National Healthcare Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 6 November 2026: press release. The quarter’s numbers.

Key takeaways

Net operating revenues rose 6.6%: Net operating revenues were $407,971,000 against $382,661,000 a year earlier. Net patient revenues were $397,446,000 and other revenues $10,525,000, down from $11,672,000. Source
Adjusted net income rose 13.8%: Adjusted net income was $28,154,000 against $24,744,000, a 13.8% increase. Adjusted diluted EPS was $1.76 against $1.58 a year earlier. Source
GAAP net income was lower: GAAP net income attributable to NHC was $13,637,000 against $39,239,000. GAAP diluted EPS was $0.85 against $2.50 a year earlier. Source
NHI real estate added 4,825 beds: The 35 real estate assets acquired from NHI carry 4,825 licensed beds. The acquired assets are located in six states. Source
Average per diem rose to $368.20: Average skilled nursing per diem was $368.20 against $350.85 a year earlier, and $366.88 in the second quarter. Nine-month average was $368.88 against $357.42. Source
Total patient days rose: Total skilled nursing patient days were 796,122 against 740,373 a year earlier, and 749,723 in the second quarter. Nine-month total was 2,270,301 against 2,188,028. Source
Debt rose to $502.1 million: Current and long-term debt was $502,063,000 at September 30, 2026, against $40,000,000 at December 31, 2025. The June 30, 2026 balance sheet showed no debt. Source

“The increase in adjusted net income for the quarter ended September 30, 2026 was primarily driven by the June 1, 2026 acquisition of five skilled nursing facilities”
National Healthcare Corp., press release

What changed from last quarter

New: NHC acquired the real estate of 32 skilled nursing and three independent living facilities from NHI on July 1, 2026. The prior release did not include this transaction. Source

Quarter results and earnings

Net operating revenues rose 6.6%: Net operating revenues were $407,971,000 against $382,661,000 a year earlier. Net patient revenues were $397,446,000 and other revenues $10,525,000, down from $11,672,000. Source
Adjusted net income rose 13.8%: Adjusted net income was $28,154,000 against $24,744,000, a 13.8% increase. Adjusted diluted EPS was $1.76 against $1.58 a year earlier. Source
GAAP net income was lower: GAAP net income attributable to NHC was $13,637,000 against $39,239,000. GAAP diluted EPS was $0.85 against $2.50 a year earlier. Source
Nine-month EPS figures reported: Nine-month non-GAAP diluted EPS was $5.41 against $4.83. Nine-month GAAP diluted EPS was $5.66 against $6.10. Source

Acquisitions and facility footprint

Five facilities acquired June 1: Five skilled nursing facilities acquired on June 1, 2026 have 639 licensed beds in Tennessee and South Carolina. Source
NHI real estate added 4,825 beds: The 35 real estate assets acquired from NHI carry 4,825 licensed beds. The acquired assets are located in six states. Source
Operating count unchanged since August: As of November 1, 2026, affiliates operated 80 skilled nursing facilities with 10,323 beds, the same count given as of August 1. Also 26 assisted living communities, nine independent living communities, three behavioral health hospitals, 34 homecare and 33 hospice agencies. Source

“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

Per diems by payer

Average per diem rose to $368.20: Average skilled nursing per diem was $368.20 against $350.85 a year earlier, and $366.88 in the second quarter. Nine-month average was $368.88 against $357.42. Source
Managed care per diem rose most: Managed care per diem was $513.06 against $427.11, and $500.15 in the second quarter. Nine-month managed care per diem was $506.75 against $468.90. Source
Medicare and private pay per diems: Medicare per diem was $623.72 against $613.12, and $628.12 in the second quarter. Medicaid per diem was $291.06 against $284.60. Private pay and other was $352.96 against $334.71. Source

Patient days by payer

Total patient days rose: Total skilled nursing patient days were 796,122 against 740,373 a year earlier, and 749,723 in the second quarter. Nine-month total was 2,270,301 against 2,188,028. Source
Medicaid days were the largest: Medicaid patient days were 405,214 against 369,895. Private pay and other patient days were 217,683 against 206,639. Source
Medicare days rose in quarter: Medicare patient days were 85,677 against 82,501 in the quarter, but nine-month Medicare days were 247,854 against 252,370. Managed care days were 87,548 against 81,338. Source

