Filing Flows › National Health Investors (NHI) › Q2 2025
National Health Investors (NHI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
National Health Investors (NHI) reported revenue of $90.7M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 40.5%, net earnings $37.0M (40.8% of revenue).
National Health Investors, Q2 2025: revenue $90.7M (+7% year over year), operating margin 40.5%, net earnings $37.0M, operating cash flow $59.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $90.7M | +2% | +7% |
| Operating profit | $36.7M | +8% | +5% |
| Net earnings | $37.0M | +8% | +5% |
| Operating cash flow | $59.8M | +29% | -2% |
| Free cash flow | $57.2M | +29% | +0.1% |
What changed
Revenue was $90.7M in Q2 2025, up 7% year over year and up 2% from the previous quarter.
Operating profit was $36.7M, a 40.5% margin (down 0.7 points year over year). Of the extra revenue versus a year earlier, 31% reached operating profit, below the 41% margin then. Total costs grew 8% against revenue growth of 7%. The fastest-growing cost line was General & admin (+26%). Net earnings were $37.0M, up 5% year over year ($36.7M including minority interests, which bore $298K of losses). The effective tax rate was 0.0%.
Operating cash flow was $59.8M (down 2% year over year), 163% of net earnings. Non-cash charges added back $19.9M of depreciation and $1.1M of share-based compensation. Capital expenditures of $2.6M left free cash flow of $57.2M.
Questions
What was National Health Investors' revenue in the second quarter 2025?
National Health Investors (NHI) reported revenue of $90.7M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +2% from the quarter before.
Was National Health Investors profitable in the second quarter 2025?
Operating profit was $36.7M (40.5% of revenue) and net earnings $37.0M.