# EDGAR Filing Document

**Accession Number:** 0000019584
**File Stem:** 0001562762-25-000181
**Filing Date:** 2025-7
**Character Count:** 74688
**Document Hash:** 57cf971d34b74181ab0bacb3563c76b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-25-000181.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001562762-25-000181

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHEMED CORP
- **CENTRAL INDEX KEY:** 0000019584
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HOME HEALTH CARE SERVICES [8082]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 310791746
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08351
- **FILM NUMBER:** 251162585

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 2600
- **STREET 2:** 255 E FIFTH ST
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** (513)762-6690

**MAIL ADDRESS:**
- **STREET 1:** SUITE 2600
- **STREET 2:** 255 E FIFTH STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202-4726

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROTO-ROOTER INC
- **DATE OF NAME CHANGE:** 20030613

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMED CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? che-20250729x8k

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 29, 2025

CHEMED CORPORATION

(Exact name of registrant as specified in its charter)

      <br> <u>Delaware </u> <u> 1-8351 </u> <u> 31-0791746 </u> <br> <u>(State or other‎jurisdiction of‎incorporation)</u> <u>(Commission File Number)</u> <u>(I.R.S. Employer‎Identification‎Number)</u>

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):

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

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

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

[_] &nbsp;&nbsp;&nbsp;&nbsp; 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:

---

| | |
|:---|:---|
| <br>**Title of each class** | **Name of each exchange on which**<br>**registered** |
| Capital stock $1 par value <br> 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

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**Item 2.02 Results of Operations and Financial Condition**

On July 29, 2025, Chemed Corporation issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the release is furnished herewith as Exhibit 99.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors: Appointment of Certain Officers, Compensatory Arrangements of Certain Officers.**

(b) Nicholas M. Westfall, Executive Vice President of Chemed Corporation (the "Company") and Chairman and Chief Executive Officer of Vitas, advised that he is resigning as Chairman and Chief Executive Officer of Vitas effective as of July 29, 2025, to pursue other interests. He will continue as Executive Vice President of Chemed and will assist with the transition of his duties until December 1, 2025. A copy of the press release announcing the events described above is attached hereto as Exhibit 99.

**Item 9.01 Financial Statements and Exhibits**

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| | |
|:---|:---|
| d) | Exhibit |
|  | [<u>(99) Registrant's press release dated June 30, 2025</u>](che-20250729xex99.htm) |
|  | 104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL |

---

Page 2 of 3

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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 | CHEMED CORPORATION |
| Dated: <u>July 29, 2025</u> | By: | /s/ <u>Michael D. Witzeman</u> |
|  |  | Michael D. Witzeman |
|  |  | Executive Vice President and Chief Financial Officer |

---

Page 3 of 3

## Ex-99

![Picture 2](che-20250729xex99g001.jpg)

CONTACT: Michael D. Witzeman

(513) 762-6714

**Chemed Reports Second-Quarter 2025 Results and Announces Executive Management Departure**

CINCINNATI, July 29, 2025—Chemed Corporation (Chemed) (NYSE: CHE), which operates VITAS Healthcare Corporation (VITAS), one of 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, 2025, versus the comparable prior-year period.

<u>Results for Quarter Ended June 30, 2025</u>

Consolidated operating results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenue increased 3.8% to $618.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· GAAP Diluted Earnings-per-Share (EPS) of $3.57, a decrease of 23.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted Diluted EPS of $4.27, a decrease of 21.9%

VITAS segment operating results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net Patient Revenue of $396.2 million, an increase of 5.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Average Daily Census (ADC) of 22,318, an increase of 6.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Admissions of 17,545, an increase of 1.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net Income, excluding certain discrete items, of $38.2 million, a decrease of 23.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA, excluding Medicare Cap, of $66.8 million, essentially flat with the same period of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA margin, excluding Medicare Cap, of 16.2%, a decrease of 163-basis points

Roto-Rooter segment operating results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Revenue of $222.6 million, an increase of 0.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net Income, excluding certain discrete items, of $33.7 million, a decrease of 20.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA of $48.6 million, a decline of 18.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA margin of 21.8%, a decline of 517-basis points

------

<u>VITAS</u>

VITAS net revenue was $396.2 million in the second quarter of 2025, which is an increase of 5.8% 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 4.2%. Acuity mix shift negatively impacted revenue growth 71-basis points in the quarter when compared to the prior-year period's revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes negatively impacted revenue growth by 379-basis points.

The second quarter of 2024 included one-time admissions related to the acquisition of Covenant Health in April 2024. Excluding the impact of those one-time admissions, total VITAS admissions increased 4.9% in the second quarter of 2025 compared to the second quarter of 2024.

