National Research Corporation, dba NRC Health, announced its financial results for the second quarter ended June 30, 2025. The company reported a net loss of $0.106 million and diluted earnings per share of $(0.01), compared to net income of $6.175 million and diluted EPS of $0.26 in Q2 2024.
Revenue for the quarter was $34.038 million, a decrease from $35.021 million in Q2 2024. The net margin for the second quarter was 0%, primarily due to non-recurring cash bonuses and equity grants related to compensation arrangements for executive leaders during the transition from founder-led leadership.
Total recurring contract value (TRCV) grew 2% sequentially, marking the third consecutive quarter of TRCV growth and the highest sequential growth rate since the first quarter of 2021. Excluding the non-recurring executive compensation, adjusted EBITDA margin was 30% and remained relatively stable over the past year due to cost control initiatives and higher revenue per FTE.
CEO Trent S. Green noted improved new logo sales, cross-sells, and customer retention over the last several quarters, attributing this to a stronger sales team and a product portfolio that resonates in the marketplace. During the second quarter, NRC Health repurchased 381,736 shares at a weighted average price of $14.96 per share, contributing to a total of $16.1 million returned to shareholders in 2025 through dividends and stock repurchases.
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