Healthstream (HSTM) FY2025 results: revenue $304 million, up 4.3% on the year
Healthstream Inc. (HSTM) reported revenue of $304 million for fiscal 2025, the year ended 31 December 2025, up 4.3% on the year before. Net income was $18 million, down 8.3%, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$304 million
+4.3% on the year
FY2018FY2025
Operating margin
6.7%
7.3% a year earlier
FY2018FY2025
Net income
$18 million
-8.3% on the year
FY2018FY2025
Diluted EPS
$0.61
-7.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
Record fourth-quarter revenue, up 7.4%: Fourth-quarter revenues were $79.7 million, up 7.4% from $74.2 million, setting a new Company record for quarterly revenue.
Subscription revenue drove growth: Subscription revenues rose $5.8 million, or 8.2%, in the fourth quarter, while professional services revenues fell $0.3 million.
Fourth-quarter adjusted EBITDA up 16.4%: Adjusted EBITDA was $18.8 million in the fourth quarter. Full-year adjusted EBITDA was $71.8 million, up 7.5% from $66.8 million.
CEO gift created $3.8 million charge: The charge comprised a $3.5 million non-cash stock grant and $0.3 million of cash expenses. Adjusted EBITDA was reduced by $0.3 million.
MissionCare Collective acquired in December: MissionCare, with the largest U.S. caregiver network, was bought for $24.6 million cash at closing plus $4.0 million of stock. Up to $10.0 million is contingent over three years.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
63.3
57.7
64.0
+9.8%
Capital expenditure
3.7
1.4
2.2
+163.0%
Free cash flow
59.6
56.3
61.8
+6.0%
Free cash flow margin
19.6%
19.3%
22.1%
Cash from investing
-50.4
-34.0
-56.6
Cash from financing
-36.3
-4.5
-13.0
Depreciation and amortisation
43.5
41.2
41.1
+5.4%
Share-based compensation
8.1
4.5
4.2
+82.2%
Buybacks
30.0
0.0
8.9
Dividends paid
3.7
3.4
3.1
+9.6%
Dividend per share
$0.12
$0.11
$0.10
+10.7%
Diluted shares, weighted
30m
31m
31m
-1.3%
Shares outstanding at period end
30m
30m
30m
-2.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
354
359
341
-1.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
14.7
17.4
20.2
-15.4%
Other liabilities
152
134
139
+13.1%
Total liabilities and equity
520
511
500
+1.9%
Fixed assets
10.7
10.7
13.0
-0.7%
Goodwill
218
191
191
+13.8%
Intangible assets
64.9
55.5
68.0
+16.9%
Investments
20.8
37.7
30.8
-44.8%
Cash and equivalents
36.2
59.5
40.3
-39.2%
Receivables
32.2
30.2
34.3
+6.5%
Other assets
138
126
122
+9.7%
Total assets
520
511
500
+1.9%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.