National HealthCare Q3 GAAP profit falls to $13.6M
As of November 1, 2026, NHC affiliates operated 80 skilled nursing facilities with 10,323 beds, alongside other care services.
Sentiment and the balance of points
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Rhea-AI Filing Summary
National HealthCare Corporation (NHC) reported third-quarter 2026 net operating revenues of $407.971 million, up 6.6% from $382.661 million a year earlier. GAAP net income attributable to NHC was $13.637 million, compared with $39.239 million, while adjusted net income, excluding unrealized gains or losses on marketable equity securities and other non-GAAP adjustments, increased 13.8% to $28.154 million from $24.744 million. Diluted earnings per share were $0.85 GAAP and $1.76 adjusted, compared with $2.50 and $1.58, respectively.
NHC said the adjusted net income increase was driven primarily by its June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds and its July 1, 2026 acquisition of the real estate of 32 skilled nursing facilities and three independent living facilities from National Health Investors, Inc. The 35 real estate assets have 4,825 licensed beds across Alabama, Florida, Missouri, South Carolina, Tennessee and Virginia. Current and long-term debt was $502.063 million at September 30, 2026, compared with $40 million at December 31, 2025.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet operating revenues grew 6.6% to $407.971 million in Q3 2026.
- Moderate pointAdjusted net income rose 13.8% to $28.154 million.
Negative
- Moderate pointGAAP net income attributable to NHC: $13.637 million, versus $39.239 million.
Filing Explained
The earnings release adds a balance-sheet comparison: at
8-K Event Classification
Key Figures
Key Terms
adjusted net income financial
marketable equity securities financial
noncontrolling interest financial
Skilled Nursing Per Diems financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did NHC report in Q3 2026?
What were NHC's GAAP and adjusted earnings in Q3 2026?
How many care facilities did NHC affiliates operate?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS.
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(d)
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Exhibits.
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Exhibit No.
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Description of Exhibit
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99.1
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Copy of press release issued on November 6, 2026 by National HealthCare Corporation announcing September 30, 2026 earnings.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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NATIONAL HEALTHCARE CORPORATION
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By:
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/s/
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Brian F. Kidd
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| Name: | Brian F. Kidd | |||
| Title: | Senior VP/Chief Financial Officer | |||
Exhibit 99.1
For release: November 6, 2026
Contact: Brian F. Kidd, SVP/CFO
Phone: (615) 890-2020
NHC Reports Third Quarter 2026 Earnings
MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended September 30, 2026 totaled $407,971,000 compared to $382,661,000 for the quarter ended September 30, 2025, an increase of 6.6%. For the quarter ended September 30, 2026, the reported GAAP net income attributable to NHC was $13,637,000 compared to $39,239,000 for the same period in 2025. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2026 was $28,154,000 compared to $24,744,000 for the same period in 2025, a 13.8% increase (*).
The increase in adjusted net income for the quarter ended September 30, 2026 was primarily driven by the June 1, 2026 acquisition of five skilled nursing facilities and the July 1, 2026 acquisition of the real estate of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors, Inc. (“NHI”). The five skilled nursing facilities have 639 licensed beds in the states of Tennessee and South Carolina. The thirty-five real estate assets acquired from NHI have 4,825 licensed beds and are located in Alabama, Florida, Missouri, South Carolina, Tennessee, and Virginia.
The GAAP diluted earnings per share were $0.85 and $2.50 for the quarters ending September 30, 2026 and 2025, respectively. Adjusted diluted earnings per share were $1.76 and $1.58 for the quarters ending September 30, 2026 and 2025, respectively (*).
(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.
About NHC
As of November 1, 2026, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,323 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 775 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.
-more-
Page 2
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Consolidated Statements of Operations |
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(in thousands, except share and per share amounts) |
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Three Months Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2026 |
2025 |
2026 |
2025 |
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(unaudited) |
(unaudited) |
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Revenues: |
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Net patient revenues |
$ | 397,446 | $ | 370,989 | $ | 1,145,610 | $ | 1,095,945 | ||||||||
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Other revenues |
10,525 | 11,672 | 52,207 | 35,323 | ||||||||||||
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Net operating revenues |
407,971 | 382,661 | 1,197,817 | 1,131,268 | ||||||||||||
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Costs and expenses: |
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Salaries, wages and benefits |
251,937 | 233,176 | 728,913 | 687,840 | ||||||||||||
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Other operating |
99,461 | 96,604 | 285,173 | 281,004 | ||||||||||||
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Facility rent |
1,365 | 11,345 | 24,548 | 34,038 | ||||||||||||
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Depreciation and amortization |
14,576 | 11,158 | 37,363 | 33,151 | ||||||||||||
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Total costs and expenses |
367,339 | 352,283 | 1,075,997 | 1,036,033 | ||||||||||||
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Income from operations |
40,632 | 30,378 | 121,820 | 95,235 | ||||||||||||
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Non-operating income |
3,637 | 4,660 | 11,566 | 13,871 | ||||||||||||
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Interest expense |
(6,991 | ) | (1,456 | ) | (7,273 | ) | (5,555 | ) | ||||||||
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Unrealized gains/(losses) on marketable equity securities |
(17,599 | ) | 20,827 | (7,610 | ) | 26,748 | ||||||||||
