National HealthCare Q4 Profit $24.8M, FY Revenue up 16.1%
National HealthCare posted Q4 net income of $24.8M ($1.58 GAAP, $1.83 adjusted) on revenue of $386.5M. For FY2025, the company reported $120M profit ($7.67 per share) on $1.52B revenue, a 16.1% year-over-year revenue increase driven by 8.4% same-facility growth and White Oak acquisition.
1. Q4 Financial Results
In the quarter ended December 31, 2025, National HealthCare reported GAAP net income of $24.849 million, or $1.58 per diluted share. On an adjusted basis—excluding one-time gains and costs—earnings were $1.83 per share on $386.513 million of revenue.
2. Full-Year 2025 Performance
For the year ended December 31, 2025, the company generated net operating revenues and grant income of $1.51778 billion and GAAP net income of $120.015 million ($7.67 per diluted share). Adjusted net income rose 35.4% to $104.067 million, translating to $6.65 per diluted share.
3. Growth Drivers
Revenue increased 16.1% versus 2024, driven by an 8.4% rise in same-facility operating revenues and the August 1, 2024 acquisition of White Oak Manor, which added 22 post-acute operations including skilled nursing and assisted living facilities.
4. Operations and Services
As of February 1, 2026, NHC affiliates operate 80 skilled nursing facilities with 10,329 beds, 26 assisted living communities, nine independent living communities, three behavioral health hospitals, 34 homecare agencies and 33 hospice agencies, along with memory care, pharmacy and rehabilitation services.