[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_105":106},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","mkwjetsrz4kbfrjgwi4iirko4","revision",2,"title","Chemed公布截至2026年9月30日的第三季度及前九个月业绩：收入、净利润同比增长","originalTitle","CHEMED CORP (0000019584) (Filer)","summary","Chemed截至2026年9月30日的第三季度收入为6.909亿美元，净利润为7,165万美元，摊薄每股收益为5.45美元；前九个月收入为20.217亿美元，净利润为2.057亿美元，摊薄每股收益为15.43美元，均高于上年同期。","reason","材料包含Chemed截至2026年9月30日的季度及前九个月业绩、分部表现、现金流和回购披露，可用于了解其经营变化与资本使用情况。","source",{"_12":96,"_97":98,"_9":99,"_100":42,"_101":102,"_103":104},"links",{"_93":94,"_84":95},"publishedAt","2026-10-29T13:00:58.000Z","discoveredAt","2026-10-29T13:30:12.005Z","timelineAt","category","ai-products","tags",[90,91,92],"stockSymbols",[89],"score",66,"selected",true,"channel","news","story",{"_74":75,"_16":76},"x","readingMode","full","author","language","body",{"_64":83,"_84":-5,"_85":86,"_87":88},"outline",[78],"relatedStories",[77],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":73},"hasTranslation","bodyLanguage","zh","factId","fv1BOGe0Ht9s",{"_74":75,"_16":76},"reportCount",3,"additionalSourceCount",1,"developmentCount",0,"publicId","16e8b021-f634-4d84-9b6d-9e6aec14c581","Chemed公布2026年第三季度及前九个月业绩",{"_74":75,"_16":76},{"_12":79,"_80":81,"_82":15},"sec-1","text","CHEMED CORPORATION 及其","level","

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（标记其一）

x 根据1934年《证券交易法》第13或15(d)条提交的截至 2026年9月30日季度报告

o 根据1934年《证券交易法》第13或15(d)条提交的过渡报告

委员会档案编号： 1-8351

CHEMED CORPORATION

（注册人章程中规定的确切名称）


特拉华州		31-0791746
（注册成立或组织所在州或其他司法辖区）		（美国国税局雇主识别号）
255 E. Fifth Street, Suite 2600, Cincinnati, Ohio		45202
（主要行政办公室地址）		（邮政编码）
(513) 762-6690 （注册人的电话号码，包括区号）

请勾选说明注册人是否：(1) 已在此前12个月（或注册人必须提交此类报告的较短期间）内提交《1934年证券交易法》第13或15(d)条要求提交的所有报告；以及(2) 在过去90天内一直受此类提交要求约束。


是	x	否	o

请勾选说明注册人是否已在此前12个月（或注册人必须提交此类文件的较短期间）内，以电子方式提交根据S-T条例第405条（本章§232.405）要求提交的所有交互式数据文件。


是	x	否	o

请勾选说明注册人属于大型加速申报公司、加速申报公司还是非加速申报公司（定义见《交易法》第12b-2条）。


大型加速申报公司	x		加速申报公司	o		非加速申报公司	o		较小申报公司	o

新兴成长型公司 o

如果属于新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第13(a)条规定的、遵守新订或修订财务会计准则的延长过渡期 o

请勾选说明注册人是否为空壳公司（定义见《交易法》第12b-2条）。


是	o	否	x

请注明截至最近可行日期，发行人各类普通股的流通股数。

根据该法第12(b)条注册的证券：


各类证券名称	交易代码	各交易所名称注册地	金额	日期

面值为 $1 的股本	CHE	纽约证券交易所	13,014,915 股	2026年9月30日

‎

-1-

CHEMED CORPORATION 及其

子公司



	页码
第一部分：财务信息

第1项：财务报表
未经审计的合并资产负债表 -
2026年9月30日和2025年12月31日	3

未经审计的合并收益表 -
截至2026年9月 30日的三个月和九个月，以及2025年同期	4

未经审计的合并现金流量表 -
截至2026年和2025年9月30日的九个月	5

未经审计的合并股东权益变动表-
截至2026年和2025年9月30日的三个月和九个月	6

未经审计的合并财务报表附注	8

第2项：管理层对财务状况和经营业绩的讨论与分析	26

第3项：有关市场风险的定量和定性披露	43

第4项：控制和程序	43

第二部分：其他信息

第1项：法律诉讼	43

第1A项：风险因素	43

第2项：未注册股权证券的销售及所得款项的使用	43

第3项：优先证券违约	44

第4项：矿山安全披露	44

第5项：其他信息	44

第6项：附件	45
EX – 10.1
EX – 31.1
EX – 31.2
EX – 32.1
EX – 32.2
EX – 101
EX – 104

签名	46

‎

-2-


第一部分：财务信息
第1项：财务报表
CHEMED CORPORATION 及其子公司
未经审计的合并资产负债表
（单位：千，股份和每股数据除外）



	2026年9月30日		2025年12月31日
资产
流动资产
现金及现金等价物	$	48,427		$	74,515
应收账款（扣除备抵）		254,861			182,575
存货		7,748			7,543
预缴所得税		16,346			11,165
预付费用		38,346			26,818
流动资产总额		365,728			302,616
以信托形式持有的递延薪酬计划投资		144,845			140,347
财产和设备，按成本计，扣除累计折旧 $408,486（2025 年 - $388,104）		216,961			205,662
租赁使用权资产		144,029			131,151
可辨认无形资产，扣除累计摊销 $77,694（2025 年 - $69,432）		78,791			82,764
商誉		754,758			666,999
其他资产		13,327			8,650
资产总额	$	1,718,439		$	1,538,189

负债
流动负债
应付账款	$	65,297		$	64,459
应计保险费		77,044			62,054
应计薪酬		89,044			58,329
短期租赁负债		41,209			40,892
所得税		-			2,504
其他流动负债		58,340			58,892
流动负债合计		330,934			287,130
递延薪酬负债		142,421			136,139
长期债务		236,000			-
长期租赁负债		114,985			102,867
递延所得税		18,855			19,313
其他负债		13,823			13,335
负债总额		857,018			558,784
承诺和或有事项（附注 11）
股东权益
股本 - 授权发行 80,000,000 股，每股面值 $1；已发行 37,762,302 股（2025 年 - 37,594,676 股）		37,762			37,595
实收资本		1,693,508			1,592,197
留存收益		3,135,794			2,955,375
库存股 - 24,802,346 股（2025 年 - 23,884,187 股）		(4,008,128)			(3,608,117)
以公司股票支付的递延薪酬		2,485			2,355
股东权益合计		861,421			979,405
负债和股东权益总额	$	1,718,439		$	1,538,189

参见未经审计合并财务报表附注。

‎

-3-


CHEMED CORPORATION 及其子公司
未经审计合并损益表
（以千为单位，每股数据除外）



	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026	2025
服务收入和销售额	$	690,940		$	624,900	$	2,021,704	$	1,890,641
提供服务和销售商品的成本（不含折旧）		457,978			425,143		1,351,507		1,289,778
销售、一般及行政费用		111,469			105,775		340,993		311,685
折旧		14,427			13,664		42,997		40,798
摊销		2,974			2,570		8,263		7,713
其他营业费用		7,670			2,998		7,740		3,075
成本和费用总额		594,518			550,150		1,751,500		1,653,049
营业收入		96,422			74,750		270,204		237,592
利息费用		(2,097)			(457)		(4,398)		(1,229)
其他净收益		2,383			9,251		11,071		13,970
所得税前收入		96,708			83,544		276,877		250,333
所得税		(25,060)			(19,307)		(71,224)		(61,846)
净利润	$	71,648		$	64,237	$	205,653	$	188,487

每股收益：
净利润	$	5.49		$	4.46	$	15.46	$	12.97
加权平均流通股数		13,058			14,394		13,300		14,535

稀释后每股收益：
净利润	$	5.45		$	4.46	$	15.43	$	12.89
加权平均流通股数		13,135			14,409		13,329		14,620

每股现金股利	$	0.70		$	0.60	$	1.90	$	1.60

参见未经审计合并财务报表附注。

‎

-4-


CHEMED CORPORATION 及其子公司
未经审计合并现金流量表
（以千为单位）

	截至 9 月 30 日的九个月
	2026		2025
经营活动产生的现金流量
净利润	$	205,653		$	188,487
将净利润调节为经营活动提供的现金净额的调整项
：
折旧和摊销		51,260			48,511
股票期权费用		24,285			24,374
非现金长期激励薪酬		6,784			3,057
诉讼和解款		6,000			1,850
非现金董事薪酬		1,191			1,123
递延所得税收益		(456)			(16,259)
债务发行成本摊销		255			241
经营性资产和负债的变动：
应收账款增加		(71,304)			(44,403)
存货增加		(205)			(45)
预付费用增加		(11,528)			(8,603)
应付账款及其他流动负债增加		27,783			10,102
当期所得税变动		(7,685)			(2,162)
租赁资产和负债净变动		(667)			(576)
其他资产增加/（减少）		(9,356)			42,048
其他负债增加		6,772			6,355
其他来源		840			639
经营活动提供的现金净额		229,622			254,739
投资活动现金流
企业合并（扣除取得的现金）		(96,050)			(225)
资本支出		(51,355)			(46,447)
出售固定资产所得款项		488			3,751
其他用途		(502)			(468)
投资活动使用的现金净额		(147,419)			(43,389)
融资活动现金流
循环信贷额度所得款项		843,280			-
偿还循环信贷额度		(607,280)			-
购买库存股		(350,042)			(256,944)
行使股票期权所得款项		30,281			27,152
已付股息		(25,234)			(23,196)
应付现金透支变动		6,818			610
交付股本以支付股票薪酬相关税款		(3,832)			(8,484)
债务发行成本		(1,349)			-
其他（用途）/来源		(933)			914
融资活动使用的现金净额		(108,291)			(259,948)
现金及现金等价物减少		(26,088)			(48,598)
期初现金及现金等价物		74,515			178,350
期末现金及现金等价物	$	48,427		$	129,752

请参阅未经审计合并财务报表附注。

‎

-5-



CHEMED CORPORATION及其子公司
未经审计合并股东权益变动表
（单位：千美元，每股数据除外）

截至2026年和2025年9月30日的三个月：			递延
										薪酬
								库存		应付
		资本		实缴		留存		股票		公司
		股份		资本		收益		按成本计		股票		总计
2026年6月30日余额	$	37,613	$	1,617,125	$	3,073,331	$	(3,900,000)	$	2,441	$	830,510
净利润		-		-		71,648		-		-		71,648
已付股息（$0.70 每股）		-		-		(9,185)		-		-		(9,185)
股票奖励及行使股票期权		149		76,372		-		(42,188)		-		34,333
购买库存股		-		-		-		(66,031)		-		(66,031)
股票回购消费税		-		-		-		135		-		135
其他		-		11		-		(44)		44		11
2026年9月30日余额	$	37,762	$	1,693,508	$	3,135,794	$	(4,008,128)	$	2,485	$	861,421
										递延
										薪酬
								库存		应付
		资本		实缴		留存		股票		公司
		股份		资本		收益		按成本计		股票		总计
2025年6月30日余额	$	37,593	$	1,576,165	$	2,831,540	$	(3,249,115)	$	2,302	$	1,198,485
净利润		-		-		64,237		-		-		64,237
已付股息（$0.60 每股）		-		-		(8,654)		-		-		(8,654)
股票奖励及行使股票期权		-		5,101		-		-		-		5,101
购买库存股		-		-		-		(180,776)		-		(180,776)
股票回购消费税		-		-		-		(1,544)		-		(1,544)
其他		-		(199)		-		(40)		73		(166)
2025年9月30日余额	$	37,593	$	1,581,067	$	2,887,123	$	(3,431,475)	$	2,375	$	1,076,683

请参阅未经审计合并财务报表附注。

‎

-6-


CHEMED CORPORATION及其子公司
未经审计合并股东权益变动表
（单位：千美元，每股数据除外）
截至2026年和2025年9月30日的九个月：			递延
										薪酬
								库存		应付
		资本		实缴		留存		股票		公司
		股票		资本		收益		按成本计价		股票		总计
2025年12月31日余额	$	37,595	$	1,592,197	$	2,955,375	$	(3,608,117)	$	2,355	$	979,405
净利润		-		-		205,653		-		-		205,653
已支付股息（每股$1.90）		-		-		(25,234)		-		-		(25,234)
股票奖励及行使股票期权		167		102,211		-		(43,670)		-		58,708
回购库存股		-		-		-		(353,552)		-		(353,552)
股票回购消费税		-		-		-		(2,657)		-		(2,657)
其他		-		(900)		-		(132)		130		(902)
2026年9月30日余额	$	37,762	$	1,693,508	$	3,135,794	$	(4,008,128)	$	2,485	$	861,421
										递延
										薪酬
								库存股		应付
		资本		实缴		留存		股票		公司
		股票		资本		收益		按成本计价		股票		总计
2024年12月31日余额	$	37,422	$	1,484,176	$	2,721,832	$	(3,126,660)	$	2,223	$	1,118,993
净利润		-		-		188,487		-		-		188,487
已支付股息（每股$1.60）		-		-		(23,196)		-		-		(23,196)
股票奖励及行使股票期权		171		95,976		-		(49,675)		-		46,472
回购库存股		-		-		-		(253,477)		-		(253,477)
股票回购消费税		-		-		-		(1,544)		-		(1,544)
其他		-		915		-		(119)		152		948
2025年9月30日余额	$	37,593	$	1,581,067	$	2,887,123	$	(3,431,475)	$	2,375	$	1,076,683