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Income before income taxes |
19,679 | 54,409 | 118,503 | 130,299 | ||||||||||||
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Income tax provision |
(5,498 | ) | (13,400 | ) | (27,682 | ) | (32,887 | ) | ||||||||
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Net income |
14,181 | 41,009 | 90,821 | 97,412 | ||||||||||||
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Net income attributable to noncontrolling interest |
(544 | ) | (1,770 | ) | (1,008 | ) | (2,246 | ) | ||||||||
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Net income attributable to National HealthCare Corporation |
$ | 13,637 | $ | 39,239 | $ | 89,813 | $ | 95,166 | ||||||||
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Net income per common share |
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Basic |
$ | 0.87 | $ | 2.53 | $ | 5.76 | $ | 6.15 | ||||||||
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Diluted |
$ | 0.85 | $ | 2.50 | $ | 5.66 | $ | 6.10 | ||||||||
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Weighted average common shares outstanding |
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Basic |
15,638,814 | 15,484,464 | 15,599,724 | 15,461,804 | ||||||||||||
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Diluted |
15,964,895 | 15,664,530 | 15,866,957 | 15,613,505 | ||||||||||||
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Dividends declared per common share |
$ | 0.67 | $ | 0.64 | $ | 1.98 | $ | 1.89 | ||||||||
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Balance Sheet Data |
September 30 |
December 31 |
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(in thousands) |
2026 |
2025 |
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(unaudited) |
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Cash, cash equivalents and marketable securities |
$ | 221,325 | $ | 255,801 | ||||
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Restricted cash, cash equivalents and marketable securities |
152,874 | 159,848 | ||||||
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Current assets |
419,830 | 461,820 | ||||||
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Property and equipment, net |
1,290,019 | 673,797 | ||||||
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Total assets |
2,068,196 | 1,526,419 | ||||||
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Current liabilities |
283,925 | 246,132 | ||||||
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Current and long-term debt |
502,063 | 40,000 | ||||||
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NHC stockholders' equity |
1,124,920 | 1,068,772 | ||||||
-more-
Page 3
Selected Operating Statistics
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Three Months Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2026 |
2025 |
2026 |
2025 |
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(unaudited) |
(unaudited) |
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Skilled Nursing Per Diems: |
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Medicare |
$ | 623.72 | $ | 613.12 | $ | 627.39 | $ | 613.35 | ||||||||
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Managed Care |
513.06 | 427.11 | 506.75 | 468.90 | ||||||||||||
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Medicaid |
291.06 | 284.60 | 291.11 | 284.25 | ||||||||||||
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Private Pay and Other |
352.96 | 334.71 | 351.63 | 337.64 | ||||||||||||
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Average Skilled Nursing Per Diem |
$ | 368.20 | $ | 350.85 | $ | 368.88 | $ | 357.42 | ||||||||
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Skilled Nursing Patient Days: |
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Medicare |
85,677 | 82,501 | 247,854 | 252,370 | ||||||||||||
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Managed Care |
87,548 | 81,338 | 258,706 | 247,999 | ||||||||||||
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Medicaid |
405,214 | 369,895 | 1,145,517 | 1,102,224 | ||||||||||||
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Private Pay and Other |
217,683 | 206,639 | 618,224 | 585,435 | ||||||||||||
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Total Skilled Nursing Patient Days |
796,122 | 740,373 | 2,270,301 | 2,188,028 | ||||||||||||
The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):
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Three Months Ended |
Nine Months Ended |
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September 30 |
September 30 |
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2026 |
2025 |
2026 |
2025 |
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(unaudited) |
(unaudited) |
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Net income attributable to National Healthcare Corporation |
$ | 13,637 | $ | 39,239 | $ | 89,813 | $ | 95,166 | ||||||||
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Non-GAAP adjustments |
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Unrealized (gains)/losses on marketable equity securities |
17,599 | (20,827 | ) | 7,610 | (26,748 | ) | ||||||||||
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Stock-based compensation expense |
2,019 | 1,239 | 5,285 | 3,499 | ||||||||||||
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National management fee revenue from prior periods |
- | - | (18,325 | ) | - | |||||||||||
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Gain on sale of property and equipment |
- | - | - | (3,606 | ) | |||||||||||
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Income tax provision on non-GAAP adjustments |
(5,101 | ) | 5,093 | 1,412 | 6,982 | |||||||||||
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Non-GAAP Net income |
$ | 28,154 | $ | 24,744 | $ | 85,795 | $ | 75,293 | ||||||||
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GAAP diluted earnings per share |
$ | 0.85 | $ | 2.50 | $ | 5.66 | $ | 6.10 | ||||||||
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Non-GAAP adjustments |
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Unrealized (gains)/losses on marketable equity securities |
1.10 | (1.33 | ) | 0.48 | (1.71 | ) | ||||||||||
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Stock-based compensation expense |
0.13 | 0.08 | 0.33 | 0.22 | ||||||||||||
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National management fee revenue from prior periods |
- | - | (1.15 | ) | - | |||||||||||
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Gain on sale of property and equipment |
- | - | - | (0.23 | ) | |||||||||||
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Income tax provision on non-GAAP adjustments |
(0.32 | ) | 0.33 | 0.09 | 0.45 | |||||||||||
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Non-GAAP diluted earnings per share |
$ | 1.76 | $ | 1.58 | $ | 5.41 | $ | 4.83 | ||||||||
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