National Healthcare Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 8 May 2026: press release. The quarter’s numbers.

Key takeaways

Net operating revenues rose 2.2%: Net operating revenues were $381,821,000 for the quarter ended March 31, 2026, against $373,697,000 a year earlier, an increase of 2.2%. Source
GAAP net income and diluted EPS rose: GAAP net income attributable to NHC was $35,857,000, against $32,205,000 a year earlier. GAAP diluted EPS was $2.27, against $2.07. Source
Adjusted net income up 21.1%: Adjusted net income was $30,089,000 against $24,838,000, an increase of 21.1%. Adjusted diluted EPS was $1.91 against $1.59. Source
Skilled nursing patient days rose: Total skilled nursing patient days were 724,456, against 718,136, a rise of 6,320. Private pay and other days rose by 10,153, while Medicare days fell by 2,214 and Medicaid days fell by 1,349. Source
Per diem rates higher across payers: Average skilled nursing per diem was $371.69, against $360.14. Medicare was $630.44 against $612.13, managed care $507.06 against $492.40, Medicaid $292.21 against $281.67, and private pay and other $349.92 against $337.04. Source
Debt fully repaid by March 31: Current and long-term debt was nil at March 31, 2026, against $40,000 thousand at December 31, 2025. NHC stockholders' equity was $1,090,949,000 against $1,068,772,000. Source
Dividend of $0.64 declared: Dividends declared were $0.64 per common share, against $0.61 a year earlier. The same amount was declared in the fourth quarter of 2025. 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

What changed from last quarter

Ended: Current and long-term debt was nil at March 31, 2026, against $40,000 thousand at December 31, 2025. Source

Results and growth drivers

Net operating revenues rose 2.2%: Net operating revenues were $381,821,000 for the quarter ended March 31, 2026, against $373,697,000 a year earlier, an increase of 2.2%. Source
GAAP net income and diluted EPS rose: GAAP net income attributable to NHC was $35,857,000, against $32,205,000 a year earlier. GAAP diluted EPS was $2.27, against $2.07. Source
Adjusted net income up 21.1%: Adjusted net income was $30,089,000 against $24,838,000, an increase of 21.1%. Adjusted diluted EPS was $1.91 against $1.59. Source
Pretax income and tax provision: Income before income taxes was $44,815,000 against $43,722,000. The income tax provision was $8,712,000 against $11,432,000, and net income was $36,103,000 against $32,290,000. Source

Facility footprint and operations

80 skilled nursing facilities, 10,323 beds: The skilled nursing count was unchanged at 80 as of May 1, 2026, with 10,323 beds, against 10,329 beds as of February 1, 2026. Source
Assisted living, hospice and homecare units: Other operations were 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies and 33 hospice agencies. Source
2025 growth from same-facility revenue: For the 2025 year, net operating revenues rose 16.1%. The company attributed this to an 8.4% increase in same-facility net operating revenues and the August 1, 2024 acquisition of White Oak Manor.

“Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information.”
National Healthcare Corp., press release

Patient volumes and per diem rates

Skilled nursing patient days rose: Total skilled nursing patient days were 724,456, against 718,136, a rise of 6,320. Private pay and other days rose by 10,153, while Medicare days fell by 2,214 and Medicaid days fell by 1,349. Source
Per diem rates higher across payers: Average skilled nursing per diem was $371.69, against $360.14. Medicare was $630.44 against $612.13, managed care $507.06 against $492.40, Medicaid $292.21 against $281.67, and private pay and other $349.92 against $337.04. Source

Costs and operating income

Salaries and benefits costs rose: Salaries, wages and benefits were $235,074,000 against $228,130,000. Other operating expenses were $91,237,000 against $92,457,000. Source
Rent and depreciation higher: Facility rent was $11,643,000 against $11,365,000. Depreciation and amortization was $11,614,000 against $10,978,000. Total costs and expenses were $349,568,000 against $342,930,000. Source
Income from operations rose: Income from operations was $32,253,000 against $30,767,000. Interest expense was $269,000 against $2,106,000, and non-operating income was $3,757,000 against $4,079,000. Source

Cash, debt and dividend

Debt fully repaid by March 31: Current and long-term debt was nil at March 31, 2026, against $40,000 thousand at December 31, 2025. NHC stockholders' equity was $1,090,949,000 against $1,068,772,000. Source
Cash and marketable securities higher: Cash, cash equivalents and marketable securities were $258,352,000, against $255,801,000 at December 31, 2025. Restricted balances were $160,258,000, against $159,848,000. Source
Dividend of $0.64 declared: Dividends declared were $0.64 per common share, against $0.61 a year earlier. The same amount was declared in the fourth quarter of 2025. Source

