Filing Flows › Healthstream (HSTM) › Q4 2025
Healthstream (HSTM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Healthstream (HSTM) reported revenue of $79.7M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +4% from the quarter before. Operating margin was 3.0%, net earnings $2.5M (3.2% of revenue).
Healthstream, Q4 2025: revenue $79.7M (+7% year over year), operating margin 3.0%, net earnings $2.5M, operating cash flow $13.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $79.7M | +4% | +7% |
| Operating profit | $2.4M | -68% | -49% |
| Net earnings | $2.5M | -58% | -48% |
| Operating cash flow | $13.2M | -27% | +18% |
| Free cash flow | $13.0M | -28% | +19% |
What changed
Revenue was $79.7M in Q4 2025, up 7% year over year and up 4% from the previous quarter. Subscription Services was the largest line at 97% of revenue.
Operating profit was $2.4M, a 3.0% margin (down 3.3 points year over year). Operating profit fell $2.3M even though revenue rose $5.5M versus a year earlier, so costs grew faster than sales. Total costs grew 11% against revenue growth of 7%. The fastest-growing cost line was Research & development (+16%). Net earnings were $2.5M, down 48% year over year. The effective tax rate was 11.1%.
Operating cash flow was $13.2M (up 18% year over year), 521% of net earnings. Non-cash charges added back $11.0M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $5.8M. Capital expenditures of $204K left free cash flow of $13.0M.
Questions
What was Healthstream's revenue in the fourth quarter 2025?
Healthstream (HSTM) reported revenue of $79.7M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +4% from the quarter before.
Was Healthstream profitable in the fourth quarter 2025?
Operating profit was $2.4M (3.0% of revenue) and net earnings $2.5M.
Source: Healthstream 10-K on SEC EDGAR.