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National Healthcare Properties (NHP) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · National Healthcare Properties (NHP) Q3 2026 earnings results →
Q3 2026 Revenue up 20% year over year to $103M · 17¢ of every $1 of revenue kept as net profit · operating margin 30.9%
National Healthcare Properties made $103M in Q3 2026 (+20% Y/Y): Seniors Housing Communities $80.7M, OMF $22.3M. Operating margin 30.9%, net earnings $17.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $103.1M in Q3 2026, up 20% year over year and up 18% from the previous quarter. Seniors Housing Communities was the largest line at 78% of revenue. Seniors Housing Communities added $23.7M year over year (up 42%), 139% of the total change. OMF declined 23%.
Gross margin was 32.5%, down 4.9 points from Q3 2025. Operating profit was $31.8M, a 30.9% margin (up 28.1 points year over year). Of the extra revenue versus Q3 2025, 173% reached operating profit, above the 3% margin then. Operating expenses fell 94% while revenue rose 20%. Net earnings were $17.8M. The effective tax rate was -0.5%.
Operating cash flow was $15.7M (up 55% year over year), 78% of net income including minority interests. Non-cash charges added back $24.4M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $31.1M. Capital expenditures of $9.0M left free cash flow of $6.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $103M | +20% | 30.9% | $17.8M | $15.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $87.5M | +3% | 5.8% | −$5.4M | $21.6M |
| Q1 2026 | 10-Q | May 14, 2026 | $86.3M | -0.2% | 11.7% | −$4.3M | $9.0M |
| Q4 2025 | 10-K | Feb 20, 2026 | $84.5M | -4% | -7.8% | −$22.8M | $10.0M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $86.0M | -3% | 2.8% | −$12.5M | $10.2M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $85.3M | -4% | -6.5% | −$20.8M | $8.1M |
| Q1 2025 | 10-Q | May 8, 2025 | $86.4M | -2% | 15.1% | −$1.5M | −$21.2M |
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About National Healthcare Properties
We are a real estate investment trust (“REIT”) for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties (“SHOP”) and outpatient medical facilities (“OMF”) in the United States. As described in further details herein, we operate in two reportable business segments for management and internal financial reporting purposes: SHOP and OMF. As of December 31, 2025, we owned 167 properties and a land parcel located in 29 states, consisted of 37 senior housing communities, with 3,615 units, in our SHOP segment and 130 outpatient medical facilities, with approximately 3.7 million square feet of gross leasable area (“GLA”), in our OMF segment. See Item 2, “Properties” for additional details regarding our portfolio.
In its own words, from its 10-K, filed Feb 20, 2026.
National Healthcare Properties against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +14%. Operating margin: 30.9% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NHP National Healthcare Properties | Q3 2026 | $103M | +20% | 30.9% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: National Healthcare Properties 10-Q on SEC EDGAR · CIK 1561032 · Real Estate Investment Trusts
Guidance and outlook
13F: who owns NHP and who is buying
More on NHP
- How National Healthcare Properties makes money: revenue by segment
- National Healthcare Properties next earnings date and what analysts expect
- National Healthcare Properties stock forecast, price target and fair value
- Who owns National Healthcare Properties stock: holders, funds and Congress trades
- National Healthcare Properties guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- National Healthcare Properties guidance history: guided vs reported
- National Healthcare Properties free cash flow by quarter
- National Healthcare Properties capital expenditures by quarter
- National Healthcare Properties Seniors Housing Communities revenue by quarter
- National Healthcare Properties OMF revenue by quarter