National Research (NRC) Q3 2025 earnings summary

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.