Non-GAAP reconciliation

Equity gains removed from adjusted income: The non-GAAP adjustments removed unrealized gains of $9,074,000, added stock-based compensation of $1,280,000, and added a tax provision effect of $2,026,000 on the adjustments. Source
Per-share bridge from GAAP to adjusted: GAAP diluted EPS of $2.27 was adjusted by minus $0.57 for unrealized gains, plus $0.08 for stock-based compensation and plus $0.13 for the tax effect, giving adjusted diluted EPS of $1.91. Source

Figures management reported

Figure	Reported
Skilled nursing patient days Source	724,456 in Q1 2026 vs 718,136 in Q1 2025
Average skilled nursing per diem Source	$371.69 in Q1 2026 vs $360.14 in Q1 2025
Same-facility net operating revenue growth	8.4% for the year ended December 31, 2025
Skilled nursing beds Source	10,323 beds across 80 facilities as of May 1, 2026

Other quarters

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.

As filed with the SEC

Open the filing on EDGAR

For release: May 8, 2026

NHC Reports First Quarter 2026 Earnings

MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended March 31, 2026 totaled $381,821,000 compared to $373,697,000 for the quarter ended March 31, 2025, an increase of 2.2%.

For the quarter ended March 31, 2026, the reported GAAP net income attributable to NHC was $35,857,000 compared to $32,205,000 for the same period in 2025. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2026 was $30,089,000 compared to $24,838,000 for the same period in 2025, an increase of 21.1% . The GAAP diluted earnings per share were $2.27 and $2.07 for the quarters ending March 31, 2026 and 2025, respectively. Adjusted diluted earnings per share were $1.91 and $1.59 for the quarters ending March 31, 2026 and 2025, respectively .

(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.

About NHC

As of May 1, 2026, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,323 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.

Non-GAAP Financial Presentation

The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC’s best judgment as of the date of this release.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended
	March 31
	2026	2025
	(unaudited)
Revenues:
Net patient revenues	$369,805	$361,607
Other revenues	12,016	12,090
Net operating revenues	381,821	373,697
Costs and expenses:
Salaries, wages and benefits	235,074	228,130
Other operating	91,237	92,457
Facility rent	11,643	11,365
Depreciation and amortization	11,614	10,978
Total costs and expenses	349,568	342,930
Income from operations	32,253	30,767
Non-operating income	3,757	4,079
Interest expense	(269)	(2,106)
Unrealized gains on marketable equity securities	9,074	10,982
Income before income taxes	44,815	43,722
Income tax provision	(8,712)	(11,432)
Net income	36,103	32,290
Net income attributable to noncontrolling interest	(246)	(85)
Net income attributable to National HealthCare Corporation	$35,857	$32,205
Net income per common share
Basic	$2.31	$2.09
Diluted	$2.27	$2.07
Weighted average common shares outstanding
Basic	15,541,634	15,438,306
Diluted	15,770,507	15,575,752
Dividends declared per common share	$0.64	$0.61

Balance Sheet Data	March 31	December 31
(in thousands)	2026	2025
Cash, cash equivalents and marketable securities	$258,352	$255,801
Restricted cash, cash equivalents and marketable securities	160,258	159,848
Current assets	465,576	461,820
Property and equipment, net	671,823	673,797
Total assets	1,524,094	1,526,419
Current liabilities	250,825	246,132
Current and long-term debt	-	40,000
NHC stockholders' equity	1,090,949	1,068,772

Selected Operating Statistics

	Three Months Ended
	March 31
	2026	2025
	(unaudited)
Skilled Nursing Per Diems:
Medicare	$630.44	$612.13
Managed Care	507.06	492.40
Medicaid	292.21	281.67
Private Pay and Other	349.92	337.04
Average Skilled Nursing Per Diem	$371.69	$360.14
Skilled Nursing Patient Days:
Medicare	84,040	86,254
Managed Care	83,376	83,646
Medicaid	362,293	363,642
Private Pay and Other	194,747	184,594
Total Skilled Nursing Patient Days	724,456	718,136

The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):

	Three Months Ended
	March 31
	2026	2025
	(unaudited)
Net income attributable to National Healthcare Corporation	$35,857	$32,205
Non-GAAP adjustments
Unrealized gains on marketable equity securities	(9,074)	(10,982)
Stock-based compensation expense	1,280	1,027
Income tax provision on non-GAAP adjustments	2,026	2,588
Non-GAAP Net income	$30,089	$24,838
GAAP diluted earnings per share	$2.27	$2.07
Non-GAAP adjustments
Unrealized gains on marketable equity securities	(0.57)	(0.71)
Stock-based compensation expense	0.08	0.06
Income tax provision on non-GAAP adjustments	0.13	0.17
Non-GAAP diluted earnings per share	$1.91	$1.59

Contacts
Brian F. Kidd, SVP/CFO
Phone: (615) 890-2020