National HealthCare Corporation (NHC) reported significant financial growth for the fiscal year ending December 31, 2025, with net operating revenues reaching $1.52 billion, a 16.1% increase from $1.31 billion in 2024. The company's net patient revenues, which account for 96.8% of total revenues, rose to $1.47 billion, up 17.4% from the previous year. This growth was attributed to an increase in same-facility net operating revenues and the acquisition of White Oak Management, which contributed $227.5 million in net patient revenues for the year. NHC's net income attributable to common stockholders also increased to $120 million, or $7.76 per share, compared to $101.9 million, or $6.62 per share, in 2024.
In terms of operational performance, NHC's overall occupancy rate for skilled nursing facilities improved to 89.7% in 2025, up from 88.6% in 2024. The company maintained a rehabilitation staff of over 1,230 therapists and expanded its service offerings, including specialized medical units for Alzheimer’s care. The average skilled nursing facility per diem increased by 4.0%, with Medicare and managed care per diem rates rising by 5.1% and 3.9%, respectively. Additionally, NHC's hospice services, provided through its subsidiary Caris Healthcare, served an average of 1,647 patients daily across 33 locations.
Strategically, NHC has focused on expanding its footprint in the healthcare sector, with several new facilities and agencies launched in 2025. This includes the acquisition of 15 skilled nursing facilities and two assisted living facilities from White Oak Management, which was finalized on August 1, 2024. The company also opened new hospice agencies and assisted living facilities in various states, enhancing its service offerings and geographic reach. As of December 31, 2025, NHC operated or managed 80 skilled nursing facilities, 26 assisted living facilities, and 34 homecare agencies across nine states.
Despite the positive financial results, NHC faces challenges, particularly in labor costs and regulatory compliance. Total costs and expenses increased by 14.1% to $1.39 billion, driven by rising salaries, wages, and benefits, which accounted for 60.7% of net operating revenues. The company has been actively working to reduce agency staffing expenses, which decreased significantly in 2025. Looking ahead, NHC anticipates continued growth but acknowledges the potential impact of regulatory changes and labor market conditions on its operations and profitability.
In summary, NHC's strong financial performance in 2025 reflects its strategic acquisitions and operational improvements, although the company remains vigilant regarding labor costs and regulatory challenges as it continues to expand its healthcare services.
About NATIONAL HEALTHCARE CORP
National HealthCare Corporation operates senior healthcare facilities, including skilled nursing, assisted living, independent living, behavioral health hospitals, and homecare and hospice services across the U.S. Southeast and Midwest. It provides patient care, management, and real estate leasing, focusing on quality, regulatory compliance, and community integration. The company emphasizes post-acute, rehabilitative, and specialized care, leveraging a diversified revenue model and a strong focus on operational excellence.
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