National HealthCare Corporation (NHC) reported its 2025 year‑end financial results, showing net operating revenues of $1.518 billion, a 16.1% increase from $1.307 billion in 2024. The growth was driven by an 8.4% rise in same‑facility revenues and the acquisition of White Oak Manor, which added 22 facilities and a long‑term care pharmacy to NHC’s portfolio.
GAAP net income attributable to NHC rose to $120.0 million from $101.9 million in 2024, while adjusted net income climbed 35.4% to $104.1 million from $76.9 million. Adjusted diluted earnings per share reached $6.65, compared with $4.93 in 2024, and GAAP diluted EPS was $7.67 versus $6.53 the prior year. In the fourth quarter, the company posted net income of $24.8 million and adjusted EPS of $1.83, with GAAP diluted EPS of $1.58.
The earnings beat is largely attributable to the White Oak acquisition and robust same‑facility performance. The 8.4% increase in same‑facility revenue reflects higher occupancy rates and a favorable mix of services, while the acquisition contributed immediate revenue and a long‑term care pharmacy that enhances the company’s service offering. Cost discipline and operational leverage helped maintain margin strength despite the expansion.
NHC operates 80 skilled nursing facilities with 10,329 beds as of February 1, 2026, and continues to expand its footprint through acquisitions and organic growth. The company’s focus on strengthening its balance sheet—reducing debt and increasing equity—provides a solid financial foundation amid demographic tailwinds in the senior‑care sector.
The results reinforce investor confidence in NHC’s quality‑focused strategy and lease‑risk mitigation. While the company did not provide forward guidance in this release, the strong year‑end performance signals continued momentum and a positive trajectory for the business.
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