Nutex Health Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. The quarter’s numbers.

Key takeaways

Net income and EPS fell in quarter: Third-quarter net income attributable to Nutex was $40.2 million, diluted EPS $5.71, against $55.4 million and $7.76 a year earlier. Source
Revenue down 18.7% in quarter: Total revenue was $217.6 million, down 18.7%. Hospital division revenue at same hospitals fell 20.1%; management attributed the decline mainly to 2025 items. Source
Quarterly visits up 18.1%: Hospital Division visits reached 54,622 in the quarter, up 18.1%. Visits at same hospitals, opened by December 31, 2024, rose 12.4%. Source
Prior-year items drove revenue decline: Management attributed the revenue decrease mainly to 2025 items, including later collection data supporting higher estimates for 2024 services. Source
Estimate change added $25.0 million: A $52.3 million reduction to contract services, tied to the HaloMD amendment and the CMS fee cut, added $25.0 million, or $4.83 per diluted share, to nine-month net income. Source
Nine-month operating income rose: Nine-month operating income was $280.1 million, against $244.7 million a year earlier; the CFO cited the increase. Source
Quarter-end cash and total assets: Cash and cash equivalents were $249.9 million at September 30, with total assets of $1.0 billion. Source
Two hospital openings expected Q4: Management expects two new hospitals to open in the fourth quarter, down from three expected later in 2026 in the prior release. Source

“We’re very pleased with our progress in the first nine months of 2026.”
Tom Vo, M.D., MBA, Chairman and Chief Executive Officer

What changed from last quarter

Guidance lowered: Expected hospital openings for later in 2026 went from three in the prior release to two. Source
New: Hospital facilities rose from 27 to 28, all in 12 states, since the second-quarter release. Source
New: The release now describes three divisions, adding a Real Estate Division; the prior release listed two. Source

Quarter and nine-month results

Net income and EPS fell in quarter: Third-quarter net income attributable to Nutex was $40.2 million, diluted EPS $5.71, against $55.4 million and $7.76 a year earlier. Source
Revenue down 18.7% in quarter: Total revenue was $217.6 million, down 18.7%. Hospital division revenue at same hospitals fell 20.1%; management attributed the decline mainly to 2025 items. Source
Nine-month net income up 159%: Nine-month net income attributable to Nutex was $152.9 million, diluted EPS $21.50, against $59.0 million and $8.87. Management tied the rise mainly to lower stock-based compensation. Source
Quarterly operating cash flow lower: Third-quarter net cash from operating activities was $78.3 million, against $99.5 million a year earlier. Source

Hospital visits and facilities

Quarterly visits up 18.1%: Hospital Division visits reached 54,622 in the quarter, up 18.1%. Visits at same hospitals, opened by December 31, 2024, rose 12.4%. Source
Nine-month visits up 10.2%: Nine-month Hospital Division visits were 154,326, up 10.2%; same-hospital visits rose 6.3%. Source
Facility count reached 28: The Hospital Division owns and operates 28 hospital facilities across 12 states, one more than in the prior release. Source

“2026 is continuing to be a solid financial year, including total revenue of $644.9 million”
Jon Bates, Chief Financial Officer

Revenue and arbitration

Prior-year items drove revenue decline: Management attributed the revenue decrease mainly to 2025 items, including later collection data supporting higher estimates for 2024 services. Source
Arbitration costs fell year over year: Total cost of arbitration was $27.8 million in the quarter and $61.4 million for nine months, against $41.9 million and $116.2 million a year earlier. Source
Award win rate above 80%: Nutex prevailed in over 80% of award determinations over the last nine months; about 50-60% of billable visits go through IDR, with 40-50% reaching an award. Source
Estimate change added $25.0 million: A $52.3 million reduction to contract services, tied to the HaloMD amendment and the CMS fee cut, added $25.0 million, or $4.83 per diluted share, to nine-month net income. Source

Operating income and costs

Nine-month operating income rose: Nine-month operating income was $280.1 million, against $244.7 million a year earlier; the CFO cited the increase. Source
Nine-month stock compensation fell: Stock-based compensation was $6.4 million for the nine months, against $119.6 million a year earlier. Source
Quarterly EBITDA measures declined: Quarterly EBITDA attributable to Nutex was $63.3 million, against $91.8 million; Adjusted EBITDA was $63.9 million, against $98.5 million. Source

“Our de novo hospital development pipeline remains robust, with exciting growth opportunities ahead,”
Tom Vo, M.D., MBA, Chairman and Chief Executive Officer

