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NRC Health (NRC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
NRC Health (NRC) reported revenue of $34.6M for the third quarter 2025 (Q3 2025), -3% from a year earlier and +2% from the quarter before. Operating margin was 22.4%, net earnings $4.0M (11.5% of revenue).
NRC Health, Q3 2025: revenue $34.6M (-3% year over year), operating margin 22.4%, net earnings $4.0M, operating cash flow $13.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.6M | +2% | -3% |
| Operating profit | $7.7M | +387% | -3% |
| Net earnings | $4.0M | — | -30% |
| Operating cash flow | $13.8M | — | +46% |
| Free cash flow | $10.2M | — | +30% |
What changed
Revenue was $34.6M in Q3 2025, down 3% year over year and up 2% from the previous quarter.
Operating profit was $7.7M, a 22.4% margin (up 0.1 points year over year). Total costs fell 3% while revenue fell 3%. The fastest-growing cost line was SG&A (+12%). Net earnings were $4.0M, down 30% year over year. The effective tax rate was 34.3%.
Operating cash flow was $13.8M (up 46% year over year), 334% of net income including minority interests. Non-cash charges added back $2.2M of depreciation and amortization and $925K of share-based compensation. Working capital and other items added $6.5M. Capital expenditures of $3.6M left free cash flow of $10.2M.
Questions
What was NRC Health's revenue in the third quarter 2025?
NRC Health (NRC) reported revenue of $34.6M for the third quarter 2025 (Q3 2025), -3% from a year earlier and +2% from the quarter before.
Was NRC Health profitable in the third quarter 2025?
Operating profit was $7.7M (22.4% of revenue) and net earnings $4.0M.
Source: NRC Health 10-Q on SEC EDGAR.