参见未经审计合并财务报表附注。

‎

-7-

CHEMED CORPORATION及其子公司

未经审计合并财务报表附注

1. 编制基础

本文中，“我们”、“公司”和“Chemed”均指Chemed Corporation，或Chemed Corporation及其合并子公司。

我们根据SEC法规S-X第10-01条编制了随附的Chemed未经审计合并财务报表。因此，我们省略了美国公认会计原则（“GAAP”）对完整财务报表要求的某些披露。2025年12月31日的资产负债表数据源自经审计的财务报表，但未包含GAAP要求的所有披露。然而，我们认为，本文所列财务报表包含了公允列报我们的财务状况、经营成果和现金流量所必需的所有调整，且这些调整仅包括正常的经常性调整。截至2026年9月30日的九个月经营成果不一定代表截至2026年12月31日的年度或任何其他未来期间的预期经营成果，我们对此不作任何陈述。本财务报表的编制基础与我们截至2025年12月31日年度的10-K表格年度报告中所载经审计合并财务报表及相关附注相同，并应与之结合阅读。

所得税

第三季度有效税率调节如下（单位：千美元）：


	截至9月30日的三个月
	2026			2025

按法定联邦税率计算的所得税费用	$	20,308			$	17,544
州和地方所得税，扣除联邦所得税影响		2,685				3,120
不可抵扣费用：
股票薪酬税费		521				-
其他—净额		1,546				(1,357)
所得税费用	$	25,060			$	19,307
有效税率		25.9	%			23.1	%

2026年第三季度我们的有效所得税率为25.9%，而2025年第三季度为23.1%。

前九个月有效税率调节如下（单位：千美元）：


	截至9月30日的九个月
	2026			2025

按法定联邦税率计算的所得税准备金	$	58,144			$	52,570
州和地方所得税（扣除联邦所得税影响后）		8,213				9,568
不可抵扣费用：
股票薪酬税费/（收益）		1,022				(513)
其他——净额		3,845				221
所得税准备金	$	71,224			$	61,846
有效税率		25.7	%			24.7	%

2026年前九个月，我们的有效所得税率为25.7%，而2025年前九个月为24.7%。

非现金交易

随附的合并资产负债表中包括截至2026年9月30日和2025年12月31日尚未支付的资本化财产和设备，金额分别为$1.2百万和$2.1百万。随附的合并现金流量表中的资本支出不包括应计财产和设备采购。所列各期间的利息费用中均不含重大非现金金额。

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业务合并

我们采用收购法对收购的业务进行会计处理。收购的所有资产和承担的负债均按其各自在收购日的公允价值入账。确定公允价值涉及估计，并在市场价值不易获得时采用估值技术。我们根据公认的估值模型（主要为收益法）采用多种技术确定公允价值。制定公允价值时所用的重要假设包括但不限于收入增长率、未来现金流的金额和时间、折现率、使用寿命、特许权使用费率和未来税率。购买价格超过所收购资产和负债公允价值的部分记为商誉。近期收购事项请参见附注16。

估计

按照美国公认会计原则编制合并财务报表，需要我们作出估计和假设，这些估计和假设会影响合并财务报表及随附附注中报告的金额。实际结果可能与这些估计不同。税后费用和调整的披露基于适用分部有效所得税率的估计。

2. 收入确认

2014年5月，FASB发布了会计准则更新“ASU No. 2014-09——与客户的合同收入”。该准则及后续修订旨在制定通用收入准则，以消除不一致和缺陷、提高可比性、通过改进披露要求向使用者提供更有用的信息，并简化财务报表的编制。该准则也称为《会计准则汇编》第606号（“ASC 606”）。

VITAS

VITAS 的服务收入按我们预计因提供患者护理而最终获得的对价金额确认。这些款项应由第三方付款方支付，主要包括商业健康保险公司和政府项目（Medicare 和 Medicaid）；其中包括因审计和审查结算产生的收入调整等可变对价，以及某些专门针对临终关怀的收入按人头计费。款项通常按月开具账单，或在患者出院后开具。初始确认后，交易价格的后续变动并不重大。

临终关怀服务按日提供，具体服务类型由医生根据患者当天的具体需求确定。临终关怀服务的报销费率按每日计算，不论所提供的服务类型或付款方为何。政府项目的报销费率由相关政府机构制定，且适用于所有临终关怀服务提供方。健康保险公司的报销费率则与各付款方协商确定，通常采用与 Medicare 报销模式类似的结构。提供的临终关怀服务类型及其相应报销模式如下：

常规居家护理指患者在家中接受临终关怀，包括在疗养院接受护理。患者加入临终关怀项目期间，若未接受其他类别的临终关怀，则每天按常规居家护理费率支付。对于 Medicare 患者，常规居家护理费率分为两档：患者接受临终关怀的前60天适用较高费率，第61天及之后适用较低费率。此外，服务强度附加补助用于支付临终患者生命最后七天内由注册护士或社会工作者进行的直接居家护理探访，每天最多按持续居家护理费率报销4小时，并以15分钟为增量计算。

普通住院护理指患者因疼痛控制或症状管理需要，在受控环境中短期接受护理，而这些需求无法在其他环境中得到管理。普通住院护理服务必须在经 Medicare 或 Medicaid 认证的医院或长期护理机构提供，或在配备规定注册护士人员的独立住院临终关怀机构提供。

持续居家护理在患者居家期间提供，包括在疗养院接受护理；当患者处于危急期，需要密集监护和护理（主要是护理人员提供的护理）以缓解或管理急性医疗症状时，提供此类服务。持续居家护理要求在一个从午夜开始的24小时内至少提供8小时的护理。护理必须主要由注册护士或持证执业护士提供。尽管公布的 Medicare 持续居家护理费率按日计算，Medicare 实际按15分钟为增量支付。该15分钟费率通过将每日费率除以96计算得出。

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临终关怀暂托护理允许临终关怀患者在住院环境中短期接受服务，以减轻其家人或其他照护者照顾患者所承受的压力。临终关怀机构对同一患者每次最多可获得五个连续日的暂托护理费用，之后暂托护理按常规居家护理费率报销。

每种护理级别均代表护理合同项下的一项单独承诺，并根据医生确定的患者具体医疗需求，分别为每位患者独立提供。但是，鉴于所有患者均受相同的付款方规则和法规约束，用于确定患者护理级别的临床标准对所有患者保持一致。因此，我们认定每种护理级别均能够单独区分，且在合同背景下可单独区分。此外，我们认定每种护理级别均代表一项待命服务，以连续数日或数小时的患者护理系列形式提供。我们认为，每种护理级别的履约义务均符合随时间履行的条件。VITAS根据服务产出确认收入。VITAS认为，这是最能忠实反映服务控制权转移的方式，因为患者在我们履约的同时接收并消耗所提供服务的利益。VITAS按照每类服务的报销模式，以每日或每小时为单位确认每位患者的收入。VITAS的履约义务涉及预期持续时间少于一年的合同。因此，VITAS选择采用ASC 606规定的可选豁免，无需披露报告期末分配至未履行或部分未履行履约义务的交易价格总额。上述未履行或部分履行的履约义务涉及在患者出院后至少12个月内向患者家属提供的哀伤辅导服务。

无论患者是否有支付能力，我们都会为其提供护理。符合我们的慈善护理标准的患者可免费获得护理。随附的合并财务报表中，与慈善护理相关的收入或应收账款均为无。截至2026年和2025年9月30日止季度，提供慈善护理的成本分别为$2.5百万和$2.3百万。截至2026年和2025年9月30日止前九个月，提供慈善护理的成本分别为$6.8百万和$6.7百万。慈善护理成本计入提供服务及销售商品的成本，其计算方法为慈善护理天数占护理总天数的比例乘以护理总成本。

通常情况下，由第三方支付方承保的患者需承担金额不等的相关免赔额和共同保险。VITAS 也为没有报销来源的患者提供服务，并可能向这些患者提供低于标准收费的折扣。VITAS 根据历史经验和当前情况，估算需承担免赔额和共同保险的患者以及未参保患者的交易价格。对任何合同调整、折扣或隐含价格让步的估计，都会减少最初确认的收入金额。交易价格估计的后续变动，在变动期间作为患者服务收入调整入账。若确定后续变动是患者支付能力恶化（即信用风险变化）所致，则计入坏账费用。对于所报告的任何期间，VITAS 均无与交易价格估计后续变动或患者支付能力因不利变化而导致的后续变动相关的重大调整。

有关政府项目（包括 Medicare 和 Medicaid）的法律法规较为复杂，且解释不一，并会随时间变化。Medicare 和 Medicaid 项目拥有广泛权限，可审计和审查对相关法律法规的遵守情况，并在适当时暂停或调整付款。此外，我们与商业健康保险支付方签订的合同允许对索赔进行追溯审计和审查。第三方支付方因审计、审查或调查而进行的追溯调整结算被视为可变对价，并纳入提供患者护理服务的估计交易价格的确定中。可变对价根据付款协议条款、支付方现有往来函件以及我们的历史结算活动进行估算。随着新信息出现，我们会在未来期间调整这些估算。

我们受 Medicare 付款方面的某些限制约束，这些限制被视为可变对价，具体如下：

住院护理上限。如果某临终关怀项目向 Medicare 受益人提供的住院护理天数，超过该项目在自 September 28 起的年度期间内向所有 Medicare 患者提供的临终关怀总天数的 20%，超出 20% 的天数可能只能按常规居家护理费率报销。 VITAS 的任何临终关怀项目在截至 2026 年和 2025 年 9 月 30 日的九个月内，均未超过住院服务付款限额。

Medicare上限。我们还受 Medicare 年度单受益人上限（“Medicare 上限”）约束。根据提供方的选择，合规情况通过两种方式之一衡量。“简化”方法将某 Medicare 提供方编号下、该编号所涵盖的一个或多个项目中为所有 Medicare 临终关怀受益人提供服务所收到的 Medicare 付款总额，与每位受益人上限金额乘以该临终关怀项目或项目组在 9月28日至次年9月27日期间首次选择临终关怀的 Medicare 受益人数所得的乘积进行比较。截至 9月30日，2026年，除三个项目外，我们所有项目均采用“简化”方法。

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“比例”方法将某 Medicare 提供方编号下、该编号所涵盖的一个或多个项目在9月28日至次年9月27日期间为所有 Medicare 临终关怀受益人提供服务所收到的 Medicare 付款总额，与每位受益人上限金额乘以按比例折算的、该项目在同一期间接受临终关怀服务的 Medicare 受益人数所得的乘积进行比较。按比例折算的 Medicare 受益人数根据受益人在衡量期间接受临终关怀服务的天数占其接受临终关怀服务总天数的比例计算。

我们按提供方编号积极监控各临终关怀项目的具体入院率、出院率和住院中位时长数据，以判断收入是否可能超过 Medicare 年度单受益人上限。如果根据预测趋势，我们认定某项目的收入可能超过 Medicare 上限，则会尝试采取纠正措施，包括调整患者构成并增加患者入院人数。但是，如果我们预计纠正措施无法避免该项目超过 Medicare 上限，则会估算政府财政年度内确认的、需根据 Medicare 上限退还联邦政府的收入，并按年内合理分摊的方式，将我们对全年最佳估计金额的一部分确认为收入调整。

对于 VITAS 在养老院照护环境中的患者，如果 Medicaid 支付养老院的食宿费用，VITAS 则作为 Medicaid 与养老院之间的转付方。我们负责向养老院支付该患者的食宿费用。Medicaid 会向我们偿付已支付金额的 95%。因此，VITAS 因养老院食宿费用产生 5% 的净支出。该交易形成一项履约义务，因为 VITAS 为患者安排食宿服务的交付。因此，随附财务报表根据 ASC 606 将 5% 的净支出确认为收入抵减项。

截至2026年9月 30日的季度，按付款方和照护级别划分的患者护理服务收入构成如下（单位：千）：



	Medicare		Medicaid		商业保险	总计
常规居家护理	$	384,628		$	13,206	$	8,135	$	405,969
住院护理		31,534			2,680		2,193		36,407
连续护理		19,605			576		978		21,159
	$	435,767		$	16,462	$	11,306	$	463,535

所有其他收入——自费、临时护理等									6,421
小计								$	469,956
Medicare上限调整									(828)
隐含价格折让									(7,743)
净食宿费									(3,982)
净收入								$	457,403

