National Health Investors, Inc. (NHI) Income Statement
NHI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNHI revenue and net income
Where NHI's revenue goes
2025Each bar shows an amount and its share of revenue. NHI kept 37.6% of revenue as net income.
NHI profit margins
NHI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.9% | +10.8% | +2.6% | +5.2% |
| Gross profit | −57.1% | −19.7% | −15.5% | −4.8% |
| Operating income | +6.0% | +13.6% | −2.8% | +1.7% |
| Net income | +3.0% | +28.9% | −5.1% | −0.5% |
| EPS (diluted) | +16.2% | +20.7% | −1.5% | −1.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NHI quarterly EPS vs estimates
National Health Investors beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 9, 2026 (estimate $1.16).
NHI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $378.5M | $335.2M | $319.8M | $278.2M | $298.7M | $332.8M | $318.1M | $294.6M | $278.7M | $248.5M |
| Cost of revenue | $239.6M | $11.2M | $11.5M | $9.8M | $11.6M | $9.7M | $5.8M | $1.2M | $960,000 | $1.0M |
| Gross profit | $138.9M | $324.0M | $308.3M | $268.4M | $287.1M | $323.2M | $312.3M | $293.4M | $277.7M | $247.5M |
| Research & development | — | — | $0 | $0 | $0 | $1 | $0 | $1 | $1 | $1 |
| Sales, general & admin | $26.87B | $22.8M | $19.9M | $25.3M | $19.3M | $14.6M | $13.9M | $12.9M | $12.7M | $10.2M |
| Total operating expenses | −$55.9M | $140.2M | $129.5M | $135.6M | $101.8M | $98.2M | $92.3M | $85.4M | $80.8M | $70.8M |
| Operating income | $194.8M | $183.9M | $178.8M | $132.8M | $185.3M | $224.9M | $220.0M | $209.2M | $197.8M | $177.7M |
| Interest income | $3.7M | $6.7M | $555,000 | $569,000 | $1.5M | $18.2M | $791,000 | $0 | $10.1M | $34.7M |
| Interest expense | $57.4M | $56.1M | $55.5M | $42.4M | $48.1M | $52.9M | $56.3M | $49.1M | $46.3M | $43.1M |
| Income before taxes | $140.8M | $136.6M | $134.4M | $65.4M | $112.0M | $185.3M | $160.4M | $154.3M | $159.4M | $153.5M |
| Income taxes | — | −$45,000 | $55.1M | −$89,000 | $66,000 | $49.9M | $56.3M | −$9.2M | $46.3M | $749,000 |
| Net income | $142.2M | $138.0M | $135.7M | $66.4M | $111.8M | $185.1M | $160.5M | $154.3M | $159.4M | $151.5M |
| EBITDA | $282.0M | $264.2M | $259.9M | $178.7M | $240.9M | $318.0M | $290.8M | $271.4M | $269.0M | $256.1M |
| EPS (diluted) | $3.45 | $2.97 | $3.13 | $1.96 | $2.36 | $3.72 | $3.67 | $3.69 | $3.66 | $3.55 |
| Gross margin | 36.7% | 96.7% | 96.4% | 96.5% | 96.1% | 97.1% | 98.2% | 99.6% | 99.7% | 99.6% |
| Operating margin | 51.5% | 54.9% | 55.9% | 47.7% | 62.0% | 67.6% | 69.2% | 71.0% | 71.0% | 71.5% |
| Net margin | 37.6% | 41.2% | 42.4% | 23.9% | 37.4% | 55.6% | 50.4% | 52.4% | 57.2% | 61.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $121.3M | $115.9M | $106.5M | $89.8M | $90.7M | $89.3M | $85.8M | $82.9M | $85.0M | $81.5M | $79.5M | $80.1M |
| Cost of revenue | $36.5M | $79.8M | $70.8M | $2.6M | $2.9M | $2.9M | $2.8M | $2.8M | $2.8M | $2.7M | $2.8M | $2.9M |
| Gross profit | $84.8M | $36.0M | $35.8M | $87.2M | $87.7M | $86.4M | $82.9M | $80.2M | $82.2M | $78.8M | $76.7M | $77.2M |
| Sales, general & admin | $8.8M | $7.9M | $26.85B | $6.4M | $7.2M | $8.3M | $5.8M | $5.3M | $5.0M | $5.9M | $5.1M | $4.5M |
