ENHABIT, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
May 04, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-41406  
Entity Registrant Name Enhabit, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-2409192  
Entity Address, Address Line One 6688 N. Central Expressway  
Entity Address, Address Line Two Suite 1300  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75206  
City Area Code 214  
Local Phone Number 239-6500  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol EHAB  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   51,225,606
Entity Central Index Key 0001803737  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
Condensed Consolidated Statements Of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net service revenue $ 264.8 $ 259.9
Cost of service, excluding depreciation and amortization 134.2 130.2
General and administrative expenses 96.7 107.5
Depreciation and amortization 4.6 6.3
Operating income (loss) 29.3 15.9
Interest income 3.8 0.0
Interest expense and amortization of debt discounts and fees 10.0 9.4
Other (income) expenses 0.1 (19.3)
Income (loss) before income taxes and noncontrolling interests 23.0 25.8
Provision for (benefit from) income taxes 3.1 7.4
Net income (loss) 19.9 18.4
Less: Net income attributable to noncontrolling interests 0.7 0.6
Net income (loss) attributable to Enhabit, Inc. $ 19.2 $ 17.8
Weighted average common shares outstanding:    
Basic (in shares) 51.2 50.5
Diluted (in shares) 52.9 50.8
Earnings (loss) per common share:    
Basic earnings (loss) per share attributable to Enhabit, Inc. common stockholders (in dollars per share) $ 0.37 $ 0.35
Diluted earnings (loss) per share attributable to Enhabit, Inc. common stockholders (in dollars per share) $ 0.36 $ 0.35
v3.26.1
Condensed Consolidated Statements Of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 19.9 $ 18.4
Other comprehensive income (loss):    
Unrealized gain (loss) on cash flow hedges, net of tax expense of $— and $— respectively 0.0 0.0
Total other comprehensive income (loss) 0.0 0.0
Comprehensive income (loss) including noncontrolling interests 19.9 18.4
Less: Comprehensive income attributable to noncontrolling interests 0.7 0.6
Comprehensive income (loss) attributable to Enhabit, Inc. $ 19.2 $ 17.8
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Unrealized gain (loss) on cash flow hedges, net of tax expense $ 0.0 $ 0.0
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 50.0 $ 43.6
Restricted cash 1.5 1.9
Accounts receivable, net of allowances 154.4 144.0
Prepaid expenses and other current assets 13.3 16.1
Total current assets 219.2 205.6
Property and equipment, net 16.7 15.5
Operating lease right-of-use assets 49.7 49.8
Goodwill 855.3 855.3
Intangible assets, net 35.1 38.5
Other long-term assets 2.9 2.4
Total assets 1,178.9 1,167.1
Current liabilities:    
Current portion of long-term debt 26.0 22.3
Current operating lease liabilities 12.5 12.6
Accounts payable 8.6 9.2
Accrued payroll 50.9 40.4
Other current liabilities 42.2 41.8
Total current liabilities 140.2 126.3
Long-term debt, net of current portion 402.6 426.0
Long-term operating lease liabilities, net of current portion 39.0 39.1
Deferred income tax liabilities 13.2 11.5
Other long-term liabilities 0.0 0.1
Total liabilities 595.0 603.0
Commitments and contingencies (See Note 6)
Redeemable noncontrolling interests 5.0 5.0
Stockholders’ equity:    
Total Enhabit, Inc. stockholders’ equity 553.5 534.0
Noncontrolling interests 25.4 25.1
Total stockholders’ equity 578.9 559.1
Total liabilities and stockholders’ equity $ 1,178.9 $ 1,167.1
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital in Excess of Par Value
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Noncontrolling Interests
Number of common shares outstanding, beginning balance (in shares) at Dec. 31, 2024   50.4          
Balance at beginning of period at Dec. 31, 2024 $ 548.9 $ 0.5 $ 426.6 $ (0.2) $ 98.3 $ (1.7) $ 25.4
Number of treasury shares outstanding, beginning balance (in shares) at Dec. 31, 2024           0.2  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 18.4       17.8   0.6
Distributions (0.9)           (0.9)
Stock-based compensation expense 3.2   3.2        
Shares forfeited, including forfeitures due to net share settlement of income taxes (in shares)   (0.2)       0.2  
Shares forfeited, including forfeitures due to net share settlement of income taxes (1.3)         $ (1.3)  
Issuance of common stock pursuant to omnibus incentive plan (in shares)   0.4          
Number of common shares outstanding, ending balance (in shares) at Mar. 31, 2025   50.6          
Balance at end of period at Mar. 31, 2025 568.3 $ 0.5 429.8 (0.2) 116.1 $ (3.0) 25.1
Number of treasury shares outstanding, ending balance (in shares) at Mar. 31, 2025           0.4  
Number of common shares outstanding, beginning balance (in shares) at Dec. 31, 2025   50.7          
Balance at beginning of period at Dec. 31, 2025 559.1 $ 0.5 443.6 0.0 93.7 $ (3.8) 25.1
Number of treasury shares outstanding, beginning balance (in shares) at Dec. 31, 2025           0.5  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net (loss) income 19.9       19.2   0.7
Distributions (0.4)           (0.4)
Stock-based compensation expense 3.9   3.9        
Shares forfeited, including forfeitures due to net share settlement of income taxes (in shares)   (0.3)       0.3  
Shares forfeited, including forfeitures due to net share settlement of income taxes (3.6)         $ (3.6)  
Issuance of common stock pursuant to omnibus incentive plan (in shares)   0.8          
Number of common shares outstanding, ending balance (in shares) at Mar. 31, 2026   51.2          
Balance at end of period at Mar. 31, 2026 $ 578.9 $ 0.5 $ 447.5 $ 0.0 $ 112.9 $ (7.4) $ 25.4
Number of treasury shares outstanding, ending balance (in shares) at Mar. 31, 2026           0.8  
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 19.9 $ 18.4
Adjustments to reconcile net income to net cash provided by operating activities—    
Depreciation and amortization 4.6 6.3
Amortization of debt-related costs 2.3 0.4
Loss (gain) on sale of investment and disposal of assets 0.1 (19.3)
Stock-based compensation 3.9 4.0
Deferred income taxes 1.7 1.2
Changes in assets and liabilities, net of acquisitions—    
Accounts receivable, net of allowances (10.4) (11.7)
Prepaid expenses and other assets 2.7 4.1
Accounts payable (0.6) 1.4
Accrued payroll 10.5 11.6
Other liabilities 0.5 1.5
Net cash provided by operating activities 35.2 17.9
Cash flows from investing activities:    
Purchases of property and equipment, including capitalized software costs (2.5) (0.3)
Proceeds from sale of investment 0.0 21.0
Other (0.1) 0.1
Net cash (used in) provided by investing activities (2.6) 20.8
Cash flows from financing activities:    
Principal payments on term loan facility (330.0) (25.0)
Payments on revolving credit facility (115.0) 0.0
Borrowings on term loan facility 315.0 0.0
Borrowings on revolving credit facility 110.0 0.0
Principal payments under finance lease obligations (0.6) (0.8)
Debt issuance costs (2.0) 0.0
Distributions paid to noncontrolling interests of consolidated affiliates (0.4) (0.9)
Other (3.6) (1.5)
Net cash used in financing activities (26.6) (28.2)
Increase in cash, cash equivalents, and restricted cash 6.0 10.5
Cash, cash equivalents, and restricted cash at beginning of period 45.5 30.3
Cash, cash equivalents, and restricted cash at end of period $ 51.5 $ 40.8
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Organization and Description of Business. Enhabit, Inc. (“Enhabit” or the “Company”), incorporated in Delaware in 2014, provides a comprehensive range of Medicare-certified skilled home health and hospice services in 35 states, with a concentration in the southern half of the United States. The Company manages its operations and discloses financial information using two reportable segments: (i) Home Health and (ii) Hospice. See Note 7, Segment Reporting. Prior to July 1, 2022, the Company operated as a reporting segment of Encompass Health Corporation (“Encompass”).
