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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.
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Q3 2025 earnings summary28 Oct, 2025

Executive summary

  • Revenue reached $34.6 million in Q3 2025, up 2% sequentially and 11% year-over-year, with adjusted EBITDA of $10.9 million and strong sales momentum from new and existing customers.

  • Total Recurring Contract Value (TRCV) rose 8% year-over-year to $142 million, marking the fourth consecutive quarter of sequential growth and the strongest since 2020.

  • Net retention rate reached its highest level since 2020, supported by robust cross-sell and upsell activity.

  • Solutions continue to drive engagement and enablement for healthcare organizations.

Financial highlights

  • Adjusted EBITDA was $10.9 million, representing a 31% margin, up over four percentage points from Q3 2024.

  • Adjusted net income was $0.23 per fully diluted share; GAAP net income was $4.1 million (12% of revenue).

  • Net cash from operating activities was $13.8 million, representing 40% of total revenue.

  • Operating expenses declined due to lower compensation and timing of marketing spend.

  • Weighted average diluted share count decreased 7% year-over-year due to share repurchases.

Outlook and guidance

  • Operational priorities include strengthening client partnerships, evolving the go-to-market model, and modernizing the technology platform with AI-driven innovations.

  • Management expects continued momentum in recurring contract value and customer retention, with confidence in sustained growth, strong margins, and lasting value creation.

  • Forward-looking statements include expectations for future dividends, share repurchases, and revenue, subject to risks and uncertainties.

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Frequently asked questions

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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