Chemed Reports Third-Quarter 2025 Results

CINCINNATI, Oct. 28, 2025 (GLOBE NEWSWIRE) -- Chemed Corporation (Chemed) (NYSE: CHE), which operates VITAS Healthcare Corporation (VITAS), the nation’s largest provider 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 third quarter ended September 30, 2025, versus the comparable prior-year period.

Results for Quarter Ended September 30, 2025

Consolidated operating results:

Revenue increased 3.1% to $624.9 millionGAAP Diluted Earnings-per-Share (EPS) of $4.46, a decrease of 10.8%Adjusted Diluted EPS of $5.27, a decrease of 6.6%

VITAS segment operating results:

Net Patient Revenue of $407.7 million, an increase of 4.2%Average Daily Census (ADC) of 22,327, an increase of 2.5%Admissions of 17,714, an increase of 5.6%Net Income, excluding certain discrete items, of $48.9 million, a decrease of 9.0%Adjusted EBITDA, excluding Medicare Cap, of $70.4 million, a decrease of 3.8%Adjusted EBITDA margin, excluding Medicare Cap, of 17.0%, a decrease of 157-basis points

Roto-Rooter segment operating results:

Revenue of $217.2 million, an increase of 1.1%Net Income, excluding certain discrete items, of $33.9 million, a decrease of 14.8%Adjusted EBITDA of $49.4 million, a decline of 12.4%Adjusted EBITDA margin of 22.7%, a decline of 351-basis points

VITAS

VITAS net revenue was $407.7 million in the third quarter of 2025, which is an increase of 4.2% when compared to the prior-year period. This revenue increase is comprised primarily of a 2.5% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 4.1%. Acuity mix shift negatively impacted revenue growth 121-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 negatively impacted revenue growth by 124-basis points.

Total VITAS admissions increased 5.6% in the third quarter of 2025 compared to the third quarter of 2024.

In the third quarter of 2025, VITAS accrued $6.1 million in Medicare Cap billing limitation compared to $2.2 million accrued in the third quarter of 2024. Of the $6.1 million accrued during the quarter, $4.6 million relates to the Florida combined program. The remaining $1.5 million relates to all other VITAS programs, mainly in California.

Of VITAS’ 34 Medicare provider numbers, 25 provider numbers have a full-year Medicare Cap cushion of 10% or greater, four provider numbers have a cushion between 0% and 10%, and five provider numbers have a Medicare Cap billing limitation totaling $27.2 million.

Average revenue per patient per day in the third quarter of 2025 was $205.08 which is 298-basis points above the prior-year period. Reimbursement for routine home care and high acuity care averaged $183.44 and $1,132.50, respectively. During the quarter, high acuity days-of-care were 2.3% of total days of care, a decline of 26-basis points when compared to the prior-year quarter.

The third quarter 2025 gross margin, excluding Medicare Cap, was 22.5%, a 261-basis point decline from the same period of 2024. Selling, general and administrative expenses were $25.2 million in the third quarter of 2025 compared to $25.9 million in the prior year quarter.

Adjusted EBITDA, excluding Medicare Cap, totaled $70.4 million in the quarter, a decline of 3.8% when compared to the prior year period. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 17.0%.

Roto-Rooter

Roto-Rooter generated quarterly revenue of $217.2 million in the third quarter of 2025, an increase of 1.1%, when compared to the prior-year quarter.

Roto-Rooter branch commercial revenue in the quarter totaled $55.0 million, an increase of 2.8% from the prior-year period. This aggregate commercial revenue change consisted of excavation increasing 10.2%, water restoration increasing 3.5% and drain cleaning increasing 1.2%, offset by a decline in plumbing of 0.8%.

Roto-Rooter branch residential revenue in the quarter totaled $150.9 million, an increase of 3.4%, over the prior-year period. This aggregate residential revenue change consisted of plumbing increasing 8.2%, excavation increasing 4.5%, and water restoration increasing 6.8%, offset by a decline in drain cleaning of 2.6%.

In the third quarter of 2025, revenue from independent contractors was $16.9 million which is a decline of 4.7% as compared to the same period of 2024.

Roto-Rooter’s third quarter 2025 gross margin was 50.7%. This compares to the prior year quarter’s gross margin of 52.9%. Roto-Rooter’s selling, general and administrative expenses were $60.7 million in the quarter, which is an increase of 6.3% compared to the third quarter of 2024.