| Total operating expenses | $35.0M | −$16.4M | −$14.5M | $43.2M | $39.1M | $38.5M | $40.0M | $33.6M | $33.0M | $33.5M | $31.9M | $32.1M |
| Operating income | $49.9M | $52.4M | $50.2M | $44.1M | $48.7M | $47.9M | $42.9M | $46.5M | $49.2M | $45.3M | $44.7M | $45.1M |
| Interest income | — | — | $1.7M | $73,000 | $1.5M | $415,000 | $6.3M | $0 | — | — | — | — |
| Interest expense | $15.8M | $15.0M | $13.4M | $13.1M | $14.1M | $14.3M | $14.0M | $14.9M | $14.0M | $14.0M | $14.1M | $14.4M |
| Income before taxes | $56.1M | $39.8M | $37.8M | $32.5M | $36.7M | $33.8M | $42.7M | $28.2M | $35.0M | $30.7M | $31.8M | $29.0M |
| Income taxes | $732,000 | — | −$348,000 | — | — | — | −$45,000 | $269,000 | −$304,000 | −$290,000 | $16.2M | $12.3M |
| Net income | $55.7M | $40.1M | $38.2M | $32.9M | $37.0M | $34.2M | $43.2M | $28.5M | $35.3M | $30.9M | $32.0M | $29.3M |
| EBITDA | $97.5M | $79.2M | $73.5M | $65.8M | $70.7M | $66.3M | $75.4M | $60.1M | $66.4M | $62.2M | $63.0M | $60.9M |
| EPS (diluted) | $1.19 | $0.77 | $1.22 | $0.69 | $0.79 | $0.75 | $0.81 | $0.65 | $0.80 | $0.71 | $0.74 | $0.68 |
| Gross margin | 69.9% | 31.1% | 33.6% | 97.1% | 96.8% | 96.8% | 96.7% | 96.6% | 96.7% | 96.6% | 96.5% | 96.4% |
| Operating margin | 41.1% | 45.2% | 47.2% | 49.1% | 53.7% | 53.6% | 50.0% | 56.1% | 57.9% | 55.5% | 56.3% | 56.3% |
| Net margin | 45.9% | 34.6% | 35.8% | 36.6% | 40.8% | 38.3% | 50.4% | 34.4% | 41.5% | 38.0% | 40.3% | 36.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NHI's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NHI financial results
In fiscal year 2025 (ended December 31, 2025), National Health Investors reported revenue of $378.5 million, up 12.9% from the year before. It had net income of $142.2 million (up 3.0%), a net profit margin of 37.6%. Diluted earnings per share came to $3.45. Over five years revenue grew at an average rate of 2.6% a year.
See the NHI stock overview for the latest quote and news, or the NHI chart for price history and technical indicators.
NHI income statement FAQ
What is National Health Investors's annual revenue?
National Health Investors reported total revenue of $378.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.9% from $335.2 million the previous year.
Is National Health Investors profitable?
Yes. National Health Investors reported net income of $142.2 million in fiscal 2025, a net profit margin of 37.6%; its operating margin was 51.5%.
What is National Health Investors's gross margin?
National Health Investors's gross margin was 36.7% in fiscal 2025: for every $100 of revenue, National Health Investors kept $37 after the direct cost of its products and services.
How fast is National Health Investors growing?
Revenue grew 2.6% a year on average over the last five fiscal years, from $332.8 million to $378.5 million.
What are National Health Investors's earnings per share?
National Health Investors earned $3.45 per diluted share in fiscal 2025, compared with $2.97 a year earlier.
When will National Health Investors report its next earnings?
National Health Investors is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does National Health Investors's fiscal year end?
National Health Investors's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.