National Health Investors (NHI) Financial Statements & Analysis

National Health Investors (NHI) Income Statement

National Health Investors reported revenue of $378.53M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 12.9% from $335.18M a year earlier. Net income was $142.18M, up 3.1% year over year, a net margin of 37.6%. Gross margin was 36.7% and operating margin 51.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $121.32M, up 33.8% from the same quarter a year earlier.

National Health Investors Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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National Health Investors, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	378.53	335.18	319.84	278.19	298.72	332.81	318.08	294.61	278.66
Cost of Revenue	239.60	11.17	11.51	9.79	11.64	9.65	5.80	1.17	0.96
Gross Profit	138.93	281.77	308.32	268.41	287.08	323.16	312.28	293.45	277.70
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Selling, General & Administrative	0.00	21.83	19.82	25.32	19.34	14.56	13.91	12.86	12.71
Operating Expenses	-55.90	140.16	129.53	135.64	101.83	98.24	92.27	85.37	80.84
Operating Income	194.83	183.20	178.79	132.77	185.25	224.92	220.01	209.24	197.82
Other Income/Expense
Interest Income	23.82	0.40	-2.65	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	57.37	56.12	55.51	42.44	48.11	0.00	56.30	49.06	0.00
Other Income/Expense	-54.04	-46.56	-44.41	-67.35	-22.41	-39.61	-59.56	-49.94	-38.45
Income
Income Before Tax	140.79	136.64	134.38	65.41	112.03	185.31	160.45	154.33	159.37
Income Tax Expense	0.00	-0.05	0.00	-0.09	0.07	0.00	0.00	-9.17	0.00
Net Income	142.18	137.87	135.65	66.40	111.80	185.13	160.46	154.33	159.37
Net Income - Continuous Operations	142.18	137.99	135.65	66.40	111.97	185.13	160.46	154.33	159.37
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	282.00	260.34	259.87	178.73	240.94	304.94	290.79	280.59	264.99
EBIT	195.82	188.90	179.05	143.74	160.15	221.79	-	-	-
Depreciation & Amortization	83.85	71.44	69.97	70.88	80.80	83.15	76.82	89.79	79.96
Earnings Per Share
Basic EPS	3.00	3.00	3.00	1.00	2.00	4.00	2.00	4.00	4.00
Diluted EPS	3.00	3.00	3.00	1.00	2.00	4.00	2.00	4.00	4.00
Basic Shares Outstanding	46.88	43.84	43.39	44.77	45.71	44.70	43.42	41.94	40.89
Diluted Shares Outstanding	47.05	44.10	43.39	44.79	45.73	44.70	43.70	42.09	41.15

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About National Health Investors Financial Statements

What was National Health Investors's revenue in fiscal 2025?

National Health Investors reported revenue of $378.53M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 12.9% from $335.18M a year earlier.

Is National Health Investors profitable?

Yes. National Health Investors earned net income of $142.18M in fiscal 2025, a net margin of 37.6%. In fiscal 2024 it earned $137.87M.

What is National Health Investors's operating margin?

National Health Investors's operating income was $194.83M on revenue of $378.53M in fiscal 2025, an operating margin of 51.5%, compared with 54.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition