures of after-tax expenses and adjustments are based on estimates of the effective income tax rates for the applicable segments.

2. Revenue Recognition

In May 2014, the FASB issued Accounting Standards Update “ASU No. 2014-09 – Revenue from Contracts with Customers.” The standard and subsequent amendments are intended to develop a common revenue standard for removing inconsistencies and

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weaknesses, improve comparability, provide for more useful information to users through improved disclosure requirements and simplify the preparation of financial statements. The standard is also referred to as Accounting Standards Codification No. 606 (“ASC 606”).

VITAS

Service revenue for VITAS is reported at the amount that reflects the ultimate consideration we expect to receive in exchange for providing patient care. These amounts are due from third-party payors, primarily commercial health insurers and government programs (Medicare and Medicaid), and include variable consideration for revenue adjustments due to settlements of audits and reviews, as well as certain hospice-specific revenue capitations. Amounts are generally billed monthly or subsequent to patient discharge. Subsequent changes in the transaction price initially recognized are not significant.

Hospice services are provided on a daily basis and the type of service provided is determined based on a physician’s determination of each patient’s specific needs on that given day. Reimbursement rates for hospice services are on a per diem basis regardless of the type of service provided or the payor. Reimbursement rates from government programs are established by the appropriate governmental agency and are standard across all hospice providers. Reimbursement rates from health insurers are negotiated with each payor and generally structured to closely mirror the Medicare reimbursement model. The types of hospice services provided and associated reimbursement model for each are as follows:

Routine Home Care occurs when a patient receives hospice care in their home, including a nursing home setting. The routine home care rate is paid for each day that a patient is in a hospice program and is not receiving one of the other categories of hospice care. For Medicare patients, the routine home care rate reflects a two-tiered rate, with a higher rate for the first 60 days of a hospice patient’s care and a lower rate for days 61 and after. In addition, there is a Service Intensity Add-on payment which covers direct home care visits conducted by a registered nurse or social worker in the last seven days of a hospice patient’s life, reimbursed up to 4 hours per day in 15 minute increments at the continuous home care rate.

General Inpatient Care occurs when a patient requires services in a controlled setting for a short period of time for pain control or symptom management which cannot be managed in other settings. General inpatient care services must be provided in a Medicare or Medicaid certified hospital or long-term care facility or at a freestanding inpatient hospice facility with the required registered nurse staffing.

Continuous Home Care is provided to patients while at home, including a nursing home setting, during periods of crisis when intensive monitoring and care, primarily nursing care, is required in order to achieve palliation or management of acute medical symptoms. Continuous home care requires a minimum of 8 hours of care within a 24-hour day, which begins at midnight. The care must be predominantly nursing care provided by either a registered nurse or licensed nurse practitioner. While the published Medicare continuous home care rates are daily rates, Medicare pays for continuous home care in 15 minute increments. This 15 minute rate is calculated by dividing the daily rate by 96.

Respite Care permits a hospice patient to receive services on an inpatient basis for a short period of time in order to provide relief for the patient’s family or other caregivers from the demands of caring for the patient. A hospice can receive payment for respite care for a given patient for up to five consecutive days at a time, after which respite care is reimbursed at the routine home care rate.

Each level of care represents a separate promise under the contract of care and is provided independently for each patient contingent upon the patient’s specific medical needs as determined by a physician. However, the clinical criteria used to determine a patient’s level of care is consistent across all patients, given that, each patient is subject to the same payor rules and regulations. As a result, we have concluded that each level of care is capable of being distinct and is distinct in the context of the contract. Furthermore, we have determined that each level of care represents a stand ready service provided as a series of either days or hours of patient care. We believe that the performance obligations for each level of care meet criteria to be satisfied over time. VITAS recognizes revenue based on the service output. VITAS believes this to be the most faithful depiction of the transfer of control of services as the patient simultaneously receives and consumes the benefits provided by our performance. Revenue is recognized on a daily or hourly basis for each patient in accordance with the reimbursement model for each type of service. VITAS’ performance obligations relate to contracts with an expected duration of less than one year. Therefore, VITAS has elected to apply the optional exception provided in ASC 606 and is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The unsatisfied or partially satisfied performance obligations referred to above relate to bereavement services provided to patients’ families for at least 12 months after discharge.

Care is provided to patients regardless of their ability to pay. Patients who meet our criteria for charity care are provided care without charge. There is no revenue or associated accounts receivable in the accompanying Consolidated Financial Statements related to charity care. The cost of providing charity care for the quarters ended September 30, 2025 and 2024 was $2.3 million and $2.4 million,

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respectively. The cost of providing charity care during the first nine months ended September 30, 2025 and 2024 was $6.7 million and $6.8 million, respectively. The cost of charity care is included in cost of services provided and goods sold and is calculated by taking the ratio of charity care days to total days of care and multiplying by the total cost of care.

Generally, patients who are covered by third-party payors are responsible for related deductibles and coinsurance which vary in amount. VITAS also provides service to patients without a reimbursement source and may offer those patients discounts from standard charges. VITAS estimates the transaction price for patients with deductibles and coinsurance, along with those uninsured patients, based on historical experience and current conditions. The estimate of any contractual adjustments, discounts or implicit price concessions reduces the amount of revenue initially recognized. Subsequent changes to the estimate of the transaction price are recorded as adjustments to patient service revenue in the period of change. Subsequent changes that are determined to be the result of an adverse change in the patients’ ability to pay (i.e. change in credit risk) are recorded as bad debt expense. VITAS has no material adjustments related to subsequent changes in the estimate of the transaction price or subsequent changes as the result of an adverse change in the patient’s ability to pay for any period reported.

