National Research (NRC) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $35.2 million, up 2% quarter-over-quarter, with adjusted EBITDA of $8.7 million and adjusted net income of $3.4 million.

• Full-year 2025 revenue was $137.4 million, with adjusted EBITDA of $40.2 million (29% margin) and adjusted net income of $20.7 million.

• Total Recurring Contract Value (TRCV) grew 8% year-over-year to $144.1 million, marking the fifth consecutive quarter of sequential growth.

• 99% of revenue is recurring, providing high predictability and visibility.

• Strategic priorities for 2026 include scaling go-to-market initiatives, deepening enablement solution adoption, and driving product innovation.

Financial highlights

• Q4 Adjusted EBITDA was $8.7 million (25% of revenue); Q4 adjusted EPS was $0.16.

• Full-year adjusted EPS was $0.93; Q4 GAAP EPS was $0.08.

• Cash flow from operations in Q4 was $7.2 million; full-year was $26.5 million.

• Q4 net income margin was 5%; full-year net income margin was 8%.

• Paid a quarterly dividend of $0.12 per share in Q4 and declared a $0.16 per share dividend payable April 10, 2026.

Outlook and guidance

• TRCV growth of 8% in 2025 is expected to drive revenue growth in 2026.

• Margin expansion anticipated as revenue recovers and growth catalysts are executed.

• Continued investment in product innovation, AI capabilities, and leadership to support long-term growth.

• Management highlighted strong execution and a solid foundation for continued growth in a complex healthcare environment.