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National Healthcare Corp

NHC Reports 2025 Year End Earnings

MURFREESBORO, Tenn.--(BUSINESS WIRE)--Feb. 26, 2026-- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and grant income for the year ended December 31, 2025 totaled $1,517,781,000 compared to $1,307,382,000 for the year ended December 31, 2024, an increase of 16.1%. The increase in net operating revenues for the 2025 year compared to the 2024 year was due to an 8.4% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Manor (“White Oak”). The White Oak operations consist of 22 healthcare operations, which includes 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.

For the year ended December 31, 2025, the reported GAAP net income attributable to NHC was $120,015,000 compared to $101,927,000 for the 2024 year. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the year ended December 31, 2025 was $104,067,000 compared to $76,862,000 for the 2024 year (*), an increase of 35.4%. GAAP diluted earnings per share were $7.67 and $6.53 for the years ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $6.65 and $4.93 for the years ended December 31, 2025 and 2024, respectively (*).

For the quarter ended December 31, 2025, the reported GAAP net income attributable to NHC was $24,849,000 compared to $6,081,000 for the same period in 2024. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended December 31, 2025 was $28,774,000 compared to $25,954,000 for the same period in 2024, an increase of 10.9% (*). The GAAP diluted earnings per share were $1.58 and $0.39 for the quarters ended December 31, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.83 and $1.66 for the quarters ended December 31, 2025 and 2024, respectively (*).

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

About NHC

As of February 1, 2026, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329 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

 

Years Ended

December 31

 

December 31

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Revenues:
Net patient revenues

$

373,686

 

$

357,344

 

$

1,469,631

 

$

1,251,759

 

Other revenues

 

12,827

 

 

12,006

 

 

48,150

 

 

46,178

 

Government stimulus income

 

-

 

 

-

 

 

-

 

 

9,445

 

Net operating revenues and grant income

 

386,513

 

 

369,350

 

 

1,517,781

 

 

1,307,382

 

 
Costs and expenses:
Salaries, wages and benefits

 

233,240

 

 

234,321

 

 

921,080

 

 

810,930

 

Other operating

 

96,198

 

 

83,298

 

 

377,202

 

 

321,390

 

Facility rent

 

12,189

 

 

11,378

 

 

46,227

 

 

43,182

 

Depreciation and amortization

 

11,769

 

 

11,442

 

 

44,920

 

 

41,985

 

Total costs and expenses

 

353,396

 

 

340,439

 

 

1,389,429

 

 

1,217,487

 

 
Income from operations

 

33,117

 

 

28,911

 

 

128,352

 

 

89,895

 

 
Non-operating income

 

4,236

 

 

4,825

 

 

18,107

 

 

19,690

 

Interest expense

 

(816

)

 

(2,347

)

 

(6,371

)

 

(4,135

)

Unrealized gains on marketable equity securities

 

(4,404

)

 

(25,332

)

 

22,344

 

 

30,958

 

 
Income before income taxes

 

32,133

 

 

6,057

 

 

162,432

 

 

136,408

 

Income tax provision

 

(6,939

)

 

(28

)

 

(39,826

)

 

(34,322

)

Net income

 

25,194

 

 

6,029

 

 

122,606

 

 

102,086

 

 
Net income attributable to noncontrolling interest

 

(345

)

 

52

 

 

(2,591

)

 

(159

)

 
Net income attributable to National HealthCare Corporation

$

24,849

 

$

6,081

 

$

120,015

 

$

101,927

 

 
Net income per common share
Basic

$

1.60

 

$

0.39

 

$

7.76

 

$

6.62

 

Diluted

$

1.58

 

$

0.39

 

$

7.67

 

$

6.53

 

 
Weighted average common shares outstanding
Basic

 

15,502,990

 

 

15,420,658

 

 

15,472,185

 

 

15,393,782

 

Diluted

 

15,744,478

 

 

15,665,025

 

 

15,646,338

 

 

15,598,528

 

 
Dividends declared per common share

$

0.64

 

$

0.61

 

$

2.53

 

$

2.42

 

 
 
Balance Sheet Data

December 31

December 31

(in thousands)

 

2025

 

 

2024

 

 
Cash, cash equivalents and marketable securities

$

255,801

 

$

216,185

 

Restricted cash, cash equivalents and marketable securities

 

159,848

 