Cash, debt and share count

Nine-month operating cash flow up: Nine-month operating cash flow was $188.1 million, against $177.7 million a year earlier. Source
Quarter-end cash and total assets: Cash and cash equivalents were $249.9 million at September 30, with total assets of $1.0 billion. Source
Long-term debt rose slightly: Long-term debt, net, was $34.2 million at September 30, against $29.2 million at December 31, 2025. Source
Stock repurchases used $50.7 million: Stock repurchases and retirements used $50.7 million in cash over the nine months, about the same as the six-month figure in the prior release. Source
Shares outstanding declined: Shares outstanding were 6,857,504 at September 30, against 7,086,670 at December 31, 2025. Source

Hospital openings and pipeline

Two hospital openings expected Q4: Management expects two new hospitals to open in the fourth quarter, down from three expected later in 2026 in the prior release. Source
De novo pipeline continues: The CEO said the de novo hospital development pipeline continues, with growth ahead; no pipeline count or timing beyond the two Q4 openings was given. Source
Real Estate Division described separately: The release describes a Real Estate Division whose entities own land and hospital buildings leased to hospital entities, with development and construction activity. Source

Coming up, as management said on 5 November 2026

Two Q4 hospital openings: Two new hospitals are expected to open in the fourth quarter of 2026. Source
Pipeline growth ahead: The CEO referred to the de novo development pipeline as a source of future growth; no timing was given beyond the Q4 openings. Source

Figures management reported

Figure	Reported
Hospital Division visits, third quarter 2026 Source	54,622, up 18.1% year over year
Visits at same hospitals, third quarter 2026 Source	up 12.4% year over year
Hospital Division visits, nine months 2026 Source	154,326, up 10.2% year over year
Hospital facilities Source	28 in 12 states

Risks management discussed

Financial: Management noted that nine-month results include a $52.3 million reduction to contract services from a change in estimate, which affects comparison with prior periods. Source
Financial: Revenue comparisons with 2025 include reconciliation of ineligible charts recorded from mid-2024 through the first nine months of 2025. Source
Operational: Only 40-50% of billable visits reach an award determination, so arbitration collections depend on that share. Source

Earlier plans management reported on

Not stated: The CFO referred to the expected opening of two hospitals in the fourth quarter; the release does not state whether the timetable is met. Source

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

NUTEX HEALTH REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

HOUSTON, TX − (PRNewswire) - NOVEMBER 5, 2026 - Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ and Nasdaq Texas: NUTX), today announced financial results for the three and nine months ended September 30, 2026. Nutex Health is a physician-led, healthcare services and operations company with 28 hospital facilities in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division.

Financial review for the three months ended September 30, 2026:

Net income attributable to Nutex Health was $40.2 million, or diluted EPS of $5.71, compared to $55.4 million, or diluted EPS of $7.76, for the three months ended September 30, 2025.
EBITDA attributable to Nutex Health was $63.3 million and Adjusted EBITDA attributable to Nutex Health was $63.9 million, compared to $91.8 million and $98.5 million, respectively, for the three months ended September 30, 2025.
Total visits at the Hospital Division increased 18.1% year over year to 54,622, while visits at same hospitals, which are hospitals that were opened by December 31, 2024, increased 12.4%.
Net cash provided by operating activities was $78.3 million for the three months ended September 30, 2026, as compared to $99.5 million for the same period in 2025.

Financial review for the nine months ended September 30, 2026:

Net income attributable to Nutex Health increased to $152.9 million, or diluted EPS of $21.50, compared to $59.0 million, or diluted EPS of $8.87, for the nine months ended September 30, 2025.
EBITDA attributable to Nutex Health was $225.8 million and Adjusted EBITDA attributable to Nutex Health was $211.4 million (including the $52.3 million non-cash reduction to contract services expense resulting from the change in estimate described below), compared to $142.9 million and $243.0 million, respectively, for the nine months ended September 30, 2025.
Total visits at the Hospital Division increased 10.2% year over year to 154,326, while visits at same hospitals increased 6.3%.
Net cash provided by operating activities was $188.1 million for the nine months ended September 30, 2026, as compared to $177.7 million for the same period in 2025; and as of September 30, 2026, the Company had long-term debt, net of $34.2 million, compared to $29.2 million as of December 31, 2025.
As of September 30, 2026, the Company had total assets of $1.0 billion, including cash and cash equivalents of $249.9 million, as compared to $918.5 million in total assets and $185.6 million in cash and cash equivalents as of December 31, 2025.