Operating costs and rent

Salaries and benefits rose: Salaries, wages and benefits were $251,937,000 against $233,176,000. Nine-month salaries, wages and benefits were $728,913,000 against $687,840,000. Source
Other operating costs rose: Other operating costs were $99,461,000 against $96,604,000. Nine-month other operating costs were $285,173,000 against $281,004,000. Source
Facility rent fell to $1.4 million: Facility rent was $1,365,000 against $11,345,000. Nine-month facility rent was $24,548,000 against $34,038,000. Source
Depreciation and amortization rose: Depreciation and amortization was $14,576,000 against $11,158,000. Nine-month figure was $37,363,000 against $33,151,000. Source
Income tax provision fell: Income tax provision was $5,498,000 against $13,400,000 in the year-earlier quarter. Nine-month provision was $27,682,000 against $32,887,000. Source

Operating income and interest

Income from operations rose: Income from operations was $40,632,000 against $30,378,000. Nine-month income from operations was $121,820,000 against $95,235,000. Non-operating income was $3,637,000 against $4,660,000. Source
Interest expense increased: Interest expense was $6,991,000 against $1,456,000 a year earlier. Nine-month interest expense was $7,273,000 against $5,555,000. Source
Securities losses this quarter: Unrealized losses on marketable equity securities were $17,599,000 this quarter, against a gain of $20,827,000 a year earlier. Nine-month unrealized losses were $7,610,000, against gains of $26,748,000. Source

Balance sheet, dividends and shares

Debt rose to $502.1 million: Current and long-term debt was $502,063,000 at September 30, 2026, against $40,000,000 at December 31, 2025. The June 30, 2026 balance sheet showed no debt. Source
Property and equipment increased: Property and equipment, net was $1,290,019,000 against $673,797,000 at December 31, 2025, and $726,768,000 at June 30, 2026. Total assets were $2,068,196,000. Source
Cash and securities lower than year-end: Cash, cash equivalents and marketable securities were $221,325,000 against $255,801,000 at December 31, 2025, and $210,190,000 at June 30, 2026. Restricted cash was $152,874,000. Source
Dividend held at $0.67 per share: Dividends declared were $0.67 per share against $0.64, the same as the second quarter. Nine-month dividends were $1.98 against $1.89. Source
Diluted share count increased: Weighted average diluted shares were 15,964,895 against 15,664,530 a year earlier. Basic shares were 15,638,814 against 15,484,464. Source

Non-GAAP reconciliation

Securities losses removed from earnings: Unrealized losses on marketable equity securities are removed from non-GAAP net income, a $1.10 per share adjustment in the quarter. Source
Stock-based compensation added back: Stock-based compensation expense of $2,019,000 was added back, against $1,239,000 a year earlier. Source
Prior-period management fee excluded: Non-GAAP net income for the nine months excluded $18,325,000 of management fee revenue from prior periods, the same amount adjusted in the second quarter. Source

Figures management reported

Figure	Reported
Total skilled nursing patient days Source	796,122 vs 740,373
Average skilled nursing per diem Source	$368.20 vs $350.85

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: November 6, 2026

NHC Reports Third 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 September 30, 2026 totaled $407,971,000 compared to $382,661,000 for the quarter ended September 30, 2025, an increase of 6.6%. For the quarter ended September 30, 2026, the reported GAAP net income attributable to NHC was $13,637,000 compared to $39,239,000 for the same period in 2025. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2026 was $28,154,000 compared to $24,744,000 for the same period in 2025, a 13.8% increase .

The increase in adjusted net income for the quarter ended September 30, 2026 was primarily driven by the June 1, 2026 acquisition of five skilled nursing facilities and the July 1, 2026 acquisition of the real estate of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors, Inc. (“NHI”). The five skilled nursing facilities have 639 licensed beds in the states of Tennessee and South Carolina. The thirty-five real estate assets acquired from NHI have 4,825 licensed beds and are located in Alabama, Florida, Missouri, South Carolina, Tennessee, and Virginia.

The GAAP diluted earnings per share were $0.85 and $2.50 for the quarters ending September 30, 2026 and 2025, respectively. Adjusted diluted earnings per share were $1.76 and $1.58 for the quarters ending September 30, 2026 and 2025, respectively .

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

About NHC

As of November 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 775 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.

