Nutex Health revenue jumps 82% in record 2025 driven by arbitration wins

Nutex Health (NASDAQ:NUTX) reported fourth-quarter and full-year 2025 results on Thursday, headlined by a massive leap in annual revenue and a new $25 million share repurchase program.

The Houston-based integrated healthcare provider saw total 2025 revenue soar 82.4% to $875.3 million.

The surge was fueled primarily by the company's Hospital Division, where revenue reached $844.2 million—about 63% of which was derived from higher-acuity claims and successful outcomes from the Independent Dispute Resolution (IDR) process under the No Surprises Act.

Despite the record annual performance, fourth-quarter revenue fell 41% year-over-year to $151.7 million, trailing the $258.8 million analyst consensus.

Management attributed this volatility to a one-time $55 million cumulative "true-up" for ineligible claims and the timing of prior-year arbitration revenue.

Nevertheless, the company ended the year with a strong liquidity profile, reporting $248.1 million in cash from operations and $185.6 million in cash and equivalents.

Net income for the year was $70.8 million, or $10.48 per diluted share, though results were tempered by $117 million in non-cash stock-based compensation related to hospital earn-out obligations.