Nutex Health (NUTX) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $875.3 million in 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.

• Diluted EPS increased to $10.48 from $9.69 year-over-year.

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

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

Financial highlights

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

• Adjusted EBITDA was $259.6 million, up 152.6% from 2024.

• Net cash from operating activities reached $248.1 million for 2025.

• Gross profit margin improved to 50.8% from 40.9% year-over-year.

• Cash and cash equivalents at year-end 2025 were $185.6 million, up 356.6% from 2024.

Outlook and guidance

• Strong liquidity and cash position support continued disciplined, profitable growth into 2026 and beyond.

• Three new hospitals set to open in 2026, with additional facilities planned for 2027 and 2028.

• Real estate strategy aims to recycle capital through development and sale-leaseback of new hospitals.

• Ongoing focus on expanding IPA footprint and value-based care initiatives.

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