Separation from Encompass. On July 1, 2022, Encompass completed the separation of the Company through the distribution of all of the outstanding shares of common stock, par value $0.01 per share, of Enhabit to the stockholders of record of Encompass (the “Distribution”). As a result of the Distribution, Enhabit is now an independent public company, and its common stock is listed under the symbol “EHAB” on the New York Stock Exchange (the “Separation”).
The Separation was completed pursuant to a separation and distribution agreement (the “Separation and Distribution Agreement”) and other agreements with Encompass related to the Separation, including, but not limited to, a tax matters agreement (the “Tax Matters Agreement”), an employee matters agreement (the “Employee Matters Agreement”), and a transition services agreement (the “Transition Services Agreement” or “TSA”). Following the Separation, certain functions were provided by Encompass under the TSA. Following the expiration of the TSA, these functions are now performed using the Company’s own resources or third‑party providers.
See Note 3, Long-Term Debt, for more information.
Merger Agreement. As previously disclosed, on February 22, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which the Company will be acquired by Anchor Parent, LLC, a Delaware limited liability company (“Parent”). Pursuant to the Merger Agreement, Anchor Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and a wholly owned subsidiary of Parent, will be merged with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Parent (the “Surviving Corporation”). Parent and Merger Sub are affiliates of funds advised by Kinderhook Industries, LLC (or an affiliate thereof). The Merger is expected to close in the second quarter of 2026, subject to customary closing conditions. See Enhabit’s Current Report on Form 8-K filed on February 23, 2026 for more information regarding the Merger Agreement.
The consummation of the Merger remains subject to the satisfaction or, to the extent permitted under the Merger Agreement, waiver by each of us, Parent and Merger Sub, of closing conditions.
If the Merger is consummated, our common stock will no longer be publicly listed and traded on the New York Stock Exchange, our common stock will be deregistered under the Exchange Act, we will no longer file periodic reports with the SEC and existing stockholders will cease to have any ownership interest in the Company.
Basis of Presentation and Consolidation. The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries should be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Company’s Annual Report for the year ended December 31, 2025 on Form 10-K (the “Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on March 5, 2026. The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the SEC applicable to interim financial information. Accordingly, certain information and note disclosures included in financial statements prepared in accordance with GAAP have been omitted in these interim statements, as allowed by such SEC rules and regulations. The unaudited Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from audited financial statements, but it does not include all disclosures required by GAAP. However, management believes the disclosures are adequate to make the information presented not misleading.
The unaudited results of operations for the interim periods shown in these financial statements are not necessarily indicative of operating results for the entire year. In management’s opinion, the accompanying unaudited condensed consolidated financial statements recognize all adjustments of a normal recurring nature considered necessary for a fair statement of the financial position, results of operations, and cash flows for each interim period presented.
The unaudited condensed consolidated financial statements include the assets, liabilities, revenues, and expenses of all wholly-owned subsidiaries, majority-owned subsidiaries over which the Company exercises control, and, when applicable, entities in which the Company has a controlling financial interest. Enhabit eliminates all intercompany accounts and transactions within the Company from its financial results.
Net Service Revenue. Net service revenue disaggregated by payer source and segment is as follows (in millions):
Home HealthHospiceConsolidated
Three Months Ended March 31,
202620252026202520262025
Medicare$106.4 $114.2 $61.8 $57.2 $168.2 $171.4 
Medicare Advantage68.7 60.6 — — 68.7 60.6 
Managed Care22.3 22.2 0.7 1.2 23.0 23.4 
Medicaid2.0 2.1 0.5 0.9 2.5 3.0 
Other2.4 1.5 — — 2.4 1.5 
Total$201.8 $200.6 $63.0 $59.3 $264.8 $259.9 
For a discussion of the Company’s significant accounting policies, including its policy related to Net service revenue, see Note 1, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Form 10‑K.
Earnings Per Common Share. The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended
March 31,
20262025
Weighted average common shares outstanding:
Basic51.250.5
Dilutive effect of restricted stock, restricted stock units, and performance units
1.70.3 
Diluted52.950.8
A total of 0.3 million and 0.3 million options to purchase Enhabit’s shares and 0.2 million and 0.4 million shares of restricted stock awards, performance units and restricted stock units were excluded from the diluted weighted average common shares outstanding for the three months ended March 31, 2026 and 2025, respectively, because their effects were anti‑dilutive. See Note 9, Stock-Based Payments, to the consolidated financial statements included in the Form 10-K for additional information.
Other Current Liabilities. Accrued other expenses includes $9.0 million and $9.5 million of accrued hospice-related costs, $3.8 million and $4.4 million of legal fees, $6.0 million and $6.0 million of workers’ compensation expense and $5.9 million and $7.1 million of medical insurance costs as of March 31, 2026 and December 31, 2025, respectively.
Recent Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income—Expense Disaggregation Disclosures.” This standard requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company
is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Improvements to Interim Financial Statement Disclosures.” This ASU introduces new requirements and clarifies existing guidance related to the presentation and disclosure of interim financial information. The amendments are intended to enhance the transparency and consistency of interim financial reporting by requiring additional disclosures regarding significant events or transactions that occur between annual reporting periods, as well as more detailed information about changes in estimates, accounting policies, and unusual or infrequent items. ASU 2025-11 is effective for public business entities for interim and annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively to all interim periods presented after the effective date. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, “Codification Improvements.” This ASU is part of the FASB’s ongoing efforts to clarify, correct, and improve the Accounting Standards Codification (“ASC”) to ensure consistency and ease of application. The amendments in ASU 2025-12 do not create new accounting requirements but instead provide technical corrections, clarifications, and minor improvements to a variety of topics throughout the codification of the ASC. These changes may include updates to references, wording, or examples to better align with existing guidance and to remove inconsistencies. ASU 2025-12 is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
v3.26.1
Variable Interest Entities (“VIEs”)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities (“VIEs”) Variable Interest Entities (“VIEs”)
As of March 31, 2026 and December 31, 2025, Enhabit consolidated two joint venture entities that are VIEs and of which the Company is the primary beneficiary. The Company’s ownership percentages in these entities range from 60% to 90% as of March 31, 2026. Through partnership and management agreements with or governing these entities, Enhabit manages these entities and handles all day-to-day operating decisions. Accordingly, management has the decision‑making power over the activities that most significantly impact the economic performance of the VIEs and the Company has an obligation to absorb losses or receive benefits from the VIEs that could potentially be significant to the VIEs. These decisions and significant activities include, but are not limited to, marketing efforts, oversight of patient admissions, medical training, nurse and therapist scheduling, provision of healthcare services, billing, collections, and creation and maintenance of medical records. The terms of the agreements governing the VIEs prohibit the Company from using the assets of the VIEs to satisfy the obligations of other entities.