	Three Months Ended		Nine Months Ended
	September 30		September 30
	2026	2025	2026	2025
	(unaudited)		(unaudited)
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Revenues:
Net patient revenues	$397,446	$370,989	$1,145,610	$1,095,945
Other revenues	10,525	11,672	52,207	35,323
Net operating revenues	407,971	382,661	1,197,817	1,131,268
Costs and expenses:
Salaries, wages and benefits	251,937	233,176	728,913	687,840
Other operating	99,461	96,604	285,173	281,004
Facility rent	1,365	11,345	24,548	34,038
Depreciation and amortization	14,576	11,158	37,363	33,151
Total costs and expenses	367,339	352,283	1,075,997	1,036,033
Income from operations	40,632	30,378	121,820	95,235
Non-operating income	3,637	4,660	11,566	13,871
Interest expense	(6,991)	(1,456)	(7,273)	(5,555)
Unrealized gains/(losses) on marketable equity securities	(17,599)	20,827	(7,610)	26,748
Income before income taxes	19,679	54,409	118,503	130,299
Income tax provision	(5,498)	(13,400)	(27,682)	(32,887)
Net income	14,181	41,009	90,821	97,412
Net income attributable to noncontrolling interest	(544)	(1,770)	(1,008)	(2,246)
Net income attributable to National HealthCare Corporation	$13,637	$39,239	$89,813	$95,166
Net income per common share
Basic	$0.87	$2.53	$5.76	$6.15
Diluted	$0.85	$2.50	$5.66	$6.10
Weighted average common shares outstanding
Basic	15,638,814	15,484,464	15,599,724	15,461,804
Diluted	15,964,895	15,664,530	15,866,957	15,613,505
Dividends declared per common share	$0.67	$0.64	$1.98	$1.89

Balance Sheet Data	September 30	December 31
(in thousands)	2026	2025
	(unaudited)
Cash, cash equivalents and marketable securities	$221,325	$255,801
Restricted cash, cash equivalents and marketable securities	152,874	159,848
Current assets	419,830	461,820
Property and equipment, net	1,290,019	673,797
Total assets	2,068,196	1,526,419
Current liabilities	283,925	246,132
Current and long-term debt	502,063	40,000
NHC stockholders' equity	1,124,920	1,068,772

Selected Operating Statistics

	Three Months Ended		Nine Months Ended
	September 30		September 30
	2026	2025	2026	2025
	(unaudited)		(unaudited)
Skilled Nursing Per Diems:
Medicare	$623.72	$613.12	$627.39	$613.35
Managed Care	513.06	427.11	506.75	468.90
Medicaid	291.06	284.60	291.11	284.25
Private Pay and Other	352.96	334.71	351.63	337.64
Average Skilled Nursing Per Diem	$368.20	$350.85	$368.88	$357.42
Skilled Nursing Patient Days:
Medicare	85,677	82,501	247,854	252,370
Managed Care	87,548	81,338	258,706	247,999
Medicaid	405,214	369,895	1,145,517	1,102,224
Private Pay and Other	217,683	206,639	618,224	585,435
Total Skilled Nursing Patient Days	796,122	740,373	2,270,301	2,188,028

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

	Three Months Ended		Nine Months Ended
	September 30		September 30
	2026	2025	2026	2025
	(unaudited)		(unaudited)
Net income attributable to National Healthcare Corporation	$13,637	$39,239	$89,813	$95,166
Non-GAAP adjustments
Unrealized (gains)/losses on marketable equity securities	17,599	(20,827)	7,610	(26,748)
Stock-based compensation expense	2,019	1,239	5,285	3,499
National management fee revenue from prior periods	-	-	(18,325)	-
Gain on sale of property and equipment	-	-	-	(3,606)
Income tax provision on non-GAAP adjustments	(5,101)	5,093	1,412	6,982
Non-GAAP Net income	$28,154	$24,744	$85,795	$75,293
GAAP diluted earnings per share	$0.85	$2.50	$5.66	$6.10
Non-GAAP adjustments
Unrealized (gains)/losses on marketable equity securities	1.10	(1.33)	0.48	(1.71)
Stock-based compensation expense	0.13	0.08	0.33	0.22
National management fee revenue from prior periods	-	-	(1.15)	-
Gain on sale of property and equipment	-	-	-	(0.23)
Income tax provision on non-GAAP adjustments	(0.32)	0.33	0.09	0.45
Non-GAAP diluted earnings per share	$1.76	$1.58	$5.41	$4.83

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