As discussed in our June 27, 2025 press release, VITAS estimates that it will have a $19 million Medicare Cap billing limitation for the 2025 Medicare Cap year ending September 30, 2025 in its Florida Combined program. The revised projection reflects weaker than anticipated admissions in Florida during the second quarter of 2025. No amount for the 2025 Florida Medicare Cap billing limitation was recognized in prior quarters.

In the second quarter of 2025, VITAS accrued $16.4 million in Medicare Cap billing limitation compared to $1.4 million accrued in the second quarter of 2024.

The $16.4 million Medicare Cap billing limitation accrued in the second quarter of 2025 is comprised of three components. First, a catch-up entry of $9.5 million was required to recognize the Medicare Cap billing limitation in Florida related to the first six-months of the 2025 Medicare Cap year which includes our fourth quarter of 2024 and first quarter of 2025. Second, $4.8 million was recorded related to the Medicare Cap billing limitation for the current quarter of 2025 related to our Florida combined program. Third, $2.1 million was recognized for the current quarter of 2025 related to all other VITAS programs, mainly in California. The amount recognized for all other VITAS programs is in-line with the historical run-rate for these programs and our original projections for 2025.

Of VITAS' 35 Medicare provider numbers, 28 provider numbers have a full-year projected Medicare Cap cushion of 10% or greater, three provider numbers have a cushion between 0% and 10%, and four provider numbers have a Medicare Cap billing limitation totaling $28.2 million.

Average revenue per patient per day in the second quarter of 2025 was $207.03 which is 350-basis points above the prior-year period. Reimbursement for routine home care and high acuity care averaged $183.63 and $1,136.44, respectively. During the quarter, high acuity days-of-care were 2.5% of total days of care, a decline of 15-basis points when compared to the prior-year quarter.

The second quarter 2025 gross margin, excluding Medicare Cap, was 22.3%, a 177-basis point decline from the same period of 2024. Selling, general and administrative expenses were $25.1 million in the second quarter of 2025 compared to $24.3 million in the prior quarter.

------

Adjusted EBITDA, excluding Medicare Cap, totaled $66.8 million in the quarter, essentially flat when compared to the prior year period. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 16.2%.

<u>Roto-Rooter</u>

Roto-Rooter generated quarterly revenue of $222.6 million in the second quarter of 2025, an increase of 0.6%, when compared to the prior-year quarter.

Roto-Rooter branch commercial revenue in the quarter totaled $53.2 million, an increase of 4.4% from the prior-year period. This aggregate commercial revenue change consisted of plumbing declining 2.9%, excavation increasing 24.4%, water restoration increasing 11.7% and drain cleaning revenue declining 1.1%.

Roto-Rooter branch residential revenue in the quarter totaled $156.4 million, an increase of 0.9%, over the prior-year period. This aggregate residential revenue change consisted of drain cleaning declining 5.8%, plumbing declining 1.1%, excavation declining 4.3%, and water restoration increasing 16.9%.

In the second quarter of 2025, revenue from independent contractors was $17.4 million which is a decline of 4.4% as compared to the same period of 2024.

Roto-Rooter's second quarter 2025 gross margin was 49.0%. This compares to the prior year quarter's gross margin of 52.9%. Roto-Rooter's selling, general and administrative expenses were $60.5 million in the quarter, which is an increase of 5.6% compared to the second quarter of 2024.

Adjusted EBITDA in the second quarter of 2025 totaled $48.6 million, a decrease of 18.7% when compared to the second quarter of 2024. The Adjusted EBITDA margin in the quarter was 21.8% which represents a 517-basis point decline from the second quarter of 2024.

<u>Chemed Consolidated</u>

As of June 30, 2025, Chemed had total cash and cash equivalents of $249.9 million and no current or long-term debt.

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

During the quarter, the Company repurchased 75,000 shares of Chemed stock for $42.9 million which equates to a cost per share of $572.61. As of June 30, 2025, there was approximately $182.6 million of remaining share repurchase authorization under its plan.

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<u>Revision to Guidance for 2025</u>

VITAS full year 2025 revenue, prior to Medicare Cap, is estimated to increase 7.5% to 8.5% when compared to 2024. Full year adjusted EBITDA margin, prior to Medicare Cap, is estimated to be 18.2% to 18.7%. We are currently estimating $28.2 million in Medicare Cap billing limitations in calendar 2025. This is comprised of $19 million related to the Florida combined program and $9.2 million for all other VITAS programs.

