NHC Reports 2025 Year End 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 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.
Three Months Ended
Years Ended
December 31
December 31
2025
2024
2025
2024
$
373,686
$
357,344
$
1,469,631
$
1,251,759
12,827
12,006
48,150
46,178
-
-
-
9,445
386,513
369,350
1,517,781
1,307,382
233,240
234,321
921,080
810,930
96,198
83,298
377,202
321,390
12,189
11,378
46,227
43,182
11,769
11,442
44,920
41,985
353,396
340,439
1,389,429
1,217,487
33,117
28,911
128,352
89,895
4,236
4,825
18,107
19,690
(816
)
(2,347
)
(6,371
)
(4,135
)
(4,404
)
(25,332
)
22,344
30,958
32,133
6,057
162,432
136,408
(6,939
)
(28
)
(39,826
)
(34,322
)
25,194
6,029
122,606
102,086
(345
)
52
(2,591
)
(159
)
$
24,849
$
6,081
$
120,015
$
101,927
$
1.60
$
0.39
$
7.76
$
6.62
$
1.58
$
0.39
$
7.67
$
6.53
15,502,990
15,420,658
15,472,185
15,393,782
15,744,478
15,665,025
15,646,338
15,598,528
$
0.64
$
0.61
$
2.53
$
2.42
December 31
December 31
2025
2024
$
255,801
$
216,185
159,848
163,795
461,820
424,408
673,797
684,289
1,526,419
1,524,429
246,132
227,297
40,000
137,000
1,068,772
980,161
Three Months Ended
Years Ended
December 31
December 31
2025
2024
2025
2024
$
626.99
$
607.67
$
616.75
$
586.76
539.69
490.41
486.56
468.23
289.05
279.02
285.46
275.78
340.12
321.12
338.28
316.80
$
369.21
$
350.72
$
360.40
$
346.46
(1)
83,750
84,809
336,120
320,524
82,425
76,996
330,424
276,019
370,805
374,755
1,473,029
1,281,020
203,408
191,926
788,843
677,449
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.
Three Months Ended
Years Ended
December 31
December 31
2025
2024
2025
2024
$
24,849
$
6,081
$
120,015
$
101,927
4,404
25,332
(22,344
)
(30,958
)
-
(10
)
-
130
-
-
-
(1,024
)
-
-
(3,606
)
-
900
1,098
4,399
4,160
-
435
-
3,266
-
-
-
(9,445
)
(1,379
)
(6,982
)
5,603
8,806
$
28,774
$
25,954
$
104,067
$
76,862
$
1.58
$
0.39
$
7.67
$
6.53
0.28
1.62
(1.43
)
(1.98
)
-
-
-
0.01
-
-
-
(0.07
)
-
-
(0.23
)
-
0.06
0.07
0.28
0.28
-
0.03
-
0.21
-
-
-
(0.61
)
(0.09
)
(0.45
)
0.36
0.56
$
1.83
$
1.66
$
6.65
$
4.93