Form 8-K

8-K — CHEMED CORP

Accession: 0000019584-26-000018

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0000019584

SIC: 8082 (SERVICES-HOME HEALTH CARE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — che-20260728x8k.htm (Primary)

EX-99 (che-20260728xex99.htm)

GRAPHIC (che-20260728xex99g001.jpg)

GRAPHIC (che-20260728xex99g002.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: che-20260728x8k.htm · Sequence: 1

che-20260728x8k

false000001958400000195842026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported):

July 28, 2026

CHEMED CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

1-8351

31-0791746

(State or other

‎jurisdiction of

‎incorporation)

(Commission File Number)

(I.R.S. Employer

‎Identification

‎Number)

2600 First Financial Center, 255 East 5th Street, Cincinnati, OH 45202

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:

(513) 762-6690

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240-14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4 (c) under Exchange Act (17 CFR 240-13e-4(c))

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

Title of each class

Trading symbol

Name of each exchange on which

registered

Capital stock $1 par value

CHE

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. [_]

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

Page 1 of 3

Item 2.02 Results of Operations and Financial Condition

On July 28, 2026, Chemed Corporation issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the release is furnished herewith as Exhibit 99.

Item 9.01 Financial Statements and Exhibits

Exhibit

(99) Registrant’s press release dated July 28, 2026

104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL

Page 2 of 3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CHEMED CORPORATION

Dated: July 28, 2026

By:

/s/ Michael D. Witzeman

Michael D. Witzeman

Executive Vice President and Chief Financial Officer

Page 3 of 3

EX-99

Filename: che-20260728xex99.htm · Sequence: 2

Exhibit 99

CONTACT: Michael D. Witzeman

(513) 762-6714

Chemed Reports Second-Quarter 2026 Results

Full-Year Guidance Increased Due Mainly to VITAS Outperformance

CINCINNATI, July 28, 2026—Chemed Corporation (Chemed) (NYSE: CHE), which operates VITAS Healthcare Corporation (VITAS), the nation’s largest providers of end-of-life care, and Roto-Rooter, the nation’s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its second quarter ended June 30, 2026, versus the comparable prior-year period.

Results for Quarter Ended June 30, 2026

Consolidated operating results:

Revenue increased 8.8% to $673.3 million

GAAP Diluted Earnings-per-Share (EPS) of $5.13, an increase of 43.7%

Adjusted Diluted EPS of $6.06, an increase of 41.9%

VITAS segment operating results:

Net Patient Revenue of $443.3 million, an increase of 11.9%

Average Daily Census (ADC) of 23,687, an increase of 6.1%

Admissions of 19,125, an increase of 9.0%

Net Income, excluding certain discrete items, of $61.3 million, an increase of 60.5%

Adjusted EBITDA, excluding Medicare Cap, of $80.6 million, an increase of 20.6%

Adjusted EBITDA margin, excluding Medicare Cap, of 18.2%, an increase of 196-basis points

Roto-Rooter segment operating results:

Revenue of $229.9 million, an increase of 3.3%

Net Income, excluding certain discrete items, of $33.8 million, essentially flat

Adjusted EBITDA of $48.5 million, essentially flat

Adjusted EBITDA margin of 21.1%, a decline of 77-basis points

VITAS

VITAS net revenue was $443.3 million in the second quarter of 2026, which is an increase of 11.9% when compared to the prior-year period. This revenue increase is comprised primarily of a 6.1% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.4%. Acuity mix shift negatively impacted revenue growth 115-basis points in the quarter when compared to the prior-year period’s revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes positively impacted revenue growth by 455-basis points.

Total VITAS admissions increased 9.0% in the second quarter of 2026 compared to the second quarter of 2025.

In the second quarter of 2026, VITAS accrued $500,000 in Medicare Cap billing limitation. This compares to the Medicare Cap billing limitation recorded in the second quarter of 2025 of $16.4 million. No Medicare Cap billing limitation was recorded in the second quarter of 2026 for the Florida combined program, and none is anticipated for the 2026 fiscal period.

Of VITAS’ 33 Medicare provider numbers, 22 provider numbers have an anticipated full-year Medicare Cap cushion of 10% or greater, seven provider numbers have a cushion between 0% and 10%, and four provider numbers have a Medicare Cap billing limitation totaling $7.0 million.