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

Total revenue decreased 10.9% to $644.9 million for the nine months ended September 30, 2026, compared to $723.6 million for the same period in 2025, while hospital division revenue at same hospitals decreased 11.2%. Total revenue decreased 18.7% to $217.6 million for the three months ended September 30, 2026, compared to $267.8 million for the same period in 2025, while hospital division revenue at same hospitals decreased 20.1%. The decrease was primarily driven by factors that favorably impacted revenue recognized in 2025, including the availability of additional collection data that supported higher estimates for services rendered in 2024, and the reconciliation of certain ineligible charts during the fourth quarter of 2025 that had been included from mid-2024 through the first nine months of 2025.

Of the Company's billable visits, approximately 50-60% are submitted through the IDR process, with 40-50% of all billable visits resulting in an award determination. When an award determination is made, Nutex Health prevailed in over 80% of those determinations over the last nine months and collects, on average, over 80% of the award amounts as calculated on awards from inception through March of 2026.

For the three and nine months ended September 30, 2026, total cost of arbitration was $27.8 million and $61.4 million, respectively, compared to $41.9 million and $116.2 million for the same periods in 2025. Results for the nine months ended September 30, 2026 include a $52.3 million reduction to contract services expense resulting from a change in estimate related to the June 30, 2026 amendment to the Company’s agreement with HaloMD and the reduction in the CMS administrative fee, which increased net income attributable to Nutex Health by $25.0 million, or $4.83 per diluted share.

Total stock-based compensation expense for the nine months ended September 30, 2026 was $6.4 million, compared to $119.6 million for the same period in 2025. Net income attributable to Nutex Health increased 159% in the first nine months of 2026 as compared to the same period in 2025, primarily due to lower stock-based compensation related to obligations for under-construction and ramping hospitals.

“2026 is continuing to be a solid financial year, including total revenue of $644.9 million, net income attributable to Nutex of $152.9 million, diluted EPS of $21.50 per share, and $188.1 million of operating cash flow in the first nine months of 2026. We also delivered meaningful operating income improvement, with operating income increasing to $280.1 million for the first nine months of 2026 from $244.7 million in the same period of 2025. Our balance sheet remains strong with a cash balance of $249.9 million and long-term debt of $34.2 million. We believe that we are well positioned to finish the year strong as we continue to grow with the expected opening of two new hospitals in the fourth quarter,” stated Jon Bates, Chief Financial Officer of Nutex Health.

“We’re very pleased with our progress in the first nine months of 2026. Patient volumes are growing across both existing hospitals and the overall network, while cash collections remain strong. Our de novo hospital development pipeline remains robust, with exciting growth opportunities ahead,” stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company’s financial results for the three and nine months ended September 30, 2026, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

Conference Call on Third Quarter 2026 Results

The Company will host a conference call on Friday, November 6, 2026 at 9:30 a.m. CT to discuss its results for the first three quarters of 2026.

Participant Listening: 1-877-407-9208 or 1-201-493-6784

Participant Link: https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6

To access the call, please dial in approximately five minutes before the start time. Those who are unable to attend the live conference call may access the recording on the Company's website.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)	September 30, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$249,911	$185,574
Restricted cash and short-term investments	3,649	297
Accounts receivable	356,061	319,440
Accounts receivable - related parties	4,777	5,978
Inventories	5,144	2,866
Prepaid expenses and other current assets	13,700	24,656
Total current assets	633,242	538,811
Property and equipment, net (accumulated depreciation of 36,565 and 31,696 as of September 30, 2026 and December 31, 2025, respectively)	103,241	94,581
Operating lease right-of-use assets	22,897	26,955
Financing lease right-of-use assets	235,077	222,367
Intangible assets, net	20,255	21,230
Goodwill, net	13,919	13,919
Other assets	3,745	662
Total assets	$1,032,376	$918,525
Liabilities and Equity
Current liabilities:
Accounts payable	$10,181	$45,863
Accounts payable - related parties	5,220	3,104
Lines of credit	66	740
Current portion of long-term debt	8,104	13,336
Operating lease liabilities, current portion	1,998	2,152
Financing lease liabilities, current portion	7,092	7,077
Accrued arbitration expenses	51,276	49,743
Accrued income tax expense	3,965	867
Accrued stock-based compensation	11,549	8,256
Accrued expenses and other current liabilities	33,494	26,773
Total current liabilities	132,945	157,911
Long-term debt, net	34,200	29,174
Non-current operating lease liabilities, net	25,887	30,037
Non-current financing lease liabilities, net	287,635	268,877
Deferred tax liabilities	10,799	9,089
Total liabilities	491,466	495,088
Commitments and contingencies (Note 10)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 6,857,504 and 7,086,670 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	7	7
Additional paid-in capital	568,870	615,627
Accumulated deficit	(133,309)	(286,187)
Nutex Health Inc. equity	435,568	329,447
Noncontrolling interests	105,342	93,990
Total equity	540,910	423,437
Total liabilities and equity	$1,032,376	$918,525

