MURFREESBORO, Tenn., February 26, 2026--(BUSINESS WIRE)--National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and grant income for the year ended December 31, 2025 totaled $1,517,781,000 compared to $1,307,382,000 for the year ended December 31, 2024, an increase of 16.1%. The increase in net operating revenues for the 2025 year compared to the 2024 year was due to an 8.4% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Manor ("White Oak"). The White Oak operations consist of 22 healthcare operations, which includes 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.
For the year ended December 31, 2025, the reported GAAP net income attributable to NHC was $120,015,000 compared to $101,927,000 for the 2024 year. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the year ended December 31, 2025 was $104,067,000 compared to $76,862,000 for the 2024 year (*), an increase of 35.4%. GAAP diluted earnings per share were $7.67 and $6.53 for the years ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $6.65 and $4.93 for the years ended December 31, 2025 and 2024, respectively (*).
For the quarter ended December 31, 2025, the reported GAAP net income attributable to NHC was $24,849,000 compared to $6,081,000 for the same period in 2024. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended December 31, 2025 was $28,774,000 compared to $25,954,000 for the same period in 2024, an increase of 10.9% (*). The GAAP diluted earnings per share were $1.58 and $0.39 for the quarters ended December 31, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.83 and $1.66 for the quarters ended December 31, 2025 and 2024, respectively (*).
(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.
About NHC
As of February 1, 2026, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.
Non-GAAP Financial Presentation
The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC’s best judgment as of the date of this release.
Consolidated Statements of Operations | |||||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||||
Three Months Ended | Years Ended | ||||||||||||||||
December 31 | December 31 | ||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||
Revenues: | |||||||||||||||||
Net patient revenues | $ | 373,686 | $ | 357,344 | $ | 1,469,631 | $ | 1,251,759 | |||||||||
Other revenues | 12,827 | 12,006 | 48,150 | 46,178 | |||||||||||||
Government stimulus income | - | - | - | 9,445 | |||||||||||||
Net operating revenues and grant income | 386,513 | 369,350 | 1,517,781 | 1,307,382 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Salaries, wages and benefits | 233,240 | 234,321 | 921,080 | 810,930 | |||||||||||||
Other operating | 96,198 | 83,298 | 377,202 | 321,390 | |||||||||||||
Facility rent | 12,189 | 11,378 | 46,227 | 43,182 | |||||||||||||
Depreciation and amortization | 11,769 | 11,442 | 44,920 | 41,985 | |||||||||||||
Total costs and expenses | 353,396 | 340,439 | 1,389,429 | 1,217,487 | |||||||||||||
Income from operations | 33,117 | 28,911 | 128,352 | 89,895 | |||||||||||||
Non-operating income | 4,236 | 4,825 | 18,107 | 19,690 | |||||||||||||
Interest expense | (816 | ) | (2,347 | ) | (6,371 | ) | (4,135 | ) | |||||||||
Unrealized gains on marketable equity securities | (4,404 | ) | (25,332 | ) | 22,344 | 30,958 | |||||||||||
Income before income taxes | 32,133 | 6,057 | 162,432 | 136,408 | |||||||||||||
Income tax provision | (6,939 | ) | (28 | ) | (39,826 | ) | (34,322 | ) | |||||||||
Net income | 25,194 | 6,029 | 122,606 | 102,086 | |||||||||||||
Net income attributable to noncontrolling interest | (345 | ) | 52 | (2,591 | ) | (159 | ) | ||||||||||
Net income attributable to National HealthCare Corporation | $ | 24,849 | $ | 6,081 | $ | 120,015 | $ | 101,927 | |||||||||
Net income per common share | |||||||||||||||||
Basic | $ | 1.60 | $ | 0.39 | $ | 7.76 | $ | 6.62 | |||||||||
Diluted | $ | 1.58 | $ | 0.39 | $ | 7.67 | $ | 6.53 | |||||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic | 15,502,990 | 15,420,658 | 15,472,185 | 15,393,782 | |||||||||||||
