Short answer
NATIONAL RESEARCH CORP (NRC) filed its Q3 2025 10-Q quarterly report on Nov 7, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $35M (down 3.4% year over year) with net income of $4M.
Q3 2025 key financials · XBRL
- Revenue
- $35M
- −3.4% YoY · +1.7% QoQ
- Net income
- $4M
- −29.4% YoY · +2191.1% QoQ
- Operating margin
- 22.4%
- EPS (diluted)
- $0.18
- −25.0% YoY
Source: XBRL data from the NATIONAL RESEARCH CORP (NRC) Q3 2025 10-Q on SEC EDGAR. USD.
NATIONAL RESEARCH CORP Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 revenue $34.6M, down 3% YoY from $35.8M; TRCV $141.7M, up 8% YoY
- Operating margin 22% vs 22% YoY; operating income $7.7M vs $8.0M
- Variable expense ratio 14% vs 19% YoY, supported by lower conference costs
- Nine-month operating cash flow $19.3M, down 32% YoY from $28.2M
- Cash $2.2M; $30.0M revolver availability and $27.6M delayed-draw availability
- Q3 repurchases 618,264 shares for $9.3M; capital expenditures $9.6M year-to-date
Risk Factors
- No risk-factors section provided; changes from the most recent 10-K cannot be determined
- Credit Agreement covenants restricting dividends and repurchases through fixed-charge and leverage ratios
- Share-repurchase liquidity use totaling $618,264 shares during the quarter
- Repurchase-program capacity fully exhausted after September purchases
- Executive employment agreement filed for Shane Harrison, indicating compensation-governance exposure
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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