截至2025年9月30日的季度，按支付方和护理级别划分的患者护理服务收入构成如下（单位：千）：


	Medicare		Medicaid		商业保险	总计
常规居家护理	$	341,571		$	11,604	$	9,230	$	362,405
住院护理		28,374			2,318		2,407		33,099
连续护理		18,379			603		964		19,946
	$	388,324		$	14,525	$	12,601	$	415,450

所有其他收入——自费、临时护理等									5,807
小计								$	421,257
Medicare上限调整									(6,086)
隐含价格折让									(3,571)
净食宿费									(3,859)
净收入								$	407,741

‎

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截至2026年9月30日的九个月，按支付方和护理级别划分的患者护理服务收入构成如下（单位：千）：


	Medicare		Medicaid		商业保险	总计
常规居家护理	$	1,104,696		$	38,761	$	24,950	$	1,168,407
住院护理		93,837			7,353		6,816		108,006
连续护理		53,980			1,709		3,000		58,689
	$	1,252,513		$	47,823	$	34,766	$	1,335,102

所有其他收入——自费、临时护理等									18,204
小计								$	1,353,306
Medicare上限调整									(3,703)
隐含价格折让									(17,663)
净食宿费									(11,178)
净收入								$	1,320,762

截至2025年9月30日的九个月，按支付方和护理级别划分的患者护理服务收入构成如下（单位：千）：


	Medicare		Medicaid		商业保险	总计
常规居家护理	$	1,012,360		$	33,915	$	25,739	$	1,072,014
住院护理		86,716			6,482		6,947		100,145
连续护理		63,158			1,982		3,082		68,222
	$	1,162,234		$	42,379	$	35,768	$	1,240,381

所有其他收入——自费、临时护理等									16,898
小计								$	1,257,279
Medicare上限调整									(24,786)
隐含价格折让									(9,875)
净食宿费									(11,277)
净收入								$	1,211,341

Roto-Rooter

Roto-Rooter向美国境内的住宅和商业客户提供管道维修、排水管清理、挖掘、水灾修复及其他相关服务。服务通过公司自营分支机构、独立承包商和加盟商网络提供。Roto-Rooter的服务收入按我们预期因提供服务而最终获得的对价金额确认。

Roto-Rooter拥有并运营主要集中于美国人口稠密地区的分支机构。Roto-Rooter公司自营分支机构的主要业务包括管道维修、下水道和排水管清理、挖掘以及水灾修复。根据ASC 606进行分析时，管道维修、下水道和排水管清理以及挖掘合并为一个业务组合，称为“短期核心服务”。水灾修复则作为单独的业务组合进行分析。以下介绍这些业务组合的主要特征：

短期核心服务包括管道、排水管和下水道清理以及挖掘服务。这些服务面向商业和住宅客户。此类别服务的时长从几小时到几天不等。服务完成后，不存在重大的保修成本或对客户的持续义务。对于住宅客户，Roto-Rooter 技术人员离开住宅前，客户会在工作完成时付款。商业客户可根据内部指定的授权限额和信用审查准则获得赊账资格。如获准赊账，付款期限通常为30天或更短。

此类别中的每项工作都是一项独立服务，且对应一项单独的履约义务。收入在每项工作完成时确认。可变对价包括开票前折扣和开票后折扣。开票前折扣以优惠券或价格让步的形式提供。开票后折扣包括通常为解决客户服务问题而发放的贷项通知单。可变对价根据历史活动估算，并在服务完成时入账。

水灾修复服务涉及洪水后的水渍和湿度治理。这些服务面向商业和住宅客户。此类别服务的时长通常为3至5天。服务完成后，不存在重大的保修或持续义务。这些服务大多数由

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客户的保险公司支付。可变对价主要涉及保险公司付款时扣除的准备金。可变对价根据历史活动估算，并在服务完成时入账。

对于短期核心服务和水灾修复服务，Roto-Rooter 在某一时点履行其履约义务。所提供的服务通常涉及解决客户物业中的管道、排水或洪水相关问题。服务完成时，客户确认其付款义务，并确认对所执行服务的满意度。这表明客户已接受该服务，且 Roto-Rooter 此时有权获得付款。因此，Roto-Rooter 在工作完成并收到客户确认后确认这些服务的收入。Roto-Rooter 的短期核心服务和水灾修复服务履约义务涉及预期期限少于一年的合同。因此，Roto-Rooter 选择采用 ASC 606 规定的可选例外，无需披露报告期末分配给未履行或部分未履行履约义务的交易价格总额。对于短期核心服务或水灾修复服务，Roto-Rooter 在初始确认收入时不存在重大的未履行或部分未履行履约义务。

Roto-Rooter 拥有某些地区的权利，并与独立第三方签订合同，由其在该地区使用 Roto-Rooter 的注册商标开展业务（“独立承包商”）。此类合同期限固定，但任何一方均可提前 90 天通知对方，无需承担罚金即可取消合同。根据这些安排，Roto-Rooter 提供某些后台支持和广告服务，并授予有限的 Roto-Rooter 注册商标使用许可。独立承包商负责业务的所有日常管理工作，包括人员配置决策和所提供服务的定价。安排终止后，Roto-Rooter 的所有履约义务均告终止。

独立承包商按每周销售额的现金回款的一定比例向 Roto-Rooter 支付标准费用。根据这些安排，独立承包商获得的主要价值是使用 Roto-Rooter 注册商标的权利。Roto-Rooter 在独立承包商完成劳务销售并收到客户付款时，按时间推移（每周）确认来自独立承包商的收入。独立承包商也按周付款。由于 Roto-Rooter 的全国知名品牌，使用其注册商标和广告能立即为独立承包商带来价值。因此，随着客户同时获取并消耗所提供服务的利益，按时间推移确认收入最能忠实反映服务的转移情况。这些安排不涉及重大可变对价。

Roto-Rooter 已将其他地区在 Roto-Rooter 注册商标下经营的权利许可给加盟商。每份此类合同期限为 10 年，但 Roto-Rooter 可因故提前 60 天通知加盟商，无需承担罚金即可取消合同。加盟商可因任何原因提前 60 天通知，无需承担罚金即可取消合同。根据合同条款，Roto-Rooter 提供全国性广告和有关经营 Roto-Rooter 业务各方面的咨询，并授予使用 Roto-Rooter 注册商标的权利。加盟商负责业务的所有日常管理工作，包括人员配置决策、所提供服务的定价以及本地广告支出和投放。安排终止后，Roto-Rooter 的所有履约义务均告终止。

加盟商根据加盟区域内的人口，按标准月费向 Roto-Rooter 付费。标准费用每年根据所有城市消费者消费价格指数的变化进行调整。在此安排下，加盟商的主要价值在于获得使用 Roto-Rooter 注册商标的权利。Roto-Rooter 按时段（每月）确认来自加盟商的收入。加盟商也按月付款。使用 Roto-Rooter 的注册商标和广告可凭借 Roto-Rooter 的全国知名品牌立即为加盟商带来价值。因此，按时段确认收入最能忠实反映服务转移情况，因为客户同时获得并消费所提供服务的利益。这些安排不涉及重大可变对价。

‎

-13-

第三季度分解收入的构成如下（单位：千美元）：


	9月30日
	2026		2025
排水管道清理	$	58,475		$	55,454
管道维修		48,242			45,753
挖掘		61,249			57,102
其他		355			220
小计 - 短期核心业务		168,321			158,529
水灾修复		48,882			45,196
独立承包商		16,867			16,871
加盟费		1,575			1,433
其他		4,262			4,449
总收入		239,907			226,478
隐含价格折让和贷项通知单		(6,370)			(9,319)
净收入	$	233,537		$	217,159

前九个月分解收入的构成如下（单位：千美元）：


	9月30日
	2026		2025
排水管道清理	$	175,710		$	170,553
管道维修		145,727			137,097
挖掘		186,322			177,833
其他		856			595
小计 - 短期核心业务		508,615			486,078
水灾修复		143,587			149,183
独立承包商		51,751			52,682
加盟费		4,539			4,262
其他		13,649			14,127
总收入		722,141			706,332
隐含价格折让和贷项通知单		(21,199)			(27,032)
净收入	$	700,942		$	679,300

3. 分部

我们的分部包括 VITAS 分部和 Roto-Rooter 分部，这构成了我们的总裁兼首席执行官所采用的组织架构。该总裁兼首席执行官已被认定为我们的首席运营决策者（“CODM”），负责作出关键经营决策并评估业绩。2026年第三季度，各分部对服务收入和销售额的相对贡献分别为66%和34%，相比之下，2025年第三季度分别为65%和35%。2026年前九个月，各分部对服务收入和销售额的相对贡献分别为65%和35%，相比之下，2025年前九个月分别为64%和36%。持续经营业务的服务收入和销售额绝大部分来自美国境内业务。各业务分部的服务收入和销售额见附注2。

可报告分部按服务线划分，这与业务的管理方式一致。在确定可报告分部时，Roto-Rooter 分部的 RRSC 和 RRC 运营单位因具有相似的运营和经济特征而合并。每年都会审查这些运营分部的特征及合并依据。

我们将公司管理费用以及与任一分部无直接关联的未分配投资和融资收入及费用列为“公司”。公司管理费用包括管理、会计与报告、法律、税务以及运营上市公司的其他成本。公司投资和融资收入及费用包括与公司债务和投资安排相关的成本和收入。

我们的 CODM 主要根据经营所得/（亏损）评估各分部的经营业绩。对于每个分部，CODM 在年度预算和月度预测过程中，将分部经营所得/（亏损）与实际结果进行比较。

-14-

CODM 每月考虑差异，以评估各分部的业绩并决定向各分部分配资源。

截至 2026 年 9 月 30 日的三个月分部数据如下（单位：千）：


						可报告					Chemed
	VITAS		Roto-Rooter		分部	公司		合并
服务收入和销售额	$	457,403		$	233,537	$	690,940		$	-		$	690,940

提供服务和销售商品的成本
（不包括折旧）
工资		257,425			78,411		335,836			-			335,836
患者护理费用		48,205			-		48,205			-			48,205
其他费用		36,363			37,574		73,937			-			73,937
提供服务和销售商品的总成本		341,993			115,985		457,978			-			457,978

销售、一般及行政费用
工资		16,710			23,102		39,812			5,090			44,902
广告		-			23,885		23,885			-			23,885
股票薪酬		-			-		-			9,135			9,135
其他费用		6,390			24,046		30,436			3,111			33,547
销售、一般及行政费用总额		23,100			71,033		94,133			17,336			111,469

折旧		5,791			8,624		14,415			12			14,427
摊销		25			2,949		2,974			-			2,974
其他经营费用		7,352			88		7,440			230			7,670
成本和费用总额		378,261			198,679		576,940			17,578			594,518
经营所得/（亏损）		79,142			34,858		114,000			(17,578)			96,422

利息费用		(54)			(145)		(199)			(1,898)			(2,097)
公司间利息收入/（费用）		6,766			4,574		11,340			(11,340)			-
其他收入——净额		124			5		129			2,254			2,383
所得税前所得/（费用）		85,978			39,292		125,270			(28,562)			96,708
所得税		(20,270)			(9,152)		(29,422)			4,362			(25,060)
净所得/（亏损）	$	65,708		$	30,140	$	95,848		$	(24,200)		$	71,648


长期资产新增额	$	7,987		$	73,703	$	81,690		$	6		$	81,696

‎

-15-

截至 2025 年 9 月 30 日的三个月分部数据如下（单位：千）：


						可报告					Chemed
	VITAS		Roto-Rooter		分部	公司		合并
服务收入和销售额	$	407,741		$	217,159	$	624,900		$	-		$	624,900

提供服务和销售商品的成本
（不包括折旧）
工资		239,357			72,992		312,349			-			312,349
患者护理费用		43,269			-		43,269			-			43,269
其他费用		35,389			34,136		69,525			-			69,525
提供服务和销售商品的总成本		318,015			107,128		425,143			-			425,143

销售、一般及行政费用
工资		16,904			21,122		38,026			6,440			44,466
广告		-			19,542		19,542			-			19,542
股票薪酬		-			-		-			5,851			5,851
其他费用		8,332			20,008		28,340			7,576			35,916
销售、一般及行政费用总额		25,236			60,672		85,908			19,867			105,775

折旧		5,354			8,298		13,652			12			13,664
摊销		26			2,544		2,570			-			2,570
其他经营费用/（收入）		3,036			(38)		2,998			-			2,998
成本和费用总额		351,667			178,604		530,271			19,879			550,150
经营所得/（亏损）		56,074			38,555		94,629			(19,879)			74,750

利息费用		(56)			(132)		(188)			(269)			(457)
公司间利息收入/（费用）		5,685			4,030		9,715			(9,715)			-
其他收入 - 净额		61			25		86			9,165			9,251
所得税前收入/（费用）		61,764			42,478		104,242			(20,698)			83,544
所得税		(14,993)			(10,407)		(25,400)			6,093			(19,307)
净收入/（亏损）	$	46,771		$	32,071	$	78,842		$	(14,605)		$	64,237