There is no Medicare Cap billing limitation in the fourth quarter included in the guidance related to the Florida combined program. Management does not expect a significant level of Medicare Cap billing limitation in our Florida combined program for the 2026 Cap Year beginning October 1, 2025. This expectation assumes that the rate differential that occurred for the 2025 Cap Year does not recur in 2026. The detailed rate information related to the reimbursement increase in Florida for 2026 will become available during the third quarter. Recent successful Florida CON VITAS applications and other expansion activities in the state should serve to further mitigate cap risk for 2026 and beyond. We intend to update our assumptions regarding rates and the overall outlook for 2026 Medicare Cap in Florida in the third quarter earnings release.

Roto-Rooter is forecasted to have a 1.25% to 1.75% revenue increase in 2025 compared to 2024. Roto-Rooter's adjusted EBITDA margin for 2025 is expected to be 23.5% to 24.5%.

Based on the above, full year 2025 earnings per diluted share, excluding non-cash expense for stock options, tax benefits from stock option exercises, costs related to litigation and other discrete items, is estimated to be in the range of $22.00 to $22.30. This guidance assumes an effective tax rate of 25.3% and a diluted share count of 14.7 million shares. Chemed's previously issued 2025 guidance range was $24.95 to $25.45. Chemed's 2024 reported adjusted earnings per diluted share was $23.13.

<u>Executive Management Departure</u>

After a successful sixteen-year career, Executive Vice President of Chemed and Chairman and Chief Executive Officer of VITAS, Nicholas M. Westfall, has announced that he is departing the Company to pursue other personal and professional opportunities. Mr. Westfall will continue to work with the Company until December 1, 2025 to ensure an orderly transition. Mr. Westfall has been with Chemed since May 2009. He transitioned to the role of Senior Vice President of Operations at VITAS in 2012 and was promoted to Chief Operating Officer in 2015. Mr. Westfall has been serving as an Executive Vice President of Chemed and Chief Executive Officer of VITAS since June 2016 and was named Chairman and Chief Executive Officer of VITAS in 2024.

Kevin J. McNamara, Chemed's Chief Executive Officer said, "Nick has evolved, transformed and cultivated the organization to be well positioned for the future and has elevated VITAS' leadership in the industry over the last thirteen years. We thank him for his service and wish him well in his next pursuits."

Joel L. Wherley, VITAS President and Chief Operating Officer, will succeed Mr. Westfall as Chief Executive Officer of VITAS. Mr. Wherley has been at VITAS since 2016, initially serving as a

------

Senior Vice President of Operations before being promoted to Executive Vice President and Chief Operating Officer in 2017. Mr. Wherley was promoted to President and Chief Operating Officer in 2024.

Mr. McNamara stated, "We look forward to Joel's leadership of VITAS. He has spent his entire career in the healthcare industry, with over 15 years in hospice. His deep knowledge of our industry and organization leave him perfectly suited to lead VITAS' continued success."

<u>Conference Call</u>

As previously disclosed, Chemed will host a conference call and webcast at 10 a.m., ET, on Wednesday July 30, 2025, to discuss the company's quarterly results and to provide an update on its business. Participants may access a live webcast of the conference call through the investor relations section of Chemed's website, <u>Investor Relations Home \| Chemed Corporation</u> or the hosting website <u>https://edge.media-server.com/mmc/p/vzh53v7p</u>.

Participants may also register via teleconference at:

https://register-conf.media-server.com/register/BI1cf6ed1d293547f9af3111729ba98b48.

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, VITAS's future prospects related to Florida new starts and Certificate of Needs applications and Chemed's expectations regarding demand for Roter-Rooter's services.* 

