HealthStream posted Q4 2025 revenues of $79.7 million, up 7.4% from $74.2 million a year earlier. GAAP operating income of $2.4 million declined 48.8% due to a $3.8 million CEO stock gift charge, while non-GAAP operating income rose 31.7% to $6.2 million. Net income fell 48.1% to $2.5 million GAAP, with non-GAAP net income up 9.5% to $5.4 million. EPS was $0.09 GAAP and $0.18 non-GAAP, and adjusted EBITDA increased 16.4% to $18.8 million.

For the full year, revenue reached $304.1 million, a 4.3% increase over 2024. GAAP operating income was $20.2 million, down 4.9%, while non-GAAP operating income grew 12.8% to $24.0 million. Net income was $18.3 million GAAP and $21.2 million non-GAAP, and diluted EPS was $0.61 GAAP and $0.70 non-GAAP. Adjusted EBITDA rose 7.5% to $71.8 million.

The CEO contributed $3.8 million of personal shares to facilitate grants of 146,286 shares to over 700 non-officer employees under the Omnibus Incentive Plan without diluting existing shareholders. The board authorized a $10.0 million share repurchase program, with $5.0 million executed in Q4 and the remainder in January, and declared a quarterly dividend of $0.035 per share, a 12.9% increase.

During Q4, HealthStream completed acquisitions of Virsys12 and MissionCare Collective to expand its clinical workforce solutions platform. The company also promoted its executive sales leadership to support ongoing growth and market penetration in healthcare technology.