Average revenue per patient per day in the second quarter of 2026 was $209.98 which is 143-basis points above the prior-year period. Reimbursement for routine home care and high-acuity care averaged $188.62 and $1,152.14, respectively. During the quarter, high-acuity days-of-care were 2.2% of total days of care, a decline of 24-basis points when compared to the prior-year quarter.

The second quarter 2026 gross margin, excluding Medicare Cap, was 23.9%, a 164-basis point increase from the same period of 2025. Selling, general and administrative expenses were $26.1 million in the second quarter of 2026 compared to $25.1 million in the prior- year quarter.

Adjusted EBITDA, excluding Medicare Cap, totaled $80.6 million in the quarter, an increase of 20.6% when compared to the prior-year period. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 18.2%.

Roto-Rooter

Roto-Rooter generated quarterly revenue of $229.9 million in the second quarter of 2026, an increase of 3.3%, when compared to the prior-year quarter.

Roto-Rooter branch commercial revenue in the quarter totaled $56.8 million, an increase of 6.8% from the prior-year period. This aggregate commercial revenue change consisted of plumbing increasing 11.9%, drain cleaning increasing 6.9%, water restoration increasing 3.7% and excavation increasing 2.3%.

Roto-Rooter branch residential revenue in the quarter totaled $159.1 million, an increase of 1.7%, over the prior-year period. This aggregate residential revenue change consisted of excavation increasing 11.1%, plumbing increasing 3.3%, and drain cleaning increasing 1.3%, offset by a decline in water restoration of 6.7%.

In the second quarter of 2026, revenue from independent contractors was $17.1 million which is a decline of 1.9% as compared to the same period of 2025.

Roto-Rooter’s second quarter 2026 gross margin was 50.4%. This compares to the prior-year quarter’s gross margin of 49.0%. Roto-Rooter’s selling, general and administrative expenses were $67.4 million in the quarter, which is an increase of 11.3% compared to the second quarter of 2025.

Adjusted EBITDA in the second quarter of 2026 totaled $48.5 million, essentially flat when compared to the second quarter of 2025. The Adjusted EBITDA margin in the quarter was 21.1% which represents a 77-basis point decline from the second quarter of 2025.

Chemed Consolidated

As of June 30, 2026, Chemed had total cash and cash equivalents of $40.2 million and $140.0 million in long-term debt.

In April 2026, Chemed entered into a new five-year $450 million Amended and Restated Credit Agreement (Credit Agreement). This Credit Agreement consists of a $450 million revolving line of credit and a $250 million expansion feature. The interest rate on this Credit Agreement has a floating rate that is currently SOFR plus 100-basis points. There is approximately $262.7 million undrawn borrowing capacity under the Credit Agreement after excluding $47.3 million for Letters of Credit.

During the quarter, the Company repurchased 210,000 shares of Chemed stock for $89.8 million which equates to a cost per share of $427.81. Over the trailing 12-months, the Company has repurchased 1,517,500 shares of Chemed stock at an average price of $423.63 per share. This equates to a reduction in outstanding Chemed shares of approximately 10.5% over that period. As of June 30, 2026, there was approximately $139.8 million of remaining share repurchase authorization under its plan.

Guidance Update

Although, historically, we do not give quarterly updates, our guidance was revised in conjunction with the first quarter 2026 earnings release due to the materially improved performance of VITAS, coupled with the level of share repurchases. We have updated the guidance again mainly to continue our normal, historical cadence of updating expectations at the mid-year earnings release. Barring any unusual developments, updating guidance once per year in conjunction with our second quarter press release is our on-going expectation. Further operational detail will be provided during the investor conference call.

VITAS’ initiatives to return to a normal growth pattern after managing the 2025 Medicare Cap issue progressed more quickly than originally anticipated and continue to provide higher than expected growth in the business. The following shows the updated key guidance metrics compared to the guidance metrics provided in the first quarter 2026 earnings release:

Roto-Rooter performed in-line with our expectations and therefore, full year guidance for the segment remains unchanged. Full year anticipated revenue growth is 3.0% to 3.5%. Estimated adjusted EBITDA margin is 21.5% to 22.5%.

