National HealthCare (NYSE: NHC) 2025 earnings surge on 16.1% revenue gain

Rhea-AI Filing Summary

National HealthCare Corporation reported strong 2025 results, with net operating revenues and grant income of $1,517,781,000 versus $1,307,382,000 in 2024, a 16.1% increase driven by higher same‑facility revenue and the White Oak acquisition.

GAAP net income attributable to NHC rose to $120,015,000 from $101,927,000, while adjusted net income increased to $104,067,000 from $76,862,000, a 35.4% gain. GAAP diluted EPS were $7.67 versus $6.53, and adjusted diluted EPS were $6.65 versus $4.93.

In the fourth quarter, GAAP net income attributable to NHC was $24,849,000 versus $6,081,000 a year earlier, and adjusted net income was $28,774,000 versus $25,954,000, up 10.9%. NHC also reduced current and long‑term debt to $40,000,000 from $137,000,000 and increased stockholders’ equity to $1,068,772,000.

Positive

• Strong revenue growth: Net operating revenues and grant income grew to $1,517,781,000 in 2025 from $1,307,382,000, a 16.1% increase driven by same‑facility gains and the White Oak acquisition.
• Significant earnings improvement: Adjusted net income rose to $104,067,000 from $76,862,000, up 35.4%, with adjusted diluted EPS increasing from $4.93 to $6.65.
• Deleveraging and stronger equity base: Current and long‑term debt fell to $40,000,000 from $137,000,000, while NHC stockholders’ equity increased to $1,068,772,000 from $980,161,000.

Negative

• None.

Insights

Equity analyst

NHC delivered strong 2025 growth with higher earnings and lower debt.

National HealthCare Corporation grew 2025 net operating revenues and grant income to $1.52B, up 16.1%, supported by an 8.4% increase in same‑facility revenue and the White Oak acquisition, which added 22 health care operations across skilled nursing, assisted living, independent living, and pharmacy services.

Profitability improved meaningfully. GAAP net income attributable to NHC climbed to $120.0M from $101.9M, while adjusted net income rose to $104.1M from $76.9M, a 35.4% increase. Adjusted diluted EPS advanced from $4.93 to $6.65, indicating stronger underlying performance after removing marketable security gains and other items.

The balance sheet also strengthened, with current and long‑term debt reduced to $40.0M from $137.0M and NHC stockholders’ equity increasing to $1,068.8M from $980.2M. Future filings covering periods after December 31, 2025 will show whether same‑facility growth and contributions from the White Oak operations remain at these elevated levels.

false 0001047335 0001047335 2026-02-27 2026-02-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2026 (February 26, 2026)

NATIONAL HEALTHCARE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)	001-13489 (Commission File Number)	52-2057472 (I.R.S. Employer Identification No.)
100 E. Vine Street Murfreesboro, Tennessee (Address of Principal Executive Offices)		37130 (Zip Code)

Registrant’s telephone number, including area code: (615) 890-2020

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	NHC	NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1988 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02.         RESULTS OF OPERATIONS AND FINANCIAL CONDITION

National HealthCare Corporation (“NHC”) issued a press release on February 26, 2026, announcing its December 31, 2025 earnings. The entire press release is attached as Exhibit 99.1 and is incorporated by reference herein.

ITEM 9.01.         FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit No.	Description of Exhibit
99.1	Copy of press release issued on February 26, 2026 by National HealthCare Corporation announcing December 31, 2025 earnings.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:         February 27, 2026

	NATIONAL HEALTHCARE CORPORATION
	By:/s/		Brian F. Kidd
	Name:		Brian F. Kidd
	Title:		Senior VP/Chief Financial Officer

Exhibit 99.1

For release: February 26, 2026

Contact: Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

NHC Reports 2025 Year End Earnings

MURFREESBORO, Tenn. -- 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.

-more-

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

-more-

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

###

FAQ

How did National HealthCare Corporation (NHC) perform financially in 2025?

National HealthCare Corporation reported net operating revenues and grant income of $1,517,781,000 for 2025, up from $1,307,382,000 in 2024, a 16.1% increase. GAAP net income attributable to NHC rose to $120,015,000 from $101,927,000, reflecting stronger overall performance.

What were NHC’s 2025 adjusted earnings and EPS?

Adjusted net income for 2025 was $104,067,000, compared with $76,862,000 in 2024, a 35.4% increase. Adjusted diluted earnings per share were $6.65 versus $4.93 the prior year, excluding unrealized securities gains and other non-GAAP adjustments.

How did NHC’s fourth quarter 2025 results compare to 2024?

In Q4 2025, GAAP net income attributable to NHC was $24,849,000 versus $6,081,000 a year earlier. Adjusted net income was $28,774,000 compared to $25,954,000, a 10.9% increase, with adjusted diluted EPS improving from $1.66 to $1.83.

What impact did the White Oak acquisition have on NHC’s 2025 results?

The August 1, 2024 acquisition of White Oak contributed to 2025 revenue growth alongside an 8.4% increase in same-facility revenue. White Oak brought 22 operations, including 15 skilled nursing facilities, assisted and independent living facilities, and a long-term care pharmacy.

How did NHC’s balance sheet change between 2024 and 2025?

At December 31, 2025, NHC reported total assets of $1,526,419,000 versus $1,524,429,000 a year earlier. Current and long-term debt decreased to $40,000,000 from $137,000,000, and NHC stockholders’ equity rose to $1,068,772,000 from $980,161,000.

What operating metrics did NHC report for its skilled nursing business in 2025?

For 2025, NHC’s average skilled nursing per diem increased to $360.40 from $346.46, with Medicare, managed care, Medicaid, and private pay rates all higher. Total skilled nursing patient days rose to 2,928,416 from 2,555,012, indicating increased volume.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 238.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB