National HealthCare (NHC) Q3 2025 earnings summary

Executive summary

• Net operating revenues for Q3 2025 increased 12.5% year-over-year, driven by an 8.7% rise in same-facility revenues and the White Oak acquisition.

• GAAP net income attributable to stockholders was $39.2M for Q3 2025, down from $42.8M in Q3 2024, but adjusted net income rose 24.3% to $24.7M, reflecting core operational improvements.

• Skilled nursing facility census improved to 90.0% in Q3 2025 from 88.3% a year ago, with continued focus on occupancy and labor cost management.

Financial highlights

• Q3 2025 net operating revenues: $382.7M, up from $340.2M in Q3 2024.

• Net income attributable to stockholders for Q3 2025: $39.2M; nine months YTD: $95.2M.

• Adjusted net income for Q3 2025: $24.7M, up from $19.9M in Q3 2024; nine months YTD: $75.3M, up from $50.9M.

• Diluted EPS for Q3 2025: $2.50; nine months YTD: $6.10.

• Cash and equivalents at period end: $130.6M; unrestricted marketable equity securities: $166.8M.

Outlook and guidance

• Management expects to meet short- and long-term liquidity needs through operating cash flows, cash on hand, and available credit.

• Medicare and Medicaid rate increases in key states are expected to boost annual revenues by $7.2M starting in Q4 2025.

• Ongoing focus on occupancy, labor cost control, and integration of White Oak operations.