NRC Health

Q4 2025 revenue was $35.2 million, down 5% year over year and up 2% sequentially. Adjusted EBITDA was $8.7 million, adjusted net income was $3.4 million, and adjusted EPS was $0.16 per share. TRCV was $144.1 million, up 8% year over year and 2% sequentially. Full-year 2025 revenue was $137.4 million, down 4% from 2024; adjusted EBITDA was $40.2 million with a 29% margin; adjusted net income was $20.7 million and adjusted EPS was $0.93. Management did not provide numerical next-quarter or full-year revenue/EPS guidance, but said the 8% TRCV growth in 2025 gives them confidence revenue growth will follow in 2026.

Trent Green framed the quarter as another period of strong execution, pointing to improved sales coverage, stronger customer success, and product investment as the drivers behind TRCV growth. He emphasized NRC’s value proposition around trust, expertise, and portfolio breadth, including 74% of the top 100 health systems served and an NPS of 68. His tone was confident and forward-looking, especially about 2026 catalysts such as the go-to-market restructure, enablement solutions like Rounding, AI-driven product innovation, cross-sell, retention improvement, and new logo growth.

Shane Harrison highlighted that Q4 revenue of $35.2 million was affected by an easy comparison issue from heavy TRCV attrition recognized in late 2024, while sequential growth showed improving momentum. He underscored the financial profile: 99% recurring revenue, $40.2 million of 2025 adjusted EBITDA at a 29% margin, and efficient free cash flow generation. He also pointed to capital allocation priorities of investing in the business, paying a $0.12 quarterly dividend, repurchasing shares opportunistically, and keeping flexibility for accretive acquisitions.

There was no real analyst Q&A section in the transcript; the call ended after prepared remarks. The main management answers came in the form of commentary that revenue should improve in 2026 as TRCV growth translates into top-line growth, and that margin expansion remains possible as revenue recovers. Management also explained that Q4 expenses were higher because the annual HUB Conference moved into Q4 this year versus Q3 last year.