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National Research Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Q4 2025 revenue reached $35.2 million, up 2% quarter-over-quarter, with adjusted EBITDA of $8.7 million and adjusted net income of $3.4 million.
Full-year 2025 revenue was $137.4 million, with adjusted EBITDA of $40.2 million (29% margin) and adjusted net income of $20.7 million.
Total Recurring Contract Value (TRCV) grew 8% year-over-year to $144.1 million, marking the fifth consecutive quarter of sequential growth.
99% of revenue is recurring, providing high predictability and visibility.
Strategic priorities for 2026 include scaling go-to-market initiatives, deepening enablement solution adoption, and driving product innovation.
Financial highlights
Q4 Adjusted EBITDA was $8.7 million (25% of revenue); Q4 adjusted EPS was $0.16.
Full-year adjusted EPS was $0.93; Q4 GAAP EPS was $0.08.
Cash flow from operations in Q4 was $7.2 million; full-year was $26.5 million.
Q4 net income margin was 5%; full-year net income margin was 8%.
Paid a quarterly dividend of $0.12 per share in Q4 and declared a $0.16 per share dividend payable April 10, 2026.
Outlook and guidance
TRCV growth of 8% in 2025 is expected to drive revenue growth in 2026.
Margin expansion anticipated as revenue recovers and growth catalysts are executed.
Continued investment in product innovation, AI capabilities, and leadership to support long-term growth.
Management highlighted strong execution and a solid foundation for continued growth in a complex healthcare environment.
TRCV growth vs. 2026 revenue growth expectations
Enablement solutions: next steps beyond Rounding
David Burik's role: expected impact on growth
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Next National Research earnings date
Q1 20265 May, 2026
National Research
Next National Research earnings date
Q1 20265 May, 2026
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National Research Corporation, doing business as NRC Health, provides analytics and insights to healthcare organizations. The company specializes in collecting and analyzing patient and consumer feedback to improve healthcare experiences and outcomes. Its solutions include real-time feedback platforms, patient satisfaction surveys, and market research tools, catering to hospitals, health systems, and other care providers. The company is headquartered in Lincoln, Nebraska, and its shares are listed on the NASDAQ.
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