Nutex Health (NUTX) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $875.3 million for 2025, up 82.4% year-over-year, with net income rising to $70.8 million from $52.1 million in 2024.

• Adjusted EBITDA increased 152.6% to $259.6 million, reflecting strong operational performance and the add-back of a one-time $117 million stock-based compensation expense.

• Patient visits grew 11.8% to 188,279, with mature hospitals contributing 1.3% growth.

• Opened three new micro-hospitals, expanding the national footprint to 27 facilities in 12 states.

• Remediated all previously disclosed material weaknesses in internal controls during 2025.

Financial highlights

• Hospital division revenue reached $844.2 million, with 63% from higher acuity claims and IDR process success; mature hospitals' revenue grew 73.4%.

• Gross profit margin improved to 50.8% from 40.9% year-over-year; gross profit increased 126.4%.

• Operating income rose to $275.6 million, up from $130.7 million in 2024.

• Q4 2025 revenue was $151.7 million, down 41.1% due to a one-time $55 million arbitration true-up.

• Net cash from operating activities for 2025 was $248.1 million, up from $23.2 million in 2024.

Outlook and guidance

• Plans to open three new hospitals in 2026 (Jacksonville, West Little Rock, San Antonio) and four more in 2027.

• Expanding IPA footprint and population health division to support value-based care and risk-based reimbursement.

• Real estate strategy to develop, stabilize, and recycle capital via sale-leasebacks.

• Strong liquidity and disciplined capital allocation position the company for continued profitable growth.

• Positioned for continued growth through new hospital development and increased patient volumes.