Filing Flows › National Healthcare (NHC) › Q4 2025
National Healthcare (NHC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
National Healthcare (NHC) reported revenue of $387M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +1% from the quarter before. Operating margin was 8.6%, net earnings $24.8M (6.4% of revenue).
National Healthcare, Q4 2025: revenue $387M (+5% year over year), operating margin 8.6%, net earnings $24.8M, operating cash flow $16.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $387M | +1% | +5% |
| Operating profit | $33.1M | +9% | +15% |
| Net earnings | $24.8M | -37% | +309% |
| Operating cash flow | $16.8M | -75% | +31% |
| Free cash flow | $6.4M | -89% | +38% |
What changed
Revenue was $386.5M in Q4 2025, up 5% year over year and up 1% from the previous quarter.
Operating profit was $33.1M, a 8.6% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 8% margin then. Total costs grew 4% against revenue growth of 5%. Net earnings were $24.8M, up 309% year over year. The effective tax rate was 21.6%.
Operating cash flow was $16.8M (up 31% year over year), 67% of net earnings. Non-cash charges added back $11.8M of depreciation and amortization and $900K of share-based compensation. Working capital and other items used $21.1M. Capital expenditures of $10.4M left free cash flow of $6.4M.
Questions
What was National Healthcare's revenue in the fourth quarter 2025?
National Healthcare (NHC) reported revenue of $387M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +1% from the quarter before.
Was National Healthcare profitable in the fourth quarter 2025?
Operating profit was $33.1M (8.6% of revenue) and net earnings $24.8M.