NATIONAL RESEARCH CORP

For the period ended Sep 30, 2025. Filed Nov 7, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 7, 2025

NRC$25.86+1.5%Stored close · as of Nov 6, 2026

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Contents

FINANCIAL INFORMATION Financial Statements Condensed Consolidated Balance Sheets

PART I**–** Financial Information**

ITEM 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts and par value)

	September 30, 2025	December 31, 2024
(unaudited)
Assets
Current assets:
Cash and cash equivalents	$2,219	$4,233
Trade accounts receivable, less allowance for doubtful accounts of $50 and $40, respectively	12,749	11,054
Prepaid expenses	4,460	3,480
Income taxes receivable	-	141
Other current assets	973	692
Total current assets	20,401	19,600
Net property and equipment	41,413	38,269
Intangible assets, net	2,324	2,616
Goodwill	66,152	66,152
Operating lease right-of-use assets	1,269	1,627
Deferred contract costs, net	1,921	1,562
Other noncurrent assets	2,239	2,713
Total assets	$135,719	$132,539
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of notes payable, net of unamortized debt issuance costs	$4,012	$4,789
Accounts payable	1,094	1,194
Accrued wages and bonuses	7,124	4,774
Accrued expenses	3,900	5,091
Dividends payable	2,698	2,770
Deferred revenue	17,814	15,786
Income taxes payable	1,459	353
Other current liabilities	465	1,101
Total current liabilities	38,566	35,858
Notes payable, net of current portion and unamortized debt issuance costs	76,025	57,895
Deferred income taxes	3,451	3,531
Other long-term liabilities	3,363	3,971
Total liabilities	121,405	101,255
Shareholders’ equity:
Preferred stock, $0.01 par value, authorized 2,000,000 shares, none issued	-	-
Common stock, $0.001 par value; authorized 110,000,000 shares, issued 31,954,158 in 2025 and 31,072,144 in 2024, outstanding 22,657,421 in 2025 and 23,083,116 in 2024	32	31
Additional paid-in capital	181,783	180,249
Retained earnings (accumulated deficit)	(15,470)	(17,064)
Treasury stock, at cost; 9,296,737 and 7,989,028 Common shares in 2025 and 2024, respectively	(152,031)	(131,932)
Total shareholders’ equity	14,314	31,284
Total liabilities and shareholders’ equity	$135,719	$132,539

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.