National HealthCare Closes Debt After Five-Facility Buy

The Tip Desk · August 11, 2026 · 3 min read

Net operating revenues rose 8.8% to $408.03 million as the company added five skilled nursing facilities with 639 licensed beds.

National HealthCare Corporation (NHC), the nation’s oldest publicly traded senior health care company, reported net operating revenues of $408.03 million for the quarter ended June 30, 2026, an 8.8% increase from a year earlier. That pace was faster than the 2.2% year-over-year rise in the first quarter. The second-quarter lift was primarily related to the June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds in Tennessee and South Carolina.

GAAP net income attributable to NHC was $40.32 million, compared with $23.72 million a year earlier. Diluted earnings were $2.54 a share, versus $1.52.

Adjusted net income, which excludes unrealized gains on marketable equity securities and other non-GAAP items, was $27.55 million, a 7.2% increase from $25.71 million a year earlier. Adjusted diluted earnings were $1.74 a share, versus $1.65. The reconciliation deducted $18.33 million of National management fee revenue from prior periods that was not present in the year-ago period.

Income from operations was $48.94 million, versus $34.09 million a year earlier. Other revenues were $29.67 million, compared with $11.56 million. Interest expense fell to $13 thousand from $1.99 million. Current and long-term debt was zero at June 30, 2026, versus $40.00 million at December 31, 2025. Cash, cash equivalents and marketable securities were $210.19 million.

Average skilled nursing per diem was $366.88, versus $361.42 a year earlier. Medicare per diem was $628.12, managed care $500.15, Medicaid $290.12, and private pay and other $351.83.

Total skilled nursing patient days were 749,723, versus 729,519 a year earlier. Medicare patient days declined to 78,137 from 83,615. Managed care rose to 87,782 from 83,015, Medicaid to 378,010 from 368,687, and private pay and other to 205,794 from 194,202.

In the first quarter, net operating revenues were $381.82 million, up 2.2% from a year earlier. Adjusted net income then was $30.09 million, up 21.1% from $24.84 million a year earlier. GAAP diluted earnings were $2.27 a share, versus $2.07. Adjusted diluted earnings were $1.91 a share, versus $1.59.

For the year ended December 31, 2025, net operating revenues and grant income were $1.5178 billion, up 16.1% from $1.3074 billion in 2024. That increase reflected an 8.4% rise in same-facility net operating revenues as well as the August 1, 2024 acquisition of White Oak Manor, which included 22 healthcare operations, including 15 skilled nursing facilities. GAAP net income attributable to NHC for that year was $120.02 million, versus $101.93 million. Adjusted net income was $104.07 million, a 35.4% increase from $76.86 million.

For the quarter ended December 31, 2025, GAAP net income attributable to NHC was $24.85 million, versus $6.08 million a year earlier. Adjusted net income was $28.77 million, a 10.9% increase from $25.95 million. GAAP diluted earnings were $1.58 a share, versus $0.39. Adjusted diluted earnings were $1.83 a share, versus $1.66.

As of August 1, 2026, NHC affiliates operated 80 skilled nursing facilities with 10,323 beds, 26 assisted living communities with 1,413 units, nine independent living communities with 775 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. Other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and management and accounting services to third-party post-acute operators.