Filing Flows › National Healthcare Properties (NHP) › Q4 2025
National Healthcare Properties (NHP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
National Healthcare Properties (NHP) reported revenue of $84.5M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -2% from the quarter before. Operating margin was -7.8%, net loss $22.8M (27.0% of revenue).
National Healthcare Properties, Q4 2025: revenue $84.5M (-4% year over year), operating margin -7.8%, net loss $22.8M, operating cash flow $10.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $84.5M | -2% | -4% |
| Operating profit | −$6.6M | -377% | — |
| Net earnings | −$22.8M | — | — |
| Operating cash flow | $10.0M | -2% | +54% |
What changed
Revenue was $84.5M in Q4 2025, down 4% year over year and down 2% from the previous quarter. SHOP was the largest line at 67% of revenue.
Gross margin was 37.2%, down 0.2 points from a year earlier. Operating costs exceeded revenue by $6.6M, an operating margin of -7.8%. Operating expenses grew 12% against a revenue fall of 4%. The fastest-growing cost line was General & admin (+55%). The quarter ended with a net loss of $22.8M, wider than the previous quarter's $12.5M loss. Net interest and other expense of $16.1M was the main reason.
Operating cash flow was $10.0M (up 54% year over year). Non-cash charges added back $18.0M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $12.9M. Capital expenditures of $11.8M exceeded it, leaving free cash flow of −$1.8M.
Questions
What was National Healthcare Properties' revenue in the fourth quarter 2025?
National Healthcare Properties (NHP) reported revenue of $84.5M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and -2% from the quarter before.
Was National Healthcare Properties profitable in the fourth quarter 2025?
Operating loss was $6.6M (-7.8% of revenue) and net loss $22.8M.