National HealthCare (NYSE: NHC) Q2 profit jumps as revenues rise and debt falls

Q: How did National HealthCare Corporation (NHC) perform financially in Q2 2026?

National HealthCare Corporation reported net operating revenues of $408,025,000 in Q2 2026, up 8.8% from $374,910,000 in Q2 2025. GAAP net income attributable to NHC was $40,319,000 , compared with $23,722,000 a year earlier, with diluted EPS of $2.54.

Q: What were NHC’s non-GAAP earnings for the quarter ended June 30, 2026?

For Q2 2026, NHC reported adjusted net income of $27,551,000 versus $25,710,000 in Q2 2025, a 7.2% increase. Adjusted diluted EPS was $1.74 , compared with $1.65 a year earlier, excluding unrealized gains on marketable equity securities and other specified adjustments.

Q: How did the June 1, 2026 acquisition affect NHC (NHC) in Q2 2026?

NHC stated that the 8.8% increase in net operating revenues to $408,025,000 for Q2 2026 was primarily related to its June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds in Tennessee and South Carolina.

Q: What is NHC’s (NHC) balance sheet position as of June 30, 2026?

As of June 30, 2026, NHC reported total assets of $1,536,930,000 and NHC stockholders’ equity of $1,122,302,000 . Current and long-term debt was reduced to zero , compared with $40,000,000 at December 31, 2025, and cash, cash equivalents and marketable securities totaled $210,190,000.

Q: What dividends did National HealthCare Corporation (NHC) declare for Q2 2026?

For the quarter ended June 30, 2026, NHC declared dividends per common share of $0.67 , compared with $0.64 for the same quarter in 2025. For the first six months of 2026, dividends per common share totaled $1.31 versus $1.25 in the prior-year period.

Q: How did NHC’s (NHC) skilled nursing metrics trend in Q2 2026?

In Q2 2026, NHC’s average skilled nursing per diem was $366.88 , up from $361.42 in Q2 2025. Total skilled nursing patient days were 749,723 , compared with 729,519 a year earlier, reflecting both rate and volume contributions to revenue.

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

National HealthCare Corporation reported stronger results for the quarter ended June 30, 2026. Net operating revenues were $408,025,000 compared with $374,910,000 a year earlier, an 8.8% increase, driven primarily by the June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds in Tennessee and South Carolina.

GAAP net income attributable to NHC was $40,319,000 versus $23,722,000 in the prior-year quarter, with GAAP diluted EPS of $2.54 versus $1.52. Excluding unrealized gains on marketable equity securities and other non-GAAP adjustments, adjusted net income was $27,551,000 versus $25,710,000, a 7.2% increase, and adjusted diluted EPS was $1.74 versus $1.65. For the first six months of 2026, net operating revenues totaled $789,846,000 and GAAP diluted EPS was $4.82.

On the balance sheet as of June 30, 2026, total assets were $1,536,930,000, NHC stockholders’ equity was $1,122,302,000, and current and long-term debt was eliminated compared with $40,000,000 at December 31, 2025. The quarterly dividend declared per common share was $0.67, up from $0.64 a year earlier.

Positive

GAAP net income attributable to NHC rose to $40,319,000 for Q2 2026 from $23,722,000 a year earlier, with GAAP diluted EPS increasing to $2.54 from $1.52.
NHC completed a June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds, expanding its senior care footprint.
Current and long-term debt was reduced to zero at June 30, 2026 from $40,000,000 at December 31, 2025, strengthening the balance sheet.

Negative

None.

Filing Explained

The reconciliation excludes $18,325 of national management fee revenue from prior periods; adjusted net income was $27,551,000 versus $40,319,000 of GAAP net income, separating the disclosed prior-period item from the quarter’s adjusted measure.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net operating revenues Q2 2026: $408,025,000 GAAP net income Q2 2026: $40,319,000 Adjusted net income Q2 2026: $27,551,000 +5 more

8 metrics

Net operating revenues Q2 2026 $408,025,000 Quarter ended June 30, 2026; compared with $374,910,000 in Q2 2025, an 8.8% increase

GAAP net income Q2 2026 $40,319,000 Net income attributable to National HealthCare Corporation for quarter ended June 30, 2026; $23,722,000 in 2025

Adjusted net income Q2 2026 $27,551,000 Non-GAAP net income for quarter ended June 30, 2026; $25,710,000 in Q2 2025, a 7.2% increase

GAAP diluted EPS Q2 2026 $2.54 Diluted earnings per share for quarter ended June 30, 2026; $1.52 in prior-year quarter

Non-GAAP diluted EPS Q2 2026 $1.74 Non-GAAP diluted EPS for quarter ended June 30, 2026; $1.65 in Q2 2025

Total assets $1,536,930,000 Total assets as of June 30, 2026; $1,526,419,000 at December 31, 2025

Debt balance $0 Current and long-term debt at June 30, 2026; $40,000,000 at December 31, 2025