Based on the above, full-year 2026 earnings per diluted share, excluding non-cash expenses for stock options, tax benefits from stock option exercises, costs related to litigation and other discrete items, are estimated to be in the range of $25.00 to $25.75. This compares to the guidance given in conjunction with the first quarter of 2026 press release of $24.00 to $24.75 per diluted share. The mid-point of the revised guidance represents a 17.8% increase from 2025 adjusted earnings per diluted share of $21.55. The revised guidance assumes an effective corporate tax rate on adjusted earnings of 24.5% and a diluted share count of 13.5 million shares.

Conference Call

As previously disclosed, Chemed will host a conference call and webcast at 10 a.m., ET, on Wednesday July 29, 2026, 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/u8u2qjst.

Participants may also register via teleconference at:

https://register-conf.media-server.com/register/BI55b09312fbd04f76b526dfcc5f7e174e.

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, 2025 and in its Quarterly Reports filed in 2026. 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 COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Service revenues and sales

673,251

618,798

1,330,764

1,265,741

Cost of services provided and goods sold

451,780

434,105

893,529

864,635

Selling, general and administrative expenses (aa)

115,203

100,323

229,524

205,910

Depreciation

14,267

13,689

28,570

27,134

Amortization

2,719

2,571

5,289

5,143

Other operating expense

Total costs and expenses

584,047

550,714

1,156,982

1,102,899

Income from operations

89,204

68,084

173,782

162,842

Interest expense

(1,789)

(443)

(2,301)

(772)

Other income--net (bb)

3,914

3,474

8,688

4,719

Income before income taxes

91,329

71,115

180,169

166,789

Income taxes

(23,626)

(18,622)

(46,164)

(42,539)

Net income

67,703

52,493

134,005

124,250

Earnings Per Share

Net income

5.14

3.60

9.98

8.51

Average number of shares outstanding

13,174

14,591

13,423

14,606

Diluted Earnings Per Share

Net income

5.13

3.57

9.97

8.43

Average number of shares outstanding

13,199

14,703

13,442

14,733

(aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

SG&A expenses before long-term incentive compensation

and the impact of market value adjustments related to

deferred compensation plans

109,256

98,552

218,187

202,312

Market value adjustments related to deferred

compensation trusts

3,699

918

7,584

Long-term incentive compensation

2,248

853

3,753

3,510

Total SG&A expenses

115,203

100,323

229,524

205,910

(bb) Other income--net comprises (in thousands):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Market value adjustments related to deferred

compensation trusts

3,699

918

7,584

Interest income

214

2,555

1,104

4,631

Other

Total other income--net

3,914

3,474

8,688

4,719

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)(unaudited)

June 30,

2026

2025

Assets

Current assets

Cash and cash equivalents

40,222

249,904

Accounts receivable less allowances

188,634

184,880

Inventories

7,630

9,148

Prepaid income taxes

17,646

14,239

Prepaid expenses

37,103

33,206

Total current assets

291,235

491,377

Investments of deferred compensation plans held in trust

148,153

129,560

Properties and equipment, at cost less accumulated depreciation

208,499

202,281

Lease right of use asset

142,535

131,948

Identifiable intangible assets less accumulated amortization

78,601

87,360

Goodwill

699,398

666,996

Other assets

11,164

8,325

Total Assets

1,579,585

1,717,847

Liabilities

Current liabilities

Accounts payable

84,713

50,864

Accrued insurance

72,455

66,888

Accrued compensation

63,794

54,688

Short-term lease liability

41,277

43,700

Other current liabilities

57,607

47,746

Total current liabilities

319,846

263,886

Deferred income taxes

15,050

12,703

Deferred compensation liabilities

146,986

127,699

Long-term debt

140,000

Long-term lease liability

113,516

101,861

Other liabilities

13,677

13,213

Total Liabilities

749,075

519,362

Stockholders' Equity

Capital stock

37,613

37,593

Paid-in capital

1,617,125

1,576,165

Retained earnings

3,073,331

2,831,540

Treasury stock, at cost

(3,900,000)

(3,249,115)

