National Research Corporation (NRC)

National Research Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	139.1	143.06	148.58	151.57	147.95	133.28
Revenue Growth (YoY)	-3.50%	-3.72%	-1.97%	2.44%	11.01%	4.14%
Cost of Revenue	52.79	56.93	56.02	57.05	52.35	49.19
Gross Profit	86.32	86.13	92.57	94.52	95.6	84.09
Selling, General & Admin	51.66	44.85	46.58	42.69	38.81	34.38
Operating Expenses	58.65	50.88	52.48	47.96	44.86	41.17
Operating Income	27.66	35.25	40.09	46.56	50.74	42.92
Interest Expense	-4.12	-2.6	-0.86	-1.21	-1.67	-1.81
Interest & Investment Income	0.1	0.13	0.82	0.17	0.01	0.02
Currency Exchange Gain (Loss)	-	-	-	-	-	-0.33
Other Non Operating Income (Expenses)	-0.04	-0.03	-0.04	-2.69	0	0.66
EBT Excluding Unusual Items	23.6	32.75	40	42.83	49.1	41.45
Merger & Restructuring Charges	-	-	-	-	-0.12	-
Impairment of Goodwill	-	-	-	-	-	-0.71
Asset Writedown	-0.02	-0.06	-0.04	-0.01	-0.36	-0.06
Pretax Income	23.45	32.69	39.96	42.82	48.62	41.47
Income Tax Expense	7.09	7.91	8.99	11.02	11.16	4.21
Net Income	16.36	24.78	30.97	31.8	37.47	37.26
Preferred Dividends & Other Adjustments	0.19	0	0.01	0.02	0.02	0.06
Net Income to Common	16.17	24.78	30.96	31.78	37.45	37.2
Net Income Growth	-39.58%	-19.98%	-2.61%	-15.12%	0.55%	14.98%
Shares Outstanding (Basic)	23	24	25	25	25	25
Shares Outstanding (Diluted)	23	24	25	25	26	26
Shares Change (YoY)	-5.21%	-3.77%	-1.51%	-2.29%	-0.22%	0.17%
EPS (Basic)	0.71	1.05	1.26	1.28	1.47	1.48
EPS (Diluted)	0.71	1.04	1.25	1.27	1.46	1.45
EPS Growth	-36.76%	-16.80%	-1.57%	-13.01%	0.69%	15.08%
Free Cash Flow	11.62	19.18	22.33	26.43	40.83	36.65
Free Cash Flow Per Share	0.51	0.81	0.91	1.05	1.59	1.43
Dividend Per Share	0.480	0.480	0.480	0.840	0.480	0.210
Dividend Growth	-	-	-42.86%	75.00%	128.57%	-73.08%
Gross Margin	62.05%	60.20%	62.30%	62.36%	64.62%	63.09%
Operating Margin	19.89%	24.64%	26.98%	30.72%	34.30%	32.20%
Profit Margin	11.63%	17.32%	20.84%	20.97%	25.31%	27.91%
Free Cash Flow Margin	8.35%	13.41%	15.03%	17.44%	27.60%	27.50%
EBITDA	34.66	41.27	45.99	51.83	56.79	49.71
EBITDA Margin	24.92%	28.85%	30.95%	34.20%	38.39%	37.30%
D&A For EBITDA	7	6.02	5.9	5.28	6.05	6.79
EBIT	27.66	35.25	40.09	46.56	50.74	42.92
EBIT Margin	19.89%	24.64%	26.98%	30.72%	34.30%	32.20%
Effective Tax Rate	30.23%	24.19%	22.50%	25.73%	22.94%	10.14%

Updated Oct 27, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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