The carrying amounts and classifications of the consolidated VIEs’ assets and liabilities, which are included in Enhabit’s unaudited Condensed Consolidated Balance Sheets, are as follows (in millions):
As of
March 31,
2026		As of
December 31,
2025
Assets
Current assets:
Restricted cash$1.3 $1.7 
Accounts receivable, net of allowances1.3 1.3 
Total current assets2.6 3.0 
Operating lease right-of-use assets0.3 — 
Goodwill12.4 12.4 
Intangible assets, net0.5 0.6 
Total assets$15.8 $16.0 
Liabilities
Current liabilities:
Accrued payroll$0.3 $0.2 
Other current liabilities0.6 0.7 
Total current liabilities0.9 0.9 
Other long-term liabilities0.2 — 
Total liabilities$1.1 $0.9 
v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long‑Term Debt
Long-term debt outstanding consists of the following (in millions):
As of
March 31,
2026		As of
December 31,
2025
Credit agreement—
2026 Term loan A Facility$314.5 $328.7 
Advances under 2026 Revolving Credit Facility110.0 115.0 
Finance lease obligations4.1 4.6 
Total debt428.6 448.3 
Less: Current portion(26.0)(22.3)
Long-term debt, net of current portion$402.6 $426.0 
The following table shows scheduled principal payments due on Enhabit’s long-term debt for the next five years (in millions):
Amount
April 1 through December 31, 2026$19.5 
202725.6 
202823.9 
202923.6 
203023.6 
2031 and thereafter312.8 
Gross maturities429.0 
Less: Unamortized debt issuance costs(0.4)
Total$428.6 
In June 2022, the Company entered into a credit agreement (the “Credit Agreement”) that consists of a $400.0 million term loan A facility (the “Term Loan A Facility”) and a $350.0 million revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan A Facility, the “Credit Facilities”). The Credit Facilities mature in June 2027. Interest on the loans under the Credit Facilities is calculated by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternative base rate, plus an applicable interest rate margin. Enhabit may voluntarily prepay outstanding loans under the Credit Facilities at any time without premium or penalty, other than customary breakage costs with respect to SOFR loans. The Term Loan A Facility contains customary mandatory prepayments, including with respect to proceeds from asset sales and from certain incurrences of indebtedness.
On June 30, 2022, the Company drew the full $400.0 million of the Term Loan A Facility and $170.0 million on the Revolving Credit Facility. The net proceeds of $566.6 million were distributed to Encompass prior to the completion of the Distribution. For additional information on the Separation, see Item 1, “Business—Our History,” in the Form 10-K.
The Term Loan A Facility amortizes by an amount per annum equal to 5.0% of the outstanding principal amount thereon as of the closing date, payable in equal quarterly installments, with the balance being payable in June 2027. The Revolving Credit Facility provides the ability to borrow and obtain letters of credit, which is subject to a $75.0 million sublimit. Obligations under the Credit Facilities are guaranteed by Enhabit’s existing and future wholly-owned domestic material subsidiaries (the “Guarantors”), subject to certain exceptions. Borrowings under the Credit Facilities are secured by first priority liens on substantially all the assets of Enhabit and the Guarantors, subject to certain exceptions. The Credit Facilities contain representations and warranties, affirmative and negative covenants, and events of default customary for secured financings of this type, including limitations with respect to liens, fundamental changes, indebtedness, restricted payments, investments, and affiliate transactions, in each case, subject to a number of important exceptions and qualifications.
On June 27, 2023, Enhabit amended the Credit Facilities (the “First Amendment”) to provide for, among other things: (i) a new tier to the pricing grid for interest rate margins when the total net leverage ratio (“Total Net Leverage Ratio”, as defined in the Credit Agreement) exceeds 4.50 to 1.00; (ii) changes to the conditions concerning the Company’s Total Net Leverage Ratio that must be met for the Company to borrow incremental ratio-based amounts; (iii) an increase in the maximum permitted Total Net Leverage Ratio to 5.25 to 1.00 for the quarters ended June 30, 2023, September 30, 2023, and December 31, 2023, stepping down to 5.00 to 1.00 for the quarter ended March 31, 2024, 4.75 to 1.00 for the quarter ended June 30, 2024, and 4.50 to 1.00 for the quarter ended September 30, 2024 and thereafter; and (iv) modifications to the Company’s ability to declare and make certain restricted payments.
On September 29, 2023, Enhabit entered into a Limited Waiver (the “Waiver”) with Wells Fargo Bank, National Association, as administrative agent to the other lenders (the “Administrative Agent”) under the Credit Agreement and the First Amendment. The Waiver released the Company from the requirement to comply with the Total Net Leverage Ratio and the interest coverage ratio (“Interest Coverage Ratio”, as defined in the Credit Agreement) covenants for the three months ended September 30, 2023. The Waiver also required that, until such time as the Company certified compliance with the waived financial covenants, the aggregate principal amount of the Company’s revolving loans allowed under the Credit Agreement was decreased from $350.0 million to $230.0 million. All other covenants and terms of the Credit
Agreement remained unchanged and in effect. Although the Company was not required to be in compliance with the financial covenants as of September 30, 2023, it was in compliance with the financial covenants under the Credit Facilities.
As of September 30, 2023, Enhabit’s forecasted results suggested there was uncertainty of meeting the covenants through a period of one year from the issuance date of the September 30, 2023 financial statements. As a result, on November 3, 2023, the Company amended the Credit Facilities (the “Second Amendment”) to provide for, among other things, (i) an increase in the maximum permitted Total Net Leverage Ratio to 6.75 to 1.00 for the quarters ended December 31, 2023 and March 31, 2024, stepping down to 6.50 to 1.00 for the quarters ended June 30, September 30 and December 31, 2024, 5.75 to 1.00 for the quarter ended March 31, 2025, and 4.50 to 1.00 for the quarter ended June 30, 2025 and thereafter; (ii) the addition of a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) covenant of 1.15 to 1.00 until the end of the Covenant Adjustment Period (as defined below); (iii) no Interest Coverage Ratio covenant until the end of the Covenant Adjustment Period; (iv) a permanent reduction in the Revolving Credit Facility commitment from $350.0 million to $220.0 million; (v) an increase in the Applicable Commitment Fee (as defined in the Credit Agreement) during the Covenant Adjustment Period; (vi) suspension of the ability of the Company to request incremental commitments under the Credit Agreement during the Covenant Adjustment Period; (vii) an increase of 0.25% in the applicable interest rate margins on amounts outstanding under the Credit Agreement during the Covenant Adjustment Period; (viii) limits on the amount of cash the Company can keep on hand and outside the lender group during the Covenant Adjustment Period; and (ix) additional limits on permitted indebtedness and acquisitions, permitted liens, restricted payments and permitted investments during the Covenant Adjustment Period. The “Covenant Adjustment Period” begins on the date of the Second Amendment and ends on the earlier of (a) the date that the Company provides evidence of compliance with the financial covenants in the Credit Agreement, as amended, for the fiscal quarter ended June 30, 2025 and (b) the date that the Company provides evidence of compliance with the financial covenants in the Credit Agreement as in effect immediately prior to the First Amendment for the applicable quarter.
As of May 9, 2025, the Covenant Adjustment Period ended and the Company became subject to the financial covenants in the Credit Agreement as required by the First Amendment for each applicable quarter starting with the fiscal quarter ended June 30, 2025. These requirements include, among other things, (i) a maximum permitted Total Net Leverage Ratio of 4.5 to 1.0, and (ii) a minimum Interest Coverage Ratio of no less than 2.5 to 1.0 for the previous four consecutive quarters. The end of the Covenant Adjustment Period also resulted in, among other things, (a) a reset of the Applicable Commitment Fee (as defined in the Credit Agreement) to the levels in place prior to the Covenant Adjustment Period; (b) the removal of the suspension of the ability of the Company to request incremental commitments under the Credit Agreement; (c) a reset of the applicable interest rate margins on amounts outstanding under the Credit Agreement to the levels in place prior to the Covenant Adjustment Period; (d) the removal of limits imposed on the Company for the amount of cash the Company can keep on hand and outside the lender group; and (e) the removal of additional limits on permitted indebtedness and acquisitions, permitted liens, restricted payments and permitted investments imposed during the Covenant Adjustment Period.