Adjusted EBITDA in the third quarter of 2025 totaled $49.4 million, a decrease of 12.4% when compared to the third quarter of 2024. The Adjusted EBITDA margin in the quarter was 22.7% which represents a 351-basis point decline from the third quarter of 2024.

Chemed Consolidated

As of September 30, 2025, Chemed had total cash and cash equivalents of $129.8 million and no current or long-term debt.

In June 2022, Chemed entered into a five-year $550 million Amended and Restated Credit Agreement (Credit Agreement). This Credit Agreement consisted of a $100 million amortizable term loan and a $450 million revolving credit facility. The interest rate on this Credit Agreement has a floating rate that is currently SOFR plus 100-basis points. There is approximately $404.5 million undrawn borrowing capacity under the Credit Agreement after excluding $45.5 million for Letters of Credit.

During the quarter, the Company repurchased 407,500 shares of Chemed stock for $180.8 million which equates to a cost per share of $443.62. As of September 30, 2025, there was approximately $301.8 million of remaining share repurchase authorization under its plan.

Reiterate Guidance for 2025

Management reiterates its previously issued guidance of $22.00 to $22.30 per share, excluding non-cash expense for stock options, tax benefits from stock option exercises, costs related to litigation and other discrete items. This guidance assumes that there will be no Medicare Cap related to our Florida combined program for the government fiscal year 2026 beginning on October 1, 2025.

Conference Call

As previously disclosed, Chemed will host a conference call and webcast at 10 a.m., ET, on Wednesday October 29, 2025, to discuss the company's quarterly results and to provide an update on its business. Participants may access a live webcast of the conference call through the investor relations section of Chemed’s website, Investor Relations Home | Chemed Corporation or the hosting website https://edge.media-server.com/mmc/p/9m3ch5my.

Participants may also register via teleconference at:
https://register-conf.media-server.com/register/BI5480f8c9f938458faa4a35265dc8563e.

Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A taped replay of the conference call will be available beginning approximately two hours after the call's conclusion. You may access the replay via webcast through the investor relations section of Chemed’s website.

Chemed operates in the healthcare field through its VITAS Healthcare Corporation subsidiary. VITAS provides daily hospice services to patients with severe, life-limiting illnesses. This type of care is focused on making the terminally ill patient's final days as comfortable and pain-free as possible.

Chemed operates in the residential and commercial plumbing and drain cleaning industry under the brand name Roto-Rooter. Roto-Rooter provides plumbing, drain cleaning, and water cleanup services through company-owned branches, independent contractors and franchisees in the United States and Canada. Roto-Rooter also has licensed master franchisees in the republics of Indonesia and Singapore, and the Philippines.

This press release contains information about Chemed’s EBITDA, Adjusted EBITDA, and Adjusted Diluted EPS, which are not measures derived in accordance with GAAP and which exclude components that are important to understanding Chemed’s financial performance. In reporting its operating results, Chemed provides EBITDA, Adjusted EBITDA and Adjusted Diluted EPS measures to help investors and others evaluate the Company’s operating results, compare its operating performance with that of similar companies that have different capital structures and evaluate its ability to meet its future debt service, capital expenditures and working capital requirements. Chemed’s management similarly uses EBITDA, Adjusted EBITDA, and Adjusted Diluted EPS to assist it in evaluating the performance of the Company across fiscal periods and in assessing how its performance compares to its peer companies. These measures also help Chemed’s management to estimate the resources required to meet Chemed’s future financial obligations and expenditures. Chemed’s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. We calculated Adjusted EBITDA Margin by dividing Adjusted EBITDA by service revenue and sales. A reconciliation of Chemed’s net income to its EBITDA, Adjusted EBITDA and Adjusted Diluted EPS is presented in the tables following the text of this press release.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 REGARDING FORWARD-LOOKING INFORMATION

Statements in this press release contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods and are based upon assumptions subject to certain known and unknown risks, uncertainties, contingencies and other factors, including, but not limited to, the impact of laws and regulations on Chemed’s operations, including Medicare Cap and Medicare reimbursement rates, Chemed’s estimates of the effect of Medicare Cap on VITAS’ revenues and future prospects, Chemed’s expectations regarding VITAS’ patient mix and Chemed’s expectations regarding demand for Roto-Rooter’s services.

