Nutex Health Inc. (NUTX) · Nov 5, 2026 · Earnings

Nutex Health earnings beat estimates as revenue slump deepens

Beat — Diluted EPS $5.71 vs ~$5.54 consensus

Nutex Health’s Q3 earnings narrowly beat consensus, but worsening revenue and adjusted EBITDA expose pressure beneath the headline profit.

Nutex is trying to scale a 28-hospital network while relying heavily on reimbursement recovery through the No Surprises Act arbitration process; the prior-quarter story was volume growth and improving profitability, with hospital visits up 9.6% year over year and two additional hospitals still expected in the fourth quarter. The Q3 filing keeps the expansion plan intact, but the operating trend is much less clean than management’s headline EPS suggests.

MetricQ3 2026Q3 2025Consensus
Total revenue (Income Statement)$217.6M (-18.7%)$267.8M$214.8M
Diluted EPS (Income Statement)$5.71 (-26.4%)$7.76~$5.54
Adjusted EBITDA (EBITDA reconciliation)$63.9M (-35.2%)$98.5M
Net cash from operations (Cash Flow statement)$188.1M (+5.8%)$177.7M

The earnings beat is real, but narrow. Diluted EPS of $5.71 exceeded the published consensus of roughly $5.54, while revenue of $217.6 million was also modestly above the roughly $214.8 million estimate. That clears the quarterly benchmark, but it does not represent an improvement versus last year: hospital revenue fell 19.7% and same-hospital revenue fell 20.1%.

The underlying operating engine weakened despite lower arbitration costs. Adjusted EBITDA fell to $63.9 million from $98.5 million, and gross profit dropped by more than one-third. Arbitration expense declined to $27.8 million from $41.9 million, but that saving was not enough to offset the revenue contraction. The nine-month profit comparison is also unusually flattered by a $52.3 million non-cash reduction to contract-services expense tied to a change in estimate, which added $25.0 million to net income attributable to Nutex.

Cash generation and balance-sheet liquidity remain supportive. Operating cash flow reached $188.1 million for the first nine months, up from $177.7 million, while cash and equivalents rose to $249.9 million and long-term debt remained modest at $34.2 million. That gives Nutex room to continue hospital development, but it does not remove the central issue: reported revenue is still being affected by prior-period collection estimates and arbitration timing.

The next test is whether new capacity restores organic growth. Management expects two hospitals to open in the fourth quarter, but the filing does not provide a new revenue or earnings outlook that offsets the current same-hospital decline. The expansion story remains alive; the Q3 numbers show that execution and reimbursement normalization are under pressure in the existing network.

Bottom line: Nutex beat a low quarterly bar, but the business itself was weaker year over year. The filing is modestly better than expectations, not a clean confirmation that the operating turnaround is accelerating.

What to watch next

Two new hospitals expected to open in Q4

Original filing on SEC EDGAR

More Nutex Health Inc. news

Nutex Health earnings beat estimates as revenue slump deepens | NUTX Stock News
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