National HealthCare (NHC) Q4 2025 earnings summary

Executive summary

• Net operating revenues for 2025 increased 16.1% year-over-year to $1.52 billion, driven by an 8.4% rise in same-facility revenues and the full-year impact of the White Oak acquisition.

• GAAP net income attributable to common stockholders was $120.0 million, up from $101.9 million in 2024; adjusted net income (non-GAAP) was $104.1 million, up from $76.9 million.

• Skilled nursing facility occupancy improved to 89.7% in 2025 from 88.6% in 2024, with per diem rates rising across all payor types.

• The White Oak acquisition added 15 skilled nursing, 2 assisted living, and 4 independent living facilities, contributing $227.5 million in net patient revenues.

• Agency nurse staffing expenses decreased by 66.6% year-over-year, reflecting successful workforce management initiatives.

Financial highlights

• Net patient revenues rose 17.4% to $1.47 billion; other revenues increased 4.3% to $48.2 million.

• Total costs and expenses grew 14.1% to $1.39 billion, with salaries, wages, and benefits up 13.6% to $921.1 million.

• Operating income increased to $128.4 million from $89.9 million in 2024.

• Non-operating income was $18.1 million; unrealized gains on marketable equity securities were $22.3 million.

• Diluted EPS was $7.67 (GAAP) and $6.65 (non-GAAP); dividends paid per share were $2.53.

Outlook and guidance

• Management expects continued growth from the White Oak portfolio and ongoing improvements in skilled nursing census and per diem rates.

• Short-term liquidity is supported by $92.8 million in cash and $163.0 million in unrestricted marketable equity securities.

• Long-term liquidity is expected to be met through operating cash flows, real estate assets, and a $50 million credit line.