Under specified circumstances, including non-compliance with any of the covenants described above and the unavailability of any waiver, amendment or other modification thereto, Enhabit may not be able to borrow under the Revolving Credit Facility. Additionally, violation of the covenants would result in an event of default under the Credit Facilities. A default that occurs, and is not cured within any applicable cure period or is not waived, would permit lenders to accelerate the maturity of the debt under the Credit Facilities and to foreclose upon any collateral securing the debt.
In February 2026, the Company entered into an amended and restated credit agreement (the “2026 Credit Agreement”) that consists of a $315.0 million senior secured term loan A facility (the “2026 Term Loan A Facility”) and a $160.0 million senior secured revolving credit facility (the “2026 Revolving Credit Facility” and together with the 2026 Term Loan A Facility, the “2026 Credit Facilities”). The 2026 Credit Facilities mature on February 26, 2031. The 2026 Credit Facilities refinance by amendment and restatement the Credit Facilities. Interest on the loans under the 2026 Credit Facilities is calculated by reference to the SOFR or an alternative base rate, plus an applicable interest rate margin. The Company may voluntarily prepay outstanding loans under the 2026 Credit Facilities at any time without premium or penalty, other than customary breakage costs with respect to SOFR loans. The 2026 Credit Facilities contain customary mandatory prepayments, including with respect to proceeds from certain asset sales and incurrences of indebtedness. The Company evaluated the accounting treatment in accordance with ASC 470-50, Debt—Modifications and Extinguishments, and accounted for the 2026 Credit Facilities as a modification and extinguishment.
On February 26, 2026, the Company drew the full $315.0 million of the 2026 Term Loan A Facility and $110.0 million on the 2026 Revolving Credit Facility. Cash on hand and the net proceeds of $425.0 million were used to repay amounts outstanding under the Credit Facilities.
The 2026 Term Loan A Facility amortizes by an amount per annum equal to 7.5% of the outstanding principal amount thereon as of the closing date, payable in equal quarterly installments, with the balance being payable on February 26, 2031. The 2026 Revolving Credit Facility provides the ability to borrow and obtain letters of credit, which is subject to a $40.0 million sublimit. Obligations under the 2026 Credit Facilities are guaranteed by the Guarantors, subject to certain exceptions. Borrowings under the 2026 Credit Facilities are secured by first priority liens on substantially all the assets of Enhabit and the Guarantors, subject to certain exceptions. The 2026 Credit Facilities contain representations and warranties, affirmative and negative covenants, and events of default customary for secured financings of this type, including limitations with respect to liens, fundamental changes, indebtedness, restricted payments, investments, and affiliate transactions, in each case, subject to a number of important exceptions and qualifications. 
As of March 31, 2026, Enhabit was in compliance with the financial covenants under the 2026 Credit Facilities. Although Enhabit’s forecasted results indicate the Company will continue to be in compliance with those financial covenants through a period of one year from the issuance date of the March 31, 2026 financial statements, management cannot guarantee continued compliance throughout this period. Management continually evaluates the Company’s expected compliance with the covenants described above and takes all appropriate steps to proactively renegotiate such covenants when appropriate.
As of March 31, 2026, amounts drawn under the 2026 Term Loan A Facility and the 2026 Revolving Credit Facility had a weighted average interest rate of 5.8%.
The carrying amounts and estimated fair values for long-term debt are presented in the following table (in millions):
As of March 31, 2026As of December 31, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Long-term debt:
2026 Term Loan A Facility$314.5 $307.7 $328.7 $325.5 
Advances under 2026 Revolving Credit Facility$110.0 $110.0 $115.0 $115.0 
Finance lease obligations$4.1 $4.1 $4.6 $4.6 
Fair values for long-term debt and financial commitments are determined using inputs, including quoted prices in nonactive markets, that are observable either directly or indirectly, or Level 2 inputs within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies—Fair Value Measurements, to the consolidated financial statements included in the Form 10-K.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective income tax rates were 13.5% and 28.7% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rates differed from the federal statutory rate primarily due to changes to the valuation allowance, stock-based compensation, and state income taxes.
v3.26.1
Derivative Instrument
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instrument Derivative Instrument
In October 2022, Enhabit entered into an interest rate swap agreement with a notional value of $200.0 million that matured on October 20, 2025.
The activities of the cash flow hedge included in Accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are presented in the following table (in millions):
Three Months Ended March 31,
20262025
Balance at beginning of period$— $(0.2)
Unrealized gain (loss) recognized in other comprehensive income, net of tax— — 
Reclassified to interest expense, net of tax— — 
Balance at end of period$— $(0.2)
The fair value of the Company’s derivative instrument was determined using inputs, including quoted prices in nonactive markets, that are observable either directly or indirectly, or Level 2 inputs within the fair value hierarchy. See Note 1, Summary of Significant Accounting Policies—Fair Value Measurements, to the consolidated financial statements included in the Form 10-K.
v3.26.1
Contingencies and Other Commitments
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Other Commitments Contingencies and Other Commitments
Enhabit operates in a highly regulated industry in which healthcare providers are routinely subject to litigation. As a result, various lawsuits, claims, and legal and regulatory proceedings have been and can be expected to be instituted or asserted against the Company. The resolution of any such lawsuits, claims, or legal and regulatory proceedings could materially and adversely affect the Company’s financial position, results of operations, and cash flows in a given period.
There were no claims made against the Company that are probable of loss and reasonably estimable as liabilities within Other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 or December 31, 2025.
In the first quarter of 2026, the Company, along with Encompass, collected $43.1 million, which has been divided substantially equally between them, in full satisfaction of their claims for attorney’s fees and mitigation damages in the Delaware Court of Chancery against a former officer, a senior partner of Vistria Group and a managing director of Nautic Partners. These amounts related to the December 2024 ruling in favor of Enhabit and Encompass, entered by the Delaware Court of Chancery in the lawsuit styled Enhabit, Inc. et al. v. Nautic Partners IX, L.P. et al. This settlement resulted in the recognition of a gain of $21.2 million in the first quarter of 2026. $17.7 million of the gain was recorded in General and administrative expenses, which was offset by other General and administrative expenses. The remaining $3.5 million was recorded in Interest income.
Other Commitments
Enhabit is a party to service and other contracts in connection with conducting its business. Minimum amounts due under these agreements are $30.3 million in 2026, $22.4 million in 2027, and $4.5 million thereafter. These contracts primarily relate to medical and durable medical equipment used in the two reporting segments, and business and software licensing and support. Certain of these agreements include variable arrangements, such as the cost to the supplier plus a designated mark-up percentage, or a fixed rate per patient count per month in the two reporting segments.
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Enhabit’s two reportable segments, Home Health and Hospice, are based on the major types of services provided by the Company, as described below. The Chief Executive Officer, who is also the Chief Operating Decision Maker, uses these segment groupings and the results of each segment, measured by Segment Adjusted EBITDA, to evaluate performance and allocate resources, primarily during the annual budget process and regular operational performance reviews. Segment assets are not reviewed by the Chief Operating Decision Maker and therefore are not disclosed below.
•Home Health - Enhabit operates home health agencies in 34 states, with a concentration in the southern half of the United States. As of March 31, 2026, the Company operates 251 home health agencies. Enhabit is the sole owner of 240 of these locations. The Company retains 50.0% to 81.0% ownership in the remaining 11 jointly owned locations. Home health services include a comprehensive range of Medicare-certified home nursing services to
adult patients in need of care. These services include, among others, skilled nursing, physical, occupational, and speech therapy, medical social work, and home health aide services.
