Filing Flows › Healthstream (HSTM) › Q3 2025
Healthstream (HSTM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Healthstream (HSTM) reported revenue of $76.5M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +3% from the quarter before. Operating margin was 9.9%, net earnings $6.1M (8.0% of revenue).
Healthstream, Q3 2025: revenue $76.5M (+5% year over year), operating margin 9.9%, net earnings $6.1M, operating cash flow $18.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.5M | +3% | +5% |
| Operating profit | $7.6M | +29% | +16% |
| Net earnings | $6.1M | +13% | +6% |
| Operating cash flow | $18.0M | +259% | -6% |
| Free cash flow | $17.9M | +562% | -5% |
What changed
Revenue was $76.5M in Q3 2025, up 5% year over year and up 3% from the previous quarter. Subscription Services was the largest line at 97% of revenue. Subscription Services added $4.0M year over year (up 6%), 117% of the total change. Professional Services declined 19%.
Operating profit was $7.6M, a 9.9% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 9% margin then. Total costs grew 3% against revenue growth of 5%. Net earnings were $6.1M, up 6% year over year. The effective tax rate was 26.2%.
Operating cash flow was $18.0M (down 6% year over year), 296% of net earnings. Non-cash charges added back $10.8M of depreciation and amortization and $794K of share-based compensation. Capital expenditures of $109K left free cash flow of $17.9M.
Questions
What was Healthstream's revenue in the third quarter 2025?
Healthstream (HSTM) reported revenue of $76.5M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +3% from the quarter before.
Was Healthstream profitable in the third quarter 2025?
Operating profit was $7.6M (9.9% of revenue) and net earnings $6.1M.
Source: Healthstream 10-Q on SEC EDGAR.