NHC Third-Quarter Adjusted Profit Rises on Facility and Real Estate Acquisitions

The Tip Desk · November 6, 2026 · 2 min read

Third-quarter revenue rose 6.6% to $407.97 million. Adjusted net income was $28.15 million, or $1.76 a share, as GAAP net income fell to $13.64 million.

National HealthCare Corporation (NHC), the nation’s oldest publicly traded senior health care company, reported net operating revenues of $407,971,000 for the quarter ended September 30, 2026, up 6.6% from $382,661,000 a year earlier.

GAAP net income attributable to NHC was $13,637,000, or $0.85 a share, compared with $39,239,000, or $2.50 a share, a year earlier. Excluding unrealized gains or losses on marketable equity securities and other non-GAAP items, adjusted net income was $28,154,000, or $1.76 a share, versus $24,744,000, or $1.58 a share, a 13.8% increase.

The company said the rise in adjusted net income was primarily driven by the June 1, 2026 acquisition of five skilled nursing facilities with 639 licensed beds in Tennessee and South Carolina, and the July 1, 2026 purchase of the real estate of 32 skilled nursing facilities and three independent living communities from National Health Investors, Inc. Those 35 assets carry 4,825 licensed beds in Alabama, Florida, Missouri, South Carolina, Tennessee and Virginia.

Income from operations was $40,632,000, compared with $30,378,000 a year earlier. Facility rent expense fell to $1,365,000 from $11,345,000, while depreciation and amortization rose to $14,576,000 from $11,158,000. Interest expense increased to $6,991,000 from $1,456,000. Unrealized losses on marketable equity securities of $17,599,000 compared with unrealized gains of $20,827,000 a year earlier.

Net patient revenues were $397,446,000. Other revenues were $10,525,000. Average skilled nursing per diem was $368.20, versus $350.85 a year earlier. Medicare per diem was $623.72, Managed Care $513.06, Medicaid $291.06 and Private Pay and Other $352.96. Total skilled nursing patient days were 796,122, versus 740,373 a year earlier.

Sequentially, net operating revenues were essentially unchanged from $408,025,000 in the second quarter. Year-over-year revenue growth had been 8.8% in the second quarter after 2.2% in the first. Adjusted net income rose from $27,551,000 in the second quarter. GAAP net income attributable to NHC fell from $40,319,000, or $2.54 a share, in the second quarter.

At September 30, 2026, current and long-term debt was $502,063,000, compared with $40,000,000 at December 31, 2025. Property and equipment, net, was $1,290,019,000. Cash, cash equivalents and marketable securities were $221,325,000. NHC stockholders’ equity was $1,124,920,000. Dividends declared were $0.67 a share.

As of November 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.