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National Research (NRC) investor relations material
National Research Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Q3 2025 revenue was $34.6 million, with adjusted EBITDA of $10.9 million, up 11% year-over-year, and TRCV rising 8% to $141.7 million, marking the fourth consecutive quarter of TRCV growth.
Net income for Q3 2025 was $4.1 million, with diluted EPS of $0.18 and adjusted net income of $0.23 per share.
Strong sales momentum and improved customer retention drove record net retention rates and significant cross-sell and upsell activity.
Shane Harrison was appointed CFO, effective September 29, 2025, bringing extensive SaaS and technology experience.
Solutions continue to drive engagement and enablement for healthcare organizations.
Financial highlights
Q3 2025 revenue was $34.6 million, up 2% sequentially but down 3% year-over-year; adjusted EBITDA was $10.9 million with a 31% margin.
Net income for Q3 2025 was $4.1 million, down from $5.7 million in Q3 2024; adjusted net income was $5.0 million.
Operating margin for Q3 2025 was 22%, unchanged year-over-year.
Cash provided by operating activities for nine months ended September 30, 2025 was $19.3 million; Q3 net cash from operations was $13.8 million.
Weighted average diluted share count decreased 7% year-over-year due to share repurchases.
Outlook and guidance
Management expects continued momentum in recurring contract value and customer retention, with ongoing investment in innovative solutions and AI-driven technology.
Existing liquidity, borrowing capacity, and operating cash flows are expected to be sufficient for foreseeable capital and debt needs.
Forward-looking statements are subject to risks and uncertainties, including those described in SEC filings.
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Next National Research earnings date
Q4 202526 Jan, 2026
Next National Research earnings date
Q4 202526 Jan, 2026
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National Research Corporation, doing business as NRC Health, provides analytics and insights to healthcare organizations. The company specializes in collecting and analyzing patient and consumer feedback to improve healthcare experiences and outcomes. Its solutions include real-time feedback platforms, patient satisfaction surveys, and market research tools, catering to hospitals, health systems, and other care providers. The company is headquartered in Lincoln, Nebraska, and its shares are listed on the NASDAQ.
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