Filing Flows › National Health Investors (NHI) › Q3 2025
National Health Investors (NHI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
National Health Investors (NHI) reported revenue of $89.8M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -0.9% from the quarter before. Operating margin was 36.1%, net earnings $32.9M (36.6% of revenue).
National Health Investors, Q3 2025: revenue $89.8M (+8% year over year), operating margin 36.1%, net earnings $32.9M, operating cash flow $62.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $89.8M | -0.9% | +8% |
| Operating profit | $32.5M | -11% | +15% |
| Net earnings | $32.9M | -11% | +15% |
| Operating cash flow | $62.5M | +5% | +29% |
What changed
Revenue was $89.8M in Q3 2025, up 8% year over year and down 1% from the previous quarter.
Operating profit was $32.5M, a 36.1% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 61% reached operating profit, above the 34% margin then. Total costs grew 5% against revenue growth of 8%. The fastest-growing cost line was General & admin (+31%). Net earnings were $32.9M, up 15% year over year ($32.5M including minority interests, which bore $384K of losses). The effective tax rate was 0.0%.
Operating cash flow was $62.5M (up 29% year over year), 193% of net earnings. Non-cash charges added back $20.2M of depreciation and $1.0M of share-based compensation. Working capital and other items added $8.9M.
Questions
What was National Health Investors' revenue in the third quarter 2025?
National Health Investors (NHI) reported revenue of $89.8M for the third quarter 2025 (Q3 2025), +8% from a year earlier and -0.9% from the quarter before.
Was National Health Investors profitable in the third quarter 2025?
Operating profit was $32.5M (36.1% of revenue) and net earnings $32.9M.