Every 10-Q that NRC Health (NRC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow NRC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NRC filings page.
NRC Health reported Q2 2026 revenue of $35.4 million, up 4% year over year, while net loss widened to $3.3 million (basic and diluted loss per share of $0.15) and operating margin declined to -9%, reflecting sharply higher stock-based compensation and management transition costs.
For the first six months of 2026, revenue rose 4% to $70.2 million but GAAP results deteriorated to a small net loss compared with $5.7 million of net income a year earlier, and operating margin fell to 3% from 15%. By contrast, adjusted metrics remained solid, with Q2 adjusted net income of $6.9 million (adjusted diluted EPS $0.31) and adjusted EBITDA of $9.4 million, a 27% margin.
Subscription demand stayed healthy: total recurring contract value increased 11% year over year to about $151.9 million, and operating cash flow improved to $8.6 million, driving $5.4 million of free cash flow in the first half. The company ended June 30, 2026 with $3.3 million of cash, $77.3 million outstanding on its Delayed Draw Term Loan and $13.0 million on its Revolving Loan, remaining in covenant compliance and retaining additional borrowing capacity. Capital returns continued through a $0.16 per‑share quarterly dividend and repurchase of 397,381 shares for $7.4 million under a $60 million buyback authorization.
NRC Health’s first quarter of 2026 showed modest revenue growth but sharply lower profits. Revenue for the three months ended March 31, 2026 was $34.8 million, up 4% from $33.6 million a year earlier, driven by higher subscription-based services to existing and new customers.
Profitability weakened meaningfully. Net income fell to $3.2 million from $5.8 million, and operating income dropped 35% as the operating margin compressed from 26% to 16%, mainly due to higher stock-based compensation tied to executive leadership and additional executive salary and technology investments.
Key metrics and outlook signals were mixed. Total Recurring Contract Value rose 13% to $152.1 million, and free cash flow improved to $5.3 million. However, the board approved amendments to 2025 executive equity awards and related tax bonuses expected to add about $9.4 million of expense in the second quarter of 2026 and increase the effective tax rate for the remainder of 2026.
National Research Corporation (NRC) reported Q3 2025 results. Revenue was $34.6 million versus $35.8 million a year ago, and net income was $4.1 million with diluted EPS of $0.18. Operating income was $7.7 million, producing a 22% operating margin. The effective tax rate rose to 34%.
Year to date, revenue totaled $102.2 million and operating income $17.9 million, with cash provided by operating activities of $19.3 million. NRC ended the quarter with cash of $2.2 million, $80.4 million outstanding on its Delayed Draw Term Loan at a floating rate of 6.63%, and full availability on a $30.0 million revolver. Total Recurring Contract Value was $141.7 million as of September 30, 2025. The company paid common dividends of $8.3 million and repurchased shares for $20.2 million in the first nine months. Effective September 29, 2025, Shane Harrison became Executive Vice President and Chief Financial Officer.
National Research Corporation (NRC) Q2-25 10-Q highlights
- Revenue: Q2-25 fell 3% YoY to $34.0 m; 1H-25 down 4% to $67.6 m as subscription services (92% of total) softened.
- Profitability: Q2 operating income collapsed 82% to $1.6 m and the company posted a net loss of $0.1 m (-$0.01 EPS) versus $6.2 m profit a year ago, driven by $6.6 m one-time CEO & executive cash bonuses and higher stock-based comp. Operating margin shrank to 5% (25% prior year). 1H-25 net income was $5.7 m ($0.25 EPS), down 55%.
- Cash & leverage: Cash rose to $5.3 m (from $4.2 m), but operating cash flow plunged 71% to $5.5 m. Debt jumped to $81.4 m (vs. $48.5 m) after drawing on a new delayed-draw term loan; net leverage now 3.8× EBITDA (company must stay ≤3.5×).
- Equity & buybacks: Treasury share repurchases of $10.9 m plus the Q2 loss cut shareholders’ equity to $21.3 m (-32% YTD). 700 k restricted shares issued under new 2025 Omnibus Plan.
- Contract metrics: Total Recurring Contract Value (TRCV) declined 1% YoY to $137 m but improved sequentially for two quarters; retention rate +2 ppts.
- Tax impact: Effective tax rate spiked to 118% due to non-deductible executive pay.
- Leadership: Trent Green appointed CEO 1 Jun 25; former CEO became Chairman.
Management expects margins to recover once executive compensation normalizes but flagged higher interest expense as debt increases.