National Research Corp (NRC) Financial Statements
Industry: Commercial Physical & Biological Research (Services)
In fiscal 2025, National Research reported revenue of $137.4M, down 4.0% from $143.1M the year before. Net income was $11.6M (a 8.4% net margin), or $0.50 per diluted share. Gross margin was 16.4% and operating margin was 16.4%. Operating activities generated $26.4M of cash, leaving $15.7M of free cash flow. At fiscal year end, National Research held $134.9M in total assets against $120.9M in total liabilities, including $4.1M of cash and equivalents.
Open the full interactive National Research financials → Quarterly statements, key ratios, valuation history and price charts.
National Research Key Stats
| Share Price | $20.17 |
|---|---|
| Market Cap | $443.9M |
| P/E Ratio | 40.3 |
| Revenue YoY Growth | -4.0% |
| 52-Week Range | $11.04 – $22.59 |
| Shares Outstanding | 22.0 million (basic, 2026 Q2) |
National Research Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $133.3M | $148.0M | $151.6M | $148.6M | $143.1M | $137.4M |
| Cost of Goods Sold | $91.1M | $97.7M | $105.0M | $108.5M | $107.9M | $114.8M |
| Gross Profit | $42.1M | $50.3M | $46.5M | $40.0M | $35.2M | $22.6M |
| Operating Income | $42.7M | $50.3M | $46.5M | $40.0M | $35.2M | $22.6M |
| Pre-Tax Income | $41.5M | $48.6M | $42.8M | $40.0M | $32.7M | $17.8M |
| Income Tax | $4.2M | $11.2M | $11.0M | $9.0M | $7.9M | $6.2M |
| Net Income | $37.3M | $37.5M | $31.8M | $31.0M | $24.8M | $11.6M |
| Diluted EPS | $1.45 | $1.46 | $1.27 | $1.25 | $1.04 | $0.50 |
National Research Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $34.6M | $35.2M | $34.8M | $35.4M |
| Net Income | $4.1M | $1.8M | $3.2M | -$3.3M |
| Diluted EPS | $0.18 | $0.08 | $0.14 | -$0.15 |
National Research Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $34.7M | $54.4M | $25.0M | $6.7M | $4.2M | $4.1M |
| Current Assets | $54.1M | $73.7M | $43.7M | $24.4M | $19.6M | $20.2M |
| Total Assets | $133.4M | $157.5M | $130.5M | $122.4M | $132.5M | $134.9M |
| Current Liabilities | $31.7M | $40.4M | $33.4M | $36.2M | $35.9M | $36.6M |
| Total Long-Term Debt | $30.7M | $26.6M | $22.3M | $36.8M | $57.9M | $75.0M |
| Total Liabilities | $69.1M | $72.2M | $58.4M | $73.5M | $101.3M | $120.9M |
| Shareholders' Equity | $64.3M | $85.3M | $72.0M | $49.0M | $31.3M | $14.0M |
National Research Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $40.6M | $46.3M | $36.3M | $38.1M | $34.6M | $26.4M |
| Cash From Investing | -$3.7M | -$8.5M | -$9.8M | -$15.8M | -$20.3M | -$10.7M |
| Cash From Financing | -$15.5M | -$18.2M | -$55.6M | -$40.7M | -$16.8M | -$15.8M |
| Free Cash Flow | $36.7M | $40.8M | $26.4M | $22.3M | $19.2M | $15.7M |
Figures from National Research's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full National Research financials page for every line item.
National Research Company Profile
| Ticker | NRC |
|---|---|
| Exchange | Nasdaq |
| Industry | Commercial Physical & Biological Research (Services) |
| Headquarters | Lincoln, Nebraska |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000070487 |
Frequently Asked Questions
What was National Research's revenue in fiscal 2025?
National Research (NRC) reported revenue of $137.4M for fiscal 2025.
What is National Research's annual revenue history?
National Research's annual revenue by fiscal year: 2020: $133.3M; 2021: $148.0M; 2022: $151.6M; 2023: $148.6M; 2024: $143.1M; 2025: $137.4M.
What was National Research's net income in fiscal 2025?
National Research reported net income of $11.6M for fiscal 2025.
What was National Research's earnings per share (EPS) in fiscal 2025?
National Research's diluted EPS was $0.50 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did National Research generate in fiscal 2025?
National Research generated $15.7M of free cash flow in fiscal 2025.
What was National Research's revenue last quarter?
In its most recent reported quarter (2026 Q2), National Research reported revenue of $35.4M.
How much debt does National Research have?
National Research reported $75.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of National Research are outstanding?
National Research reported a weighted average of 22.0 million basic shares outstanding in 2026 Q2.
What is National Research's market cap?
Based on its latest closing price, National Research (NRC) has a market capitalization of about $443.9M.
When does National Research's fiscal year end?
National Research's fiscal year end, as registered with the SEC, is December 31.
Where is National Research headquartered?
National Research lists its business address in Lincoln, Nebraska in its SEC filings.
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