长期资产增加额	$	10,850		$	6,639	$	17,489		$	10		$	17,499

‎

-16-

截至2026年9月30日的前九个月分部数据如下（单位：千美元）：


						可报告					Chemed
	VITAS		Roto-Rooter		分部	公司总部		合并
服务收入和销售额	$	1,320,762		$	700,942	$	2,021,704		$	-		$	2,021,704

提供服务和销售商品的成本
（不包括折旧）
工资		755,955			238,744		994,699			-			994,699
患者护理费用		141,158			-		141,158			-			141,158
其他费用		108,037			107,613		215,650			-			215,650
提供服务和销售商品的总成本		1,005,150			346,357		1,351,507			-			1,351,507

销售、一般及行政费用
工资		51,905			68,647		120,552			15,094			135,646
广告		-			67,718		67,718			-			67,718
股票薪酬		-			-		-			31,189			31,189
其他费用		23,409			69,970		93,379			13,061			106,440
销售、一般及行政费用总额		75,314			206,335		281,649			59,344			340,993

折旧		17,484			25,477		42,961			36			42,997
摊销		78			8,185		8,263			-			8,263
其他营业费用		7,432			78		7,510			230			7,740
成本和费用总额		1,105,458			586,432		1,691,890			59,610			1,751,500
营业收入/（亏损）		215,304			114,510		329,814			(59,610)			270,204

利息费用		(158)			(466)		(624)			(3,774)			(4,398)
公司间利息收入/（费用）		19,484			13,661		33,145			(33,145)			-
其他收入 - 净额		285			31		316			10,755			11,071
所得税前收入/（费用）		234,915			127,736		362,651			(85,774)			276,877
所得税		(56,088)			(29,899)		(85,987)			14,763			(71,224)
净收入/（亏损）	$	178,827		$	97,837	$	276,664		$	(71,011)		$	205,653


长期资产增加额	$	21,309		$	126,760	$	148,069		$	31		$	148,100

‎

-17-

截至2025年9月30日的前九个月分部数据如下（单位：千美元）：


						可报告					Chemed
	VITAS		Roto-Rooter		分部	公司总部		合并
服务收入和销售额	$	1,211,341		$	679,300	$	1,890,641		$	-		$	1,890,641

提供服务和销售商品的成本
（不包括折旧）
工资		716,335			226,168		942,503			-			942,503
患者护理费用		124,656			-		124,656			-			124,656
其他费用		110,475			112,144		222,619			-			222,619
提供服务和销售商品的总成本		951,466			338,312		1,289,778			-			1,289,778

销售、一般及行政费用
工资		51,188			63,326		114,514			13,919			128,433
广告		-			56,654		56,654			-			56,654
股票薪酬		-			-		-			27,668			27,668
其他费用		25,673			63,876		89,549			9,381			98,930
销售、一般及行政费用总额		76,861			183,856		260,717			50,968			311,685

折旧		15,863			24,899		40,762			36			40,798
摊销		78			7,635		7,713			-			7,713
其他营业费用/（收入）		3,155			(80)		3,075			-			3,075
成本和费用总额		1,047,423			554,622		1,602,045			51,004			1,653,049
营业收入/（亏损）		163,918			124,678		288,596			(51,004)			237,592

利息费用		(150)			(394)		(544)			(685)			(1,229)
公司间利息收入/（费用）		16,436			11,930		28,366			(28,366)			-
其他收入 - 净额		170			58		228			13,742			13,970
所得税前收入/（费用）		180,374			136,272		316,646			(66,313)			250,333
所得税		(45,353)			(32,344)		(77,697)			15,851			(61,846)
净收入/（亏损）	$	135,021		$	103,928	$	238,949		$	(50,462)		$	188,487


长期资产增加额	$	22,234		$	24,825	$	47,059		$	15		$	47,074

各分部的可辨认资产如下（单位：千美元）：


	9月30日		12月31日
	2026		2025

VITAS	$	882,094		$	784,927
Roto-Rooter		652,773			528,587
可报告分部		1,534,867			1,313,514
公司总部		183,572			224,675
Chemed合并	$	1,718,439		$	1,538,189

‎

-18-

4. 每股收益

每股收益（“EPS”）按已发行普通股的加权平均股数计算。每股收益和稀释后每股收益的计算如下（单位：千美元，每股数据除外）：



				净收入
截至9月30日的三个月		收入		股数	每股收益
2026
	收益		$	71,648	13,058	$	5.49
	稀释性股票期权			-	38
	未归属股票奖励			-	39
	稀释后收益		$	71,648	13,135	$	5.45

2025
	收益		$	64,237	14,394	$	4.46
	稀释性股票期权			-	2
	未归属股票奖励			-	13
	稀释后收益		$	64,237	14,409	$	4.46


				净收入
截至9月30日的九个月		收益		股份	每股收益
2026
	收益		$	205,653	13,300	$	15.46
	具有稀释作用的股票期权			-	2
	未归属股票奖励			-	27
	稀释后收益		$	205,653	13,329	$	15.43

2025
	收益		$	188,487	14,535	$	12.97
	具有稀释作用的股票期权			-	55
	未归属股票奖励			-	30
	稀释后收益		$	188,487	14,620	$	12.89

截至2026年9月30日的三个月和九个月，分别有513,000和1.1百万份股票期权未计入稀释后每股收益的计算，因为这些期权会产生反稀释作用。

截至2025年9月30日的三个月和九个月，分别有892,000和592,000份股票期权未计入稀释后每股收益的计算，因为这些期权会产生反稀释作用。

5. 长期债务和信贷额度

2026年4月10日，我们以第六次修订和重述的信贷协议（“信贷协议”）取代了现有信贷安排（“先前信贷协议”）。信贷协议条款包括一项五年期 $450.0 百万美元循环信贷额度，其中包括$100.0百万美元信用证额度。该信贷协议采用浮动利率，即有担保隔夜融资利率（“SOFR”）加上一个额外的分级利率，该利率根据我们当前的杠杆率而变化。截至9月30日，2026年，利率为SOFR加100个基点。信贷协议包含扩容条款，公司可据此将循环信贷额度增加额外的$250.0百万美元。

截至2026年9月30日，信贷协议项下未偿长期债务为$236.0百万美元。

-19-

信贷协议包含以下季度财务契约：



说明		要求

杠杆率（合并债务/合并调整后EBITDA）		< 3.50 比 1.00

利息覆盖率（合并调整后EBITDA/合并利息支出）		> 3.00 比 1.00

截至2026年9月30日，我们遵守了所有债务契约。截至9月30日，我们已签发$47.3百万美元的备用信用证，主要用于保险目的。已签发的信用证会减少我们在信贷协议项下的可用信贷额度。截至9月30日，2026年，我们在信贷协议项下约有$166.7 百万美元的未使用信贷额度可供提取。

6. 其他运营费用

其他运营费用包括以下项目（单位：千美元）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025

法律和解	$	7,483		$	2,850	$	7,483	$	2,850
处置固定资产损失		187			148		257		225
其他运营费用总额	$	7,670		$	2,998	$	7,740	$	3,075

7. 其他收入——净额

其他收入——净额包括以下项目（单位：千美元）：



	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
递延薪酬信托持有资产的市值调整	$	2,077		$	6,703	$	9,661	$	6,791
利息收入		295			2,555		1,399		7,186
其他		11			(7)		11		(7)
其他收入总额——净额	$	2,383		$	9,251	$	11,071	$	13,970

8. 租赁

Chemed及其各运营子公司均为服务公司。因此，不动产租赁构成我们租赁组合中最大的租赁义务（反之亦然，也是最大的使用权资产）。VITAS租用了办公空间，以及医院内的住院部（“IPU”）空间和/或合同床位。Roto-Rooter主要租用办公空间。我们的租赁剩余期限不到1年至12年不等，其中部分租赁包含延长租期最多5年的选择权，部分租赁包含在1年内终止租约的选择权。

Roto-Rooter购买设备并将其出租给某些独立承包商。我们根据ASC 842对这些租赁进行了分析，并认定其为经营租赁。因此，Roto-Rooter将这些租赁所涉及的设备资本化，对设备计提折旧并确认租金收入。

我们目前没有任何融资租赁，因此披露的所有租赁信息均与经营租赁有关。

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-20-

与租赁相关的资产负债表信息组成如下：


	9月30日		‎12月 31日
	2026		2025
资产
经营租赁资产	$	144,029		$	131,151

负债
流动经营租赁负债		41,209			40,892
非流动经营租赁负债		114,985			102,867
经营租赁负债总额	$	156,194		$	143,759

第三季度租赁费用的组成如下（单位：千美元）：


	截至9月30日的三个月
	2026		2025
租赁费用 (a)
经营租赁费用	$	17,682		$	17,359
转租收入		(18)			(28)
租赁费用净额	$	17,664		$	17,331

前九个月租赁费用的组成如下（单位：千美元）：


	截至9月30日的九个月
	2026		2025
Lease Expense (a)
Operating lease expense	$	52,307		$	50,945
Sublease income		(74)			(94)
Net lease expense	$	52,233		$	50,851

(a)Includes short-term leases and variable lease costs, which are immaterial. Included in both cost of services provided and goods sold and selling, general and administrative expenses.

The components of cash flows information related to leases were as follows:


	Nine months ended September 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from leases	$	42,893		$	41,516

Leased assets obtained in exchange for new operating lease liabilities	$	51,761		$	37,752


Weighted Average Remaining Lease Term at September 30, 2026
Operating leases	4.84	years


Weighted Average Discount Rate at September 30, 2026
Operating leases	4.38	%

‎

-21-


Maturity of Operating Lease Liabilities (in thousands)

2026	$	14,223
2027		46,546
2028		36,109
2029		29,621
2030		21,667
Thereafter		26,446
Total lease payments	$	174,612
Less: interest		(18,418)
Total liability recognized on the balance sheet	$	156,194

For leases commencing prior to April 2019, minimum rental payments exclude payments to landlords for real estate taxes and common area maintenance. Operating lease payments include $10.6 million related to extended lease terms that are reasonably certain of being exercised and exclude $3.4 million of lease payments for leases signed but not yet commenced.

9. Stock-Based Compensation Plans

On February 13, 2026, the Compensation/Incentive Committee of the Board of Directors (“CIC”) granted 8,400 Performance Stock Units (“PSUs”) that vest contingent upon the achievement of certain total shareholder return (“TSR”) targets as compared to the TSR of a group of peer companies for the three-year period ending December 31, 2028, the date at which such awards vest. The cumulative compensation cost of the TSR-based PSU award to be recorded over the three-year service period is $5.2 million.

On February 13, 2026, the CIC also granted 8,400 PSUs that vest contingent upon the achievement of certain earnings per share (“EPS”) targets for the three-year period ending December 31, 2028. At the end of each reporting period, the Company estimates the number of shares that it believes will ultimately be earned and records the corresponding expense over the service period of the award. We currently estimate the cumulative compensation cost of the EPS-based PSUs to be recorded over the three-year service period is $3.9 million.

10. Retirement Plans

All of the Company’s plans that provide retirement and similar benefits are defined contribution plans. These expenses include the impact of market gains and losses on assets held in deferred compensation plans and are recorded in selling, general and administrative expenses. Net gains for the Company’s retirement and profit-sharing plans, excess benefit plans and other similar plans are as follows (in thousands):



Three months ended September 30,		Nine months ended September 30,
2026		2025		2026	2025
$	6,721		$	10,413	$	26,242	$	21,503

11. Legal and Regulatory Matters

The VITAS segment of the Company’s business operates in a heavily-regulated industry. As a result, the Company is subjected to inquiries and investigations by various government agencies, which can result in penalties including repayment obligations, funding withholding, or debarment, as well as to lawsuits, including qui tam actions. The following describes the material lawsuits and investigations of which the Company is currently aware.

Regulatory Matters and Litigation

VITAS was one of a group of hospice providers selected by the Office of the Inspector General’s (“OIG”) Office of Audit Services (“OAS”) for inclusion in an audit of the provision of elevated level-of-care hospice services, which reviewed 100 out of a total population of 50,850 inpatient and continuous care claims.

On August 29, 2022, VITAS received a demand letter from its Medicare Administrative Contractor (“MAC”) seeking repayment of $50.3 million. VITAS appealed the overpayment decision and deposited $50.3 million under the “Immediate Recoupment” process.

-22-

On February 3, 2025, an Administrative Law Judge (“ALJ”) ruled that VITAS’ care met Medicare’s hospice standards for the applicable higher level of care as originally billed for all but one of the claims appealed, and therefore VITAS was entitled to receive payment for all such claims. With respect to the one claim that the judge did not fully side with VITAS, the judge found that four of the five days billed met the applicable standard and only one day did not.

In a letter dated March 18, 2025, VITAS’ MAC provided notice that due to the ALJ’s ruling the total overpayment amount was reduced to a de minimis amount, and on April 1, 2025 refunded VITAS all previously unreturned deposited amounts in excess of that dollar figure.