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** | **CONSOLIDATED STATEMENTS OF INCOME** |
| (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) |
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Service revenues and sales | $**618798** | $595880 | $**1265741** | 1185113 |
| Cost of services provided and goods sold | **434105** | 389750 | **864635** | 774877 |
| Selling, general and administrative expenses (aa) | **100323** | 102255 | **205910** | 218128 |
| Depreciation | **13689** | 13167 | **27134** | 26454 |
| Amortization | **2571** | 2546 | **5143** | 5067 |
| Other operating expense | **26** | 37 | **77** | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | **550714** | 507755 | **1102899** | 1024655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from operations | **68084** | 88125 | **162842** | 160458 |
| Interest expense | **(443)** | (429) | **(772)** | (854) |
| Other income--net (bb) | **3474** | 6132 | **4719** | 18709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | **71115** | 93828 | **166789** | 178313 |
| Income taxes | **(18622)** | (22941) | **(42539)** | (42409) |
| Net income | $**52493** | $70887 | $**124250** | $135904 |
| **Earnings Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $**3.60** | $4.70 | $**8.51** | $8.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average number of shares outstanding | **14591** | 15097 | **14606** | 15109 |
| **Diluted Earnings Per Share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $**3.57** | $4.65 | $**8.43** | $8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average number of shares outstanding | **14703** | 15251 | **14733** | 15295 |
| (aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands): | (aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands): | (aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands): | (aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands): | (aa) Selling, general and administrative ("SG&A") expenses comprise (in thousands): |
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| SG&A expenses before long-term incentive compensation |  |  |  |  |
| &nbsp;&nbsp; and the impact of market value adjustments related to |  |  |  |  |
| &nbsp;&nbsp; deferred compensation plans | $**98552** | $96025 | $**202312** | $194443 |
| Long-term incentive compensation | **853** | 3593 | **3510** | 12714 |
| Market value adjustments related to deferred |  |  |  |  |
| &nbsp;&nbsp; compensation trusts | **918** | 2637 | **88** | 10971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total SG&A expenses | $**100323** | $102255 | $**205910** | $218128 |
| (bb) Other income--net comprises (in thousands): | (bb) Other income--net comprises (in thousands): | (bb) Other income--net comprises (in thousands): |  |  |
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Interest income | $**2555** | $3495 | $**4631** | $7737 |
| Market value adjustments related to deferred |  |  |  |  |
| &nbsp;&nbsp; compensation trusts | **918** | 2637 | **88** | 10971 |
| Other | **1** | &nbsp;&nbsp;&nbsp;&nbsp;- | **-** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other income--net | $**3474** | $6132 | $**4719** | $18709 |

---

------

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| | | |
|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** | **CONSOLIDATED BALANCE SHEETS** |
| (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) |
|  | June 30, | June 30, |
|  | **2025** | 2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $**249904** | $222903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable less allowances | **184880** | 184961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | **9148** | 10735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid income taxes | **14239** | 17084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | **33206** | 28929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | **491377** | 464612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments of deferred compensation plans held in trust | **129560** | 120784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Properties and equipment, at cost less accumulated depreciation | **202281** | 202249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease right of use asset | **131948** | 132262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identifiable intangible assets less accumulated amortization | **87360** | 97035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | **666996** | 662124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | **8325** | 55918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $**1717847** | $1734984 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $**50864** | $43001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued insurance | **66888** | 59899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued compensation | **54688** | 78374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term lease liability | **43700** | 41169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | **47746** | 39310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | **263886** | 261753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | **12703** | 27901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred compensation liabilities | **127699** | 119780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term lease liability | **101861** | 105233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | **13213** | 13020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | **519362** | 527687 |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | **37593** | 37313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | **1576165** | 1416166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | **2831540** | 2570722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury stock, at cost | **(3249115)** | (2819053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred compensation payable in Company stock | **2302** | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Stockholders' Equity | **1198485** | 1207297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities and Stockholders' Equity | $**1717847** | $1734984 |

