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Get filing alertsNHC Q1 2026: adjusted net income up 21%, all $40M debt repaid
Filed May 8, 2026 · Period ending May 8, 2026 · ~1 min read
Key Changes
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high
Adjusted net income rose 21.1% to $30.1M ($1.91/share) from $24.8M ($1.59/share) in Q1 2025, driven by rate increases across all payor categories and 2.2% revenue growth to $381.8M.
Exhibit 99.1 view on EDGAR → -
high
Average skilled nursing per diem increased to $371.69 from $360.14 year-over-year, with Medicare rates up to $630.44 from $612.13, Managed Care to $507.06 from $492.40, and Medicaid to $292.21 from $281.67.
Exhibit 99.1 view on EDGAR → -
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Company eliminated all debt during the quarter, reducing current and long-term debt from $40.0M at year-end 2025 to zero as of March 31, 2026.
Exhibit 99.1 view on EDGAR → -
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Financial tables show dividends declared of $0.64 per share for Q1 2026 versus $0.61 in Q1 2025 — a year-over-year comparison of amounts declared; this 8-K announces no dividend action.
Exhibit 99.1 view on EDGAR →
Summary
National Healthcare Corp delivered strong Q1 2026 results, with adjusted net income up 21.1% year-over-year and adjusted diluted EPS up 20.1% to $1.91. The earnings growth was driven by rate improvements across all payor categories—Medicare, Managed Care, Medicaid, and Private Pay—which lifted the average skilled nursing per diem by 3.2% to $371.69. Revenue grew a modest 2.2% to $381.8 million, so the earnings gain reflects operating leverage from the rate increases rather than volume.
The company strengthened its balance sheet by fully repaying its $40 million debt during the quarter; the financial tables also show dividends declared of $0.64 per share versus $0.61 a year earlier, though this 8-K announces no dividend action. For holders, the results show NHC capturing reimbursement rate tailwinds while maintaining disciplined capital allocation—a positive setup as the company enters the remainder of 2026 with a clean balance sheet and improving unit economics.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
net operating revenues for the quarter ended March 31, 2026 totaled $381,821,000 compared to $373,697,000 for the quarter ended March 31, 2025, an increase of 2.2%
NHC reported net operating revenues of $381.8 million for Q1 2026, up 2.2% from $373.7 million in Q1 2025. The company disclosed GAAP net income attributable to NHC of $35.9 million versus $32.2 million in the prior year quarter, and adjusted net income (excluding unrealized gains on marketable equity securities and other non-GAAP items) of $30.1 million, up 21.1% from $24.8 million in Q1 2025.
Added in current filing · view on EDGAR →
The GAAP diluted earnings per share were $2.27 and $2.07 for the quarters ending March 31, 2026 and 2025, respectively. Adjusted diluted earnings per share were $1.91 and $1.59 for the quarters ending March 31, 2026 and 2025, respectively
NHC reported GAAP diluted earnings per share of $2.27 for Q1 2026 compared to $2.07 in Q1 2025. On an adjusted basis (excluding unrealized gains on marketable equity securities and other non-GAAP adjustments), diluted EPS was $1.91 versus $1.59 in the prior year quarter, a 20.1% increase, alongside the 21.1% increase in adjusted net income.
Added in current filing · view on EDGAR →
Skilled Nursing Per Diems: | Medicare | $ 630.44 | $ 612.13 | Managed Care | 507.06 | 492.40 | Medicaid | 292.21 | 281.67 | Private Pay and Other | 349.92 | 337.04 | Average Skilled Nursing Per Diem | $ 371.69 | $ 360.14
NHC disclosed per-diem rates across all payor categories increased year-over-year. The average skilled nursing per diem rose to $371.69 in Q1 2026 from $360.14 in Q1 2025. Medicare per diems increased to $630.44 from $612.13, Managed Care to $507.06 from $492.40, Medicaid to $292.21 from $281.67, and Private Pay to $349.92 from $337.04. These rate improvements contributed to the revenue and earnings growth.
Added in current filing · view on EDGAR →
Current and long-term debt | - | 40,000
NHC's balance sheet shows current and long-term debt of zero as of March 31, 2026, down from $40.0 million as of December 31, 2025. The company appears to have fully repaid its outstanding debt during the quarter, strengthening its balance sheet.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 9, 2026 · How we verify