As a result of the previously disclosed cybersecurity incident and data breach on October 24, 2025, multiple class action lawsuits were filed against VITAS alleging various causes of action and seeking damages resulting from the breach. All outstanding cases were consolidated and the Company has reached an agreement to settle them for a non-material amount fully covered by VITAS’ cybersecurity insurance.

Regardless of the outcome of the preceding matters, dealing with the various regulatory agencies and opposing parties can adversely affect us through defense costs, potential payments, withholding of governmental funding, diversion of management time, and related publicity.

12. Concentration of Risk

As of September 30, 2026, and December 31, 2025, approximately 72% and 58%, respectively, of VITAS’ total accounts receivable balance were from Medicare and 25% and 34% respectively, of VITAS’ total accounts receivable balance were due from various state Medicaid or managed Medicaid programs. Combined accounts receivable from Medicare, Medicaid, and managed Medicaid represent approximately 81% of the consolidated net accounts receivable in the accompanying consolidated balance sheets as of September 30, 2026.

VITAS has a pharmacy services contract with one service provider for specified pharmacy services related to its hospice operations. Similarly, VITAS obtains the majority of its medical supplies from a single vendor. A large majority of VITAS’ pharmaceutical and medical supplies purchases are from these vendors. The pharmaceutical and medical supplies purchased by VITAS are available through many providers in the United States. However, a disruption from VITAS’ main service providers could adversely impact VITAS’ operations, including temporary logistical challenges and increased cost associated with getting medication and medical supplies to our patients.

13. Cash Overdrafts and Cash Equivalents

There is $17.8 million in cash overdrafts payable included in accounts payable at September 30, 2026. There were $11.0 million of cash overdrafts payable included in accounts payable at December 31, 2025.

From time to time throughout the year, we invest excess cash in money market funds with major commercial banks. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds. In 2023, Chemed began investing excess cash in money market funds holding US Treasuries. Deposits and withdrawals are made daily, based on the Company’s excess cash balance. There are no penalties associated with withdrawals. The accounts bear interest at a normal market rate.

14. Financial Instruments

FASB’s authoritative guidance on fair value measurements defines a hierarchy which prioritizes the inputs in fair value measurements. Level 1 measurements are measurements using quoted prices in active markets for identical assets or liabilities. Level 2 measurements use significant other observable inputs. Level 3 measurements are measurements using significant unobservable inputs which require a company to develop its own assumptions. In recording the fair value of assets and liabilities, companies must use the most reliable measurement available.

‎

-23-

The following shows the carrying value, fair value, and the hierarchy for our financial instruments as of September 30, 2026 (in thousands):


				Fair Value Measure
		Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Investments of deferred compensation plans held in trust	$	144,845	$	144,845	$	-	$	-
Cash equivalents		10,046		10,046		-		-

The following shows the carrying value, fair value and the hierarchy for our financial instruments as of December 31, 2025 (in thousands):


				Fair Value Measure
		Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Investments of deferred compensation plans held in trust	$	140,347	$	140,347	$	-	$	-
Cash equivalents		94,273		94,273		-		-

For cash, accounts receivable and accounts payable, the carrying amount is a reasonable estimate of fair value because of the liquidity and short-term nature of these instruments. As further described in Note 5, our outstanding long-term debt has a floating interest rate that is reset at short-term intervals, generally 30 or 60 days. The interest rate we pay also includes an additional amount based on our current leverage ratio. As such, we believe our borrowings reflect significant nonperformance risks, mainly credit risk. Based on these factors, we believe the fair value of our long-term debt approximates its carrying value.

15. Capital Stock Repurchase Plan Transactions

We repurchased the following capital stock:



	Three months ended September 30,		Nine months ended September 30,
	2026		2025		2026	2025

Total cost of repurchased shares (in thousands)	$	66,031		$	180,776	$	353,552	$	253,477
Shares repurchased		125,000			407,500		835,000		532,500
Weighted average price per share	$	528.24		$	443.62	$	423.42	$	476.02

In February 2026, the Board of Directors authorized $300.0 million for additional stock repurchases under Chemed’s existing share repurchase program. We currently have $73.7 million of authorization remaining under this share repurchase plan.

16. Acquisitions

On September 16, 2026, Roto-Rooter completed the acquisition of RotoCo, LLC (“RotoCo”), the largest independent Roto-Rooter franchise for $60.6 million using borrowings under Chemed’s existing $450.0 million revolving credit facility. The territories acquired include Northern San Diego, Palm Springs, Ventura, Bakersfield, Lancaster, Fresno, Monterey, Stockton, Manteca and Sacramento, California.

Other acquisitions completed in 2026 include the following: In the third quarter of 2026, Roto-Rooter completed one acquisition of a franchise in California for $1.9 million in cash. In the second quarter of 2026, Roto-Rooter completed two acquisitions, consisting of one franchise in New York and one franchise in Texas, for a total of $12.9 million in cash. In the first quarter of 2026, Roto-Rooter completed two acquisitions, consisting of one franchise in Texas and one franchise in California, for a total of $20.6 million in cash.

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-24-

The preliminary purchase price allocation for the acquired franchises are as follows (in thousands):


	RotoCo, LLC		All Other 2026 Acquisitions		Total
Goodwill	$	56,650		$	31,149	$	87,799
Property, plant and equipment		3,970			687		4,657
Reacquired franchise rights		-			3,279		3,279
All other identifiable intangibles assets		-			525		525
Other assets and liabilities - net		-			(210)		(210)
	$	60,620		$	35,430	$	96,050

The purchase price allocation for RotoCo is preliminary and subject to adjustment during the measurement period. The Company is finalizing its evaluation of certain acquired assets, including reacquired franchise rights and other identifiable intangible assets, and the resulting goodwill. Based on information currently available, management does not expect the final valuation to materially affect the preliminary purchase price allocation. The Company expects to complete the evaluation in the fourth quarter of 2026.

The pro forma revenue and earnings for the Company for the three and nine months ended September 30, as if all the acquisitions made in 2026 were completed on January 1, 2025 are as follows (in thousands, except per share data):


	Three months ended September 30,		Nine months ended September 30,
	2026		2025		2026	2025

Service revenues and sales	$	702,024		$	637,879	$	2,064,470	$	1,930,565
Net income	$	72,009		$	64,875	$	207,636	$	190,114
Earnings per share	$	5.51		$	4.51	$	15.61	$	13.08
Diluted earnings per share	$	5.48		$	4.50	$	15.58	$	13.00

On January 3, 2025, Roto-Rooter completed the acquisition of one franchise in Michigan for $225,000 in cash. Revenue and net income from acquisitions made in 2025 are not material.

Goodwill is assessed for impairment on a yearly basis as of October 1. The primary factor that contributed to the purchase price resulting in the recognition of goodwill is operational efficiencies expected as a result of integrating the operations of the acquisitions into the organizational structure. All goodwill recognized is deductible for tax purposes.

Shown below is movement in Goodwill (in thousands):


	VITAS		Roto-Rooter		Total
Balance at December 31, 2025	$	404,866		$	262,133	$	666,999
Business combinations		-			87,799		87,799
Foreign currency adjustments		-			(40)		(40)
Balance at September 30, 2026	$	404,866		$	349,892	$	754,758

17. Recent Accounting Standards

In November 2024, the FASB issued Accounting Standards Update “ASU 2024-03 – Disaggregation of Income Statement Expenses”. The guidance provides enhanced disclosures about commonly presented expense categories such as cost of sales, selling, general and administrative expenses and research and development. The objective is to provide investors with a better understanding of the entity’s performance, assess potential future cash flows and comparability with other entities. The guidance is effective for fiscal periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently analyzing the impact of the ASU on the current footnote disclosures.

In September 2025, the FASB issued Accounting Standards Update “ASU 2025-06 – Intangibles – Goodwill and Other – Internal – Use Software”. The guidance seeks to modernize the accounting guidance for the costs to develop software for internal use. The guidance amends the existing standard to better align with current software development methods. Entities will start capitalizing eligible costs when management has authorized and committed to funding software projects and when it is probable that the projects will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. The Company is currently analyzing the impact of the ASU on the consolidated financial statements.

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-25-

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

Executive Summary

We operate through our two wholly-owned subsidiaries, VITAS Healthcare Corporation and Roto-Rooter Group, Inc. VITAS focuses on hospice care that helps make terminally ill patients’ final days as comfortable as possible. Through its teams of doctors, nurses, home health aides, social workers, clergy and volunteers, VITAS provides direct medical services to patients, as well as spiritual and emotional counseling to both patients and their families. Roto-Rooter’s services are focused on providing plumbing, drain cleaning, excavation, water restoration, and other related services to both residential and commercial customers. Through its network of company-owned branches, independent contractors and franchisees, Roto-Rooter offers plumbing and drain cleaning service to over 90% of the U.S. population.

The vast majority of the Company’s operations are located in the United States. As both operations are service companies, our employees are the most critical resource of the Company. We have very little exposure related to customers, vendors, or employees in other regions of the world. We continue to monitor macroeconomic trends and uncertainties such as inflation, the effects of recently implemented tariffs, and the potential imposition of modified or additional tariffs, as well as the impact of the war with Iran on fuel prices, which may have adverse effects on net sales and profitability. Based on preliminary analysis of the potential effects of the announced tariffs and these other factors, while we have realized an increase in fuel costs, which has affected our margins, we do not expect a material negative effect on our net sales or profitability for the remainder of fiscal year 2026. However, we are continuing to evaluate these factors and their potential effects as well as our ability to potentially offset all or a portion of cost increases through pricing actions and cost savings efforts for fiscal year 2027 planning. Economic pressures including the challenges of high inflation and the effects of increased tariffs and the impact of the war with Iran may negatively affect our net sales and profitability in the future.

The following is a summary of the key operating results (in thousands except per share amounts):



	Three months ended September 30,		Nine months ended September 30,
	2026		2025		2026		2025
Service revenues and sales	$	690,940		$	624,900		$	2,021,704		$	1,890,641
Net income	$	71,648		$	64,237		$	205,653		$	188,487
Diluted EPS	$	5.45		$	4.46		$	15.43		$	12.89
Adjusted net income	$	88,725		$	75,906		$	246,146		$	221,701
Adjusted diluted EPS	$	6.75		$	5.27		$	18.47		$	15.16
Adjusted EBITDA	$	133,785		$	109,045		$	371,847		$	326,070
Adjusted EBITDA as a % of revenue		19.4	%		17.4	%		18.4	%		17.2	%

Adjusted net income, adjusted diluted EPS, earnings before interest, taxes and depreciation and amortization (“EBITDA”), Adjusted EBITDA and Adjusted EBITDA as a percent of revenue are not measures derived in accordance with US GAAP. We provide non-GAAP measures to help readers evaluate our operating results and to compare our operating performance with that of similar companies that have different capital structures. Our non-GAAP measures should not be considered in isolation or as a substitute for comparable measures presented in accordance with GAAP. A reconciliation of our non-GAAP measures is presented on pages 39-41.

For the three months ended September 30, 2026, the increase in consolidated service revenues and sales was driven by a 12.2% increase at VITAS and a 7.5% increase at Roto-Rooter. The increase in service revenues at VITAS is comprised primarily of 9.4% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.2%. Acuity mix shift negatively impacted revenue growth by 25-basis points in the quarter when compared to the prior year quarter’s revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes increased revenue growth by 85-basis points. The increase in service revenues at Roto-Rooter was driven by an increase in all service lines.

For the nine months ended September 30, 2026, the increase in consolidated service revenues and sales was driven by a 9.0% increase at VITAS and by a 3.2% increase at Roto-Rooter. The increase in service revenues at VITAS is comprised primarily of 5.9% 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 by 89-basis points in the year when compared to the prior year’s revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes increased revenue growth by 159-basis points. The increase in service revenues at Roto-Rooter was driven by an increase in plumbing, drain cleaning and excavation offset by a decrease in water restoration and in the Independent Contractors.

-26-

Other acquisitions completed in 2026 include the following, in the third quarter of 2026, Roto-Rooter completed one acquisition for one franchise in California for a total of $1.9 million in cash. In the second quarter of 2026, Roto-Rooter completed two acquisitions for one franchise in New York and one franchise in Texas for a total of $12.9 million in cash. In the first quarter of 2026, Roto-Rooter completed two acquisitions for one franchise in Texas and one franchise in California for a total of $20.6 million in cash.

Financial Condition

Liquidity and Capital Resources

Material changes in the balance sheet accounts from December 31, 2025 to September 30, 2026 include the following:

A $72.3 million increase in accounts receivable due primarily to the timing of payments received from the Federal government at VITAS. We typically receive a payment in excess of $63.0 million from the Federal government for hospice services every other Friday. The timing of a period end will have a significant impact on the accounts receivable at VITAS. These changes generally normalize over a two-year period, as cash flow variations in one year are offset in the following year.

