National Research Reports Q4 Earnings, Highlights Sales Momentum

Got story updates? Submit your updates here. ›

National Research (NASDAQ:NRC) executives highlighted improving sales momentum and recurring contract value growth during the company's fourth-quarter earnings call, while acknowledging year-over-year revenue pressure tied to elevated attrition experienced in 2024. The company reported Q4 revenue of $35.2 million, down 5% year-over-year but up 2% sequentially, with adjusted EBITDA of $8.7 million. Management emphasized Total Recurring Contract Value (TRCV) as a key indicator, which reached $144.1 million in Q4, up 8% year-over-year and 5% sequentially.

Why it matters

National Research's performance reflects the challenges healthcare analytics and performance improvement companies have faced in recent years, with revenue pressure tied to customer attrition. However, the company's focus on growing its recurring contract value and improving sales execution point to potential for a turnaround in 2026 and beyond.

The details

For the fourth quarter, NRC Health reported revenue of $35.2 million, down 5% year-over-year but up 2% sequentially. CFO Shane Harrison attributed the year-over-year decline to 'unusually heavy' Total Recurring Contract Value (TRCV) attrition in Q3 2024 that continued to impact revenue recognition. Adjusted EBITDA for the quarter was $8.7 million, with adjusted net income of $3.4 million and adjusted EPS of $0.16. The company also paid a quarterly dividend of $0.12 per share.

• For the fourth quarter ended Dec. 31, 2025, NRC Health reported its results.
• TRCV reached $144.1 million in the fourth quarter, up 8% year-over-year and 2% sequentially.

What they’re saying

What’s next

The company outlined several growth catalysts it expects to support performance through 2026, including continued benefit from the go-to-market restructure, expanded adoption of enablement solutions, product innovation, cross-sell opportunities, and new logo growth.