National Research (NRC) Earnings Date & Reports

Key Takeaways

• NRC Health is expected to report its third-quarter 2026 results in early November 2026, following a second quarter that marked a return to year-over-year revenue growth.
• In Q2 2026, revenue rose roughly 4% year over year to $35.4 million, while adjusted earnings per share (EPS) of $0.31 far exceeded a consensus estimate of -$0.15.
• Management guided toward sequential revenue growth in Q3 2026, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin expected to stay near the 27% level seen in the first half.
• Total Recurring Contract Value (TRCV) — a leading indicator of future subscription revenue — grew 11% year over year to $151.9 million in Q2 2026.
• A large Q1 landmark multi-solution win began generating revenue in Q3, while an anticipated roughly 40% effective tax rate may pressure reported net income.
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Earnings Context and Why It Matters

National Research Corporation, which operates as NRC Health, delivers subscription-based healthcare experience and market intelligence software to health systems. Its quarterly earnings are closely watched because nearly 99% of revenue is recurring, making TRCV the clearest signal of future top-line direction. After a challenging 2024 and 2025 marked by elevated client attrition, the company has pivoted toward a refined sales strategy that produced an 86% jump in full-year new sales and five-plus consecutive quarters of TRCV growth. This Q3 2026 report tests whether that momentum can convert into durable, profitable revenue expansion while management absorbs investment costs and a heavier second-half tax burden.

Earnings Expectations

NRC Health does not provide formal EPS guidance each quarter, so investors lean on management commentary and trend lines. For Q3 2026, leadership has signaled sequential revenue growth, with adjusted EBITDA margin expected to remain roughly in line with the 27% posted during the first half of the year. That reflects timing pressure from the company's annual customer conference, historically held in the third quarter, which raises selling, general, and administrative expenses.

For context, Q2 2026 delivered revenue of $35.39 million (up 3.98% year over year) and adjusted EPS of $0.31, while GAAP (Generally Accepted Accounting Principles) results swung to a net loss of $3.3 million, largely due to previously announced accelerated stock vesting and related cash bonuses. Watch for TRCV, which reached $151.9 million in Q2, as well as any commentary on retention and new-sales pipeline. Management also flagged that an effective tax rate near 40% in Q3 and Q4 could compress reported net income relative to prior quarters.

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Market Reaction and Investor Sentiment

Sentiment heading into Q3 2026 earnings is cautiously constructive. NRC Health shares advanced about 5% in the session following its July Q2 report, reflecting investor relief that revenue returned to growth and that adjusted results handily beat consensus. Still, lingering concerns remain around competitive disruption following the Qualtrics–Press Ganey acquisition, which closed in May and prompted two active request-for-proposal (RFP) processes to pause for reassessment. Investors will be watching whether pipeline conversion resumes and whether margin guidance for the back half of the year holds up amid elevated operating and tax costs.

Forward Outlook and Key Factors to Monitor

The most important forward indicator remains TRCV. After growing 11% year over year to $151.9 million in Q2 2026, continued sequential expansion would support the view that recognized revenue can keep climbing into 2027.

Investors should also monitor the ramp of the company's large Q1 landmark win. That multi-solution engagement went live with an initial 25 hospitals plus ambulatory sites, with full deployment targeted by year-end and revenue recognition beginning in Q3. A separate rounding-platform purchase from the same customer is expected to launch in the second half of 2027, offering a longer-dated catalyst.

On the cost side, the annual customer conference timing and a roughly 40% effective tax rate are likely to weigh on Q3 and Q4 reported results, even as adjusted EBITDA margin is expected to improve in the fourth quarter as revenue scales and expenses normalize. Finally, watch cross-sell traction: management has noted that about 70% of customers currently buy only one NRC product, a dynamic that frames a meaningful expansion opportunity if the company's AI-enabled offerings and ambient-listening rounding tools continue to gain adoption.

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