Filing Flows › National Health Investors (NHI) › Q4 2025
National Health Investors (NHI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
National Health Investors (NHI) reported revenue of $106M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +18% from the quarter before. Operating margin was 35.7%, net earnings $38.2M (36.1% of revenue).
National Health Investors, Q4 2025: revenue $106M (+23% year over year), operating margin 35.7%, net earnings $38.2M, operating cash flow $67.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $106M | +18% | +23% |
| Operating profit | $37.8M | +16% | -12% |
| Net earnings | $38.2M | +16% | -12% |
| Operating cash flow | $67.7M | +8% | +18% |
What changed
Revenue was $105.8M in Q4 2025, up 23% year over year and up 18% from the previous quarter.
Operating profit was $37.8M, a 35.7% margin (down 14.2 points year over year). Operating profit fell $5.0M even though revenue rose $20.1M versus Q4 2024, so costs grew faster than sales. Total costs grew 58% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+61%). Net earnings were $38.2M, down 12% year over year ($37.8M including minority interests, which bore $360K of losses). The effective tax rate was 0.0%.
Operating cash flow was $67.7M (up 18% year over year), 179% of net earnings. Non-cash charges added back $21.7M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $7.3M. Capital expenditures of $196.3M exceeded it, leaving free cash flow of −$128.6M.
Questions
What was National Health Investors' revenue in the fourth quarter 2025?
National Health Investors (NHI) reported revenue of $106M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +18% from the quarter before.
Was National Health Investors profitable in the fourth quarter 2025?
Operating profit was $37.8M (35.7% of revenue) and net earnings $38.2M.