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| | | |
|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) |
|  | Six Months Ended June 30, | Six Months Ended June 30, |
|  | **2025** | 2024 |
| **Cash Flows from Operating Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $**124250** | $135904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | **32277** | 31521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | **18307** | 17895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit for deferred income taxes | **(13243)** | (2420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncash long-term incentive compensation | **3273** | 12699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncash directors' compensation | **1123** | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | **160** | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation settlements | **-** | (5750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities, excluding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amounts acquired in business combinations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accounts receivable | **(13466)** | (2422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/decrease in inventories | **(955)** | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Increase)/decrease in prepaid expenses | **(7232)** | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in accounts payable and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other current liabilities | **(12449)** | (19499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in current income taxes | **(10764)** | (10776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in lease assets and liabilities | **(72)** | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease/(increase) in other assets | **48426** | (15365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other liabilities | **1521** | 15730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other sources | **194** | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities | **171350** | 162066 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | **(29088)** | (23225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of fixed assets | **480** | 2916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business combinations, net of cash acquired | **(225)** | (92300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other uses | **(322)** | (265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used by investing activities | **(29155)** | (112874) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of treasury stock | **(76168)** | (94228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options | **27152** | 38594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | **(14542)** | (12107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock surrendered to pay taxes on stock-based compensation | **(8484)** | (5960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in cash overdrafts payable | **309** | (15749) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other sources/(uses) | **1092** | (797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used by financing activities | **(70641)** | (90247) |
| **Increase/(Decrease) in Cash and Cash Equivalents** | **71554** | (41055) |
| Cash and cash equivalents at beginning of year | **178350** | 263958 |
| Cash and cash equivalents at end of period | $**249904** | $222903 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** |
| **FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024** |
| (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) |
|  |  |  |  | **Chemed** |
|  | **VITAS** | **Roto-Rooter** | **Corporate** | **Consolidated** |
| **2025 (a)** |  |  |  |  |
| Service revenues and sales | $396201 | $222597 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $618798 |
| Cost of services provided and goods sold | 320644 | 113461 | &nbsp;&nbsp;&nbsp;&nbsp;- | 434105 |
| Selling, general and administrative expenses | 25085 | 60536 | 14702 | 100323 |
| Depreciation | 5314 | 8363 | 12 | 13689 |
| Amortization | 26 | 2545 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2571 |
| Other operating expense/(income) | 55 | (29) | &nbsp;&nbsp;&nbsp;&nbsp;- | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 351124 | 184876 | 14714 | 550714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) from operations | 45077 | 37721 | (14714) | 68084 |
| Interest expense | (47) | (129) | (267) | (443) |
| Intercompany interest income/(expense) | 5454 | 3970 | (9424) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Other income—net | 61 | 23 | 3390 | 3474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) before income taxes | 50545 | 41585 | (21015) | 71115 |
| Income taxes | (12326) | (9671) | 3375 | (18622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income/(loss) | $38219 | $31914 | $(17640) | $52493 |
| 2024 (b) |  |  |  |  |
| Service revenues and sales | $374558 | $221322 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $595880 |
| Cost of services provided and goods sold | 285517 | 104233 | &nbsp;&nbsp;&nbsp;&nbsp;- | 389750 |
| Selling, general and administrative expenses | 24293 | 57351 | 20611 | 102255 |
| Depreciation | 5058 | 8096 | 13 | 13167 |
| Amortization | 26 | 2520 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2546 |
| Other operating expense/(income) | 56 | (19) | &nbsp;&nbsp;&nbsp;&nbsp;- | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 314950 | 172181 | 20624 | 507755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) from operations | 59608 | 49141 | (20624) | 88125 |
| Interest expense | (46) | (118) | (265) | (429) |
| Intercompany interest income/(expense) | 4982 | 3540 | (8522) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Other income—net | 46 | 24 | 6062 | 6132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) before income taxes | 64590 | 52587 | (23349) | 93828 |
| Income taxes | (15338) | (12070) | 4467 | (22941) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income/(loss) | $49252 | $40517 | $(18882) | $70887 |
| The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** | **CONSOLIDATING STATEMENTS OF INCOME** |
| **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** |
| (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) |
|  |  |  |  | **Chemed** |
|  | **VITAS** | **Roto-Rooter** | **Corporate** | **Consolidated** |
| **2025 (a)** |  |  |  |  |
| Service revenues and sales | $803600 | $462141 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $1265741 |
| Cost of services provided and goods sold | 633451 | 231184 | &nbsp;&nbsp;&nbsp;&nbsp;- | 864635 |
| Selling, general and administrative expenses | 51624 | 123184 | 31102 | 205910 |
| Depreciation | 10509 | 16601 | 24 | 27134 |
| Amortization | 52 | 5091 | &nbsp;&nbsp;&nbsp;&nbsp;- | 5143 |
| Other operating expense/(income) | 119 | (42) | &nbsp;&nbsp;&nbsp;&nbsp;- | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 695755 | 376018 | 31126 | 1102899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) from operations | 107845 | 86123 | (31126) | 162842 |