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)		2026		2025		2026		2025
Revenue:
Hospital division	$209,097		$260,239		$618,519		$700,488
Population health management division	8,516		7,565		26,331		23,090
Total revenue	217,613		267,804		644,850		723,578
Operating costs and expenses:
Payroll	48,415		38,817		132,605		109,961
Contract services	43,691		53,837		105,305		153,601
Medical supplies	4,132		3,307		13,483		11,920
Depreciation and amortization	5,622		5,003		16,431		15,343
Other	14,227		11,959		42,491		34,610
Total operating costs and expenses	116,087		112,923		310,315		325,435
Gross profit	101,526		154,881		334,535		398,143
Corporate and other costs:
Stock-based compensation	7,388		13,217		6,357		119,606
General and administrative expenses	17,040		11,297		48,097		33,830
Total corporate and other costs	24,428		24,514		54,454		153,436
Operating income	77,098		130,367		280,081		244,707
Interest expense, net	4,862		5,452		14,215		17,250
Other (income) expense	(304)		976		(319)		8,570
Income before taxes	72,540		123,939		266,185		218,887
Income tax expense	15,197		27,140		49,762		55,138
Net income	57,343		96,799		216,423		163,749
Less: net income attributable to noncontrolling interests	17,114		41,364		63,545		104,794
Net income attributable to Nutex Health Inc.	$40,229		$55,435		$152,878		$58,955
Earnings per common share:
Basic	$5.87		$8.27		$22.05		$9.63
Diluted	$5.71		$7.76		$21.50		$8.87

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended September 30,
(In thousands)		2026		2025
Cash flows from operating activities:
Net income	$216,423		$163,749
Adjustment to reconcile net income to net cash from operating activities:
Depreciation and amortization	16,431		15,343
Stock-based compensation expense	6,357		119,606
Changes to deferred taxes	1,710		22,942
Debt accretion expense	61		756
Non-cash effect of change in estimate	(52,319)		-
Changes in operating assets and liabilities:
(Increase)/Decrease in Accounts receivable	(36,621)		(154,960)
(Increase)/Decrease in Accounts receivable - related party	1,201		(3,751)
(Increase)/Decrease in Inventories	(2,278)		(308)
(Increase)/Decrease in Income tax receivable	-		(12,097)
(Increase)/Decrease in Prepaid expenses and other current assets	7,873		(6,376)
(Increase)/Decrease in Operating right-of-use assets	4,058		518
Increase/(Decrease) in Accounts payable	(4,013)		36,637
Increase/(Decrease) in Accounts payable - related party	2,116		3,276
Increase/(Decrease) in Operating lease liabilities	(4,304)		(164)
Increase/(Decrease) in Accrued arbitration expenses	22,183		16,571
Increase/(Decrease) in Accrued income tax expense	3,098		(26,533)
Increase/(Decrease) in Accrued expenses and other current liabilities	6,089		2,527
Net cash provided by operating activities	188,065		177,736
Cash flows from investing activities:
Acquisitions of property and equipment	(8,945)		(1,117)
Proceeds from restricted short-term investment	-		2,941
Cash related to asset acquisition	-		(1,994)
Net cash used in investing activities	(8,945)		(170)

	Nine Months Ended September 30,
(In thousands)		2026		2025
Cash flows from financing activities:
Proceeds from lines of credit	-		5,043
Proceeds from notes payable	934		273
Repayments of lines of credit	(673)		(3,293)
Repayments of notes payable	(4,817)		(8,319)
Repayments of finance leases	(4,453)		(4,004)
Proceeds from exercise of warrants	250		-
Cash related to stock repurchases and retirements	(50,689)		-
Members' contributions	1,725		316
Members' distributions	(53,708)		(42,174)
Net cash used in financing activities	(111,431)		(52,158)
Net change in cash, cash equivalents, and restricted cash	67,689		125,408
Cash and cash equivalents - beginning of the period	185,574		40,640
Restricted cash and short-term investment - beginning of period	297		-
Cash and cash equivalents and restricted cash and short-term investment - beginning of period	185,871		40,640
Cash and cash equivalents - end of period	249,911		166,048
Restricted cash and short-term investment - end of period	3,649		-
Cash and cash equivalents and restricted cash and short-term investment - end of period	$253,560		$166,048

Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as supplemental non-GAAP financial measures by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because these measures allow us to more effectively evaluate our operating performance.