Diluted | 15,744,478 | 15,665,025 | 15,646,338 | 15,598,528 | |||||||||||||
Dividends declared per common share | $ | 0.64 | $ | 0.61 | $ | 2.53 | $ | 2.42 | |||||||||
Balance Sheet Data | December 31 | December 31 | |||||||||||||||
(in thousands) | 2025 | 2024 | |||||||||||||||
Cash, cash equivalents and marketable securities | $ | 255,801 | $ | 216,185 | |||||||||||||
Restricted cash, cash equivalents and marketable securities | 159,848 | 163,795 | |||||||||||||||
Current assets | 461,820 | 424,408 | |||||||||||||||
Property and equipment, net | 673,797 | 684,289 | |||||||||||||||
Total assets | 1,526,419 | 1,524,429 | |||||||||||||||
Current liabilities, excluding current long-term debt | 246,132 | 227,297 | |||||||||||||||
Current and long-term debt | 40,000 | 137,000 | |||||||||||||||
NHC stockholders' equity | 1,068,772 | 980,161 | |||||||||||||||
Selected Operating Statistics | ||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Skilled Nursing Per Diems: | ||||||||||||||||
Medicare | $ | 626.99 | $ | 607.67 | $ | 616.75 | $ | 586.76 | ||||||||
Managed Care | 539.69 | 490.41 | 486.56 | 468.23 | ||||||||||||
Medicaid | 289.05 | 279.02 | 285.46 | 275.78 | ||||||||||||
Private Pay and Other | 340.12 | 321.12 | 338.28 | 316.80 | ||||||||||||
Average Skilled Nursing Per Diem | $ | 369.21 | $ | 350.72 | $ | 360.40 | $ | 346.46 | (1) | |||||||
Skilled Nursing Patient Days: | ||||||||||||||||
Medicare | 83,750 | 84,809 | 336,120 | 320,524 | ||||||||||||
Managed Care | 82,425 | 76,996 | 330,424 | 276,019 | ||||||||||||
Medicaid | 370,805 | 374,755 | 1,473,029 | 1,281,020 | ||||||||||||
Private Pay and Other | 203,408 | 191,926 | 788,843 | 677,449 | ||||||||||||
Total Skilled Nursing Patient Days | 740,388 | 728,486 | 2,928,416 | 2,555,012 | (1) | |||||||||||
(1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the year ended December 31, 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $275.64 and 20,267 patient days. | ||||||||||||||||
The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||
December 31 | December 31 | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net income attributable to National Healthcare Corporation | $ | 24,849 | $ | 6,081 | $ | 120,015 | $ | 101,927 | ||||||||
Non-GAAP adjustments | ||||||||||||||||
Unrealized gains on marketable equity securities | 4,404 | 25,332 | (22,344 | ) | (30,958 | ) | ||||||||||
Operating results for newly-opened operations not at full capacity | - | (10 | ) | - | 130 | |||||||||||
Gain on sale of unconsolidated company | - | - | - | (1,024 | ) | |||||||||||
Gain on sale of property and equipment | - | - | (3,606 | ) | - | |||||||||||
Stock-based compensation expense | 900 | 1,098 | 4,399 | 4,160 | ||||||||||||
Acquisition-related expenses | - | 435 | - | 3,266 | ||||||||||||
Employee retention credit | - | - | - | (9,445 | ) | |||||||||||
Income tax provision on non-GAAP adjustments | (1,379 | ) | (6,982 | ) | 5,603 | 8,806 | ||||||||||
Non-GAAP Net income | $ | 28,774 | $ | 25,954 | $ | 104,067 | $ | 76,862 | ||||||||
GAAP diluted earnings per share | $ | 1.58 | $ | 0.39 | $ | 7.67 | $ | 6.53 | ||||||||
Non-GAAP adjustments | ||||||||||||||||
Unrealized gains on marketable equity securities | 0.28 | 1.62 | (1.43 | ) | (1.98 | ) | ||||||||||
Operating results for newly-opened operations not at full capacity | - | - | - | 0.01 | ||||||||||||
Gain on sale of unconsolidated company | - | - | - | (0.07 | ) | |||||||||||
Gain on sale of property and equipment | - | - | (0.23 | ) | - | |||||||||||
Stock-based compensation expense | 0.06 | 0.07 | 0.28 | 0.28 | ||||||||||||
Acquisition-related expenses | - | 0.03 | - | 0.21 | ||||||||||||
Employee retention credit | - | - | - | (0.61 | ) | |||||||||||
Income tax provision on non-GAAP adjustments | (0.09 | ) | (0.45 | ) | 0.36 | 0.56 | ||||||||||
Non-GAAP diluted earnings per share | $ | 1.83 | $ | 1.66 | $ | 6.65 | $ | 4.93 | ||||||||
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Contacts
Brian F. Kidd, SVP/CFO
Phone: (615) 890-2020