Deferred compensation payable in Company stock

2,441

2,302

Total Stockholders' Equity

830,510

1,198,485

Total Liabilities and Stockholders' Equity

1,579,585

1,717,847

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)(unaudited)

For the Six Months Ended June 30,

2026

2025

Cash Flows from Operating Activities

Net income

134,005

124,250

Adjustments to reconcile net income to net cash provided

by operating activities:

Depreciation and amortization

33,859

32,277

Stock option expense

18,302

18,307

Benefit for deferred income taxes

(4,262)

(13,243)

Noncash long-term incentive compensation

3,633

3,273

Noncash directors' compensation

1,191

1,123

Legal settlements

548

Amortization of debt issuance costs

163

160

Changes in operating assets and liabilities, excluding

amounts acquired in business combinations:

Increase in accounts receivable

(6,716)

(13,466)

Increase in inventories

(87)

(955)

Increase in prepaid expenses

(10,285)

(7,232)

Increase/(decrease) in accounts payable and

other current liabilities

9,174

(12,449)

Change in current income taxes

(8,985)

(10,764)

Net change in lease assets and liabilities

292

(72)

(Increase)/decrease in other assets

(9,489)

48,426

Increase in other liabilities

11,191

1,521

Other sources

498

194

Net cash provided by operating activities

173,032

171,350

Cash Flows from Investing Activities

Business combinations, net of cash acquired

(33,540)

(225)

Capital expenditures

(32,639)

(29,088)

Proceeds from sale of fixed assets

422

480

Other uses

(270)

(322)

Net cash used by investing activities

(66,027)

(29,155)

Cash Flows from Financing Activities

Proceeds from revolving line of credit

491,480

Payments on revolving line of credit

(351,480)

Purchases of treasury stock

(287,521)

(76,168)

Change in cash overdrafts payable

23,305

309

Dividends paid

(16,049)

(14,542)

Proceeds from exercise of stock options

2,731

27,152

Capital stock surrendered to pay taxes on stock-based compensation

(1,482)

(8,484)

Debt issuance costs

(1,349)

Other (uses)/sources

(933)

1,092

Net cash used by financing activities

(141,298)

(70,641)

(Decrease)/increase in Cash and Cash Equivalents

(34,293)

71,554

Cash and cash equivalents at beginning of year

74,515

178,350

Cash and cash equivalents at end of period

40,222

249,904

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED JUNE 30, 2026 AND 2025

(in thousands)(unaudited)

Chemed

VITAS

Roto-Rooter

Corporate

Consolidated

2026 (a)

Service revenues and sales

443,341

229,910

673,251

Cost of services provided and goods sold

337,691

114,089

451,780

Selling, general and administrative expenses

26,105

67,373

21,725

115,203

Depreciation

5,781

8,474

14,267

Amortization

2,692

2,719

Other operating expense

Total costs and expenses

369,632

192,678

21,737

584,047

Income/(loss) from operations

73,709

37,232

(21,737)

89,204

Interest expense

(54)

(185)

(1,550)

(1,789)

Intercompany interest income/(expense)

6,480

4,575

(11,055)

Other income—net

3,838

3,914

Income/(loss) before income taxes

80,201

41,632

(30,504)

91,329

Income taxes

(19,290)

(9,719)

5,383

(23,626)

Net income/(loss)

60,911

31,913

(25,121)

67,703

2025 (b)

Service revenues and sales

396,201

222,597

618,798

Cost of services provided and goods sold

320,644

113,461

434,105

Selling, general and administrative expenses

25,085

60,536

14,702

100,323

Depreciation

5,314

8,363

13,689

Amortization

2,545

2,571

Other operating expense/(income)

(29)

Total costs and expenses

351,124

184,876

14,714

550,714

Income/(loss) from operations

45,077

37,721

(14,714)

68,084

Interest expense

(47)

(129)

(267)

(443)

Intercompany interest income/(expense)

5,454

3,970

(9,424)

Other income—net

3,390

3,474

Income/(loss) before income taxes

50,545

41,585

(21,015)

71,115

Income taxes

(12,326)

(9,671)

3,375

(18,622)

Net income/(loss)

38,219

31,914

(17,640)

52,493

The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(in thousands)(unaudited)

