Nutex Health (NUTX) Q1 2026 earnings summary

Executive summary

• Total revenue for Q1 2026 was $216.5 million, up 2.2% year-over-year, with net income attributable to shareholders rising to $46.8 million from $21.2 million in Q1 2025 and diluted EPS of $6.52 versus $3.33.

• Adjusted EBITDA declined to $57.6 million from $72.8 million, primarily due to higher arbitration costs and timing of IDR expense recognition.

• Hospital visits increased 3.1% to 49,742, with same-hospital visits up 0.6%.

• Cash on hand grew to $207.3 million, and net cash from operating activities rose 48% to $75.5 million.

• Completed $25 million share repurchase and initiated another $25 million program, with $31.7 million used for repurchases and settlements in Q1 2026.

Financial highlights

• Hospital division revenue grew 1.8% to $207.6 million; population health division revenue rose 14% to $8.9 million.

• Gross profit was $91.7 million (42.4% margin), down from $118.3 million (55.9%) year-over-year.

• Operating income increased slightly to $81.3 million; net income rose by $25.6 million year-over-year.

• Net long-term debt decreased to $24.3 million from $29.2 million at year-end 2025.

• Stock-based compensation expense was $(3.9) million, a significant decrease from $27.6 million in Q1 2025.

Outlook and guidance

• On track to open three new hospitals in 2026, with a sustainable pace of three to five new hospitals annually and additional projects planned for 2027.

• Board approved selective self-development of new facilities through the real estate division, starting in 2026.

• Expect arbitration costs to normalize back to 24%-26% of arbitration-related revenue in coming quarters.

• Effective tax rate expected in the high teens to 20% for the remainder of the year.

• Continued focus on expanding IPA networks and value-based contracts.