Laws and regulations concerning government programs, including Medicare and Medicaid, are complex and subject to varying interpretation and change over time. Medicare and Medicaid programs have broad authority to audit and review compliance with such laws and regulations and impose payment suspensions or modifications when merited. Additionally, the contracts we have with commercial health insurance payors provide for retroactive audit and review of claims. Settlement with third party payors for retroactive adjustments due to audits, reviews or investigations are considered variable consideration and are included in the determination of the estimated transaction price for providing patient care. The variable consideration is estimated based on the terms of the payment agreement, existing correspondence from the payor and our historical settlement activity. These estimates are adjusted in future periods, as new information becomes available.

We are subject to certain limitations on Medicare payments for services which are considered variable consideration, as follows:

Inpatient Cap. If the number of inpatient care days any hospice program provides to Medicare beneficiaries exceeds 20% of the total days of hospice care such program provided to all Medicare patients for an annual period beginning September 28, the days in excess of the 20% figure may be reimbursed only at the routine homecare rate. None of VITAS’ hospice programs exceeded the payment limits on inpatient services during the three months ended September 30, 2025 and 2024.

Medicare Cap. We are also subject to a Medicare annual per-beneficiary cap (“Medicare cap”). Compliance with the Medicare cap is measured in one of two ways based on a provider election. The “streamlined” method compares total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by that Medicare provider number with the product of the per-beneficiary cap amount and the number of Medicare beneficiaries electing hospice care for the first time from that hospice program or programs from September 28 through September 27 of the following year. At September 30, 2025, all our programs except three are using the “streamlined” method.

The “proportional” method compares the total Medicare payments received under a Medicare provider number with respect to services provided to all Medicare hospice care beneficiaries in the program or programs covered by the Medicare provider number between September 28 and September 27 of the following year with the product of the per beneficiary cap amount and a pro-rated number of Medicare beneficiaries receiving hospice services from that program during the same period. The pro-rated number of Medicare beneficiaries is calculated based on the ratio of days the beneficiary received hospice services during the measurement period to the total number of days the beneficiary received hospice services.

We actively monitor each of our hospice programs, by provider number, as to their specific admission, discharge rate and median length of stay data in an attempt to determine whether revenues are likely to exceed the annual per-beneficiary Medicare Cap. Should we determine that revenues for a program are likely to exceed the Medicare cap based on projected trends, we attempt to institute corrective actions, which include changes to the patient mix and increased patient admissions. However, should we project our corrective action will not prevent that program from exceeding its Medicare cap, we estimate revenue recognized during the government fiscal year that will require repayment to the Federal government under the Medicare cap and record an adjustment to revenue of an amount equal to a ratable portion of our best estimate for the year.

For VITAS’ patients in the nursing home setting in which Medicaid pays the nursing home room and board, VITAS serves as a pass-through between Medicaid and the nursing home. We are responsible for paying the nursing home for that patient’s room and board. Medicaid reimburses us for 95% of the amount we have paid. This results in a 5% net expense for VITAS related to nursing home room and board. This transaction creates a performance obligation in that VITAS is facilitating room and board being delivered to our patient. As a result, the 5% net expense is recognized as a contra-revenue account under ASC 606 in the accompanying financial statements.

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The composition of patient care service revenue by payor and level of care for the quarter ended September 30, 2025 is as follows (in thousands):



	Medicare		Medicaid		Commercial		Total
Routine home care	$	341,571	$	11,604	$	9,230	$	362,405
Inpatient care		28,374		2,318		2,407		33,099
Continuous care		18,379		603		964		19,946
	$	388,324	$	14,525	$	12,601	$	415,450

All other revenue - self-pay, respite care, etc.								5,807
Subtotal							$	421,257
Medicare cap adjustment								(6,086)
Implicit price concessions								(3,571)
Room and board, net								(3,859)
Net revenue							$	407,741

The composition of patient care service revenue by payor and level of care for the quarter ended September 30, 2024 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	319,151	$	12,013	$	7,180	$	338,344
Inpatient care		25,647		2,111		2,165		29,923
Continuous care		23,657		942		1,200		25,799
	$	368,455	$	15,066	$	10,545	$	394,066

All other revenue - self-pay, respite care, etc.								5,082
Subtotal							$	399,148
Medicare cap adjustment								(2,239)
Implicit price concessions								(2,167)
Room and board, net								(3,336)
Net revenue							$	391,406

The composition of patient care service revenue by payor and level of care for the nine months ended September 30, 2025 is as follows (in thousands):


	Medicare		Medicaid		Commercial		Total
Routine home care	$	1,012,360	$	33,915	$	25,739	$	1,072,014
Inpatient care		86,716		6,482		6,947		100,145
Continuous care		63,158		1,982		3,082		68,222
	$	1,162,234	$	42,379	$	35,768	$	1,240,381

All other revenue - self-pay, respite care, etc.								16,898
Subtotal							$	1,257,279
Medicare cap adjustment								(24,786)
Implicit price concessions

CHEMED CORP 10-Q