Chemed

VITAS

Roto-Rooter

Corporate

Consolidated

2026 (a)

Service revenues and sales

863,358

467,406

1,330,764

Cost of services provided and goods sold

663,157

230,372

893,529

Selling, general and administrative expenses

52,213

135,302

42,009

229,524

Depreciation

11,693

16,853

28,570

Amortization

5,236

5,289

Other operating expense/(income)

(9)

(1)

Total costs and expenses

727,196

387,754

42,032

1,156,982

Income/(loss) from operations

136,162

79,652

(42,032)

173,782

Interest expense

(104)

(321)

(1,876)

(2,301)

Intercompany interest income/(expense)

12,717

9,088

(21,805)

Other income—net

161

8,502

8,688

Income/(loss) before income taxes

148,936

88,444

(57,211)

180,169

Income taxes

(35,818)

(20,747)

10,401

(46,164)

Net income/(loss)

113,118

67,697

(46,810)

134,005

2025 (b)

Service revenues and sales

803,600

462,141

1,265,741

Cost of services provided and goods sold

633,451

231,184

864,635

Selling, general and administrative expenses

51,624

123,184

31,102

205,910

Depreciation

10,509

16,601

27,134

Amortization

5,091

5,143

Other operating expense/(income)

119

(42)

Total costs and expenses

695,755

376,018

31,126

1,102,899

Income/(loss) from operations

107,845

86,123

(31,126)

162,842

Interest expense

(95)

(261)

(416)

(772)

Intercompany interest income/(expense)

10,750

7,900

(18,650)

Other income—net

110

4,577

4,719

Income/(loss) before income taxes

118,610

93,794

(45,615)

166,789

Income taxes

(30,361)

(21,936)

9,758

(42,539)

Net income/(loss)

88,249

71,858

(35,857)

124,250

The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING SUMMARIES OF EBITDA

FOR THREE MONTHS ENDED JUNE 30, 2026 AND 2025

(in thousands)(unaudited)

Chemed

VITAS

Roto-Rooter

Corporate

Consolidated

2026

Net income/(loss)

60,911

31,913

(25,121)

67,703

Add/(deduct):

Interest expense

185

1,550

1,789

Income taxes

19,290

9,719

(5,383)

23,626

Depreciation

5,781

8,474

14,267

Amortization

2,692

2,719

EBITDA

86,063

52,983

(28,942)

110,104

Add/(deduct):

Intercompany interest expense/(income)

(6,480)

(4,575)

11,055

Interest income

(66)

(10)

(138)

(214)

Stock option expense

9,052

Long-term incentive compensation

2,248

Legal settlements

548

Acquisition expense

Adjusted EBITDA

80,073

48,458

(6,725)

121,806

2025

Net income/(loss)

38,219

31,914

(17,640)

52,493

Add/(deduct):

Interest expense

129

267

443

Income taxes

12,326

9,671

(3,375)

18,622

Depreciation

5,314

8,363

13,689

Amortization

2,545

2,571

EBITDA

55,932

52,622

(20,736)

87,818

Add/(deduct):

Intercompany interest expense/(income)

(5,454)

(3,970)

9,424

Interest income

(61)

(23)

(2,472)

(2,556)

Stock option expense

9,216

Long-term incentive compensation

853

Adjusted EBITDA

50,417

48,629

(3,715)

95,331

The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING SUMMARIES OF EBITDA

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(in thousands)(unaudited)

Chemed

VITAS

Roto-Rooter

Corporate

Consolidated

2026

Net income/(loss)

113,118

67,697

(46,810)

134,005

Add/(deduct):

Interest expense

104

321

1,876

2,301

Income taxes

35,818

20,747

(10,401)

46,164

Depreciation

11,693

16,853

28,570

Amortization

5,236

5,289

EBITDA

160,786

110,854

(55,311)

216,329

Add/(deduct):

Intercompany interest expense/(income)

(12,717)

(9,088)

21,805

Interest income

(162)

(25)

(917)

(1,104)

Stock option expense

18,302

Long-term incentive compensation

3,753

Legal settlements

548

Acquisition expense

226

234

Adjusted EBITDA

148,463

101,967

(12,368)

