National Research Corporation reported third quarter 2025 results with total revenue of $34.6 million for the three months ended September 30, 2025, representing a 2% increase quarter-over-quarter. GAAP net income was $4.1 million, accounting for 12% of revenue. Adjusted net income was $5.0 million, or 14% of revenue. Adjusted EBITDA reached $10.9 million, up 11% year-over-year and representing 31% of revenue. Net cash from operating activities was $13.8 million, or 40% of total revenue. Total Recurring Contract Value (TRCV) was $141.7 million, up 8% year-over-year, and increased sequentially for the fourth consecutive quarter. During the quarter, the company repurchased 618,264 shares at a weighted average price of $14.99 per share. In 2025, a total of $28.1 million was returned to shareholders through dividends and stock repurchases. The Board of Directors declared a quarterly cash dividend of $0.16 per share, a 33% increase from the previous dividend. The dividend will be payable on January 9, 2026, to shareholders of record as of December 26, 2025.