•Hospice - Enhabit’s hospice operations represent one of the nation’s largest providers of Medicare-certified hospice services. The Company operates hospice provider locations in 25 states, with a concentration in the southern half of the United States. As of March 31, 2026, the Company operates 117 hospice provider locations. Enhabit is the sole owner of 113 of these locations. The Company retains 50.0% to 90.0% ownership in the remaining four jointly owned locations. Hospice care focuses on the quality of life for patients who are experiencing an advanced, life limiting illness while treating the person and symptoms of the disease, rather than the disease itself.
The accounting policies of the reportable segments are the same as those described in Note 1, Summary of Significant Accounting Policies. All revenues for services are generated through external customers. See Note 1, Summary of Significant Accounting Policies—Net Service Revenue, for the disaggregation of revenues. No corporate overhead is allocated to either of the reportable segments. Other cost of service is comprised of third-party services and other individually insignificant costs in the Home Health segment. Other cost of service is comprised of medical director, skilled nursing facilities, and other individually insignificant costs in the Hospice segment. Other general and administrative expenses are comprised of licensing fees and other individually insignificant fees for both the Home Health and Hospice segments.
Selected financial information for Enhabit’s reportable segments is as follows (in millions):
Home HealthHospice
Three Months Ended March 31,Three Months Ended March 31,
2026202520262025
Net service revenue$201.8 $200.6 $63.0 $59.3 
Labor96.3 94.3 19.5 16.8 
Supplies and pharmacy2.4 2.4 5.8 5.2 
Travel4.8 5.1 1.3 1.2 
Other cost of service1.6 1.6 2.5 3.6 
Total cost of service, excluding depreciation and amortization105.1 103.4 29.1 26.8 
General and administrative salaries49.1 46.8 15.9 14.1 
Other general and administrative expenses12.0 11.6 3.2 3.3 
Total general and administrative expenses61.1 58.4 19.1 17.4 
Net income attributable to noncontrolling interests0.5 0.5 0.2 0.1 
Segment Adjusted EBITDA$35.1 $38.3 $14.6 $15.0 
Total segment reconciliations (in millions):
Three Months Ended March 31,
20262025
Total Segment Adjusted EBITDA$49.7 $53.3 
Non-segment general and administrative expenses(13.2)(27.7)
Interest expense, net(6.2)(9.4)
Depreciation and amortization(4.6)(6.3)
(Loss) gain on sale of investment and disposal of assets
(0.1)19.3 
Stock-based compensation expense(3.3)(4.0)
Net income attributable to noncontrolling interests0.7 0.6 
Income (loss) before income taxes and noncontrolling interests$23.0 $25.8 
Additional detail regarding the revenues of the operating segments by payer type follows (in millions):
Three Months Ended March 31,
20262025
Home Health:
Medicare $106.4 $114.2 
Non-Medicare93.5 84.4 
Private duty(1)
1.9 2.0 
Total Home Health201.8 200.6 
Hospice63.0 59.3 
Total net service revenue$264.8 $259.9 
(1)    Private duty represents long-term comprehensive hourly nursing medical care.
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Data Analytics Investment
During 2019, the Company made a $2.0 million investment in Medalogix, LLC (“Medalogix”), a healthcare predictive data and analytics company. During 2021, Medalogix became a wholly-owned subsidiary of TVG Holdings, LLC (“TVG”), which resulted in the Company obtaining a minority equity investment in TVG in exchange for its investment in Medalogix. This investment was accounted for under the measurement alternative for investments.
On March 19, 2025 (the “Transaction Date”), Medalogix was combined with Forcura in a private equity-backed transaction (the “Transaction”). In connection with the Transaction, the Company sold its investment interest in TVG for approximately $21.0 million. The Transaction resulted in the Company recording a gain on sale of investment of approximately $19.3 million in Other (income) expenses on the unaudited Condensed Consolidated Statement of Income. On March 31, 2025, the Company used $20.0 million of the proceeds from the Transaction to reduce debt under the Credit Agreement.
As of the Transaction Date, Medalogix was no longer a related party of the Company. Costs incurred prior to the Transaction Date were approximately $1.2 million for the three months ended March 31, 2025 in connection with the usage of Medalogix’s analytics platforms while Medalogix was a related party. These costs are included in Cost of service, excluding depreciation and amortization, and General and administrative expenses in the unaudited Condensed Consolidated Statements of Income.
v3.26.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The following table provides supplemental cash flow information and disclosures of non-cash investing and financing activities for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended March 31,
20262025
Supplemental cash flow disclosures:
Cash paid (refunds received) for income taxes, net
$— $(0.2)
Cash paid for interest$3.5 $9.0 
Supplemental cash flow disclosures of non-cash investing and financing activities:
Property and equipment additions through finance leases$— $0.1 
Operating lease additions$3.8 $3.2 
The following table details supplemental cash flow disclosures related to the reconciliation of cash and cash equivalents and restricted cash balances (in millions):
As of
March 31,
2026		As of
December 31,
2025
Cash, cash equivalents, and restricted cash reconciliation:
Cash and cash equivalents$50.0 $43.6 
Restricted cash1.5 1.9 
Cash, cash equivalents, and restricted cash at end of period$51.5 $45.5 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries should be read in conjunction with the audited consolidated financial statements and accompanying notes contained in the Company’s Annual Report for the year ended December 31, 2025 on Form 10-K (the “Form 10-K”) filed with the United States Securities and Exchange Commission (the “SEC”) on March 5, 2026. The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the SEC applicable to interim financial information. Accordingly, certain information and note disclosures included in financial statements prepared in accordance with GAAP have been omitted in these interim statements, as allowed by such SEC rules and regulations. The unaudited Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from audited financial statements, but it does not include all disclosures required by GAAP. However, management believes the disclosures are adequate to make the information presented not misleading.