238,062

2025

Net income/(loss)

88,249

71,858

(35,857)

124,250

Add/(deduct):

Interest expense

261

416

772

Income taxes

30,361

21,936

(9,758)

42,539

Depreciation

10,509

16,601

27,134

Amortization

5,091

5,143

EBITDA

129,266

115,747

(45,175)

199,838

Add/(deduct):

Intercompany interest expense/(income)

(10,750)

(7,900)

18,650

Interest income

(110)

(33)

(4,489)

(4,632)

Stock option expense

18,307

Long-term incentive compensation

3,510

Adjusted EBITDA

118,406

107,814

(9,197)

217,023

The "Footnotes to Financial Statements" are integral parts of this financial information.

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

RECONCILIATION OF ADJUSTED NET INCOME

(in thousands, except per share data)(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net income as reported

67,703

52,493

134,005

124,250

Add/(deduct) pre-tax cost of:

Stock option expense

9,052

9,216

18,302

18,307

Amortization of reacquired franchise rights

2,352

4,704

Long-term incentive compensation

2,248

853

3,753

3,510

Legal settlements

548

Acquisition expense

234

Add/(deduct) tax impacts:

Tax impact of the above pre-tax adjustments (1)

(2,377)

(2,143)

(4,626)

(4,462)

Excess tax expenses/(benefits) on stock compensation

445

(50)

501

(513)

Adjusted net income

80,039

62,721

157,421

145,796

Diluted Earnings Per Share As Reported

Net income

5.13

3.57

9.97

8.43

Average number of shares outstanding

13,199

14,703

13,442

14,733

Adjusted Diluted Earnings Per Share

Adjusted net income

6.06

4.27

11.71

9.90

Average number of shares outstanding

13,199

14,703

13,442

14,733

(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 COMPANIES

OPERATING STATISTICS FOR VITAS SEGMENT

(unaudited)

Three Months Ended June 30,

For the Six Months Ended June 30,

OPERATING STATISTICS

2026

2025

2026

2025

Net revenue ($000) (c)

Homecare

391,348

358,042

762,438

709,608

Inpatient

35,673

33,023

71,599

67,045

Continuous care

19,396

23,640

37,530

48,276

Other

6,206

5,747

11,783

11,092

Subtotal

452,623

420,452

883,350

836,021

Room and board, net

(3,938)

(3,892)

(7,196)

(7,417)

Contractual allowances

(4,844)

(3,984)

(9,921)

(6,304)

Medicare cap allowance

(500)

(16,375)

(2,875)

(18,700)

Net Revenue

443,341

396,201

863,358

803,600

Net revenue as a percent of total before Medicare cap allowance

Homecare

86.5

85.2

86.4

84.9

Inpatient

7.9

8.1

8.0

Continuous care

4.3

5.6

4.2

5.8

Other

1.3

Subtotal

100.0

Room and board, net

(0.9)

Contractual allowances

(1.1)

(0.9)

(1.1)

(0.8)

Medicare cap allowance

(0.1)

(3.9)

(0.3)

(2.2)

Net Revenue

97.9

94.3

97.7

96.1

Days of care

Homecare

1,792,360

1,662,455

3,483,979

3,295,024

Nursing home

303,053

307,158

597,871

614,266

Respite

12,307

11,440

23,182

21,435

Subtotal routine homecare and respite

2,107,720

1,981,053

4,105,032

3,930,725

Inpatient

29,703

28,213

60,177

57,917

Continuous care

18,094

21,647

35,382

44,267

Total

2,155,517

2,030,913

4,200,591

4,032,909

Number of days in relevant time period

181

Average daily census ("ADC") (days)

Homecare

19,697

18,269

19,249

18,205

Nursing home

3,330

3,375

3,303

3,394

Respite

135

126

128

118

Subtotal routine homecare and respite

23,162

21,770

22,680

21,717

Inpatient

326

310

333

320

Continuous care

199

238

195

244

Total

23,687

22,318

23,208

22,281

Total Admissions

19,125

17,545

38,519

35,684

Total Discharges

18,167

17,845

36,704

35,583

Average length of stay (days)

101.2

137.1

101.9

127.9

Median length of stay (days)

