Filing Flows › National Healthcare (NHC) › Q3 2025
National Healthcare (NHC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
National Healthcare (NHC) reported revenue of $383M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +2% from the quarter before. Operating margin was 7.9%, net earnings $39.2M (10.3% of revenue).
National Healthcare, Q3 2025: revenue $383M (+12% year over year), operating margin 7.9%, net earnings $39.2M, operating cash flow $66.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $383M | +2% | +12% |
| Operating profit | $30.4M | -11% | +33% |
| Net earnings | $39.2M | +65% | -8% |
| Operating cash flow | $66.2M | +5% | +94% |
| Free cash flow | $56.5M | +7% | +98% |
What changed
Revenue was $382.7M in Q3 2025, up 12% year over year and up 2% from the previous quarter.
Operating profit was $30.4M, a 7.9% margin (up 1.2 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 7% margin then. Total costs grew 11% against revenue growth of 12%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $39.2M, down 8% year over year. The effective tax rate was 24.6%. Non-operating items added $24.0M, 44% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $66.2M (up 94% year over year), 161% of net income including minority interests. Non-cash charges added back $11.2M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items added $12.8M. Capital expenditures of $9.7M left free cash flow of $56.5M.
Questions
What was National Healthcare's revenue in the third quarter 2025?
National Healthcare (NHC) reported revenue of $383M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +2% from the quarter before.
Was National Healthcare profitable in the third quarter 2025?
Operating profit was $30.4M (7.9% of revenue) and net earnings $39.2M.