Quarterly dividend per share $0.67 Dividends declared per common share for quarter ended June 30, 2026; $0.64 in Q2 2025

Key Terms

net operating revenues, non-GAAP adjustments, marketable equity securities, per diem, +1 more

5 terms

net operating revenues financial

"announced today net operating revenues for the quarter ended June 30, 2026 totaled $408,025,000"

non-GAAP adjustments financial

"The tables below provide reconciliations of GAAP to non-GAAP items"

marketable equity securities financial

"Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments"

Marketable equity securities are ownership shares in companies that can be quickly bought or sold on public exchanges or other active markets. They matter to investors because they can be converted to cash fast, affect a firm's reported assets and risk exposure, and their market price moves with investor sentiment—think of them like stocks on a busy trading floor that you can usually sell immediately if you need money or want to adjust your portfolio.

per diem financial

"Skilled Nursing Per Diems: Medicare $628.12 ... Average Skilled Nursing Per Diem $366.88"

A per diem is a fixed amount paid for each day to cover routine costs tied to travel or short-term work, such as meals, lodging, or a daily fee for temporary staff. Think of it as a daily allowance or day-rate that replaces itemized receipts, making expense handling and short-term labor billing simpler. For investors, per diems affect a company’s reported operating costs and budgeting for travel, contracting, or project-based work.

patient days financial

"Total Skilled Nursing Patient Days 749,723 for the three months ended June 30, 2026"

Earnings Snapshot

Net operating revenues: $408,025,000

Quarter and six months ended June 30, 2026

Net operating revenues $408,025,000 Increased from $374,910,000 in Q2 2025 (8.8% increase)

GAAP net income attributable to NHC $40,319,000 Increased from $23,722,000 in Q2 2025

Adjusted net income $27,551,000 Increased from $25,710,000 in Q2 2025 (7.2% increase)

GAAP diluted EPS $2.54 Increased from $1.52 in Q2 2025

Non-GAAP diluted EPS $1.74 Increased from $1.65 in Q2 2025

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Understanding 8-K Material Events →

Available on EDGAR 08/11/2026 - 01:38 PM Accepted by SEC EDGAR 08/11/2026 - 01:38 PM

FAQ

How did National HealthCare Corporation (NHC) perform financially in Q2 2026?

National HealthCare Corporation reported net operating revenues of $408,025,000 in Q2 2026, up 8.8% from $374,910,000 in Q2 2025. GAAP net income attributable to NHC was $40,319,000, compared with $23,722,000 a year earlier, with diluted EPS of $2.54.

What were NHC’s non-GAAP earnings for the quarter ended June 30, 2026?

For Q2 2026, NHC reported adjusted net income of $27,551,000 versus $25,710,000 in Q2 2025, a 7.2% increase. Adjusted diluted EPS was $1.74, compared with $1.65 a year earlier, excluding unrealized gains on marketable equity securities and other specified adjustments.

How did the June 1, 2026 acquisition affect NHC (NHC) in Q2 2026?

NHC stated that the 8.8% increase in net operating revenues to $408,025,000 for Q2 2026 was primarily related to its June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds in Tennessee and South Carolina.

What is NHC’s (NHC) balance sheet position as of June 30, 2026?

As of June 30, 2026, NHC reported total assets of $1,536,930,000 and NHC stockholders’ equity of $1,122,302,000. Current and long-term debt was reduced to zero, compared with $40,000,000 at December 31, 2025, and cash, cash equivalents and marketable securities totaled $210,190,000.

What dividends did National HealthCare Corporation (NHC) declare for Q2 2026?

For the quarter ended June 30, 2026, NHC declared dividends per common share of $0.67, compared with $0.64 for the same quarter in 2025. For the first six months of 2026, dividends per common share totaled $1.31 versus $1.25 in the prior-year period.

How did NHC’s (NHC) skilled nursing metrics trend in Q2 2026?

In Q2 2026, NHC’s average skilled nursing per diem was $366.88, up from $361.42 in Q2 2025. Total skilled nursing patient days were 749,723, compared with 729,519 a year earlier, reflecting both rate and volume contributions to revenue.

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): August 7, 2026 (August 7, 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 August 7, 2026, announcing its June 30, 2026 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 August 7, 2026 by National HealthCare Corporation announcing June 30, 2026 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: August 7, 2026

NATIONAL HEALTHCARE CORPORATION


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

Exhibit 99.1

For release: August 7, 2026

Contact: Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

NHC Reports Second 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 June 30, 2026 totaled $408,025,000 compared to $374,910,000 for the quarter ended June 30, 2025, an increase of 8.8%. The increase in net operating revenues for the second quarter of 2026 was primarily related to the June 1, 2026 acquisition of five skilled nursing facilities. The five skilled nursing facilities have 639 licensed skilled nursing beds in the states of Tennessee and South Carolina.

