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National Health Investors (NHI) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · National Health Investors (NHI) Q2 2026 earnings results →

Q2 2026 Revenue up 34% year over year to $121M · 46¢ of every $1 of revenue kept as net profit · operating margin 46.2%

National Health Investors made $121M in Q2 2026 (+34% Y/Y). Operating margin 46.2%, net earnings $55.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.

Revenue$121M
Year over year+34%
Operating margin46.2%
Net earnings$55.7M
Operating cash flow$65.0M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $121.3M in Q2 2026, up 34% year over year and up 5% from the previous quarter.

Operating profit was $56.1M, a 46.2% margin (up 5.8 points year over year). Of the extra revenue versus Q2 2025, 63% reached operating profit, above the 40% margin then. Total costs grew 21% against revenue growth of 34%. The fastest-growing cost line was General & admin (+44%). Net earnings were $55.7M, up 51% year over year ($55.4M including minority interests, which bore $314K of losses). The effective tax rate was 1.3%.

Operating cash flow was $65.0M (up 9% year over year), 117% of net earnings. Non-cash charges added back $25.5M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $18.3M.

Quarterly history

National Health Investors revenue by quarterNational Health Investors revenue by quarter$85.8MQ4 2024$89.3MQ1 2025$90.7MQ2 2025$89.8MQ3 2025$106MQ4 2025$115MQ1 2026$121MQ2 2026
National Health Investors net earnings by quarterNational Health Investors net earnings by quarter$43.2MQ4 2024$34.2MQ1 2025$37.0MQ2 2025$32.9MQ3 2025$38.2MQ4 2025$40.1MQ1 2026$55.7MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 10, 2026$121M+34%46.2%$55.7M$65.0M
Q1 202610-QMay 4, 2026$115M+29%34.5%$40.1M$53.4M
Q4 202510-KFeb 26, 2026$106M+23%35.7%$38.2M$67.7M
Q3 202510-QNov 6, 2025$89.8M+8%36.1%$32.9M$62.5M
Q2 202510-QAug 6, 2025$90.7M+7%40.5%$37.0M$59.8M
Q1 202510-QMay 5, 2025$89.3M+10%37.9%$34.2M$46.5M
Q4 202410-KFeb 25, 2025$85.8M+8%49.9%$43.2M$57.6M

Charts

National Health Investors: revenue growth, year over year and quarter over quarterNational Health Investors: revenue growth, year over year and quarter over quarterY/YQ/Q+8%Q4 2024+10%+4%Q1 2025+7%+2%Q2 2025+8%-1%Q3 2025+23%+18%Q4 2025+29%+9%Q1 2026+34%+5%Q2 2026
Latest (Q2 2026): Y/Y +34%, Q/Q +5%.
National Health Investors: where the cash came from (+) and went (−), TTM to Q2 2026National Health Investors: where the cash came from (+) and went (−), TTM to Q2 2026Real estate bought−$373MOther financing$341MOperating cash flow$249MNet borrowing (+) / repaid (−)−$190MDividends−$176MShares issued$103MOther investing$80.3MCash drawn (+) / kept (−)−$31.1MTaxes on employees’ shares−$5.5MPartners$1.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
National Health Investors: profit against cash, quarter by quarterNational Health Investors: profit against cash, quarter by quarterNet incomeOperating cash flow$28.2M$48.6MQ3 2024$42.8M$57.6MQ4 2024$33.8M$46.5MQ1 2025$36.7M$59.8MQ2 2025$32.5M$62.5MQ3 2025$37.8M$67.7MQ4 2025$39.8M$53.4MQ1 2026$55.4M$65.0MQ2 2026
Latest (Q2 2026): Net income $55.4M, Operating cash flow $65.0M.
National Health Investors: diluted shares by fiscal yearNational Health Investors: diluted shares by fiscal year45MFY202046MFY202145MFY202243MFY202344MFY202447MFY2025
+5.3% since FY2020: more shares outstanding (issuance, stock pay).
National Health Investors in its industry: growth against margin (213 companies, SIC 6798)National Health Investors in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITBrandywine Operating Partnership, L.P.JLL Income Property Trust, Inc.BNLSAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWNHI (+34%, 46%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About National Health Investors

National Health Investors, Inc. (“NHI”, the “Company”, “we”, “us” or “our”), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”). We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”). Our investments in senior housing communities, also referred to as senior housing properties (“SHO”), include independent living facilities (“ILF”), assisted living facilities (“ALF”), entrance fee communities (“EFC”) and senior living campuses (“SLC”). Our investments in medical facilities include skilled nursing facilities (“SNF”) and hospitals (“HOSP”).

In its own words, from its 10-K, filed Feb 26, 2026.

National Health Investors against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +14%. Operating margin: 46.2% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
NHI National Health InvestorsQ2 2026$121M+34%46.2%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: National Health Investors 10-Q on SEC EDGAR · CIK 877860 · Real Estate Investment Trusts

13F: who owns NHI and who is buying

Largest holders of NHI (13F)Largest holders of NHI (13F)BlackRock$666MVanguard Group$496MVanguard Portfolio Management LLC$353MState Street$211MVanguard Capital Management LLC$160MPrincipal Financial Group$151MBank of New York Mellon$123MGeode Capital Management, LLC$107MBank of America$77.7MCharles Schwab Investment Managem…$67.1M
Funds' net buying of NHI by quarter (13F)Funds' net buying of NHI by quarter (13F)$51.6M2024-09−$12.0M2024-12$28.7M2025-03$133M2025-06−$51.6M2025-09−$17.4M2025-12$43.7M2026-03$250M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NHI

History

Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results

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中文版：National Health Investors（NHI）财报

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