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National Health Investors Inc (NHI) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - HEALTHCARE FACILITIES · DATA UPDATED 2026-08-28

National Health Investors Inc (NHI) operates in the REIT - HEALTHCARE FACILITIES industry and is headquartered in Murfreesboro, United States with about 32 employees. Its market capitalization is roughly $3 billion. In the fiscal year ended 2025-12-31, NHI reported $379M in revenue and $142M in net income.

National Health Investors, Inc. is a self-managed real estate investment trust (REIT). The Company owns, leases, operates and finances the development of high-quality real estate properties in the United States, focusing on senior housing communities and medical facilities.

Interactive charts & full statements → Open the NHI valuation workbench →

NHI Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$434M	$379M	$335M	$320M	$278M	$299M	$333M	$318M	$295M	$279M	$248M	$229M	$178M	$118M	$97M	$83M	$78M	$64M	$63M	$62M	$151M
Gross Profit	$280M	$139M	$324M	$308M	$268M	$287M	$323M	$312M	$293M	$278M	$247M	$228M	$177M	$117M	$96M	$83M	$76M	$64M	$63M	$62M	$151M
Gross Margin %	64.7%	36.7%	96.7%	96.4%	96.5%	96.1%	97.1%	98.2%	99.6%	99.7%	99.6%	99.6%	99.7%	99.5%	99.2%	100.0%	97.4%	100.0%	100.0%	100.0%	100.0%
Operating Income (EBIT)	$197M	$195M	$184M	$179M	$133M	$185M	$225M	$220M	$209M	$198M	$178M	$164M	$106M	$78M	$71M	$62M	$58M	$50M	$49M	$54M	$50M
Operating Margin %	45.5%	51.5%	54.9%	55.9%	47.7%	62.0%	67.6%	69.2%	71.0%	71.0%	71.5%	71.6%	59.8%	66.1%	73.3%	74.8%	74.6%	77.3%	78.2%	87.1%	33.3%
Net Income	$167M	$142M	$138M	$136M	$66M	$112M	$185M	$160M	$154M	$159M	$152M	$149M	$102M	$106M	$91M	$81M	$69M	$64M	$58M	$96M	$69M
Net Margin %	38.5%	37.6%	41.2%	42.4%	23.9%	37.4%	55.6%	50.4%	52.4%	57.2%	61.0%	65.0%	57.2%	90.1%	93.6%	98.1%	88.5%	100.0%	91.3%	154.8%	45.9%
EBITDA	$316M	$282M	$264M	$260M	$179M	$241M	$318M	$291M	$281M	$265M	$236M	$179M	$167M	$108M	$88M	$76M	$68M	$58M	$53M	$83M	$66M
Earnings Per Share (EPS)	$3.48	$3.02	$3.13	$3.13	$1.48	$2.44	$4.14	$3.67	$3.67	$3.87	$3.87	$3.95	$3.04	$3.74	$3.26	$2.92	$2.50	$2.33	$2.07	$3.47	$2.49
Shares Outstanding (M)	48M	47M	44M	43M	45M	46M	45M	44M	42M	41M	39M	38M	33M	28M	28M	28M	28M	28M	28M	28M	28M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NHI Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$121M	$116M	$107M	$90M	$91M	$89M	$86M	$83M
Gross Profit	$121M	$36M	$36M	$87M	$88M	$86M	$83M	$80M
Gross Margin %	100.0%	31.1%	33.6%	97.1%	96.8%	96.8%	96.7%	96.6%
Operating Income (EBIT)	$50M	$52M	$50M	$44M	$49M	$48M	$43M	$47M
Operating Margin %	41.5%	45.2%	47.2%	49.1%	53.7%	53.6%	50.0%	56.1%
Net Income	$56M	$40M	$38M	$33M	$37M	$34M	$43M	$29M