An $11.5 million increase in prepaid expenses due primarily to renewal of insurance policies during the year.

A $12.9 million increase in lease right of use asset due to lease renewals. This resulted in a similar increase in the lease liability accounts.

An $87.8 million increase in goodwill due to the six acquisitions at Roto-Rooter.

A $15.0 million increase in accrued insurance related to a $6.0 million legal settlement of a casualty insurance claim and an increase in casualty and medical insurance expenses.

A $30.7 million increase in accrued compensation due to yearly bonus accruals and timing of payroll at VITAS.

A $236.0 million increase in long-term debt due primarily to acquisitions and stock repurchases.

A $400.0 million increase in treasury stock due to stock repurchases.

Net cash provided by operating activities decreased $25.1 million from September 30, 2025 to September 30, 2026. See the Unaudited Consolidated Statements of Cash Flows on page 5 for the detail components making up the change.

Management continually evaluates cash utilization alternatives, including share repurchase, debt repurchase, acquisitions and increased dividends to determine the most beneficial use of available capital resources.

We anticipate that our operating income and cash flows will be sufficient to operate our business and meet any commitments for the foreseeable future.

Commitments and Contingencies

On April 10, 2026, we replaced the Prior Credit Agreement with a sixth amended and restated Credit Agreement. Terms of the Credit Agreement consist of a five-year $450.0 million revolving credit facility including $100.0 million for letters of credit. This Credit Agreement has a floating interest rate that is generally the secured overnight financing rate (“SOFR”) plus an additional tiered rate which varies based on our current leverage ratio. As of September 30, 2026, the interest rate is SOFR plus 100 basis points. The Credit Agreement includes an expansion feature that provides the Company the opportunity to increase its revolver by an additional $250.0 million.

We have issued $47.3 million in standby letters of credit as of September 30, 2026, mainly for insurance purposes. Issued letters of credit reduce our available credit under the Credit Agreement. As of September 30, 2026, we have approximately $166.7 million of unused lines of credit available and are eligible to be drawn down under the Credit Agreement. Management believes its liquidity and sources of capital are satisfactory for the Company’s needs in the foreseeable future.

Collectively, the terms of the Credit Agreement require us to meet various financial covenants, to be tested quarterly. We are in compliance with all financial and other debt covenants as of September 30, 2026.

We are subject to various lawsuits and claims in the normal course of our business. In addition, we periodically receive communications from governmental and regulatory agencies concerning compliance with Medicare and Medicaid billing requirements at our VITAS subsidiary. We establish reserves for specific, uninsured liabilities in connection with regulatory and legal action that we deem to be probable and estimable. We disclose the existence of regulatory and legal actions when we believe it is reasonably possible that a loss could occur in connection with the specific action. In most instances, we are unable to make a reasonable estimate of any

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reasonably possible liability due to the uncertainty of the outcome and stage of litigation. We record legal fees associated with legal and regulatory actions as the costs are incurred.

See Note 11 in the Notes to the Unaudited Consolidated Financial Statements in Item 1 above for a description of current material legal matters.
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Results of Operations

Three months ended September 30, 2026 versus 2025 - Consolidated Results

Our service revenues and sales for the third quarter of 2026 increased 10.6% versus services revenue and sales for the third quarter of 2025. Of this increase, a $49.7 million increase was attributable to VITAS, and a $16.4 million increase was attributable to Roto-Rooter. The following chart shows the components of revenue by operating segment (in thousands):



	Three months ended September 30,		Increase/(Decrease)
	2026		2025		Percent
VITAS
Routine homecare	$	405,969		$	362,405	12.0
General inpatient		36,407			33,099	10.0
Continuous care		21,159			19,946	6.1
Other		6,421			5,807	10.6
Subtotal		469,956			421,257	11.6
Medicare cap adjustment		(828)			(6,086)	86.4
Room and board - net		(3,982)			(3,859)	(3.2)
Implicit price concessions		(7,743)			(3,571)	(116.8)
Net revenue	$	457,403		$	407,741	12.2

Roto-Rooter
Drain cleaning	$	58,475		$	55,454	5.4
Plumbing		48,242			45,753	5.4
Excavation		61,249			57,102	7.3
Other		355			220	61.4
Subtotal - short term core		168,321			158,529	6.2
Water restoration		48,882			45,196	8.2
Independent contractors		16,867			16,871	(0.0)
Outside franchisee fees		1,575			1,433	9.9
Other		4,262			4,449	(4.2)
Gross revenue		239,907			226,478	5.9
Implicit price concessions		(6,370)			(9,319)	31.6
Net revenue		233,537			217,159	7.5
Total Revenues	$	690,940		$	624,900	10.6

Days of care at VITAS during the quarters were as follows:


	Three months ended September 30,	Increase/(Decrease)
	2026	2025	Percent

Routine homecare	1,872,071	1,685,859	11.0
Nursing home	312,663	309,192	1.1
Respite	12,502	12,184	2.6
Subtotal routine homecare and respite	2,197,236	2,007,235	9.5
General inpatient	30,494	28,530	6.9
Continuous care	19,683	18,309	7.5
Total days of care	2,247,413	2,054,074	9.4

The increase in service revenues at VITAS is comprised primarily of 9.4% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.2%. Acuity mix shift negatively impacted revenue growth by 25-basis points in the quarter when compared to the prior year revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes increased revenue growth by 85-basis points.

The increase in plumbing revenues for the third quarter of 2026 versus 2025 is attributable to a 10.5% increase in price and service mix shift offset by a 5.1% decrease in job count. The increase in drain cleaning revenues for the third quarter of 2026 versus 2025 is attributable to a 6.4% increase in price and service mix offset by a 1.0% decrease in job count. Excavation and water restoration

-29-

jobs are generally sold as a result of initial calls from customers regarding drain cleaning issues. As a result, excavation revenues increased 7.3% and water restoration revenues increased 8.2%. Implicit price concessions and credit memos decreased 31.6% mainly related to the improved collections in water restoration business.

The consolidated gross margin was 33.7% in the third quarter of 2026 as compared with 32.0% in the third quarter of 2025. On a segment basis, VITAS’ gross margin was 25.2% in the third quarter of 2026 as compared with 22.0% in the third quarter of 2025. The increase was primarily related to increased revenues including a $5.3 million decrease in Medicare Cap billing limitation in the third quarter of 2026 compared to third quarter of 2025 as well as continued focus on expense control. The Roto-Rooter segment’s gross margin was 50.3% for the third quarter of 2026 which was almost equal to the third quarter of 2025.

Selling, general and administrative expenses (“SG&A”) comprise (in thousands):


	Three months ended September 30,
	2026		2025
SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation trusts	$	106,241		$	99,288
Impact of market value adjustments related to assets held in deferred compensation trusts		2,077			6,703
Long-term incentive compensation		3,151			(216)
Total SG&A expenses	$	111,469		$	105,775

SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation trusts for the third quarter of 2026 were up 7.0% when compared to the third quarter of 2025. Of this increase $4.3 million was the result of increased advertising at Roto-Rooter in the third quarter of 2026 compared to the third quarter of 2025. The remaining increase was the result of normal salary increases and increased incentive compensation.

Other operating expense (in thousands):


	Three months ended September 30,
	2026		2025
Legal settlements	$	7,483		$	2,850
Loss on disposal of fixed assets		187			148
Total other operating expenses	$	7,670		$	2,998

Other income – net comprise (in thousands):


	Three months ended September 30,
	2026		2025
Market value adjustment on assets held in deferred compensation trusts	$	2,077		$	6,703
Interest income		295			2,555
Other		11			(7)
Total other income - net	$	2,383		$	9,251

We invest excess cash in money market funds with major commercial banks. We closely monitor the creditworthiness of the institutions with which we invest our overnight funds. Chemed invests excess cash in money market funds holding US Treasuries. Deposits and withdrawals are made daily, based on the Company’s excess cash balance. There are no penalties associated with withdrawals. The accounts bear interest at a normal market rate.

Our effective tax rate reconciliation is as follows (in thousands):


	Three months ended September 30,
	2026			2025

Income tax provision calculated at the statutory federal rate	$	20,308			$	17,544
State and local income taxes, less federal income tax effect		2,685				3,120
Nondeductible expenses:
Stock compensation tax expense		521				-
Other--net		1,546				(1,357)
Income tax provision	$	25,060			$	19,307
Effective tax rate		25.9	%			23.1	%

-30-

Net income for both periods included the following after-tax items/adjustments that (reduced) or increased after-tax earnings (in thousands):


	Three months ended September 30,
	2026		2025
VITAS
Legal settlements	$	(5,076)		$	(2,152)
Roto-Rooter
Amortization of reacquired franchise agreements		(1,804)			(1,806)
Acquisition expense		(1,324)			-
Corporate
Stock option expense		(5,284)			(5,259)
Long-term incentive compensation		(2,830)			213
Excess tax expenses on stock compensation		(521)			-
Legal settlements		(238)			-
Other		-			(2,665)
Total	$	(17,077)		$	(11,669)

Three months ended September 30, 2026 versus 2025 - Segment Results

Net income/(loss) for the third quarter of 2026 versus the third quarter of 2025 by segment (in thousands):



	Three months ended September 30,
	2026		2025
VITAS	$	65,708		$	46,771
Roto-Rooter		30,140			32,071
Corporate		(24,200)			(14,605)
	$	71,648		$	64,237

After-tax earnings as a percent of revenue at VITAS in the third quarter of 2026 was 14.4% as compared to 11.5% in the third quarter of 2025. VITAS’ after-tax earnings increased primarily due to increased revenues including a $5.3 million decrease in Medicare Cap liability in the third quarter of 2026 compared to the third quarter of 2025.

Roto-Rooter’s net income was negatively impacted in the third quarter of 2026 compared to the third quarter of 2025 due to an increase in marketing, fuel, and acquisition expenses. Roto-Rooter’s after-tax earnings as a percent of revenue in the third quarter of 2026 was 13.0%, as compared to 14.8% in the third quarter of 2025.

After-tax Corporate expenses for the third quarter of 2026 increased 65.7% when compared to the third quarter in 2025 due primarily to a $2.3 million decrease in interest income related to lower cash and investment balances, a $1.6 million increase in interest expense related to an increase in long-term debt as a result of stock repurchases and acquisitions, a $1.6 million increase in intercompany interest expense, a $3.1 million increase in stock-based compensation and a $520,000 decrease in excess tax benefit related to reduced stock option exercises.

‎

-31-

Results of Operations

Nine months ended September 30, 2026 versus 2025 - Consolidated Results

Our service revenues and sales for the first nine months of 2026 increased 6.9% versus services revenue and sales for the first nine months of 2025. Of this increase, a $109.4 million increase was attributable to VITAS, and a $21.6 million increase was attributable to Roto-Rooter. The following chart shows the components of revenue by operating segment (in thousands):



	Nine months ended September 30,		Increase/(Decrease)
	2026		2025		Percent
VITAS
Routine homecare	$	1,168,407		$	1,072,014	9.0
General inpatient		108,006			100,145	7.8
Continuous care		58,689			68,222	(14.0)
Other		18,204			16,898	7.7
Subtotal		1,353,306			1,257,279	7.6
Medicare cap adjustment		(3,703)			(24,786)	85.1
Room and board - net		(11,178)			(11,277)	0.9
Implicit price concessions		(17,663)			(9,875)	(78.9)
Net revenue	$	1,320,762		$	1,211,341	9.0

Roto-Rooter
Drain cleaning	$	175,710		$	170,553	3.0
Plumbing		145,727			137,097	6.3
Excavation		186,322			177,833	4.8
Other		856			595	43.9
Subtotal - short term core		508,615			486,078	4.6
Water restoration		143,587			149,183	(3.8)
Independent contractors		51,751			52,682	(1.8)
Outside franchisee fees		4,539			4,262	6.5
Other		13,649			14,127	(3.4)
Gross revenue		722,141			706,332	2.2
Implicit price concessions		(21,199)			(27,032)	21.6
Net revenue		700,942			679,300	3.2
Total Revenues	$	2,021,704		$	1,890,641	6.9

Days of care at VITAS during the nine months ended September 30 were as follows:


	Nine months ended September 30,	Increase/(Decrease)
	2026	2025	Percent

Routine homecare	5,356,050	4,980,883	7.5
Nursing home	910,534	923,458	(1.4)
Respite	35,684	33,619	6.1
Subtotal routine homecare and respite	6,302,268	5,937,960	6.1
General inpatient	90,671	86,447	4.9
Continuous care	55,065	62,576	(12.0)
Total days of care	6,448,004	6,086,983	5.9

The increase in service revenues at VITAS is comprised primarily of 5.9% 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 by 89-basis points in the year when compared to the prior year revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes increased revenue growth by 159-basis points.