We define EBITDA as net income attributable to Nutex Health Inc. plus interest expense, net, income taxes, depreciation, and amortization. Interest expense, net includes interest on lease liabilities, which is a component of total finance lease cost.

We define Adjusted EBITDA as net income attributable to Nutex Health Inc. plus interest expense, net, income taxes, depreciation and amortization, further adjusted for stock-based compensation, finance lease payments related to leases under Accounting Standards Codification Topic 842: Leases ("ASC 842"), certain defined items of expense and any acquisition-related costs and impairments. A reconciliation of net income to EBITDA and Adjusted EBITDA is included below.

Beginning in the first quarter of 2025, we have updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this update provides greater transparency into our operating performance.

EBITDA and Adjusted EBITDA are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. EBITDA and Adjusted EBITDA follow (in thousands):

	Three Months Ended September 30,
	2026	2025
Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA:
Net income attributable to Nutex Health Inc.	$40,229	$55,435
Depreciation and amortization	5,622	5,003
Interest expense, net	4,862	5,452
Income tax expense	15,197	27,140
Allocation to noncontrolling interests	(2,565)	(1,243)
EBITDA	63,345	91,787
Stock-based compensation	7,388	13,217
Finance lease payments	(6,856)	(6,474)
Adjusted EBITDA	$63,877	$98,530

	Nine Months Ended September 30,
	2026	2025
Reconciliation of net income attributable to Nutex Health Inc. to Adjusted EBITDA:
Net income attributable to Nutex Health Inc.	$152,878	$58,955
Depreciation and amortization	16,431	15,343
Interest expense, net	14,215	17,250
Income tax expense	49,762	55,138
Allocation to noncontrolling interests	(7,490)	(3,815)
EBITDA	225,796	142,871
Stock-based compensation	6,357	119,606
Finance lease payments	(20,727)	(19,512)
Adjusted EBITDA	$211,426	$242,965

About Nutex Health Inc.

Headquartered in Houston, Texas, Nutex Health Inc. (NASDAQ and Nasdaq Texas: NUTX) is a physician-led, healthcare services and operations company with three divisions: a Hospital Division, a Population Health Management Division, and a Real Estate Division.

The Hospital Division owns, develops, and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments. This division owns and operates 28 hospital facilities in 12 states.

The Population Health Management Division owns and operates provider networks such as Independent Physician Associations. Through our Management Services Organization, we provide management, administrative and other support services to our affiliated hospitals and physician groups.

The Real Estate division comprises of real estate entities along with activity related to the development and construction of hospital facilities. The real estate entities own the land and hospital buildings which are leased to our hospital entities.

Forward-Looking Statements

Forward-looking statements notice

Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases “will,” “will likely result,” “expected to,” “will continue,” “anticipated,” “estimate,” “projected,” “intend,” “goal,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, regulatory and litigation uncertainty under the No Surprises Act, lawsuits filed by health insurance providers against our third party provider in the arbitration process, sales of a substantial amount of our Common Stock by our stockholders, our obligation to issue additional shares of our common stock to former doctor owners of under construction hospitals, manipulative short seller reports, the impact of litigation and disputes, including pending earn-out disputes, securities class actions, derivative actions and class actions related to the recent cybersecurity incident, impacts of the recent and potential future cybersecurity incidents, our ability to successfully execute our growth strategy, including the timing of new hospital openings, economic conditions, dependence on management, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company’s ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors” in Part I, Item 1A thereof, and in the Quarterly Reports on Form 10-Q for the periods ended March 31, 2026, June 30, 2026, and September 30, 2026, under the heading “Risk Factors” in Part II, Item 1A thereof, and the risk factors and other cautionary statements contained in our other filings with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

FOR ADDITIONAL INFORMATION:

Nutex Health, Inc.

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Media Contact

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