Filing Flows › National Health Investors (NHI) › Q1 2026
National Health Investors (NHI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
National Health Investors (NHI) reported revenue of $115M for the first quarter 2026 (Q1 2026), +29% from a year earlier and +9% from the quarter before. Operating margin was 34.5%, net earnings $40.1M (34.8% of revenue).
National Health Investors, Q1 2026: revenue $115M (+29% year over year), operating margin 34.5%, net earnings $40.1M, operating cash flow $53.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $115M | +9% | +29% |
| Operating profit | $39.8M | +5% | +18% |
| Net earnings | $40.1M | +5% | +17% |
| Operating cash flow | $53.4M | -21% | +15% |
What changed
Revenue was $115.1M in Q1 2026, up 29% year over year and up 9% from the previous quarter.
Operating profit was $39.8M, a 34.5% margin (down 3.3 points year over year). Of the extra revenue versus Q1 2025, 23% reached operating profit, below the 38% margin then. Total costs grew 36% against revenue growth of 29%. The fastest-growing cost line was Other operating costs (+39%). Net earnings were $40.1M, up 17% year over year ($39.8M including minority interests, which bore $350K of losses). The effective tax rate was 0.0%.
Operating cash flow was $53.4M (up 15% year over year), 134% of net earnings. Non-cash charges added back $23.7M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items used $12.2M. Capital expenditures of $109.4M exceeded it, leaving free cash flow of −$56.0M.
Questions
What was National Health Investors' revenue in the first quarter 2026?
National Health Investors (NHI) reported revenue of $115M for the first quarter 2026 (Q1 2026), +29% from a year earlier and +9% from the quarter before.
Was National Health Investors profitable in the first quarter 2026?
Operating profit was $39.8M (34.5% of revenue) and net earnings $40.1M.