The increase in plumbing revenues for the first nine months of 2026 versus 2025 is attributable to an 11.6% increase in price and service mix shift offset by a 5.3% decrease in job count. The increase in drain cleaning revenues for the first nine months of 2026 versus 2025 is attributable to an 8.5% increase in price and service mix offset by a 5.5% decrease in job count. The increase in excavation

-32-

revenues for the first nine months of 2026 versus 2025 is attributable to a 6.6% increase in price and service mix shift offset by a 1.8% decrease in job count. Water restoration revenues decreased 3.8%, and contractors operations decreased 1.8%. Implicit price concessions and credit memos decreased 21.6% mainly related to the improved collections in water restoration business.

The consolidated gross margin was 33.2% in the first nine months of 2026 as compared with 31.8% in the first nine months of 2025. On a segment basis, VITAS’ gross margin was 23.9% in the first nine months of 2026 as compared with 21.5% in the first nine months of 2025. The increase was primarily related to increased revenues including a $21.1 million decrease in Medicare Cap billing limitation in the first nine months of 2026 compared to the first nine months of 2025 as well as continued focus on expense control. The Roto-Rooter segment’s gross margin was 50.6% for the first nine months of 2026 which was almost equal to the first nine months of 2025.

Selling, general and administrative expenses (“SG&A”) comprise (in thousands):


	Nine months ended September 30,
	2026		2025
SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation trusts	$	324,428		$	301,600
Impact of market value adjustments related to assets held in deferred compensation trusts		9,661			6,791
Long-term incentive compensation		6,904			3,294
Total SG&A expenses	$	340,993		$	311,685

SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation trusts for the first nine months of 2026 were up 7.6% when compared to the first nine months of 2025. $11.1 million of this increase was the result of increased advertising at Roto-Rooter in the first nine months of 2026 compared to the first nine months of 2025. The remaining increase was the result of normal salary increases and increased incentive compensation.

Other operating expense (in thousands):


	Nine months ended September 30,
	2026		2025
Legal settlements	$	7,483		$	2,850
Loss on disposal of fixed assets		257			225
Total other operating (income)/expenses	$	7,740		$	3,075

Other income – net comprise (in thousands):


	Nine months ended September 30,
	2026		2025
Market value adjustment on assets held in deferred compensation trusts	$	9,661		$	6,791
Interest income		1,399			7,186
Other		11			(7)
Total other income - net	$	11,071		$	13,970

Our effective tax rate reconciliation is as follows (in thousands):


	Nine months ended September 30,
	2026			2025

Income tax provision calculated at the statutory federal rate	$	58,144			$	52,570
State and local income taxes, less federal income tax effect		8,213				9,568
Nondeductible expenses:
Stock compensation tax expense/(benefit)		1,022				(513)
Other--net		3,845				221
Income tax provision	$	71,224			$	61,846
Effective tax rate		25.7	%			24.7	%

-33-

Net income for both periods include the following after tax items/adjustments that (reduce) or increased after tax earnings (in thousands):



	Nine months ended September 30,
	2026		2025
VITAS
Legal settlements	$	(5,491)		$	(2,152)
Acquisition expense		(6)			-
Roto-Rooter
Amortization of reacquired franchise agreements		(5,412)			(5,419)
Acquisition expense		(1,497)			-
Corporate
Stock option expense		(20,638)			(20,576)
Long-term incentive compensation		(6,189)			(2,915)
Excess tax (expenses)/benefits on stock compensation		(1,022)			513
Legal settlements		(238)			-
Other		-			(2,665)
Total	$	(40,493)		$	(33,214)

Nine months ended September 30, 2026 versus 2025 - Segment Results

Net income/(loss) for the first nine months of 2026 versus the first nine months of 2025 by segment (in thousands):



	Nine months ended September 30,
	2026		2025
VITAS	$	178,827		$	135,021
Roto-Rooter		97,837			103,928
Corporate		(71,011)			(50,462)
	$	205,653		$	188,487

After-tax earnings as a percent of revenue at VITAS in the first nine months of 2026 was 13.5% as compared to 11.1% in the first nine months of 2025. The increase was primarily related to increased revenues including a $21.1 million decrease in Medicare Cap liability in the first nine months of 2026 compared to the first nine months of 2025.

Roto-Rooter’s net income was negatively impacted in the first nine months of 2026 compared to the first nine months of 2025 due mainly to an increase in marketing, fuel, and acquisition expenses. Roto-Rooter’s after-tax earnings as a percent of revenue in the first nine months of 2026 was 14.0%, as compared to 15.3% in the first nine months of 2025.

After-tax Corporate expenses for the first nine months of 2026 increased 40.7% when compared to the first nine months in 2025 due primarily to a $5.8 million decrease in interest income related to lower cash and investment balances, a $3.2 million increase in interest expense related to an increase in long-term debt as a result of stock repurchases and acquisitions, a $4.8 million increase in intercompany interest expense, a $3.3 million increase in stock-based compensation and a $1.5 million decrease in excess tax benefit related to reduced stock option exercises.

‎

-34-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026
(in thousands)(unaudited)

						Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
2026 (a)
Service revenues and sales	$	457,403		$	233,537	$	-	$	690,940
Cost of services provided and goods sold		341,993			115,985		-		457,978
Selling, general and administrative expenses		23,100			71,033		17,336		111,469
Depreciation		5,791			8,624		12		14,427
Amortization		25			2,949		-		2,974
Other operating expense		7,352			88		230		7,670
Total costs and expenses		378,261			198,679		17,578		594,518
Income/(loss) from operations		79,142			34,858		(17,578)		96,422
Interest expense		(54)			(145)		(1,898)		(2,097)
Intercompany interest income/(expense)		6,766			4,574		(11,340)		-
Other income—net		124			5		2,254		2,383
Income/(expense) before income taxes		85,978			39,292		(28,562)		96,708
Income taxes		(20,270)			(9,152)		4,362		(25,060)
Net income/(loss)	$	65,708		$	30,140	$	(24,200)	$	71,648

(a) The following amounts are included in net income (in thousands):
								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
Pretax benefit/(cost):
Legal settlements	$	(6,705)		$	-	$	(308)	$	(7,013)
Stock option expense		-			-		(5,984)		(5,984)
Long-term incentive compensation		-			-		(3,151)		(3,151)
Amortization of reacquired franchise agreements		-			(2,352)		-		(2,352)
Acquisition expense		-			(1,726)		-		(1,726)
Total	$	(6,705)		$	(4,078)	$	(9,443)	$	(20,226)

								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
After-tax benefit/(cost):
Legal settlements	$	(5,076)		$	-	$	(238)	$	(5,314)
Stock option expense		-			-		(5,284)		(5,284)
Long-term incentive compensation		-			-		(2,830)		(2,830)
Amortization of reacquired franchise agreements		-			(1,804)		-		(1,804)
Acquisition expense		-			(1,324)		-		(1,324)
Excess tax expense on stock compensation		-			-		(521)		(521)
Total	$	(5,076)		$	(3,128)	$	(8,873)	$	(17,077)

‎

-35-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
(in thousands)(unaudited)

						Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
2025 (a)
Service revenues and sales	$	407,741		$	217,159	$	-	$	624,900
Cost of services provided and goods sold		318,015			107,128		-		425,143
Selling, general and administrative expenses		25,236			60,672		19,867		105,775
Depreciation		5,354			8,298		12		13,664
Amortization		26			2,544		-		2,570
Other operating expense/(income)		3,036			(38)		-		2,998
Total costs and expenses		351,667			178,604		19,879		550,150
Income/(loss) from operations		56,074			38,555		(19,879)		74,750
Interest expense		(56)			(132)		(269)		(457)
Intercompany interest income/(expense)		5,685			4,030		(9,715)		-
Other income—net		61			25		9,165		9,251
Income/(expense) before income taxes		61,764			42,478		(20,698)		83,544
Income taxes		(14,993)			(10,407)		6,093		(19,307)
Net income/(loss)	$	46,771		$	32,071	$	(14,605)	$	64,237

(a) The following amounts are included in net income (in thousands):
								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
Pretax benefit/(cost):
Stock option expense	$	-		$	-	$	(6,067)	$	(6,067)
Legal settlements		(2,850)			-		-		(2,850)
Amortization of reacquired franchise agreements		-			(2,352)		-		(2,352)
Long-term incentive compensation		-			-		216		216
Other		-			-		(2,665)		(2,665)
Total	$	(2,850)		$	(2,352)	$	(8,516)	$	(13,718)

								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
After-tax benefit/(cost):
Stock option expense	$	-		$	-	$	(5,259)	$	(5,259)
Legal settlements		(2,152)			-		-		(2,152)
Amortization of reacquired franchise agreements		-			(1,806)		-		(1,806)
Long-term incentive compensation		-			-		213		213
Other		-			-		(2,665)		(2,665)
Total	$	(2,152)		$	(1,806)	$	(7,711)	$	(11,669)

‎

-36-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026
(in thousands)(unaudited)

						Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
2026 (a)
Service revenues and sales	$	1,320,762		$	700,942	$	-	$	2,021,704
Cost of services provided and goods sold		1,005,150			346,357		-		1,351,507
Selling, general and administrative expenses		75,314			206,335		59,344		340,993
Depreciation		17,484			25,477		36		42,997
Amortization		78			8,185		-		8,263
Other operating expense		7,432			78		230		7,740
Total costs and expenses		1,105,458			586,432		59,610		1,751,500
Income/(loss) from operations		215,304			114,510		(59,610)		270,204
Interest expense		(158)			(466)		(3,774)		(4,398)
Intercompany interest income/(expense)		19,484			13,661		(33,145)		-
Other income—net		285			31		10,755		11,071
Income/(expense) before income taxes		234,915			127,736		(85,774)		276,877
Income taxes		(56,088)			(29,899)		14,763		(71,224)
Net income/(loss)	$	178,827		$	97,837	$	(71,011)	$	205,653

(a) The following amounts are included in net income (in thousands):
								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
Pretax benefit/(cost):
Stock option expense	$	-		$	-	$	(24,285)	$	(24,285)
Legal settlements		(7,253)			-		(308)		(7,561)
Amortization of reacquired franchise agreements		-			(7,056)		-		(7,056)
Long-term incentive compensation		-			-		(6,904)		(6,904)
Acquisition expense		(8)			(1,953)		-		(1,961)
Total	$	(7,261)		$	(9,009)	$	(31,497)	$	(47,767)

								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
After-tax benefit/(cost):
Stock option expense	$	-		$	-	$	(20,638)	$	(20,638)
Long-term incentive compensation		-			-		(6,189)		(6,189)
Legal settlements		(5,491)			-		(238)		(5,729)
Amortization of reacquired franchise agreements		-			(5,412)		-		(5,412)
Acquisition expense		(6)			(1,497)		-		(1,503)
Excess tax expense on stock compensation		-			-		(1,022)		(1,022)
Total	$	(5,497)		$	(6,909)	$	(28,087)	$	(40,493)

‎

-37-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025
(in thousands)(unaudited)

						Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
2025 (a)
Service revenues and sales	$	1,211,341		$	679,300	$	-	$	1,890,641
Cost of services provided and goods sold		951,466			338,312		-		1,289,778
Selling, general and administrative expenses		76,861			183,856		50,968		311,685
Depreciation		15,863			24,899		36		40,798
Amortization		78			7,635		-		7,713
Other operating expense/(income)		3,155			(80)		-		3,075
Total costs and expenses		1,047,423			554,622		51,004		1,653,049
Income/(loss) from operations		163,918			124,678		(51,004)		237,592
Interest expense		(150)			(394)		(685)		(1,229)
Intercompany interest income/(expense)		16,436			11,930		(28,366)		-
Other income - net		170			58		13,742		13,970
Income/(expense) before income taxes		180,374			136,272		(66,313)		250,333
Income taxes		(45,353)			(32,344)		15,851		(61,846)
Net income/(loss)	$	135,021		$	103,928	$	(50,462)	$	188,487

(a) The following amounts are included in net income (in thousands):
								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
Pretax benefit/(cost):
Stock option expense	$	-		$	-	$	(24,374)	$	(24,374)
Amortization of reacquired franchise agreements		-			(7,056)		-		(7,056)
Long-term incentive compensation		-			-		(3,294)		(3,294)
Legal settlements		(2,850)			-		-		(2,850)
Other		-			-		(2,665)		(2,665)
Total	$	(2,850)		$	(7,056)	$	(30,333)	$	(40,239)

								Chemed
	VITAS		Roto-Rooter		Corporate	Consolidated
After-tax benefit/(cost):
Stock option expense	$	-		$	-	$	(20,576)	$	(20,576)
Amortization of reacquired franchise agreements		-			(5,419)		-		(5,419)
Long-term incentive compensation		-			-		(2,915)		(2,915)
Legal settlements		(2,152)			-		-		(2,152)
Excess tax benefits on stock compensation		-			-		513		513
Other		-			-		(2,665)		(2,665)
Total	$	(2,152)		$	(5,419)	$	(25,643)	$	(33,214)

‎

-38-


Unaudited Consolidating Summary and Reconciliation of Adjusted EBITDA

Chemed Corporation and Subsidiary Companies
(in thousands)									Chemed
For the three months ended September 30, 2026	VITAS		Roto-Rooter	Corporate		Consolidated