Consolidation
The unaudited condensed consolidated financial statements include the assets, liabilities, revenues, and expenses of all wholly-owned subsidiaries, majority-owned subsidiaries over which the Company exercises control, and, when applicable, entities in which the Company has a controlling financial interest. Enhabit eliminates all intercompany accounts and transactions within the Company from its financial results.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement (Topic 220): Reporting Comprehensive Income—Expense Disaggregation Disclosures.” This standard requires more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation, amortization, and depletion) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company
is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Improvements to Interim Financial Statement Disclosures.” This ASU introduces new requirements and clarifies existing guidance related to the presentation and disclosure of interim financial information. The amendments are intended to enhance the transparency and consistency of interim financial reporting by requiring additional disclosures regarding significant events or transactions that occur between annual reporting periods, as well as more detailed information about changes in estimates, accounting policies, and unusual or infrequent items. ASU 2025-11 is effective for public business entities for interim and annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied prospectively to all interim periods presented after the effective date. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact this standard will have on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12, “Codification Improvements.” This ASU is part of the FASB’s ongoing efforts to clarify, correct, and improve the Accounting Standards Codification (“ASC”) to ensure consistency and ease of application. The amendments in ASU 2025-12 do not create new accounting requirements but instead provide technical corrections, clarifications, and minor improvements to a variety of topics throughout the codification of the ASC. These changes may include updates to references, wording, or examples to better align with existing guidance and to remove inconsistencies. ASU 2025-12 is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption is permitted. The amendments may be applied either (i) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (ii) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Schedule of Disaggregation of Net Service Revenue by Payor Source and Segment Net service revenue disaggregated by payer source and segment is as follows (in millions):
Home HealthHospiceConsolidated
Three Months Ended March 31,
202620252026202520262025
Medicare$106.4 $114.2 $61.8 $57.2 $168.2 $171.4 
Medicare Advantage68.7 60.6 — — 68.7 60.6 
Managed Care22.3 22.2 0.7 1.2 23.0 23.4 
Medicaid2.0 2.1 0.5 0.9 2.5 3.0 
Other2.4 1.5 — — 2.4 1.5 
Total$201.8 $200.6 $63.0 $59.3 $264.8 $259.9 
Schedule of Diluted Weighted Average Common Shares Outstanding The following table sets forth the computation of diluted weighted average common shares outstanding for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended
March 31,
20262025
Weighted average common shares outstanding:
Basic51.250.5
Dilutive effect of restricted stock, restricted stock units, and performance units
1.70.3 
Diluted52.950.8
v3.26.1
Variable Interest Entities (“VIEs”) (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The carrying amounts and classifications of the consolidated VIEs’ assets and liabilities, which are included in Enhabit’s unaudited Condensed Consolidated Balance Sheets, are as follows (in millions):
As of
March 31,
2026		As of
December 31,
2025
Assets
Current assets:
Restricted cash$1.3 $1.7 
Accounts receivable, net of allowances1.3 1.3 
Total current assets2.6 3.0 
Operating lease right-of-use assets0.3 — 
Goodwill12.4 12.4 
Intangible assets, net0.5 0.6 
Total assets$15.8 $16.0 
Liabilities
Current liabilities:
Accrued payroll$0.3 $0.2 
Other current liabilities0.6 0.7 
Total current liabilities0.9 0.9 
Other long-term liabilities0.2 — 
Total liabilities$1.1 $0.9 
v3.26.1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Outstanding
Long-term debt outstanding consists of the following (in millions):
As of
March 31,
2026		As of
December 31,
2025
Credit agreement—
2026 Term loan A Facility$314.5 $328.7 
Advances under 2026 Revolving Credit Facility110.0 115.0 
Finance lease obligations4.1 4.6 
Total debt428.6 448.3 
Less: Current portion(26.0)(22.3)
Long-term debt, net of current portion$402.6 $426.0 
Schedule of Principal Payments Due on Long-term Debt
The following table shows scheduled principal payments due on Enhabit’s long-term debt for the next five years (in millions):
Amount
April 1 through December 31, 2026$19.5 
202725.6 
202823.9 
202923.6 
203023.6 
2031 and thereafter312.8 
Gross maturities429.0 
Less: Unamortized debt issuance costs(0.4)
Total$428.6 
Schedule of Carrying Values and Estimated Fair Values of Long-term Debt
The carrying amounts and estimated fair values for long-term debt are presented in the following table (in millions):
As of March 31, 2026As of December 31, 2025
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Long-term debt:
2026 Term Loan A Facility$314.5 $307.7 $328.7 $325.5 
Advances under 2026 Revolving Credit Facility$110.0 $110.0 $115.0 $115.0 
Finance lease obligations$4.1 $4.1 $4.6 $4.6 
v3.26.1
Derivative Instrument (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive (Loss) Income
The activities of the cash flow hedge included in Accumulated other comprehensive income (loss) for the three months ended March 31, 2026 and 2025 are presented in the following table (in millions):
Three Months Ended March 31,
20262025
Balance at beginning of period$— $(0.2)
Unrealized gain (loss) recognized in other comprehensive income, net of tax— — 
Reclassified to interest expense, net of tax— — 
Balance at end of period$— $(0.2)
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Selected Financial Information
Selected financial information for Enhabit’s reportable segments is as follows (in millions):
Home HealthHospice
Three Months Ended March 31,Three Months Ended March 31,
2026202520262025
Net service revenue$201.8 $200.6 $63.0 $59.3 
Labor96.3 94.3 19.5 16.8 
Supplies and pharmacy2.4 2.4 5.8 5.2 
Travel4.8 5.1 1.3 1.2 
Other cost of service1.6 1.6 2.5 3.6 
Total cost of service, excluding depreciation and amortization105.1 103.4 29.1 26.8 
General and administrative salaries49.1 46.8 15.9 14.1 
Other general and administrative expenses12.0 11.6 3.2 3.3 
Total general and administrative expenses61.1 58.4 19.1 17.4 
Net income attributable to noncontrolling interests0.5 0.5 0.2 0.1 
Segment Adjusted EBITDA$35.1 $38.3 $14.6 $15.0 
Schedule of Segment Reconciliation
Total segment reconciliations (in millions):
Three Months Ended March 31,
20262025
Total Segment Adjusted EBITDA$49.7 $53.3 
Non-segment general and administrative expenses(13.2)(27.7)
Interest expense, net(6.2)(9.4)
Depreciation and amortization(4.6)(6.3)
(Loss) gain on sale of investment and disposal of assets
(0.1)19.3 
Stock-based compensation expense(3.3)(4.0)
Net income attributable to noncontrolling interests0.7 0.6 
Income (loss) before income taxes and noncontrolling interests$23.0 $25.8 
Schedule of Additional Detail Regarding Revenues by Service Line
Additional detail regarding the revenues of the operating segments by payer type follows (in millions):
Three Months Ended March 31,
20262025
Home Health:
Medicare $106.4 $114.2 
Non-Medicare93.5 84.4 
Private duty(1)
1.9 2.0 
Total Home Health201.8 200.6 
Hospice63.0 59.3 
Total net service revenue$264.8 $259.9 
(1)    Private duty represents long-term comprehensive hourly nursing medical care.
v3.26.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2026
Supplemental Cash Flow Elements [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures related to the Reconciliation of Cash and Cash Equivalents and Restricted Cash Balances
The following table provides supplemental cash flow information and disclosures of non-cash investing and financing activities for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended March 31,
20262025
Supplemental cash flow disclosures:
Cash paid (refunds received) for income taxes, net
$— $(0.2)
Cash paid for interest$3.5 $9.0 
Supplemental cash flow disclosures of non-cash investing and financing activities:
Property and equipment additions through finance leases$— $0.1 
Operating lease additions$3.8 $3.2 
The following table details supplemental cash flow disclosures related to the reconciliation of cash and cash equivalents and restricted cash balances (in millions):
As of
March 31,
2026		As of
December 31,
2025
Cash, cash equivalents, and restricted cash reconciliation:
Cash and cash equivalents$50.0 $43.6 
Restricted cash1.5 1.9 
