NHC Reports First Quarter 2026 Earnings

MURFREESBORO, Tenn., May 08, 2026--(BUSINESS WIRE)--National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today 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%.

For the quarter ended March 31, 2026, the reported GAAP net income attributable to NHC was $35,857,000 compared to $32,205,000 for the same period in 2025. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2026 was $30,089,000 compared to $24,838,000 for the same period in 2025, an increase of 21.1% (*). 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 (*).

(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.

About NHC

As of May 1, 2026, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,323 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at www.nhccare.com.

Non-GAAP Financial Presentation

The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Forward-Looking Statements

Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC’s best judgment as of the date of this release.

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Consolidated Statements of Operations (in thousands, except share and per share amounts) Three Months Ended March 31 2026 2025 (unaudited) Revenues: Net patient revenues $ 369,805 $ 361,607 Other revenues 12,016 12,090 Net operating revenues 381,821 373,697 Costs and expenses: Salaries, wages and benefits 235,074 228,130 Other operating 91,237 92,457 Facility rent 11,643 11,365 Depreciation and amortization 11,614 10,978 Total costs and expenses 349,568 342,930 Income from operations 32,253 30,767 Non-operating income 3,757 4,079 Interest expense (269 ) (2,106 ) Unrealized gains on marketable equity securities 9,074 10,982 Income before income taxes 44,815 43,722 Income tax provision (8,712 ) (11,432 ) Net income 36,103 32,290 Net income attributable to noncontrolling interest (246 ) (85 ) Net income attributable to National HealthCare Corporation $ 35,857 $ 32,205 Net income per common share Basic $ 2.31 $ 2.09 Diluted $ 2.27 $ 2.07 Weighted average common shares outstanding Basic 15,541,634 15,438,306 Diluted 15,770,507 15,575,752 Dividends declared per common share $ 0.64 $ 0.61 Balance Sheet Data March 31 December 31 (in thousands) 2026 2025 Cash, cash equivalents and marketable securities $ 258,352 $ 255,801 Restricted cash, cash equivalents and marketable securities 160,258 159,848 Current assets 465,576 461,820 Property and equipment, net 671,823 673,797 Total assets 1,524,094 1,526,419 Current liabilities 250,825 246,132 Current and long-term debt - 40,000 NHC stockholders' equity 1,090,949 1,068,772

Selected Operating Statistics Three Months Ended March 31 2026 2025 (unaudited) 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 Skilled Nursing Patient Days: Medicare 84,040 86,254 Managed Care 83,376 83,646 Medicaid 362,293 363,642 Private Pay and Other 194,747 184,594 Total Skilled Nursing Patient Days 724,456 718,136

The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):

Three Months Ended March 31 2026 2025 (unaudited) Net income attributable to National Healthcare Corporation $ 35,857 $ 32,205 Non-GAAP adjustments Unrealized gains on marketable equity securities (9,074 ) (10,982 ) Stock-based compensation expense 1,280 1,027 Income tax provision on non-GAAP adjustments 2,026 2,588 Non-GAAP Net income $ 30,089 $ 24,838 GAAP diluted earnings per share $ 2.27 $ 2.07 Non-GAAP adjustments Unrealized gains on marketable equity securities (0.57 ) (0.71 ) Stock-based compensation expense 0.08 0.06 Income tax provision on non-GAAP adjustments 0.13 0.17 Non-GAAP diluted earnings per share $ 1.91 $ 1.59

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Contacts

Brian F. Kidd, SVP/CFO
Phone: (615) 890-2020

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