National Healthcare (NHC) FY2025 results: revenue $1.5 billion, up 16.1% on the year
National Healthcare Corp. (NHC) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 16.1% on the year before. Net income was $120 million, up 17.7%, and diluted earnings per share $7.67. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$1.5 billion
+16.1% on the year
FY2018FY2025
Operating margin
8.5%
6.9% a year earlier
FY2018FY2025
Net income
$120 million
+17.7% on the year
FY2018FY2025
Diluted EPS
$7.67
+17.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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%.
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.
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.
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.
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.
$ 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
185
107
111
+72.5%
Capital expenditure
36.4
27.6
27.9
+32.1%
Free cash flow
149
79.7
83.3
+86.5%
Free cash flow margin
9.8%
6.1%
7.3%
Cash from investing
-33.9
-237
-17.6
Cash from financing
-136
100
-42.5
Depreciation and amortisation
44.9
42.0
42.0
+7.0%
Share-based compensation
4.4
4.2
2.8
+5.7%
Buybacks
14.7
13.5
2.5
+9.1%
Dividends paid
38.7
37.0
35.6
+4.7%
Dividend per share
$2.53
$2.42
$2.34
+4.5%
Diluted shares, weighted
16m
16m
15m
+0.3%
Shares outstanding at period end
16m
15m
15m
+0.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,069
980
909
+9.0%
Non-controlling interest
5.7
3.0
1.7
+91.3%
Debt
40.0
137
0.0
-70.8%
Operating lease liabilities
13.5
45.9
63.2
-70.7%
Finance lease liabilities
n/a
n/a
0.0
Other liabilities
398
358
337
+11.2%
Total liabilities and equity
1,526
1,524
1,311
+0.1%
Fixed assets
674
684
493
-1.5%
Goodwill
170
170
168
0.0%
Intangible assets
19.9
19.9
7.0
0.0%
Securities held for sale or to maturity
123
120
128
+2.9%
Cash and equivalents
92.8
76.1
107
+21.9%
Receivables
139
135
109
+2.7%
Inventory
7.8
9.0
7.4
-13.8%
Other assets
299
310
291
-3.3%
Total assets
1,526
1,524
1,311
+0.1%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.