National Research | 10-Q: FY2025 Q3 Revenue: USD 34.61 M

Revenue: As of FY2025 Q3, the actual value is USD 34.61 M.

EPS: As of FY2025 Q3, the actual value is USD 0.18.

EBIT: As of FY2025 Q3, the actual value is USD 9.158 M.

Segment Revenue

• Total Revenue: $34,608 thousand for the three months ended September 30, 2025, compared to $35,819 thousand for the same period in 2024, representing a decrease of 3%.
• Total Revenue: $102,196 thousand for the nine months ended September 30, 2025, compared to $106,154 thousand for the same period in 2024, representing a decrease of 4%.

Operational Metrics

• Operating Income: $7,738 thousand for the three months ended September 30, 2025, compared to $7,980 thousand for the same period in 2024, representing a decrease of 3%.
• Operating Income: $17,921 thousand for the nine months ended September 30, 2025, compared to $25,606 thousand for the same period in 2024, representing a decrease of 30%.
• Net Income: $4,122 thousand for the three months ended September 30, 2025, compared to $5,688 thousand for the same period in 2024, representing a decrease of 27%.
• Net Income: $9,802 thousand for the nine months ended September 30, 2025, compared to $18,223 thousand for the same period in 2024, representing a decrease of 46%.
• Operating Margin: 22% for the three months ended September 30, 2025, unchanged from the same period in 2024.
• Operating Margin: 18% for the nine months ended September 30, 2025, compared to 24% for the same period in 2024, representing a decrease of 6 percentage points.

Cash Flow

• Cash Provided by Operating Activities: $19,271 thousand for the nine months ended September 30, 2025, compared to $28,246 thousand for the same period in 2024, representing a decrease of 32%.

Unique Metrics

• Total Recurring Contract Value (TRCV): $141,664 thousand as of September 30, 2025, compared to $131,596 thousand as of September 30, 2024, representing an increase of 8%.

Future Outlook and Strategy

• Core Business Focus: The company plans to continue investing in innovative solutions for clients, which may cause direct expenses to fluctuate as a percentage of revenue.
• Non-Core Business: The company has a stock repurchase program authorized for up to 1.0 million shares, with no remaining shares authorized for repurchase as of September 30, 2025.
• Priority: The company prioritizes funding innovation and growth investments, including merger and acquisition activity, as well as internal projects.