 

163,795

 

Current assets

 

461,820

 

 

424,408

 

Property and equipment, net

 

673,797

 

 

684,289

 

Total assets

 

1,526,419

 

 

1,524,429

 

Current liabilities, excluding current long-term debt

 

246,132

 

 

227,297

 

Current and long-term debt

 

40,000

 

 

137,000

 

NHC stockholders' equity

 

1,068,772

 

 

980,161

 

Selected Operating Statistics

Three Months Ended

 

Years Ended

 

December 31

 

December 31

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

Skilled Nursing Per Diems:

 

Medicare

$

626.99

 

$

607.67

 

$

616.75

 

$

586.76

 

 

Managed Care

 

539.69

 

 

490.41

 

 

486.56

 

 

468.23

 

 

Medicaid

 

289.05

 

 

279.02

 

 

285.46

 

 

275.78

 

 

Private Pay and Other

 

340.12

 

 

321.12

 

 

338.28

 

 

316.80

 

 

 

Average Skilled Nursing Per Diem

$

369.21

 

$

350.72

 

$

360.40

 

$

346.46

 

(1)

 

Skilled Nursing Patient Days:

 

Medicare

 

83,750

 

 

84,809

 

 

336,120

 

 

320,524

 

 

Managed Care

 

82,425

 

 

76,996

 

 

330,424

 

 

276,019

 

 

Medicaid

 

370,805

 

 

374,755

 

 

1,473,029

 

 

1,281,020

 

 

Private Pay and Other

 

203,408

 

 

191,926

 

 

788,843

 

 

677,449

 

 

 

Total Skilled Nursing Patient Days

 

740,388

 

 

728,486

 

 

2,928,416

 

 

2,555,012

 

(1)

 

(1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the year ended December 31, 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $275.64 and 20,267 patient days.

 

 

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

 

Three Months Ended

 

Years Ended

 

December 31

 

December 31

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

Net income attributable to National Healthcare Corporation

$

24,849

 

$

6,081

 

$

120,015

 

$

101,927

 

 

Non-GAAP adjustments

 

Unrealized gains on marketable equity securities

 

4,404

 

 

25,332

 

 

(22,344

)

 

(30,958

)

 

Operating results for newly-opened operations not at full capacity

 

-

 

 

(10

)

 

-

 

 

130

 

 

Gain on sale of unconsolidated company

 

-

 

 

-

 

 

-

 

 

(1,024

)

 

Gain on sale of property and equipment

 

-

 

 

-

 

 

(3,606

)

 

-

 

 

Stock-based compensation expense

 

900

 

 

1,098

 

 

4,399

 

 

4,160

 

 

Acquisition-related expenses

 

-

 

 

435

 

 

-

 

 

3,266

 

 

Employee retention credit

 

-

 

 

-

 

 

-

 

 

(9,445

)

 

Income tax provision on non-GAAP adjustments

 

(1,379

)

 

(6,982

)

 

5,603

 

 

8,806

 

 

Non-GAAP Net income

$

28,774

 

$

25,954

 

$

104,067

 

$

76,862

 

 

 

GAAP diluted earnings per share

$

1.58

 

$

0.39

 

$

7.67

 

$

6.53

 

 

Non-GAAP adjustments

 

Unrealized gains on marketable equity securities

 

0.28

 

 

1.62

 

 

(1.43

)

 

(1.98

)

 

Operating results for newly-opened operations not at full capacity

 

-

 

 

-

 

 

-

 

 

0.01

 

 

Gain on sale of unconsolidated company

 

-

 

 

-

 

 

-

 

 

(0.07

)

 

Gain on sale of property and equipment

 

-

 

 

-

 

 

(0.23

)

 

-

 

 

Stock-based compensation expense

 

0.06

 

 

0.07

 

 

0.28

 

 

0.28

 

 

Acquisition-related expenses

 

-

 

 

0.03

 

 

-

 

 

0.21

 

 

Employee retention credit

 

-

 

 

-

 

 

-

 

 

(0.61

)

 

Income tax provision on non-GAAP adjustments

 

(0.09

)

 

(0.45

)

 

0.36

 

 

0.56

 

 

Non-GAAP diluted earnings per share

$

1.83

 

$

1.66

 

$

6.65

 

$

4.93

 

 

 

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

Source: National HealthCare Corporation