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Nutex Health (NUTX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Nutex Health (NUTX) Q3 2026 earnings results →

Q3 2026 Revenue down 19% year over year to $218M · 18¢ of every $1 of revenue kept as net profit · operating margin 35.4%

Nutex Health made $218M in Q3 2026 (-19% Y/Y): Hospital division revenue $209M, Population health management division $8.5M. Operating margin 35.4%, net earnings $40.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$218M
Year over year-19%
Operating margin35.4%
Net earnings$40.2M
Operating cash flow$78.3M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $217.6M in Q3 2026, down 19% year over year and up 3% from the previous quarter. Hospital division revenue was the largest line at 96% of revenue. Hospital division revenue lost $51.1M year over year (down 20%), 102% of the total change.

Gross margin was 46.7%, down 11.2 points from Q3 2025. Operating profit was $77.1M, a 35.4% margin (down 13.3 points year over year). Operating expenses fell 0% while revenue fell 19%. The fastest-growing cost line was General & admin (+51%). Net earnings were $40.2M, down 27% year over year. The effective tax rate was 20.9%.

Operating cash flow was $78.3M (down 21% year over year), 137% of net income including minority interests. Non-cash charges added back $5.6M of depreciation and amortization. Working capital and other items added $15.4M. Capital expenditures of $5.2M left free cash flow of $73.1M.

Quarterly history

Nutex Health revenue by quarterNutex Health revenue by quarter$212MQ1 2025$244MQ2 2025$268MQ3 2025$152MQ4 2025$216MQ1 2026$211MQ2 2026$218MQ3 2026
Nutex Health net earnings by quarterNutex Health net earnings by quarter$21.2MQ1 2025$16.1MQ2 2025$55.4MQ3 2025$11.8MQ4 2025$46.8MQ1 2026$65.8MQ2 2026$40.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$218M-19%35.4%$40.2M$78.3M
Q2 202610-QAug 6, 2026$211M-14%57.8%$65.8M$34.2M
Q1 202610-QApr 30, 2026$216M+2%37.5%$46.8M$75.5M
Q4 202510-KMar 5, 2026$152M-41%20.4%$11.8M$70.4M
Q3 202510-QNov 19, 2025$268M+240%48.7%$55.4M$99.5M
Q2 202510-QNov 18, 2025$244M+221%13.8%$16.1M$27.3M
Q1 202510-QMay 13, 2025$212M+214%38.1%$21.2M$51.0M

Charts

Nutex Health: revenue growth, year over year and quarter over quarterNutex Health: revenue growth, year over year and quarter over quarterY/YQ/Q+214%Q1 2025+221%+15%Q2 2025+240%+10%Q3 2025-41%-43%Q4 2025+2%+43%Q1 2026-14%-3%Q2 2026-19%+3%Q3 2026
Latest (Q3 2026): Y/Y -19%, Q/Q +3%.
Nutex Health: where the cash came from (+) and went (−), TTM to Q3 2026Nutex Health: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$258MCash drawn (+) / kept (−)−$87.2MOther financing−$83.4MBuybacks−$55.7MNet borrowing (+) / repaid (−)−$18.1MCapital spending−$10.4MOther investing−$3.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Nutex Health: profit against cash, quarter by quarterNutex Health: profit against cash, quarter by quarterNet incomeOperating cash flow$100M$54KQ4 2024$50.8M$51.0MQ1 2025$16.1M$27.3MQ2 2025$96.8M$99.5MQ3 2025$16.6M$70.4MQ4 2025$62.8M$75.5MQ1 2026$96.3M$34.2MQ2 2026$57.3M$78.3MQ3 2026
Latest (Q3 2026): Net income $57.3M, Operating cash flow $78.3M.
Nutex Health: diluted shares by fiscal yearNutex Health: diluted shares by fiscal year5MFY20204MFY20224MFY20235MFY20247MFY2025
+36.7% since FY2020: more shares outstanding (issuance, stock pay).
Nutex Health: long-term debt falling due (FY2025)Nutex Health: long-term debt falling due (FY2025)$14.1M2026$6.0M2027$3.4M2028$1.8M2029$8.7M2030$9.5MLater
Cash $186M, short-term investments —, long-term debt — at 2025-12-31.
Nutex Health in its industry: growth against margin (87 companies, SIC 7389)Nutex Health in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERVMELIMAPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBAMMSTNETAKAMCARTWUCSGPADVMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYHQYPAYOPRTHCTEVXMTRFLYWGETYANDGACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXBAERPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDNUTX (-19%, 35%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Nutex Health

Nutex Health Inc. (“Nutex Health” or the “Company”) is a physician-led, healthcare services and operations company with 26 hospital facilities (as of December 31, 2025) in 12 states (hospital division), and a primary care-centric, risk-bearing population health management division. Our hospital division implements and operates innovative health care models, including micro-hospitals, specialty hospitals and hospital outpatient departments (“HOPDs”). The population health management (“PHM”) division owns and operates provider networks such as independent physician associations (“IPAs”).

In its own words, from its 10-K, filed Mar 5, 2026.

Nutex Health against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -19% against the peers' median +10%. Operating margin: 35.4% against the peers' median 15.3%.

CompanyQuarterRevenueY/YOp. margin
NUTX Nutex HealthQ3 2026$218M-19%35.4%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
V VisaQ4 FY26$12.1B+13%59.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
MA MastercardQ3 2026$9.8B+14%59.8%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%

Source: Nutex Health 10-Q on SEC EDGAR · CIK 1479681 · Services-Business Services, NEC

13F: who owns NUTX and who is buying

Largest holders of NUTX (13F)Largest holders of NUTX (13F)Pertento Partners LLP$77.1MBlackRock$69.6MVanguard Group$42.6MAmerican Century Companies$40.6MVanguard Capital Management LLC$36.9MGeode Capital Management, LLC$22.6MState Street$22.4MD. E. Shaw$16.7MUBS Group AG$13.3MWinmill$11.2M
Funds' net buying of NUTX by quarter (13F)Funds' net buying of NUTX by quarter (13F)$2.3M2024-09$2.3M2024-12$4.5M2025-03$89.7M2025-06$65.7M2025-09$31.7M2025-12$8.9M2026-03$23.9M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NUTX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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