Because forward looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Chemed’s control. Chemed’s actual results and financial condition may differ materially from those indicated in the forward-looking statements included in this press release, including as a result of the risks described above and those described in the Chemed’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its Quarterly Reports filed in 2025. Any forward-looking statement made by Chemed in this press release is based only on information currently available to Chemed and speaks only as of the date on which it is made. Chemed undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data)(unaudited) 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 427,993 396,187 1,292,628 1,171,064 Selling, general and administrative expenses (aa) 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 (bb) 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 (aa)    Selling, general and administrative ("SG&A") expenses comprise (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation plans$99,288 $93,269 $301,600 $287,712 Market value adjustments related to deferred compensation trusts 6,703 5,629 6,791 16,600 Long-term incentive compensation (216) 3,083 3,294 15,797 Total SG&A expenses$105,775 $101,981 $311,685 $320,109 (bb)    Other income--net comprises (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Interest income$2,555 $3,668 $7,186 $11,405 Market value adjustments related to deferred compensation trusts 6,703 5,629 6,791 16,600 Other (7) 2 (7) 3 Total other income--net$9,251 $9,299 $13,970 $28,008

CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATED BALANCE SHEETS(in thousands, except per share data)(unaudited) September 30, 2025 2024 Assets Current assets Cash and cash equivalents$129,752 $238,451 Accounts receivable less allowances 215,570 196,481 Inventories 8,238 9,899 Prepaid income taxes 7,106 14,229 Prepaid expenses 34,577 31,377 Total current assets 395,243 490,437 Investments of deferred compensation plans held in trust 136,021 126,631 Properties and equipment, at cost less accumulated depreciation 203,939 200,939 Lease right of use asset 128,362 134,111 Identifiable intangible assets less accumulated amortization 84,930 94,753 Goodwill 666,987 666,860 Other assets 8,137 55,704 Total Assets$1,623,619 $1,769,435 Liabilities Current liabilities Accounts payable$48,095 $44,938 Accrued insurance 65,733 60,308 Accrued income taxes 1,469 3,385 Accrued compensation 79,668 73,141 Short-term lease liability 42,013 42,490 Other current liabilities 55,063 40,517 Total current liabilities 292,041 264,779 Deferred income taxes 9,687 28,076 Deferred compensation liabilities 132,380 122,240 Long-term lease liability 99,461 105,416 Other liabilities 13,367 13,169 Total Liabilities 546,936 533,680 Stockholders' Equity Capital stock 37,593 37,395 Paid-in capital 1,581,067 1,462,569 Retained earnings 2,887,123 2,639,011 Treasury stock, at cost (3,431,475) (2,905,430)Deferred compensation payable in Company stock 2,375 2,210 Total Stockholders' Equity 1,076,683 1,235,755 Total Liabilities and Stockholders' Equity$1,623,619 $1,769,435

CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited) 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, excluding amounts acquired in business combinations: 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 year 178,350 263,958 Cash and cash equivalents at end of period$129,752 $238,451

CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATING STATEMENTS OF INCOMEFOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(in thousands)(unaudited) Chemed VITAS Roto-Rooter Corporate Consolidated2025 (a) Service revenues and sales $407,741 $217,159 $- $624,900 Cost of services provided and goods sold 320,865 107,128 - 427,993 Selling, general and administrative expenses 25,236 60,672 19,867 105,775 Depreciation 5,354 8,298 12 13,664 Amortization 26 2,544 - 2,570 Other operating expense/(income) 186 (38) - 148 Total costs and expenses 351,667 178,604 19,879 550,150 Income/(loss) from operations 56,074 38,555 (19,879) 74,750 Interest expense (56) (132) (269) (457)Intercompany interest income/(expense) 5,685 4,030 (9,715) - Other income—net 61 25 9,165 9,251 Income/(loss) before income taxes 61,764 42,478 (20,698) 83,544 Income taxes (14,993) (10,407) 6,093 (19,307)Net income/(loss) $46,771 $32,071 $(14,605) $64,237 2024 (b) Service revenues and sales $391,406 $214,775 $- $606,181 Cost of services provided and goods sold 294,936 101,251 - 396,187 Selling, general and administrative expenses 25,883 57,072 19,026 101,981 Depreciation 5,063 8,071 13 13,147 Amortization 26 2,524 - 2,550 Other operating expense 97 62 - 159 Total costs and expenses 326,005 168,980 19,039 514,024 Income/(loss) from operations 65,401 45,795 (19,039) 92,157 Interest expense (46) (114) (267) (427)Intercompany interest income/(expense) 4,920 3,656 (8,576) - Other income—net 62 18 9,219 9,299 Income/(loss) before income taxes 70,337 49,355 (18,663) 101,029 Income taxes (16,851) (11,400) 2,998 (25,253)Net income/(loss) $53,486 $37,955 $(15,665) $75,776 The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATING STATEMENTS OF INCOMEFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(in thousands)(unaudited) Chemed VITAS Roto-Rooter Corporate Consolidated2025 (a) Service revenues and sales $1,211,341 $679,300 $- $1,890,641 Cost of services provided and goods sold 954,316 338,312 - 1,292,628 Selling, general and administrative expenses 76,861 183,856 50,968 311,685 Depreciation 15,863 24,899 36 40,798 Amortization 78 7,635 - 7,713 Other operating expense/(income) 305 (80) - 225 Total costs and expenses 1,047,423 554,622 51,004 1,653,049 Income/(loss) from operations 163,918 124,678 (51,004) 237,592 Interest expense (150) (394) (685) (1,229)Intercompany interest income/(expense) 16,436 11,930 (28,366) - Other income—net 170 58 13,742 13,970 Income/(loss) before income taxes 180,374 136,272 (66,313) 250,333 Income taxes (45,353) (32,344) 15,851 (61,846)Net income/(loss) $135,021 $103,928 $(50,462) $188,487 2024 (b) Service revenues and sales $1,119,970 $671,324 $- $1,791,294 Cost of services provided and goods sold 852,347 318,717 - 1,171,064 Selling, general and administrative expenses 73,968 175,683 70,458 320,109 Depreciation 15,288 24,275 38 39,601 Amortization 79 7,538 - 7,617 Other operating expense 160 128 - 288 Total costs and expenses 941,842 526,341 70,496 1,538,679 Income/(loss) from operations 178,128 144,983 (70,496) 252,615 Interest expense (138) (349) (794) (1,281)Intercompany interest income/(expense) 15,096 10,638 (25,734) - Other income—net 138 64 27,806 28,008 Income/(loss) before income taxes 193,224 155,336 (69,218) 279,342 Income taxes (46,517) (36,010) 14,865 (67,662)Net income/(loss) $146,707 $119,326 $(54,353) $211,680 The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATING SUMMARIES OF EBITDAFOR THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(in thousands)(unaudited) Chemed VITAS Roto-Rooter Corporate Consolidated2025 Net income/(loss) $46,771 $32,071 $(14,605) $64,237 Add/(deduct): Interest expense 56 132 269 457 Income taxes 14,993 10,407 (6,093) 19,307 Depreciation 5,354 8,298 12 13,664 Amortization 26 2,544 - 2,570 EBITDA 67,200 53,452 (20,417) 100,235 Add/(deduct): Intercompany interest expense/(income) (5,685) (4,030) 9,715 - Interest income (69) (25) (2,462) (2,556)Stock option expense - - 6,067 6,067 Legal settlements 2,850 - - 2,850 Long-term incentive compensation - - (216) (216)Other - - 2,665 2,665 Adjusted EBITDA $64,296 $49,397 $(4,648) $109,045 2024 Net income/(loss) $53,486 $37,955 $(15,665) $75,776 Add/(deduct): Interest expense 46 114 267 427 Income taxes 16,851 11,400 (2,998) 25,253 Depreciation 5,063 8,071 13 13,147 Amortization 26 2,524 - 2,550 EBITDA 75,472 60,064 (18,383) 117,153 Add/(deduct): Intercompany interest expense/(income) (4,920) (3,656) 8,576 - Interest income (59) (18) (3,589) (3,666)Stock option expense - - 6,038 6,038 Long-term incentive compensation - - 3,083 3,083 Acquisition expense 394 (8) - 386 Adjusted EBITDA $70,887 $56,382 $(4,275) $122,994 The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIESCONSOLIDATING SUMMARIES OF EBITDAFOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(in thousands)(unaudited) Chemed VITAS Roto-Rooter Corporate Consolidated2025 Net income/(loss) $135,021 $103,928 $(50,462) $188,487 