--- title: "National Healthcare | 10-K: FY2025 Revenue: USD 1.518 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/277106867.md" datetime: "2026-02-26T22:19:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277106867.md) - [en](https://longbridge.com/en/news/277106867.md) - [zh-HK](https://longbridge.com/zh-HK/news/277106867.md) --- # National Healthcare | 10-K: FY2025 Revenue: USD 1.518 B Revenue: As of FY2025, the actual value is USD 1.518 B. EPS: As of FY2025, the actual value is USD 7.67. EBIT: As of FY2025, the actual value is USD 124.88 M. #### Segment Revenue **Year Ended December 31, 2025** **Inpatient Services**: Net operating revenues totaled $1,317,012,000, comprising $1,315,545,000 in net patient revenues and $1,467,000 in other revenues . **Homecare and Hospice Services**: Net operating revenues were $154,086,000, solely from net patient revenues . **All Other**: Other revenues totaled $46,683,000 . **Year Ended December 31, 2024** **Inpatient Services**: Net operating revenues and stimulus income amounted to $1,112,615,000, including $1,111,300,000 in net patient revenues and $1,315,000 in other revenues . **Homecare and Hospice Services**: Net operating revenues and stimulus income were $140,459,000, entirely from net patient revenues . **All Other**: Net operating revenues and stimulus income totaled $54,308,000, consisting of $44,863,000 in other revenues and $9,445,000 in government stimulus income . **Year Ended December 31, 2023** **Inpatient Services**: Net operating revenues were $957,218,000, with $956,077,000 from net patient revenues and $1,141,000 from other revenues . **Homecare and Hospice Services**: Net operating revenues were $131,537,000, all from net patient revenues . **All Other**: Other revenues totaled $52,789,000 . #### Operational Metrics **Year Ended December 31, 2025** **Inpatient Services**: Total costs and expenses were $1,189,261,000, leading to an income from operations of $127,751,000 . After an interest expense of - $6,371,000, income before income taxes was $121,380,000 . **Homecare and Hospice Services**: Total costs and expenses were $124,026,000, resulting in an income from operations of $30,060,000 and income before income taxes of $30,060,000 . **All Other**: Total costs and expenses were $76,142,000, leading to a loss from operations of - $29,459,000 . Including non-operating income of $18,107,000 and unrealized gains on marketable equity securities of $22,344,000, income before income taxes was $10,992,000 . **Year Ended December 31, 2024** **Inpatient Services**: Total costs and expenses were $1,020,671,000, generating an income from operations of $91,944,000 . After an interest expense of - $4,135,000, income before income taxes was $87,809,000 . **Homecare and Hospice Services**: Total costs and expenses were $114,671,000, resulting in an income from operations of $25,788,000 and income before income taxes of $25,788,000 . **All Other**: Total costs and expenses were $82,145,000, resulting in a loss from operations of - $27,837,000 . Including non-operating income of $19,690,000 and unrealized gains on marketable equity securities of $30,958,000, income before income taxes was $22,811,000 . **Year Ended December 31, 2023** **Inpatient Services**: Total costs and expenses were $914,552,000, leading to an income from operations of $42,666,000 . After an interest expense of - $324,000, income before income taxes was $42,342,000 . **Homecare and Hospice Services**: Total costs and expenses were $107,097,000, resulting in an income from operations of $24,440,000 and income before income taxes of $24,440,000 . **All Other**: Total costs and expenses were $62,437,000, resulting in a loss from operations of - $9,648,000 . Including non-operating income of $16,660,000 and unrealized gains on marketable equity securities of $14,944,000, income before income taxes was $21,956,000 . #### Cash Flow - Net cash provided by operating activities for National HealthCare Corporation was $185,078,000 in 2025, an increase from $107,303,000 in 2024 and $111,216,000 in 2023 . - Net cash used in investing activities was - $33,858,000 in 2025, compared to - $236,693,000 in 2024 and - $17,568,000 in 2023 . - Net cash used in financing activities was - $135,955,000 in 2025, following cash provided of $100,344,000 in 2024 and cash used of - $42,545,000 in 2023 . #### Unique Metrics - **Occupancy Rates**: The overall census for owned and leased skilled nursing facilities increased to 89.7% in 2025 from 88.6% in 2024 and 87.9% in 2023 . Assisted living facilities had an 84.3% occupancy rate in 2025, up from 81.1% in 2024, while independent living facilities reported 93.8% in 2025, compared to 93.2% in 2024 . - **Skilled Nursing Facility Per Diem**: The composite skilled nursing facility per diem saw a 4.0% increase in 2025 compared to 2024 . Medicare and managed care per diem rates increased by 5.1% and 3.9% respectively, while Medicaid and private pay per diem rates increased by 3.5% and 6.8% respectively in 2025 . - **Homecare and Hospice Patient Load**: In 2025, National HealthCare Corporation’s homecare agencies served an average of 3,834 patients and provided 339,344 visits, with hospice agencies caring for over 1,647 patients per day . - **Quality Ratings**: As of December 31, 2025, 62.5% of National HealthCare Corporation’s skilled nursing facilities (50 out of 80) achieved 4 or 5-star ratings, significantly above the industry average of 38.6%, with an average rating of 3.83 compared to the industry average of 2.95 . - **Supplemental Medicaid Payments**: National HealthCare Corporation received $7,246,000 in 2025, $12,749,000 in 2024, and $20,214,000 in 2023 from supplemental Medicaid payments to address healthcare workforce challenges . - **Agency Nurse Staffing Expenses**: Agency nurse staffing expenses decreased by $9,335,000, approximately 66.6%, in 2025 compared to the prior year . #### Outlook / Guidance National HealthCare Corporation anticipates an annual revenue increase of approximately $3,000,000 from Tennessee’s Medicaid plan and an estimated $4,200,000 annually from proposed Medicaid increases in South Carolina, both effective for fiscal year 2026 . For fiscal year 2026, the Centers for Medicare and Medicaid Services (CMS) projects a 1.3% decrease in payments to home health agencies, while hospice payment rates are expected to increase by 2.6% . ### Related Stocks - [NHC.US](https://longbridge.com/en/quote/NHC.US.md) ## Related News & Research - [Toro Corp. Reports Net Income of $1.6 Million for the Three Months Ended December 31, 2025 and $5.9 Million for the Year Ended December 31, 2025](https://longbridge.com/en/news/282853370.md) - [National Healthcare Properties Announces Launch of Public Offering | NHPAP Stock News](https://longbridge.com/en/news/282531927.md) - [Gravity Co. 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