	Net income/(loss)	$	65,708	$	30,140		$	(24,200)		$	71,648
	Add/(deduct):
	Interest expense		54		145			1,898			2,097
	Income taxes		20,270		9,152			(4,362)			25,060
	Depreciation		5,791		8,624			12			14,427
	Amortization		25		2,949			-			2,974
	EBITDA		91,848		51,010			(26,652)			116,206
	Add/(deduct):
	Intercompany interest expense/(income)		(6,766)		(4,574)			11,340			-
	Interest income		(113)		(5)			(177)			(295)
	Legal settlements		6,705		-			308			7,013
	Stock option expense		-		-			5,984			5,984
	Long-term incentive compensation		-		-			3,151			3,151
	Acquisition expense		-		1,726			-			1,726
	Adjusted EBITDA	$	91,674	$	48,157		$	(6,046)		$	133,785

										Chemed
For the three months ended September 30, 2025	VITAS		Roto-Rooter	Corporate		Consolidated

	Net income/(loss)	$	46,771	$	32,071		$	(14,605)		$	64,237
	Add/(deduct):
	Interest expense		56		132			269			457
	Income taxes		14,993		10,407			(6,093)			19,307
	Depreciation		5,354		8,298			12			13,664
	Amortization		26		2,544			-			2,570
	EBITDA		67,200		53,452			(20,417)			100,235
	Add/(deduct):
	Intercompany interest expense/(income)		(5,685)		(4,030)			9,715			-
	Interest income		(69)		(25)			(2,462)			(2,556)
	Stock option expense		-		-			6,067			6,067
	Legal settlements		2,850		-			-			2,850
	Long-term incentive compensation		-		-			(216)			(216)
	Other		-		-			2,665			2,665
	Adjusted EBITDA	$	64,296	$	49,397		$	(4,648)		$	109,045

‎

-39-


Unaudited Consolidating Summary and Reconciliation of Adjusted EBITDA

Chemed Corporation and Subsidiary Companies
(in thousands)									Chemed
For the nine months ended September 30, 2026	VITAS		Roto-Rooter	Corporate		Consolidated

	Net income/(loss)	$	178,827	$	97,837		$	(71,011)		$	205,653
	Add/(deduct):
	Interest expense		158		466			3,774			4,398
	Income taxes		56,088		29,899			(14,763)			71,224
	Depreciation		17,484		25,477			36			42,997
	Amortization		78		8,185			-			8,263
	EBITDA		252,635		161,864			(81,964)			332,535
	Add/(deduct):
	Intercompany interest expense/(income)		(19,484)		(13,661)			33,145			-
	Interest income		(274)		(31)			(1,094)			(1,399)
	Stock option expense		-		-			24,285			24,285
	Legal settlements		7,253		-			308			7,561
	Long-term incentive compensation		-		-			6,904			6,904
	Acquisition expense		8		1,953			-			1,961
	Adjusted EBITDA	$	240,138	$	150,125		$	(18,416)		$	371,847

										Chemed
For the nine months ended September 30, 2025	VITAS		Roto-Rooter	Corporate		Consolidated

	Net income/(loss)	$	135,021	$	103,928		$	(50,462)		$	188,487
	Add/(deduct):
	Interest expense		150		394			685			1,229
	Income taxes		45,353		32,344			(15,851)			61,846
	Depreciation		15,863		24,899			36			40,798
	Amortization		78		7,635			-			7,713
	EBITDA		196,465		169,200			(65,592)			300,073
	Add/(deduct):
	Intercompany interest expense/(income)		(16,436)		(11,930)			28,366			-
	Interest income		(176)		(58)			(6,952)			(7,186)
	Stock option expense		-		-			24,374			24,374
	Long-term incentive compensation		-		-			3,294			3,294
	Legal settlements		2,850		-			-			2,850
	Other		-		-			2,665			2,665
	Adjusted EBITDA	$	182,703	$	157,212		$	(13,845)		$	326,070

‎

-40-



RECONCILIATION OF ADJUSTED NET INCOME
(in thousands, except per share data)(unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026	2025
Net income as reported	$	71,648		$	64,237	$	205,653	$	188,487

Add/(deduct) pre-tax cost of:
Stock option expense		5,984			6,067		24,285		24,374
Legal settlements		7,013			2,850		7,561		2,850
Amortization of reacquired franchise agreements		2,352			2,352		7,056		7,056
Long-term incentive compensation		3,151			(216)		6,904		3,294
Acquisition expense		1,726			-		1,961		-
Other		-			2,665		-		2,665
Add/(deduct) tax impacts:
Tax impact of the above pre-tax adjustments (1)		(3,670)			(2,049)		(8,296)		(6,512)
Excess tax expense/(benefit) on stock compensation		521			-		1,022		(513)
Adjusted net income	$	88,725		$	75,906	$	246,146	$	221,701

Diluted Earnings Per Share As Reported
Net income	$	5.45		$	4.46	$	15.43	$	12.89
Average number of shares outstanding		13,135			14,409		13,329		14,620

Adjusted Diluted Earnings Per Share
Adjusted net income	$	6.75		$	5.27	$	18.47	$	15.16
Adjusted average number of shares outstanding		13,135			14,409		13,329		14,620

(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.

‎

-41-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES
OPERATING STATISTICS FOR VITAS SEGMENT
(unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
OPERATING STATISTICS	2026		2025		2026		2025
Net revenue ($000)
Homecare	$	405,969		$	362,405		$	1,168,407		$	1,072,014
Inpatient		36,407			33,099			108,006			100,145
Continuous care		21,159			19,946			58,689			68,222
Other		6,421			5,807			18,204			16,898
Subtotal	$	469,956		$	421,257		$	1,353,306		$	1,257,279
Room and board, net		(3,982)			(3,859)			(11,178)			(11,277)
Contractual allowances		(7,743)			(3,571)			(17,663)			(9,875)
Medicare cap allowance		(828)			(6,086)			(3,703)			(24,786)
Total	$	457,403		$	407,741		$	1,320,762		$	1,211,341
Net revenue as a percent of total before Medicare cap allowances
Homecare		86.4	%		86.0	%		86.3	%		85.3	%
Inpatient		7.7			7.9			8.0			8.0
Continuous care		4.5			4.7			4.3			5.4
Other		1.4			1.4			1.4			1.3
Subtotal		100.0			100.0			100.0			100.0
Room and board, net		(0.8)			(0.8)			(0.8)			(0.9)
Contractual allowances		(1.7)			(0.8)			(1.3)			(0.8)
Medicare cap allowance		(0.2)			(1.4)			(0.3)			(2.0)
Total		97.3	%		97.0	%		97.6	%		96.3	%
Days of care
Homecare		1,872,071			1,685,859			5,356,050			4,980,883
Nursing home		312,663			309,192			910,534			923,458
Respite		12,502			12,184			35,684			33,619
Subtotal routine homecare and respite		2,197,236			2,007,235			6,302,268			5,937,960
Inpatient		30,494			28,530			90,671			86,447
Continuous care		19,683			18,309			55,065			62,576
Total		2,247,413			2,054,074			6,448,004			6,086,983

Number of days in relevant time period		92			92			273			273

Average daily census (days)
Homecare		20,348			18,325			19,619			18,245
Nursing home		3,399			3,361			3,335			3,383
Respite		136			132			131			123
Subtotal routine homecare and respite		23,883			21,818			23,085			21,751
Inpatient		331			310			332			317
Continuous care		214			199			202			229
Total		24,428			22,327			23,619			22,297

Total Admissions		18,995			17,714			57,514			53,398
Total Discharges		18,426			17,348			55,130			52,931
Average length of stay (days)		103.5			109.7			102.5			121.9
Median length of stay (days)		17.0			18.0			16.0			18.0

ADC by major diagnosis
Cerebro		44.1	%		44.1	%		44.4	%		44.6	%
Neurological		11.2			11.6			11.1			11.8
Cancer		9.2			10.1			9.4			9.8
Cardio		16.8			15.9			16.6			16.0
Respiratory		8.1			7.7			7.9			7.4
Other		10.6			10.6			10.6			10.4
Total		100.0	%		100.0	%		100.0	%		100.0	%
Admissions by major diagnosis
Cerebro		28.0	%		27.1	%		27.5	%		27.6	%
Neurological		6.7			6.9			6.9			6.8
Cancer		24.7			26.6			24.3			25.9
Cardio		14.9			14.3			15.3			14.7
Respiratory		12.3			10.5			12.2			10.9
Other		13.4			14.6			13.8			14.1
Total		100.0	%		100.0	%		100.0	%		100.0	%

Estimated uncollectible accounts as a percent of revenues		1.2	%		0.9	%		1.3	%		0.8	%
Accounts receivable --
Days of revenue outstanding- excluding unapplied Medicare payments		39.0			37.5			n.a.			n.a.
Days of revenue outstanding- including unapplied Medicare payments		37.4			34.0			n.a.			n.a.

‎

-42-

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Regarding Forward-Looking Information

Certain statements contained in this report are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “hope”, “anticipate”, “plan” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. These forward-looking statements are based on current expectations and assumptions and involve various known and unknown risks, uncertainties, contingencies and other factors, which could cause Chemed’s actual results to differ from those expressed in such forward-looking statements. Variances in any or all of the risks, uncertainties, contingencies, and other factors from our assumptions could cause actual results to differ materially from these forward-looking statements and trends. In addition, our ability to deal with the unknown outcomes of these events, many of which are beyond our control, may affect the reliability of projections and other financial matters. Investors are cautioned that such forward-looking statements are subject to inherent risk and there are no assurances that the matters contained in such statements will be achieved. Chemed does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Company’s primary market risk exposure relates to interest rate risk exposure through its variable interest line of credit. At September 30, 2026, the Company has $236.0 million of variable rate debt outstanding. For each $10 million borrowed under the credit facility, an increase or decrease of 100 basis points (1%), increases or decreases the Company’s annual interest expense by $100,000.

The Company continually evaluates this interest rate exposure and periodically weighs the cost versus the benefit of fixing the variable interest rates through a variety of hedging techniques.

Item 4. Controls and Procedures

We carried out an evaluation, under the supervision of the Company’s President and Chief Executive Officer and with the participation of the Executive Vice President, Chief Financial Officer and Controller, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Controller have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report. There has been no change in our internal control over financial reporting that occurred during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For information regarding the Company’s legal proceedings, see Note 11, Legal and Regulatory Matters, under Part I, Item I of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

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

‎

-43-

Item 2(c). Purchases of Equity Securities by Issuer and Affiliated Purchasers

The following table shows the activity related to our share repurchase program for the first nine months of 2026:



	Total Number	Weighted Average		Cumulative Shares		Dollar Amount
	of Shares	Price Paid Per		Repurchased Under		Remaining Under
	Repurchased	Share		the Program		The Program

February 2011 Program
January 1 through January 31, 2026	-	$	-		12,161,858		$	127,282,674
February 1 through February 28, 2026 (1)	-		-		12,161,858			427,282,674
March 1 through March 31, 2026	500,000		395.36		12,661,858		$	229,601,903

First Quarter Total	500,000	$	395.36

April 1 through April 30, 2026	40,300	$	422.59		12,702,158		$	212,571,327
May 1 through May 31, 2026	109,700		424.12		12,811,858			166,045,452
June 1 through June 30, 2026	60,000		438.07		12,871,858		$	139,761,356

Second Quarter Total	210,000	$	427.81

July 1 through July 31, 2026	-	$	-		12,871,858		$	139,761,356
August 1 through August 31, 2026	75,000		543.40		12,946,858			99,006,380
September 1 through September 30, 2026	50,000		505.51		12,996,858		$	73,730,994

Third Quarter Total	125,000	$	528.24


(1) In February 2026, our Board of Directors authorized an additional $300.0 million under the February 2011 Repurchase Program.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.
‎

-44-

Item 6. Exhibits



Exhibit No.		Description

10.1		Sixth Amended and Restated Credit Agreement

31.1		Certification by Kevin J. McNamara pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act of 1934.

31.2		Certification by Michael D. Witzeman pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act of 1934.

32.1		Certification by Kevin J. McNamara pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification by Michael D. Witzeman pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101		The following materials from Chemed Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) The Condensed Consolidated Balance Sheet, (ii) The Condensed Consolidated Statement of Income, (iii) The Condensed Consolidated Statement of Cash Flows, (iv) The Condensed Statement of Equity, and (v) Notes to the Condensed Consolidated Financial Statements.
104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in iXBRL and contained in Exhibit 101.

‎

-45-

SIGNATURES

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


			Chemed Corporation
			(Registrant)


Dated:	October 29, 2026	By:	/s/ Kevin J. McNamara
			Kevin J. McNamara
			(President and Chief Executive Officer)



Dated:	October 29, 2026	By:	/s/ Michael D. Witzeman
			Michael D. Witzeman
			(Executive Vice President, Chief Financial Officer and Controller)

-46-

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