NHC Reports Third Quarter 2025 Earnings
MURFREESBORO, Tenn.--( BUSINESS WIRE)-- 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, 2025 totaled $382,661,000 compared to $340,198,000 for the quarter ended September 30, 2024, an increase of 12.5%. The increase in net operating revenues for the third quarter of 2025 compared to the third quarter of 2024 was due to an 8.7% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Management, Inc. (“White Oak”).
For the quarter ended September 30, 2025, the reported GAAP net income attributable to NHC was $39,239,000 compared to $42,789,000 for the same period in 2024. Excluding the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2025 was $24,744,000 compared to $19,910,000 for the same period in 2024, an increase of 24.3% (*). The GAAP diluted earnings per share were $2.50 and $2.73 for the quarters ending September 30, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.58 and $1.27 for the quarters ending September 30, 2025 and 2024, respectively (*).
(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.
About NHC
As of November 1, 2025, 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.
2025
2024
2025
2024
$
370,989
$
328,674
$
1,095,945
$
894,415
11,672
11,524
35,323
34,172
-
-
-
9,445
382,661
340,198
1,131,268
938,032
233,176
213,395
687,840
576,609
96,604
82,509
281,004
238,092
11,345
10,886
34,038
31,804
11,158
10,619
33,151
30,543
352,283
317,409
1,036,033
877,048
30,378
22,789
95,235
60,984
4,660
4,224
13,871
14,865
(1,456
)
(1,742
)
(5,555
)
(1,788
)
20,827
32,767
26,748
56,290
54,409
58,038
130,299
130,351
(13,400
)
(15,338
)
(32,887
)
(34,294
)
41,009
42,700
97,412
96,057
(1,770
)
89
(2,246
)
(211
)
$
39,239
$
42,789
$
95,166
$
95,846
$
2.53
$
2.78
$
6.15
$
6.23
$
2.50
$
2.73
$
6.10
$
6.15
15,484,464
15,411,680
15,461,804
15,384,758
15,664,530
15,667,321
15,613,505
15,576,294
$
0.64
$
0.61
$
1.89
$
1.81
2025
2024
$
297,383
$
216,185
161,299
163,795
493,519
424,408
675,169
684,289
1,572,142
1,524,429
274,859
227,297
73,125
137,000
1,052,979
980,161
2025
2024
2025
2024
$
613.12
$
578.12
$
613.35
$
579.24
417.32
(2)
459.94
452.02
(2)
459.64
284.60
290.00
284.25
274.44
334.71
323.36
337.64
315.09
$
350.85
$
350.85
$
357.42
(1)
$
344.76
(1)
82,501
79,957
252,370
235,715
81,338
70,635
247,999
199,023
369,895
344,940
1,102,224
906,265
206,639
177,846
585,435
485,523
740,373
673,378
2,188,028
(1)
1,826,526
(1)
2025
2024
2025
2024
$
39,239
$
42,789
$
95,166
$
95,846
(20,827
)
(32,767
)
(26,748
)
(56,290
)
-
120
-
140
-
-
(3,606
)
(1,024
)
1,239
1,093
3,499
3,062
-
637
-
2,831
-
-
-
(9,445
)
5,093
8,038
6,982
15,789
$
24,744
$
19,910
$
75,293
$
50,909
$
2.50
$
2.73
$
6.10
$
6.15
(1.33
)
(2.09
)
(1.71
)
(3.59
)
-
0.01
-
0.01
-
-
(0.23
)
(0.07
)
0.08
0.07
0.22
0.20
-
0.04
-
0.18
-
-
-
(0.62
)
0.33
0.51
0.45
1.01
$
1.58
$
1.27
$
4.83
$
3.27