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National Health Investors cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$65.0M in Q2 2026 · $249M over twelve months

Operating cash flow$65.0M
Free cash flow+$65.0M
Cash / net income1.2×

Analysis

In Q2 2026, National Health Investors generated $65.0M of operating cash flow. That is $5.2M more than in Q2 2025 ($59.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was $249M; the largest uses were real estate bought ($373M), net borrowing (+) / repaid (−) ($190M), dividends ($176M); besides operations, cash came from other financing ($341M), shares issued ($103M); the cash balance rose by $31.1M.

Operating cash flow was $65.0M against net income of $55.4M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$25.5M, payables +$10.6M, prepaid and other assets −$7.6M.

Free cash flow

National Health Investors: free cash flow by quarterNational Health Investors: free cash flow by quarter$46.6MQ3 2024−$75.5MQ4 2024−$38.7MQ1 2025$59.8MQ2 2025$62.5MQ3 2025−$129MQ4 2025−$56.0MQ1 2026$65.0MQ2 2026
Operating cash flow less capital spending.
National Health Investors: operating cash flow against capital spendingNational Health Investors: operating cash flow against capital spendingOperating cash flowCapital spending$48.6M$2.0MQ3 2024$57.6M$133MQ4 2024$46.5M$85.2MQ1 2025$59.8M$0Q2 2025$62.5M$0Q3 2025$67.7M$196MQ4 2025$53.4M$109MQ1 2026$65.0M$0Q2 2026
Latest (Q2 2026): Operating cash flow $65.0M, Capital spending $0.

Capital allocation, year by year

National Health Investors: where the cash came from (up) and went (down), by fiscal yearNational Health Investors: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $211MFY2021: Net borrowing −$195MFY2021: Shares issued $47.9MFY2021: Capital spending −$50.3MFY2021: Dividends −$183M$259MFY2021FY2022: Operating cash flow $185MFY2022: Net borrowing −$93.4MFY2022: Capital spending −$11.0MFY2022: Buybacks −$152MFY2022: Dividends −$162M$185MFY2022FY2023: Operating cash flow $184MFY2023: Net borrowing −$212MFY2023: Capital spending −$66.3MFY2023: Dividends −$156M$184MFY2023FY2024: Operating cash flow $208MFY2024: Shares issued $142MFY2024: Capital spending −$180MFY2024: Dividends −$157M$350MFY2024FY2025: Operating cash flow $237MFY2025: Net borrowing $18.1MFY2025: Shares issued $182MFY2025: Capital spending −$347MFY2025: Dividends −$170M$436MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were dividends ($827M) and capital spending ($655M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$30.4M
Debtnone
Net cash$30.4M

National Health Investors funds itself: free cash flow was $249M over the last twelve months, with $30.4M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

National Health Investors: sources (+) and uses (−) of cash, Q2 2026National Health Investors: sources (+) and uses (−) of cash, Q2 2026Real estate bought−$124MOther investing$81.0MOperating cash flow$65.0MShares issued$44.9MDividends−$44.6MCash drawn (+) / kept (−)−$25.5MNet borrowing (+) / repaid (−)$4.0MTaxes on employees’ shares−$683KOther financing$286KPartners−$28K
National Health Investors: sources (+) and uses (−) of cash, TTM to Q2 2026National Health Investors: sources (+) and uses (−) of cash, 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 profit to cash

National Health Investors: net income to operating cash flow, Q2 2026National Health Investors: net income to operating cash flow, Q2 2026Net income$55.4MDepreciation & amortization$25.5MStock-based pay$2.4MPayables$10.6MDeferred revenue−$643KPrepaid and other assets−$7.6MOperating cash flow$65.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$65.0M—−$44.6M$4.0M$44.9M−$25.5M$65.0M
Q1 2026$53.4M−$109M−$44.4M$105M—−$5.3M−$56.0M
Q4 2025$67.7M−$196M−$43.8M$54.0M$46.6M$62.0M−$129M
Q3 2025$62.5M—−$42.7M−$353M−$261K−$62.3M$62.5M
Q2 2025$59.8M—−$42.0M−$145M$58.0M$118M$59.8M
Q1 2025$46.5M−$85.2M−$41.1M$116M$65.5M−$111M−$38.7M
Q4 2024$57.6M−$133M−$39.3M$12.1M$142M−$8.7M−$75.5M
Q3 2024$48.6M−$2.0M−$39.1M−$605K—−$864K$46.6M

National Health Investors: income statement and cash flow

National Health Investors, Q2 2026: revenue $121M (+34% year over year), operating margin 46.2%. The chart follows the revenue to costs, profit and cash.

National Health Investors: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.