Cash, cash equivalents, and restricted cash at end of period$51.5 $45.5 
v3.26.1
Summary of Significant Accounting Policies - Additional Information (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
state
shares
Mar. 31, 2025
shares
Dec. 31, 2025
USD ($)
Jul. 01, 2022
$ / shares
Class of Stock [Line Items]        
Number of states in which entity operates | state 35      
Number of reportable segments | segment 2      
Common stock, par value (in dollars per share) | $ / shares       $ 0.01
Accrued hospice-related costs $ 9.0   $ 9.5  
Legal fees 3.8   4.4  
Workers’ compensation expense 6.0   6.0  
Medical insurance costs $ 5.9   $ 7.1  
Options To Purchase Enhabit Shares        
Class of Stock [Line Items]        
Antidilutive securities (in shares) | shares 0.3 0.3    
Restricted stock units        
Class of Stock [Line Items]        
Antidilutive securities (in shares) | shares 0.2 0.4    
v3.26.1
Summary of Significant Accounting Policies - Schedule of Disaggregation of Net Service Revenue by Payor Source and Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net service revenue $ 264.8 $ 259.9
Medicare    
Disaggregation of Revenue [Line Items]    
Net service revenue 168.2 171.4
Medicare Advantage    
Disaggregation of Revenue [Line Items]    
Net service revenue 68.7 60.6
Managed Care    
Disaggregation of Revenue [Line Items]    
Net service revenue 23.0 23.4
Medicaid    
Disaggregation of Revenue [Line Items]    
Net service revenue 2.5 3.0
Other    
Disaggregation of Revenue [Line Items]    
Net service revenue 2.4 1.5
Home Health    
Disaggregation of Revenue [Line Items]    
Net service revenue 201.8 200.6
Home Health | Medicare    
Disaggregation of Revenue [Line Items]    
Net service revenue 106.4 114.2
Home Health | Medicare Advantage    
Disaggregation of Revenue [Line Items]    
Net service revenue 68.7 60.6
Home Health | Managed Care    
Disaggregation of Revenue [Line Items]    
Net service revenue 22.3 22.2
Home Health | Medicaid    
Disaggregation of Revenue [Line Items]    
Net service revenue 2.0 2.1
Home Health | Other    
Disaggregation of Revenue [Line Items]    
Net service revenue 2.4 1.5
Hospice    
Disaggregation of Revenue [Line Items]    
Net service revenue 63.0 59.3
Hospice | Medicare    
Disaggregation of Revenue [Line Items]    
Net service revenue 61.8 57.2
Hospice | Medicare Advantage    
Disaggregation of Revenue [Line Items]    
Net service revenue 0.0 0.0
Hospice | Managed Care    
Disaggregation of Revenue [Line Items]    
Net service revenue 0.7 1.2
Hospice | Medicaid    
Disaggregation of Revenue [Line Items]    
Net service revenue 0.5 0.9
Hospice | Other    
Disaggregation of Revenue [Line Items]    
Net service revenue $ 0.0 $ 0.0
v3.26.1
Summary of Significant Accounting Policies - Schedule of Diluted Weighted Average Common Shares Outstanding (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Weighted average common shares outstanding:    
Basic (in shares) 51.2 50.5
Dilutive effect of restricted stock, restricted stock units and performance units (in shares) 1.7 0.3
Diluted (in shares) 52.9 50.8
v3.26.1
Variable Interest Entities (“VIEs”) - Additional Information (Details) - VIE, Primary Beneficiary - entity
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Number of entities consolidated 2 2
Minimum    
Variable Interest Entity [Line Items]    
Ownership percentage 60.00%  
Maximum    
Variable Interest Entity [Line Items]    
Ownership percentage 90.00%  
v3.26.1
Variable Interest Entities (“VIEs”) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Restricted cash $ 1.5 $ 1.9
Accounts receivable, net of allowances 154.4 144.0
Total current assets 219.2 205.6
Operating lease right-of-use assets 49.7 49.8
Goodwill 855.3 855.3
Intangible assets, net 35.1 38.5
Total assets 1,178.9 1,167.1
Current liabilities:    
Accrued payroll 50.9 40.4
Other current liabilities 42.2 41.8
Total current liabilities 140.2 126.3
Other long-term liabilities 0.0 0.1
Total liabilities 595.0 603.0
VIE, Primary Beneficiary    
Current assets:    
Restricted cash 1.3 1.7
Accounts receivable, net of allowances 1.3 1.3
Total current assets 2.6 3.0
Operating lease right-of-use assets 0.3 0.0
Goodwill 12.4 12.4
Intangible assets, net 0.5 0.6
Total assets 15.8 16.0
Current liabilities:    
Accrued payroll 0.3 0.2
Other current liabilities 0.6 0.7
Total current liabilities 0.9 0.9
Other long-term liabilities 0.2 0.0
Total liabilities $ 1.1 $ 0.9
v3.26.1
Long-Term Debt - Schedule of Long-Term Debt Outstanding (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Finance lease obligations $ 4.1 $ 4.6
Long term debt including current maturities 428.6 448.3
Less: Current portion (26.0) (22.3)
Long-term debt, net of current portion 402.6 426.0
Line of Credit | Enhabit Credit Agreement | 2026 Term loan A Facility    
Debt Instrument [Line Items]    
Long-term debt 314.5 328.7
Line of Credit | Enhabit Credit Agreement | Advances under 2026 Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt $ 110.0 $ 115.0
v3.26.1
Long-Term Debt - Schedule of Principal Payments Due on Long-term Debt (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Amount  
April 1 through December 31, 2026 $ 19.5
2027 25.6
2028 23.9
2029 23.6
2030 23.6
2031 and thereafter 312.8
Gross maturities 429.0
Less: Unamortized debt issuance costs (0.4)
Total $ 428.6
v3.26.1
Long-Term Debt - Additional Information (Details)
 1 Months Ended 3 Months Ended
Feb. 28, 2026
USD ($)
Feb. 26, 2026
USD ($)
Mar. 31, 2025
USD ($)
Nov. 03, 2023
USD ($)
Nov. 02, 2023
USD ($)
Jun. 27, 2023
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
May 09, 2025
Sep. 29, 2023
USD ($)
Debt Instrument [Line Items]                        
Borrowings on revolving credit facility                 $ 110,000,000.0 $ 0    
Repayments under credit agreement     $ 20,000,000.0                  
Enhabit Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Distributions to Encompass             $ 566,600,000          
Interest rate (as percent)                 5.80%      
2026 Term loan A Facility | Enhabit Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Debt instrument, face amount             400,000,000.0 $ 400,000,000.0        
Line of credit facility, maximum borrowing capacity $ 160,000,000.0                      
Proceeds from issuance of secured debt   $ 315,000,000.0         400,000,000.0          
Percentage of outstanding principal payable in equal quarterly installments 7.50%             5.00%        
Coverage leverage ratio, maximum           4.50            
2026 Term loan A Facility | Enhabit Credit Agreement | Credit Agreement | Covenant Period, One                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio           5.25            
2026 Term loan A Facility | Enhabit Credit Agreement | Credit Agreement | Covenant Period, Two                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio           5.00            
2026 Term loan A Facility | Enhabit Credit Agreement | Credit Agreement | Covenant Period, Three                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio           4.75            
2026 Term loan A Facility | Enhabit Credit Agreement | Credit Agreement | Thereafter                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio           4.50            
2026 Term loan A Facility | The Second Amendment | Credit Agreement                        
Debt Instrument [Line Items]                        
Coverage leverage ratio, maximum       6.75                
Debt instrument, maximum permitted total net leverage ratio       1.15                
2026 Term loan A Facility | The Second Amendment | Credit Agreement | Covenant Period, One                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio       6.50                
2026 Term loan A Facility | The Second Amendment | Credit Agreement | Covenant Period, Two                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio       5.75                
2026 Term loan A Facility | The Second Amendment | Credit Agreement | Thereafter                        
Debt Instrument [Line Items]                        
Debt instrument, maximum permitted total net leverage ratio       4.50                
2026 Term loan A Facility | The First Amendment | Credit Agreement                        
Debt Instrument [Line Items]                        
Coverage leverage ratio, maximum                     4.5  
Debt instrument, covenant, leverage ratio, minimum                     2.5  
Revolving Credit Facility | Enhabit Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Debt instrument, face amount $ 315,000,000.0                      
Line of credit facility, maximum borrowing capacity             350,000,000.0 $ 350,000,000.0        
Borrowings on revolving credit facility   110,000,000.0         170,000,000.0          
Repayments under credit agreement   $ 425,000,000.0                    