Add/(deduct): Interest expense 150 394 685 1,229 Income taxes 45,353 32,344 (15,851) 61,846 Depreciation 15,863 24,899 36 40,798 Amortization 78 7,635 - 7,713 EBITDA 196,465 169,200 (65,592) 300,073 Add/(deduct): Intercompany interest expense/(income) (16,436) (11,930) 28,366 - Interest income (176) (58) (6,952) (7,186)Stock option expense - - 24,374 24,374 Long-term incentive compensation - - 3,294 3,294 Legal settlements 2,850 - - 2,850 Other - - 2,665 2,665 Adjusted EBITDA $182,703 $157,212 $(13,845) $326,070 2024 Net income/(loss) $146,707 $119,326 $(54,353) $211,680 Add/(deduct): Interest expense 138 349 794 1,281 Income taxes 46,517 36,010 (14,865) 67,662 Depreciation 15,288 24,275 38 39,601 Amortization 79 7,538 - 7,617 EBITDA 208,729 187,498 (68,386) 327,841 Add/(deduct): Intercompany interest expense/(income) (15,096) (10,638) 25,734 - Interest income (136) (64) (11,205) (11,405)Stock option expense - - 23,933 23,933 Long-term incentive compensation - - 15,797 15,797 Acquisition expense 1,302 37 - 1,339 Adjusted EBITDA $194,799 $176,833 $(14,127) $357,505 The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIESRECONCILIATION OF ADJUSTED NET INCOME(in thousands, except per share data)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income as reported$64,237 $75,776 $188,487 $211,680 Add/(deduct) pre-tax cost of: Stock option expense 6,067 6,038 24,374 23,933 Amortization of reacquired franchise rights 2,352 2,352 7,056 7,056 Long-term incentive compensation (216) 3,083 3,294 15,797 Legal settlements 2,850 - 2,850 - Acquisition expense - 386 - 1,339 Other 2,665 - 2,665 - Add/(deduct) tax impacts: Tax impact of the above pre-tax adjustments (1) (2,049) (1,761) (6,512) (6,762)Excess tax benefits on stock compensation - (389) (513) (4,308)Adjusted net income$75,906 $85,485 $221,701 $248,735 Diluted Earnings Per Share As Reported Net income$4.46 $5.00 $12.89 $13.88 Average number of shares outstanding 14,409 15,168 14,620 15,253 Adjusted Diluted Earnings Per Share Adjusted net income$5.27 $5.64 $15.16 $16.31 Average number of shares outstanding 14,409 15,168 14,620 15,253 (1) The tax impact of pre-tax adjustments was calculated using the effective tax rate of the operating unit for which each adjustment is associated. The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIESOPERATING STATISTICS FOR VITAS SEGMENT(unaudited) Three Months Ended September 30, Nine Months Ended September 30, OPERATING STATISTICS 2025 2024 2025 2024 Net revenue ($000) (c) Homecare$362,405 $338,344 $1,072,014 $967,981 Inpatient 33,099 29,923 100,145 89,297 Continuous care 19,946 25,799 68,222 74,295 Other 5,807 5,082 16,898 13,900 Subtotal$421,257 $399,148 $1,257,279 $1,145,473 Room and board, net (3,859) (3,336) (11,277) (9,437) Contractual allowances (3,571) (2,167) (9,875) (10,077) Medicare cap allowance (6,086) (2,239) (24,786) (5,989) Net Revenue$407,741 $391,406 $1,211,341 $1,119,970 Net revenue as a percent of total before Medicare cap allowance Homecare 86.0 % 84.8 % 85.3 % 84.5 %Inpatient 7.9 7.5 8.0 7.8 Continuous care 4.7 6.5 5.4 6.5 Other 1.4 1.2 1.3 1.2 Subtotal 100.0 100.0 100.0 100.0 Room and board, net (0.8) (0.8) (0.9) (0.8) Contractual allowances (0.8) (0.5) (0.8) (0.9) Medicare cap allowance (1.4) (0.6) (2.0) (0.5) Net Revenue 97.0 % 98.1 % 96.3 % 97.8 %Days of care Homecare 1,685,859 1,622,680 4,980,883 4,621,755 Nursing home 309,192 320,664 923,458 908,013 Respite 12,184 9,952 33,619 26,806 Subtotal routine homecare and respite 2,007,235 1,953,296 5,937,960 5,556,574 Inpatient 28,530 26,524 86,447 79,064 Continuous care 18,309 24,365 62,576 72,335 Total 2,054,074 2,004,185 6,086,983 5,707,973 Number of days in relevant time period 92 92 273 274 Average daily census ("ADC") (days) Homecare 18,325 17,639 18,245 16,867 Nursing home 3,361 3,485 3,383 3,314 Respite 132 108 123 98 Subtotal routine homecare and respite 21,818 21,232 21,751 20,279 Inpatient 310 288 317 289 Continuous care 199 265 229 264 Total 22,327 21,785 22,297 20,832 Total Admissions 17,714 16,775 53,398 51,020 Total Discharges 17,348 16,217 52,931 48,285 Average length of stay (days) 109.7 102.0 121.9 102.2 Median length of stay (days) 18.0 18.0 18.0 17.0 ADC by major diagnosis Cerebro 44.1 % 43.6 % 44.6 % 43.7 %Neurological 11.6 13.3 11.8 13.3 Cancer 10.1 10.0 9.8 10.0 Cardio 15.9 16.3 16.0 16.2 Respiratory 7.7 7.1 7.4 7.2 Other 10.6 9.7 10.4 9.6 Total 100.0 % 100.0 % 100.0 % 100.0 %Admissions by major diagnosis Cerebro 27.1 % 28.4 % 27.6 % 27.7 %Neurological 6.9 7.7 6.8 7.9 Cancer 26.6 25.7 25.9 25.1 Cardio 14.3 15.1 14.7 15.7 Respiratory 10.5 9.5 10.9 9.9 Other 14.6 13.6 14.1 13.7 Total 100.0 % 100.0 % 100.0 % 100.0 % Estimated uncollectible accounts as a percent of revenues 0.9 % 0.6 % 0.8 % 0.9 % Accounts receivable -- Days of revenue outstanding-excluding unapplied Medicare payments37.5 37.5 n.a. n.a. Days of revenue outstanding-including unapplied Medicare payments34.0 35.5 n.a. n.a.

