CHE · 10-Q · 2026Q1

CHEMED CORP

Filed 2026-04-28 · Healthcare

Ranked Events

• Liquidity and Credit AgreementImportance 96 · Surprise 100
  On April 10, 2026 Chemed replaced its prior credit agreement with a sixth amended and restated Credit Agreement providing a five-year $450.0 million revolving credit facility (including $100.0 million for letters of…
• Interest Rate and Refinancing ExposureImportance 91 · Surprise 92
  On April 10, 2026, Chemed replaced its Prior Credit Agreement with a sixth amended and restated Credit Agreement providing a five-year $450.0 million revolving credit facility, including $100.0 million available for…
• Capital Return ProgramImportance 79 · Surprise 66
  During the period, treasury stock increased $201.1 million due to stock repurchases, reflecting a sizable use of cash for share repurchase activity. Management reports that net cash provided by operating activities…
• Acquisitions and DispositionsImportance 74 · Surprise 58
  Goodwill increased $20.5 million due to two acquisitions at Roto-Rooter during the period, indicating acquisition activity at the Roto-Rooter segment. Long-term debt increased $91.2 million primarily due to those…
• Credit Agreement and LiquidityImportance 71 · Surprise 60
  On April 10, 2026 Chemed replaced its prior credit agreement with a sixth amended and restated Credit Agreement providing a five-year $450.0 million revolving credit facility, including $100.0 million available for…
• Customer Payment Timing / AR VolatilityImportance 70 · Surprise 56
  Accounts receivable increased $32.9 million from December 31, 2025 to March 31, 2026 due to timing of payments, driven largely by federal Medicare payment scheduling at the VITAS subsidiary. The company typically…
• VITAS continuous care declineImportance 61 · Surprise 66
  VITAS continuous care net revenue declined 26.4% in Q1 2026 to $18.1 million from $24.6 million in Q1 2025. Continuous care days fell 23.6% year-over-year to 17,288 days in Q1 2026, reducing continuous-care…
• Revenue Concentration RiskImportance 58 · Surprise 42
  VITAS has concentrated exposure to U.S. Federal Medicare payments: the company typically receives a payment in excess of $62.0 million from the Federal government for hospice services every other Friday. The timing of…
• Reimbursement and Payer MixImportance 51 · Surprise 50
  VITAS experienced a geographically weighted average Medicare reimbursement rate increase of approximately 2.6% in Q1 2026, contributing to revenue growth alongside days-of-care gains. However, acuity mix shifts…
• Revenue Performance and MixImportance 50 · Surprise 32
  Consolidated service revenues for Q1 2026 were $657.5 million, a 1.6% increase versus Q1 2025 driven by a 3.1% increase at VITAS and a 0.9% decrease at Roto-Rooter. VITAS contributed a $12.6 million revenue increase in…
• Roto-Rooter Pricing and Job Count TrendsImportance 48 · Surprise 40
  Roto-Rooter reported pricing and service mix increases for plumbing (+14.1% price and mix) and drain cleaning (+12.3% price and mix) in Q1 2026 versus Q1 2025, but both lines saw declines in job counts (plumbing job…
• Competition and Market ShareImportance 45 · Surprise 50
  Roto-Rooter management cites increased marketing spend as a primary reason net income was negatively impacted in Q1 2026 versus Q1 2025, signaling competitive dynamics in local plumbing and restoration markets. Despite…
• Liquidity and Cash PositionImportance 43 · Surprise 32
  Accounts receivable increased $32.9 million from December 31, 2025 to March 31, 2026 primarily due to the timing of payments, largely at VITAS where Federal hospice payments are significant. Management notes they…
• Regulatory Risk and InvestigationsImportance 40 · Surprise 42
  The Company states it is subject to various lawsuits and claims in the normal course of business and periodically receives communications from governmental and regulatory agencies regarding Medicare and Medicaid…
• Distribution ChannelsImportance 31 · Surprise 32
  Roto-Rooter delivers services through a network of company-owned branches, independent contractors and franchisees covering over 90% of the U.S. population. Independent contractor revenue in the quarter declined 3.3%…
• Procedure Volume TrendsImportance 31 · Surprise 32
  VITAS reported total days of care of 2,045,074 in Q1 2026, up 2.2% versus 2,001,996 in Q1 2025, driven by routine homecare days increasing 3.6% to 1,691,619. Inpatient and continuous care patterns shifted: general…
• Operating Expense TrendsImportance 31 · Surprise 32
  Total SG&A for Q1 2026 was $114.3 million versus $105.6 million in Q1 2025, an increase driven primarily by higher SG&A at Roto-Rooter and market value adjustments. SG&A before long-term incentive compensation and…
• Water Restoration DeclineImportance 30 · Surprise 40
  Roto-Rooter's water restoration revenues decreased 11.7% year-over-year in Q1 2026, a decline exceeding 10% and highlighting pressure in that service line. Excavation revenues were slightly down 1.1% and contractors…
• Corporate Expense IncreaseImportance 30 · Surprise 40
  After-tax Corporate expenses increased 19.1% in Q1 2026 versus Q1 2025, driven primarily by a $1.5 million increase in intercompany interest expense, a lower tax benefit from fewer stock option exercises, and a $1.2…
• Income Tax and PayablesImportance 30 · Surprise 14
  Income taxes payable increased $23.3 million from December 31, 2025 to March 31, 2026 due to the timing of payments. The consolidated income tax provision for Q1 2026 was $22.5 million versus $23.9 million in Q1 2025,…

Revenue by Product (in thousands)