Revolving Credit Facility | The Waiver | Maximum | Administrative Agent                        
Debt Instrument [Line Items]                        
Debt instrument, face amount                       $ 350,000,000.0
Revolving Credit Facility | The Waiver | Minimum | Administrative Agent                        
Debt Instrument [Line Items]                        
Debt instrument, face amount                       $ 230,000,000.0
Revolving Credit Facility | The Second Amendment | Credit Agreement                        
Debt Instrument [Line Items]                        
Commitment fee amount       $ 220,000,000.0 $ 350,000,000.0              
Interest rate margins       0.25%                
Letter of Credit | Enhabit Credit Agreement | Line of Credit                        
Debt Instrument [Line Items]                        
Line of credit facility, maximum borrowing capacity $ 40,000,000.0           $ 75,000,000.0 $ 75,000,000.0        
v3.26.1
Long-Term Debt - Schedule of Carrying Values and Estimated Fair Values of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Line of Credit | Enhabit Credit Agreement | Carrying Amount | 2026 Term Loan A Facility    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 314.5 $ 328.7
Line of Credit | Enhabit Credit Agreement | Carrying Amount | Advances under 2026 Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt, fair value 110.0 115.0
Line of Credit | Enhabit Credit Agreement | Estimated Fair Value | 2026 Term Loan A Facility    
Debt Instrument [Line Items]    
Long-term debt, fair value 307.7 325.5
Line of Credit | Enhabit Credit Agreement | Estimated Fair Value | Advances under 2026 Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt, fair value 110.0 115.0
Finance lease obligations | Carrying Amount    
Debt Instrument [Line Items]    
Long-term debt, fair value 4.1 4.6
Finance lease obligations | Estimated Fair Value    
Debt Instrument [Line Items]    
Long-term debt, fair value $ 4.1 $ 4.6
v3.26.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate reconciliation, percent 13.50% 28.70%
v3.26.1
Derivative Instrument - Additional Information (Details)
$ in Millions
Oct. 31, 2022
USD ($)
Interest Rate Swap  
Derivative [Line Items]  
Notional amount $ 200.0
v3.26.1
Derivative Instrument - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period $ 559.1 $ 548.9
Balance at end of period 578.9 568.3
Interest Rate Swap | Cash Flow Hedging | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period 0.0 (0.2)
Unrealized gain (loss) recognized in other comprehensive income, net of tax 0.0 0.0
Reclassified to interest expense, net of tax 0.0 0.0
Balance at end of period $ 0.0 $ (0.2)
v3.26.1
Contingencies and Other Commitments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Gain Contingencies [Line Items]    
Loss contingency, estimate of possible loss $ 0.0 $ 0.0
Other commitment, to be paid, remainder of year 30.3  
Other commitment, to be paid, year one 22.4  
Other commitment, to be paid, thereafter $ 4.5  
Number of reportable segments | segment 2  
Settled Litigation    
Gain Contingencies [Line Items]    
Proceeds from settlement $ 43.1  
Gain recognized on settlement 21.2  
Settled Litigation | General and Administrative Expense    
Gain Contingencies [Line Items]    
Gain recognized on settlement 17.7  
Settled Litigation | Nonoperating Income    
Gain Contingencies [Line Items]    
Gain recognized on settlement $ 3.5  
v3.26.1
Segment Reporting - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
location
state
Segment Reporting Information [Line Items]  
Number of reportable segments | segment 2
Number of states in which entity operates | state 35
Home Health  
Segment Reporting Information [Line Items]  
Number of states in which entity operates | state 34
Number of locations 251
Number of agencies with sole ownership 240
Number of jointly owned home health locations 11
Home Health | Minimum  
Segment Reporting Information [Line Items]  
Joint venture, ownership percentage 50.00%
Home Health | Maximum  
Segment Reporting Information [Line Items]  
Joint venture, ownership percentage 81.00%
Hospice  
Segment Reporting Information [Line Items]  
Number of states in which entity operates | state 25
Number of locations 117
Number of agencies with sole ownership 113
Number of jointly owned home health locations 4
Hospice | Minimum  
Segment Reporting Information [Line Items]  
Joint venture, ownership percentage 50.00%
Hospice | Maximum  
Segment Reporting Information [Line Items]  
Joint venture, ownership percentage 90.00%
v3.26.1
Segment Reporting - Schedule of Selected Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net service revenue $ 264.8 $ 259.9
Total cost of service, excluding depreciation and amortization 134.2 130.2
Net income attributable to noncontrolling interests 0.7 0.6
Home Health    
Segment Reporting Information [Line Items]    
Net service revenue 201.8 200.6
Labor 96.3 94.3
Supplies and pharmacy 2.4 2.4
Travel 4.8 5.1
Other cost of service 1.6 1.6
Total cost of service, excluding depreciation and amortization 105.1 103.4
General and administrative salaries 49.1 46.8
Other general and administrative expenses 12.0 11.6
Total general and administrative expenses 61.1 58.4
Net income attributable to noncontrolling interests 0.5 0.5
Segment Adjusted EBITDA 35.1 38.3
Hospice    
Segment Reporting Information [Line Items]    
Net service revenue 63.0 59.3
Labor 19.5 16.8
Supplies and pharmacy 5.8 5.2
Travel 1.3 1.2
Other cost of service 2.5 3.6
Total cost of service, excluding depreciation and amortization 29.1 26.8
General and administrative salaries 15.9 14.1
Other general and administrative expenses 3.2 3.3
Total general and administrative expenses 19.1 17.4
Net income attributable to noncontrolling interests 0.2 0.1
Segment Adjusted EBITDA $ 14.6 $ 15.0
v3.26.1
Segment Reporting - Schedule of Segment Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Non-segment general and administrative expenses $ (96.7) $ (107.5)
Depreciation and amortization (4.6) (6.3)
(Loss) gain on sale of investment and disposal of assets (0.1) 19.3
Net income attributable to noncontrolling interests 0.7 0.6
Income (loss) before income taxes and noncontrolling interests 23.0 25.8
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total Segment Adjusted EBITDA 49.7 53.3
Corporate, Non-Segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Non-segment general and administrative expenses (13.2) (27.7)
Segment Reconciling Items    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Interest expense, net (6.2) (9.4)
Depreciation and amortization (4.6) (6.3)
(Loss) gain on sale of investment and disposal of assets (0.1) 19.3
Stock-based compensation expense (3.3) (4.0)
Net income attributable to noncontrolling interests $ 0.7 $ 0.6
v3.26.1
Segment Reporting - Schedule of Additional Detail Regarding Revenues by Service Line (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue from External Customer [Line Items]    
Total net service revenue $ 264.8 $ 259.9
Home Health    
Revenue from External Customer [Line Items]    
Total net service revenue 201.8 200.6
Hospice    
Revenue from External Customer [Line Items]    
Total net service revenue 63.0 59.3
Medicare | Home Health    
Revenue from External Customer [Line Items]    
Total net service revenue 106.4 114.2
Non-Medicare | Home Health    
Revenue from External Customer [Line Items]    
Total net service revenue 93.5 84.4
Private duty | Home Health    
Revenue from External Customer [Line Items]    
Total net service revenue $ 1.9 $ 2.0
v3.26.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 19, 2025
Mar. 31, 2025
Dec. 31, 2019
Related Party Transaction [Line Items]        
Repayments under credit agreement $ 20.0      
Medalogix Analytics Platforms | Related Party        
Related Party Transaction [Line Items]        
Cost of service, excluding depreciation and amortization and general and administrative expenses     $ 1.2  
Medalogix, LLC        
Related Party Transaction [Line Items]        
Payments to acquire investment       $ 2.0
Medalogix, LLC | Related Party        
Related Party Transaction [Line Items]        
Proceeds from sale of investment   $ 21.0    
Gain on sale of investment   $ 19.3    
v3.26.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Supplemental cash flow disclosures:        
Cash paid (refunds received) for income taxes, net $ 0.0 $ (0.2)    
Cash paid for interest 3.5 9.0    
Supplemental cash flow disclosures of non-cash investing and financing activities:        
Property and equipment additions through finance leases 0.0 0.1    
Operating lease additions 3.8 3.2    
Cash, cash equivalents, and restricted cash reconciliation:        
Cash and cash equivalents 50.0   $ 43.6  
Restricted cash 1.5   1.9  
Cash, cash equivalents, and restricted cash at end of period $ 51.5 $ 40.8 $ 45.5 $ 30.3