CHEMED CORPORATION AND SUBSIDIARY COMPANIESFOOTNOTES TO FINANCIAL STATEMENTSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024(unaudited) (a)Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations (in thousands): Three Months Ended September 30, 2025 VITAS Roto-Rooter Corporate Consolidated Stock option expense$- $- $(6,067) $(6,067) Legal settlements (2,850) - - (2,850) Amortization of reacquired franchise agreements - (2,352) - (2,352) Long-term incentive compensation - - 216 216 Other - - (2,665) (2,665) Pretax impact on earnings (2,850) (2,352) (8,516) (13,718) Income tax benefit on the above 698 546 805 2,049 After-tax impact on earnings$(2,152) $(1,806) $(7,711) $(11,669) Nine Months Ended September 30, 2025 VITAS Roto-Rooter Corporate Consolidated Stock option expense$- $- $(24,374) $(24,374) Amortization of reacquired franchise agreements - (7,056) - (7,056) Long-term incentive compensation - - (3,294) (3,294) Legal settlements (2,850) - - (2,850) Other - - (2,665) (2,665) Pretax impact on earnings (2,850) (7,056) (30,333) (40,239) Excess tax benefits on stock compensation - - 513 513 Income tax benefit on the above 698 1,637 4,177 6,512 After-tax impact on earnings$(2,152) $(5,419) $(25,643) $(33,214) (b)Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations (in thousands): Three Months Ended September 30, 2024 VITAS Roto-Rooter Corporate Consolidated Stock option expense$- $- $(6,038) $(6,038) Long-term incentive compensation - - (3,083) (3,083) Amortization of reacquired franchise agreements - (2,352) - (2,352) Acquisition expense (394) 8 - (386) Pretax impact on earnings (394) (2,344) (9,121) (11,859) Excess tax benefits on stock compensation - - 389 389 Income tax benefit on the above 96 546 1,119 1,761 After-tax impact on earnings$(298) $(1,798) $(7,613) $(9,709) Nine Months Ended September 30, 2024 VITAS Roto-Rooter Corporate Consolidated Stock option expense$- $- $(23,933) $(23,933) Long-term incentive compensation - - (15,797) (15,797) Amortization of reacquired franchise agreements - (7,056) - (7,056) Acquisition expense (1,302) (37) - (1,339) Pretax impact on earnings (1,302) (7,093) (39,730) (48,125) Excess tax benefits on stock compensation - - 4,308 4,308 Income tax benefit on the above 317 1,652 4,793 6,762 After-tax impact on earnings$(985) $(5,441) $(30,629) $(37,055) (c)VITAS has 12 large (greater than 450 ADC), 22 medium (greater than 200 but less than 450 ADC) and 25 small (less than 200 ADC) hospice programs. Of Vitas' 34 Medicare provider numbers, for the current cap year, 25 provider numbers have a Medicare cap cushion of greater than 10%, four provider numbers have a Medicare cap cushion between 0% and 10%, and five provider numbers have a Medicare cap liability.