| Interest expense | (95) | (261) | (416) | (772) |
| Intercompany interest income/(expense) | 10750 | 7900 | (18650) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Other income—net | 110 | 32 | 4577 | 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) before income taxes | 118610 | 93794 | (45615) | 166789 |
| Income taxes | (30361) | (21936) | 9758 | (42539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income/(loss) | $88249 | $71858 | $(35857) | $124250 |
| 2024 (b) |  |  |  |  |
| Service revenues and sales | $728564 | $456549 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $1185113 |
| Cost of services provided and goods sold | 557411 | 217466 | &nbsp;&nbsp;&nbsp;&nbsp;- | 774877 |
| Selling, general and administrative expenses | 48085 | 118611 | 51432 | 218128 |
| Depreciation | 10225 | 16204 | 25 | 26454 |
| Amortization | 52 | 5015 | &nbsp;&nbsp;&nbsp;&nbsp;- | 5067 |
| Other operating expense | 63 | 66 | &nbsp;&nbsp;&nbsp;&nbsp;- | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total costs and expenses | 615836 | 357362 | 51457 | 1024655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) from operations | 112728 | 99187 | (51457) | 160458 |
| Interest expense | (92) | (235) | (527) | (854) |
| Intercompany interest income/(expense) | 10176 | 6982 | (17158) | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Other income—net | 75 | 47 | 18587 | 18709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income/(loss) before income taxes | 122887 | 105981 | (50555) | 178313 |
| Income taxes | (29666) | (24610) | 11867 | (42409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income/(loss) | $93221 | $81371 | $(38688) | $135904 |
| The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** |
| **FOR THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THREE MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THREE MONTHS ENDED JUNE 30, 2025 AND 2024** |
| (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) |
|  |  |  |  | **Chemed** |
|  | **VITAS** | **Roto-Rooter** | **Corporate** | **Consolidated** |
| **2025** |  |  |  |  |
| Net income/(loss) | $38219 | $31914 | $(17640) | $52493 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 47 | 129 | 267 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 12326 | 9671 | (3375) | 18622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 5314 | 8363 | 12 | 13689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 26 | 2545 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBITDA | 55932 | 52622 | (20736) | 87818 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercompany interest expense/(income) | (5454) | (3970) | 9424 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (61) | (23) | (2472) | (2556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 9216 | 9216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 853 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $50417 | $48629 | $(3715) | $95331 |
| 2024 |  |  |  |  |
| Net income/(loss) | $49252 | $40517 | $(18882) | $70887 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 46 | 118 | 265 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 15338 | 12070 | (4467) | 22941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 5058 | 8096 | 13 | 13167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 26 | 2520 | &nbsp;&nbsp;&nbsp;&nbsp;- | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBITDA | 69720 | 63321 | (23071) | 109970 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercompany interest expense/(income) | (4982) | (3540) | 8522 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (45) | (25) | (3425) | (3495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 8870 | 8870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 3593 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition expense | 907 | 45 | &nbsp;&nbsp;&nbsp;&nbsp;- | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $65600 | $59801 | $(5511) | $119890 |
| The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** | **CONSOLIDATING SUMMARIES OF EBITDA** |
| **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** |
| (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) | (in thousands)(unaudited) |
|  |  |  |  | **Chemed** |
|  | **VITAS** | **Roto-Rooter** | **Corporate** | **Consolidated** |
| **2025** |  |  |  |  |
| Net income/(loss) | $88249 | $71858 | $(35857) | $124250 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 95 | 261 | 416 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 30361 | 21936 | (9758) | 42539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 10509 | 16601 | 24 | 27134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 52 | 5091 | &nbsp;&nbsp;&nbsp;&nbsp;- | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBITDA | 129266 | 115747 | (45175) | 199838 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercompany interest expense/(income) | (10750) | (7900) | 18650 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (110) | (33) | (4489) | (4632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 18307 | 18307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 3510 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $118406 | $107814 | $(9197) | $217023 |
| 2024 |  |  |  |  |
| Net income/(loss) | $93221 | $81371 | $(38688) | $135904 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 92 | 235 | 527 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes | 29666 | 24610 | (11867) | 42409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 10225 | 16204 | 25 | 26454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | 52 | 5015 | &nbsp;&nbsp;&nbsp;&nbsp;- | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EBITDA | 133256 | 127435 | (50003) | 210688 |
| Add/(deduct): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercompany interest expense/(income) | (10176) | (6982) | 17158 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (75) | (47) | (7615) | (7737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 17895 | 17895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 7377 | 7377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance arrangement | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 5337 | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition expense | 907 | 45 | &nbsp;&nbsp;&nbsp;&nbsp;- | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA | $123912 | $120451 | $(9851) | $234512 |
| The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **RECONCILIATION OF ADJUSTED NET INCOME** | **RECONCILIATION OF ADJUSTED NET INCOME** | **RECONCILIATION OF ADJUSTED NET INCOME** | **RECONCILIATION OF ADJUSTED NET INCOME** | **RECONCILIATION OF ADJUSTED NET INCOME** |
| (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) | (in thousands, except per share data)(unaudited) |
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Net income as reported | $**52493** | $70887 | $**124250** | $135904 |
| Add/(deduct) pre-tax cost of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | **9216** | 8870 | **18307** | 17895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of reacquired franchise rights | **2352** | 2352 | **4704** | 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | **853** | 3593 | **3510** | 7377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition expense | **-** | 952 | **-** | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severance arrangement | **-** | &nbsp;&nbsp;&nbsp;&nbsp;- | **-** | 5337 |
| Add/(deduct) tax impacts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax impact of the above pre-tax adjustments (1) | **(2143)** | (2613) | **(4462)** | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Excess tax benefits on stock compensation | **(50)** | (622) | **(513)** | (3919) |
| Adjusted net income | $**62721** | $83419 | $**145796** | $163250 |
| Diluted Earnings Per Share As Reported |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | $**3.57** | $4.65 | $**8.43** | $8.89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average number of shares outstanding | **14703** | 15251 | **14733** | 15295 |
| Adjusted Diluted Earnings Per Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjusted net income | $**4.27** | $5.47 | $**9.90** | $10.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average number of shares outstanding | **14703** | 15251 | **14733** | 15295 |
| (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. | (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. | (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. | (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. | (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. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. | The "Footnotes to Financial Statements" are integral parts of this financial information. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **OPERATING STATISTICS FOR VITAS SEGMENT (unaudited)** | **OPERATING STATISTICS FOR VITAS SEGMENT (unaudited)** | **OPERATING STATISTICS FOR VITAS SEGMENT (unaudited)** | **OPERATING STATISTICS FOR VITAS SEGMENT (unaudited)** | **OPERATING STATISTICS FOR VITAS SEGMENT (unaudited)** |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| OPERATING STATISTICS | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp; Net revenue ($000) (c) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare | $**358042** | $324778 | $**709608** | $629637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpatient | **33023** | 29071 | **67045** | 59374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuous care | **23640** | 24327 | **48276** | 48497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **5747** | 4733 | **11092** | 8817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | $**420452** | $382909 | $**836021** | $746325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Room and board, net | **(3892)** | (3156) | **(7417)** | (6101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual allowances | **(3984)** | (3820) | **(6304)** | (7910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicare cap allowance | **(16375)** | (1375) | **(18700)** | (3750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Revenue | $**396201** | $374558 | $**803600** | $728564 |
| &nbsp;&nbsp; Net revenue as a percent of total before Medicare cap allowance |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare | **85.2%** | 84.8% | **84.9%** | 84.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpatient | **7.9** | 7.6 | **8.0** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuous care | **5.6** | 6.4 | **5.8** | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **1.3** | 1.2 | **1.3** | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal | **100.0** | 100 | **100.0** | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Room and board, net | **(0.9)** | (0.8) | **(0.9)** | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual allowances | **(0.9)** | (1.0) | **(0.8)** | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicare cap allowance | **(3.9)** | (0.4) | **(2.2)** | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Revenue | **94.3%** | 97.8% | **96.1%** | 97.6% |
| &nbsp;&nbsp; Days of care |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare | **1662455** | 1551163 | **3295024** | 2999075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nursing home | **307158** | 304191 | **614266** | 587349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Respite | **11440** | 9102 | **21435** | 16854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal routine homecare and respite | **1981053** | 1864456 | **3930725** | 3603278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpatient | **28213** | 25895 | **57917** | 52540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuous care | **21647** | 23933 | **44267** | 47970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | **2030913** | 1914284 | **4032909** | 3703788 |
| &nbsp;&nbsp; Number of days in relevant time period | **91** | 91 | **181** | 182 |
| &nbsp;&nbsp; Average daily census ("ADC") (days) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homecare | **18269** | 17046 | **18205** | 16478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nursing home | **3375** | 3343 | **3394** | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Respite | **126** | 100 | **118** | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal routine homecare and respite | **21770** | 20489 | **21717** | 19798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inpatient | **310** | 284 | **320** | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continuous care | **238** | 263 | **244** | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | **22318** | 21036 | **22281** | 20350 |
| &nbsp;&nbsp; Total Admissions | **17545** | 17334 | **35684** | 34245 |
| &nbsp;&nbsp; Total Discharges | **17845** | 15898 | **35583** | 32068 |
| &nbsp;&nbsp; Average length of stay (days) | **137.1** | 100.6 | **127.9** | 102.2 |
| &nbsp;&nbsp; Median length of stay (days) | **20.0** | 18 | **18.0** | 17 |
| &nbsp;&nbsp; ADC by major diagnosis |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerebro | **44.4%** | 42.5% | **44.6%** | 43.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurological | **12.1** | 13.3 | **12.2** | 13.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer | **9.7** | 10 | **9.6** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardio | **16.2** | 16.2 | **16.1** | 16.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Respiratory | **7.5** | 7.3 | **7.3** | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **10.1** | 10.7 | **10.2** | 9.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | **100.0%** | 100.0% | **100.0%** | 100.0% |
