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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.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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