For the quarter ended June 30, 2026, the reported GAAP net income attributable to NHC was $40,319,000 compared to $23,722,000 for the same period in 2025. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended June 30, 2026 was $27,551,000 compared to $25,710,000 for the same period in 2025, a 7.2% increase ^(*). The GAAP diluted earnings per share were $2.54 and $1.52 for the quarters ending June 30, 2026 and 2025, respectively. Adjusted diluted earnings per share were $1.74 and $1.65 for the quarters ending June 30, 2026 and 2025, respectively ^(*).

(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.

About NHC

As of August 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-

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Consolidated Statements of Operations

(in thousands, except share and per share amounts)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2026			2025			2026			2025
	(unaudited)						(unaudited)
Revenues:
Net patient revenues	$	378,359		$	363,349		$	748,164		$	724,956
Other revenues		29,666			11,561			41,682			23,651
Net operating revenues		408,025			374,910			789,846			748,607

Costs and expenses:
Salaries, wages and benefits		241,902			226,534			476,976			454,664
Other operating		94,475			91,943			185,712			184,400
Facility rent		11,540			11,328			23,183			22,693
Depreciation and amortization		11,173			11,015			22,787			21,993
Total costs and expenses		359,090			340,820			708,658			683,750

Income from operations		48,935			34,090			81,188			64,857

Non-operating income		4,172			5,132			7,929			9,211
Interest expense		(13	)		(1,993	)		(282	)		(4,099	)
Unrealized gains/(losses) on marketable equity securities		915			(5,061	)		9,989			5,921

Income before income taxes		54,009			32,168			98,824			75,890
Income tax provision		(13,472	)		(8,055	)		(22,184	)		(19,487	)
Net income		40,537			24,113			76,640			56,403

Net income attributable to noncontrolling interest		(218	)		(391	)		(464	)		(476	)

Net income attributable to National HealthCare Corporation	$	40,319		$	23,722		$	76,176		$	55,927

Net income per common share
Basic	$	2.58		$	1.53		$	4.89		$	3.62
Diluted	$	2.54		$	1.52		$	4.82		$	3.59

Weighted average common shares outstanding
Basic		15,617,655			15,462,135			15,579,854			15,450,286
Diluted		15,864,329			15,599,538			15,817,646			15,587,783

Dividends declared per common share	$	0.67		$	0.64		$	1.31		$	1.25

Balance Sheet Data	June 30		December 31
(in thousands)	2026		2025
	(unaudited)

Cash, cash equivalents and marketable securities	$	210,190	$	255,801
Restricted cash, cash equivalents and marketable securities		151,833		159,848
Current assets		439,602		461,820
Property and equipment, net		726,768		673,797
Total assets		1,536,930		1,526,419
Current liabilities		236,112		246,132
Current and long-term debt		-		40,000
NHC stockholders' equity		1,122,302		1,068,772

-more-

Page 3

Selected Operating Statistics

	Three Months Ended				Six Months Ended
	June 30				June 30
	2026		2025		2026		2025
	(unaudited)				(unaudited)
Skilled Nursing Per Diems:
Medicare	$	628.12	$	614.85	$	629.32	$	613.47
Managed Care		500.15		486.17		503.52		489.30
Medicaid		290.12		286.43		291.15		284.07
Private Pay and Other		351.83		341.34		350.90		339.24

Average Skilled Nursing Per Diem	$	366.88	$	361.42	$	369.24	$	360.78

Skilled Nursing Patient Days:
Medicare		78,137		83,615		162,177		169,869
Managed Care		87,782		83,015		171,158		166,661
Medicaid		378,010		368,687		740,303		732,329
Private Pay and Other		205,794		194,202		400,541		378,796

Total Skilled Nursing Patient Days		749,723		729,519		1,474,179		1,447,655

The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):

	Three Months Ended						Six Months Ended
	June 30						June 30
	2026			2025			2026			2025
	(unaudited)						(unaudited)

Net income attributable to National Healthcare Corporation	$	40,319		$	23,722		$	76,176		$	55,927
Non-GAAP adjustments
Unrealized gains on marketable equity securities		(915	)		5,061			(9,989	)		(5,921	)
Stock-based compensation expense		1,986			1,232			3,266			2,260
Gain on sale of property and equipment		-			(3,606	)		-			(3,606	)
Income tax provision on non-GAAP adjustments		(278	)		(699	)		1,748			1,889
Non-GAAP Net income	$	41,112		$	25,710		$	71,201		$	50,549
		59.9	%

GAAP diluted earnings per share	$	2.54		$	1.52		$	4.82		$	3.59
Non-GAAP adjustments
Unrealized gains on marketable equity securities		(0.06	)		0.32			(0.63	)		(0.38	)
Stock-based compensation expense		0.13			0.08			0.20			0.14
Gain on sale of property and equipment		-			(0.23	)		-			(0.23	)
Income tax provision on non-GAAP adjustments		(0.02	)		(0.04	)		0.11			0.12
Non-GAAP diluted earnings per share	$	2.59		$	1.65		$	4.50		$	3.24
		57.0	%

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