National Healthcare Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 27 February 2026: press release. The quarter’s numbers.

Read the filing

Key takeaways

• Full-year net operating revenue rose 16.1%: Net operating revenues and grant income were $1,517,781,000 for 2025, against $1,307,382,000 for 2024, an increase of 16.1%. Source
• Full-year adjusted net income up 35.4%: Adjusted net income excluding unrealized gains on marketable equity securities and other non-GAAP adjustments was $104,067,000 for 2025, against $76,862,000 for 2024. Source
• Same-facility revenue up 8.4%: Same-facility net operating revenues rose 8.4% for 2025. The remaining increase in net operating revenues came from the White Oak acquisition completed August 1, 2024. Source
• Patient days rose about 14.6%: Total skilled nursing patient days were 2,928,416 for 2025, against 2,555,012 for 2024. Fourth-quarter patient days were 740,388, against 728,486 a year earlier. Source
• Average per diem higher for year: The average skilled nursing per diem was $360.40 for 2025, against $346.46 for 2024. The fourth-quarter average was $369.21, against $350.72. Source
• Debt reduced to $40 million: Current and long-term debt was $40,000,000 at year end, against $137,000,000 a year earlier and $73,125,000 at September 30, 2025 per the prior release. Stockholders' equity was $1,068,772,000. Source

“the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations”

National Healthcare Corp., press release

Full-year and fourth-quarter results

• Full-year net operating revenue rose 16.1%: Net operating revenues and grant income were $1,517,781,000 for 2025, against $1,307,382,000 for 2024, an increase of 16.1%. Source
• GAAP net income rose to $120.0 million: GAAP net income attributable to NHC was $120,015,000 for 2025, against $101,927,000 for 2024. The company reports this figure before excluding unrealized securities gains. Source
• Full-year adjusted net income up 35.4%: Adjusted net income excluding unrealized gains on marketable equity securities and other non-GAAP adjustments was $104,067,000 for 2025, against $76,862,000 for 2024. Source
• Fourth-quarter adjusted net income up 10.9%: Adjusted net income for the quarter was $28,774,000, against $25,954,000 a year earlier. GAAP net income for the quarter was $24,849,000, against $6,081,000. Source
• Earnings per share year labels differ: The narrative sentence on GAAP diluted EPS names 2024 and 2023 as the years, while the reconciliation table shows $7.67 for 2025 and $6.53 for 2024. Source

Same-facility growth and facility base

• Same-facility revenue up 8.4%: Same-facility net operating revenues rose 8.4% for 2025. The remaining increase in net operating revenues came from the White Oak acquisition completed August 1, 2024. Source
• Operating footprint at February 2026: As of February 1, 2026, NHC affiliates operated 80 skilled nursing facilities with 10,329 beds, including facilities operated for third parties. Source
• White Oak operations by type: The White Oak operations comprised 22 healthcare operations: 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy. Source

Skilled nursing volumes and per diems

• Patient days rose about 14.6%: Total skilled nursing patient days were 2,928,416 for 2025, against 2,555,012 for 2024. Fourth-quarter patient days were 740,388, against 728,486 a year earlier. Source
• Average per diem higher for year: The average skilled nursing per diem was $360.40 for 2025, against $346.46 for 2024. The fourth-quarter average was $369.21, against $350.72. Source
• Medicare per diem rose in both periods: The Medicare per diem was $616.75 for 2025, against $586.76, and $626.99 in the fourth quarter, against $607.67. The Medicaid per diem for 2025 was $285.46, against $275.78. Source
• Patient days grew across payer types: Managed care patient days were 330,424 for 2025, against 276,019. Medicaid days were 1,473,029, against 1,281,020, and private pay and other days were 788,843, against 677,449. Source

Operating costs and expenses

• Salaries and benefits up for year: Salaries, wages and benefits were $921,080,000 for 2025, against $810,930,000 for 2024. In the fourth quarter they were $233,240,000, against $234,321,000. Source
• Other operating and rent costs rose: Other operating costs were $377,202,000 for 2025, against $321,390,000, and $96,198,000 in the fourth quarter, against $83,298,000. Facility rent was $46,227,000, against $43,182,000. Source
• Total costs and operating income: Total costs and expenses were $1,389,429,000 for 2025, against $1,217,487,000. Income from operations was $128,352,000, against $89,895,000 for 2024. Source

Margins, non-operating items and taxes

• Unrealized securities gains swung to loss in Q4: Unrealized gains on marketable equity securities were $22,344,000 for 2025, against $30,958,000. The fourth quarter recorded a loss of $4,404,000, against a loss of $25,332,000. Source
• Property sale gain removed from adjusted results: A gain of $3,606,000 on sale of property and equipment in 2025 is shown as a negative non-GAAP adjustment, reducing adjusted net income. Source
• Income tax provision higher for year: The income tax provision was $39,826,000 for 2025, against $34,322,000 for 2024. The fourth-quarter provision was $6,939,000, against $28,000. Source

Cash, debt and dividends

• Cash and securities higher at year end: Cash, cash equivalents and marketable securities were $255,801,000 at December 31, 2025, against $216,185,000 a year earlier. Restricted balances were $159,848,000. Source
• Debt reduced to $40 million: Current and long-term debt was $40,000,000 at year end, against $137,000,000 a year earlier and $73,125,000 at September 30, 2025 per the prior release. Stockholders' equity was $1,068,772,000. Source
• Dividends declared rose for year: Dividends declared per common share were $2.53 for 2025, against $2.42 for 2024. The fourth-quarter dividend was $0.64, against $0.61. Source
• Diluted share count edged up: Weighted average diluted shares were 15,646,338 for 2025, against 15,598,528 for 2024. The fourth-quarter diluted count was 15,744,478, against 15,665,025. Source

Non-GAAP adjustments detail

• Stock-based compensation added back: Stock-based compensation expense was $4,399,000 for 2025, against $4,160,000 for 2024, and is included in the non-GAAP adjustments. Source
• Tax effect of adjustments shown: The income tax provision on non-GAAP adjustments is shown as 5,603 for 2025 and 8,806 for 2024, in thousands, within the reconciliation tables. Source
• 2024 government stimulus income not repeated: Government stimulus income of $9,445,000 appeared in 2024 revenue and is absent in 2025. The 2024 employee retention credit was also excluded from non-GAAP results. Source

Change from third quarter 2025

• Quarterly revenue up from third quarter: Net operating revenues and grant income were $386,513,000 for the fourth quarter. The prior release gave $382,661,000 for the third quarter of 2025. Source
• Adjusted EPS higher than third quarter: Adjusted diluted EPS was $1.83 for the fourth quarter. The prior release gave $1.58 for the third quarter of 2025. Source
• Third-quarter managed care per diem delayed: Third-quarter managed care per diem was lower on delayed incentive quality payments. The fourth-quarter managed care per diem was $539.69, against $490.41.

Figures management reported

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.