16.0

20.0

15.0

18.0

ADC by major diagnosis

Cerebro

44.2

44.4

44.6

Neurological

11.1

12.1

11.2

12.2

Cancer

9.5

9.7

9.5

9.6

Cardio

16.6

16.2

16.5

16.1

Respiratory

8.0

7.5

7.8

7.3

Other

10.6

10.1

10.6

10.2

Total

100.0

Admissions by major diagnosis

Cerebro

27.3

26.7

27.1

27.6

Neurological

7.1

7.2

7.0

6.8

Cancer

24.7

26.6

24.1

25.6

Cardio

15.2

14.9

15.5

15.0

Respiratory

11.8

10.7

12.1

11.1

Other

13.9

14.2

13.9

Total

100.0

Estimated uncollectible accounts as a percent of revenues

0.7

1.0

1.1

0.8

Accounts receivable --

Days of revenue outstanding-excluding unapplied Medicare payments

39.7

37.5

n.a.

Days of revenue outstanding-including unapplied Medicare payments

26.9

n.a.

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

FOOTNOTES TO FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(unaudited)

(a)

Included in the results of operations for 2026 are the following significant credits/(charges) which may not be indicative of ongoing operations

(in thousands):

Three Months Ended June 30, 2026

VITAS

Roto-Rooter

Corporate

Consolidated

Stock option expense

(9,052)

Amortization of reacquired franchise agreements

(2,352)

Long-term incentive compensation

(2,248)

Legal expense

(548)

Acquisition expense

(8)

(60)

(68)

Pretax impact on earnings

(556)

(2,412)

(11,300)

(14,268)

Excess tax expenses on stock compensation

(445)

Income tax benefit on the above

135

562

1,680

2,377

After-tax impact on earnings

(421)

(1,850)

(10,065)

(12,336)

Six Months Ended June 30, 2026

VITAS

Roto-Rooter

Corporate

Consolidated

Stock option expense

(18,302)

Amortization of reacquired franchise agreements

(4,704)

Long-term incentive compensation

(3,753)

Legal settlements

(548)

Acquisition expense

(8)

(226)

(234)

Pretax impact on earnings

(556)

(4,930)

(22,055)

(27,541)

Excess tax expenses on stock compensation

(501)

Income tax benefit on the above

135

1,149

3,342

4,626

After-tax impact on earnings

(421)

(3,781)

(19,214)

(23,416)

(b)

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 June 30, 2025

VITAS

Roto-Rooter

Corporate

Consolidated

Stock option expense

(9,216)

Amortization of reacquired franchise agreements

(2,352)

Long-term incentive compensation

(853)

Pretax impact on earnings

(2,352)

(10,069)

(12,421)

Excess tax benefits on stock compensation

Income tax benefit on the above

546

1,597

2,143

After-tax impact on earnings

(1,806)

(8,422)

(10,228)

Six Months Ended June 30, 2025

VITAS

Roto-Rooter

Corporate

Consolidated

Stock option expense

(18,307)

Amortization of reacquired franchise agreements

(4,704)

Long-term incentive compensation

(3,510)

Pretax impact on earnings

(4,704)

(21,817)

(26,521)

Excess tax benefits on stock compensation

513

Income tax benefit on the above

1,091

3,371

4,462

After-tax impact on earnings

(3,613)

(17,933)

(21,546)

(c)

VITAS has 13 large (greater than 450 ADC), 24 medium (greater than 200 but less than 450 ADC) and 23 small (less than 200 ADC) hospice programs. Of Vitas' 33 Medicare provider numbers, for the current cap year, 22 provider numbers have a Medicare cap cushion of greater than 10%, seven provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability.

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Document And Entity Information

Jul. 28, 2026

Document And Entity Information [Abstract]

Document Type

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Document Period End Date

Jul. 28, 2026

Entity Registrant Name

CHEMED CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

1-8351

Entity Tax Identification Number

31-0791746

Entity Address, Address Line One

2600 First Financial Center

Entity Address, Address Line Two

255 East 5th Street

Entity Address, City or Town

Cincinnati

Entity Address, State or Province

Entity Address, Postal Zip Code

45202

City Area Code

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Local Phone Number

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