Net Margin %	45.9%	34.6%	35.8%	36.6%	40.8%	38.3%	50.4%	34.4%
EBITDA	$97M	$79M	$74M	$66M	$71M	$66M	$75M	$60M
Earnings Per Share (EPS)	$1.15	$0.83	$0.81	$0.69	$0.79	$0.74	$0.95	$0.65
Shares Outstanding (M)	48M	49M	47M	48M	47M	46M	45M	44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NHI Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$251M	$240M	$208M	$184M	$185M	$211M	$232M	$241M	$208M	$197M	$177M	$164M	$126M	$104M	$86M	$77M	$78M	$69M	$67M	$67M	$58M
Capital Expenditures (CapEx)	$21M	$20M	$16M	$4M	$6M	$0M	$103M	$237M	$148M	$175M	$367M	$115M	$536M	$634M	$93M	$76M	$99M	$82M	$4M	$2M	$2M
Free Cash Flow (FCF)	$230M	$220M	$192M	$181M	$179M	$211M	$129M	$4M	$60M	$22M	($190M)	$50M	($410M)	($530M)	($7M)	$1M	($21M)	($12M)	$63M	$64M	$55M
FCF Margin %	53.0%	58.2%	57.4%	56.5%	64.3%	70.6%	38.8%	1.2%	20.4%	7.9%	-76.4%	21.8%	-230.8%	-449.4%	-6.8%	1.3%	-27.0%	-19.2%	100.1%	102.8%	36.7%
Dividends Paid	$176M	$170M	$157M	$156M	$162M	$183M	$195M	$180M	$165M	$153M	$138M	$125M	$101M	$85M	$79M	$68M	$67M	$65M	$86M	$67M	$53M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NHI Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$65M	$53M	$69M	$63M	$61M	$47M	$58M	$49M
Capital Expenditures (CapEx)	$3M	$3M	$10M	$5M	$3M	$2M	$6M	$5M
Free Cash Flow (FCF)	$63M	$51M	$59M	$58M	$59M	$45M	$52M	$44M
FCF Margin %	51.5%	43.6%	55.6%	64.1%	64.8%	50.1%	60.1%	53.0%
Dividends Paid	$45M	$44M	$44M	$43M	$42M	$41M	$39M	$39M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NHI Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$3.0B	$2.8B	$2.6B	$2.5B	$2.5B	$2.8B	$3.1B	$3.0B	$2.8B	$2.5B	$2.4B	$2.1B	$2.0B	$1.5B	$706M	$580M	$509M	$459M	$457M	$501M	$595M
Cash & Cash Equivalents	$30M	$20M	$24M	$22M	$19M	$37M	$43M	$5M	$5M	$3M	$5M	$13M	$3M	$11M	$9M	$16M	$3M	$46M	$100M	$75M	$178M
Total Liabilities	$1.4B	$1.3B	$1.2B	$1.2B	$1.2B	$1.3B	$1.6B	$1.5B	$1.4B	$1.2B	$1.2B	$1.0B	$933M	$679M	$238M	$136M	$67M	$25M	$27M	$55M	$164M
Total Debt (Short + Long-Term)	$438M	$1.1B	$1.1B	$1.4B	$1.6B	$1.3B	$2.0B	$1.4B	$1.3B	$1.2B	$1.1B	$939M	$876M	$633M	$203M	$99M	$39M	$1M	$7M	$5M	$10M
Total Shareholders' Equity	$1.6B	$1.5B	$1.4B	$1.3B	$1.3B	$1.5B	$1.5B	$1.5B	$1.4B	$1.3B	$1.2B	$1.1B	$1.0B	$767M	$457M	$443M	$442M	$435M	$430M	$446M	$432M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NHI viewer.

Other Companies in REIT - HEALTHCARE FACILITIES

OHI · Omega Healthcare Investors Inc — $15 billion
AHR · American Healthcare REIT, Inc. — $11 billion
CTRE · CareTrust REIT Inc. — $9 billion
SBRA · Sabra Healthcare REIT Inc — $5 billion
LTC · LTC Properties Inc — $2 billion
MPT · Medical Properties Trust, Inc. — $2 billion

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