| &nbsp;&nbsp; Admissions by major diagnosis |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cerebro | **26.7%** | 27.1% | **27.6%** | 27.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurological | **7.2** | 8.3 | **6.8** | 7.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer | **26.6** | 25 | **25.6** | 24.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cardio | **14.9** | 16.1 | **15.0** | 15.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Respiratory | **10.7** | 9.6 | **11.1** | 10.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | **13.9** | 13.9 | **13.9** | 13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | **100.0%** | 100.0% | **100.0%** | 100.0% |
| Estimated uncollectible accounts as a percent of revenues | **1.0%** | 1.0% | **0.8%** | 1.1% |
| Accounts receivable -- |  |  |  |  |
| Days of revenue outstanding-excluding unapplied Medicare payments | **37.5** | 38.8 | **n.a.** | n.a. |
| Days of revenue outstanding-including unapplied Medicare payments | **26.9** | 34.7 | **n.a.** | n.a. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** | **CHEMED CORPORATION AND SUBSIDIARY COMPANIES** |
| **FOOTNOTES TO FINANCIAL STATEMENTS** | **FOOTNOTES TO FINANCIAL STATEMENTS** | **FOOTNOTES TO FINANCIAL STATEMENTS** | **FOOTNOTES TO FINANCIAL STATEMENTS** | **FOOTNOTES TO FINANCIAL STATEMENTS** | **FOOTNOTES TO FINANCIAL STATEMENTS** |
| **FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** | **FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| (a) | Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations | 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** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  |  | **VITAS** | **Roto-Rooter** | **Corporate** | **Consolidated** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $(9216) | $(9216) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Amortization of reacquired franchise agreements | &nbsp;&nbsp;&nbsp;&nbsp;- | (2352) | &nbsp;&nbsp;&nbsp;&nbsp;- | (2352) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (853) | (853) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretax impact on earnings | &nbsp;&nbsp;&nbsp;&nbsp;- | (2352) | (10069) | (12421) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Excess tax benefits on stock compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 50 | 50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit on the above | &nbsp;&nbsp;&nbsp;&nbsp;- | 546 | 1597 | 2143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After-tax impact on earnings | $&nbsp;&nbsp;&nbsp;&nbsp;- | $(1806) | $(8422) | $(10228) |
|  |  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  |  | **VITAS** | **Roto-Rooter** | **Corporate** | **Consolidated** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $(18307) | $(18307) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Amortization of reacquired franchise agreements | &nbsp;&nbsp;&nbsp;&nbsp;- | (4704) | &nbsp;&nbsp;&nbsp;&nbsp;- | (4704) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | (3510) | (3510) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretax impact on earnings | &nbsp;&nbsp;&nbsp;&nbsp;- | (4704) | (21817) | (26521) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Excess tax benefits on stock compensation | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;- | 513 | 513 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit on the above | &nbsp;&nbsp;&nbsp;&nbsp;- | 1091 | 3371 | 4462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After-tax impact on earnings | $&nbsp;&nbsp;&nbsp;&nbsp;- | $(3613) | $(17933) | $(21546) |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (b) | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations | Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations |
|  | (in thousands): |  |  |  |  |  |  |  |  |
|  |  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  |  | **VITAS** | **VITAS** | **Roto-Rooter** | **Roto-Rooter** | **Corporate** | **Corporate** | **Consolidated** | **Consolidated** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | $| &nbsp;&nbsp;&nbsp;&nbsp;- | $| &nbsp;&nbsp;&nbsp;&nbsp;- | $| (8870) | $| (8870) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (3593) |  | (3593) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Amortization of reacquired franchise agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (2352) |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (2352) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Acquisition expense |  | (907) |  | (45) |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (952) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretax impact on earnings |  | (907) |  | (2397) |  | (12463) |  | (15767) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Excess tax benefits on stock compensation |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | 622 |  | 622 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit on the above |  | 220 |  | 559 |  | 1834 |  | 2613 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After-tax impact on earnings | $ | (687) | $ | (1838) | $ | (10007) | $ | (12532) |
|  |  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  |  | **VITAS** | **VITAS** | **Roto-Rooter** | **Roto-Rooter** | **Corporate** | **Corporate** | **Consolidated** | **Consolidated** |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Stock option expense | $| &nbsp;&nbsp;&nbsp;&nbsp;- | $| &nbsp;&nbsp;&nbsp;&nbsp;- | $| (17895) | $| (17895) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Long-term incentive compensation |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (7377) |  | (7377) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Severance arrangement |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (5337) |  | (5337) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Amortization of reacquired franchise agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (4704) |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (4704) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Acquisition expense |  | (907) |  | (45) |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | (952) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretax impact on earnings |  | (907) |  | (4749) |  | (30609) |  | (36265) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Excess tax benefits on stock compensation |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | &nbsp;&nbsp;&nbsp;&nbsp;- |  | 3919 |  | 3919 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit on the above |  | 220 |  | 1107 |  | 3673 |  | 5000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After-tax impact on earnings | $ | (687) | $ | (3642) | $ | (23017) | $ | (27346) |
| (c) | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. | VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas' 35 Medicare provider numbers, for the current cap year, 28 provider numbers have a Medicare cap cushion of greater than 10%, three provider numbers have a Medicare cap cushion between 0% and 10%, and four provider numbers have a Medicare cap liability. |

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