$34.86−0.30 (−0.85%)
At close: Oct 26, 2026, 4:00 PM ET· Nasdaq · USD
Healthstream (HSTM) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineSteady: revenue compounds ~4.3%/yr (FY21→FY25), net margin 6.0%, and free cash flow (~$31.2M) tracks net income. Earnings are cash, not paper. Worth your attention in FY25: Returns vs FCF (108%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲4.3%
304.1
FY21→FY25CAGR +4.3%/yr
Net income ($M)▼8.3%
18.3
FY21→FY25CAGR +33.1%/yr
Free cash flow ($M)▲5.5%
31.2
FY21→FY25CAGR +16.3%/yr
Diluted EPS▼7.6%
0.61
buyback-liftedCAGR +35.7%/yr
What the receipts whisper · what a headline number hides
Share count
−4.7%
31.6mn → 30.1mn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$32.2M
steady at 10.6% of revenue (+14.3% YoY).
Returns vs FCF
108%
$33.8M returned vs $31.2M of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
6¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 64.5% → 64.7%. Net margin 6.0% is below the sector median.
The receipt · income statement · FY21–FY25 USD thousands except per-share & ratios · hover a line for its definition
USD thousands except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 321,118.0 | 304,064.0 | 291,646.0 | 279,063.0 | 266,826.0 | 256,712.0 | ▲4.3% | +4.3% |
Cost of revenue | 112,131.0 | 107,209.0 | 97,936.0 | 95,021.0 | 91,143.0 | 91,033.0 | ▲9.5% | +4.2% |
Gross profit | 208,987.0 | 196,855.0 | 193,710.0 | 184,042.0 | 175,683.0 | 165,679.0 | ▲1.6% | +4.4% |
Research & development | 54,051.0 | 50,984.0 | 48,890.0 | 45,540.0 | 44,277.0 | 41,659.0 | ▲4.3% | +5.2% |
Selling, general & admin | 32,740.0 | 32,768.0 | 35,132.0 | 35,664.0 | 36,866.0 | 39,695.0 | ▼6.7% | −4.7% |
Total operating expenses | 183,182.0 | 176,619.0 | 172,423.0 | 168,023.0 | 163,234.0 | 157,624.0 | ▲2.4% | +2.9% |
Operating incomefeeds ROC rank | 25,805.0 | 20,236.0 | 21,287.0 | 16,019.0 | 12,449.0 | 8,055.0 | ▼4.9% | +25.9% |
Other income, net | 1,814.0 | 2,982.0 | 3,516.0 | 2,492.0 | 3,136.0 | −289.0 | — | — |
Pretax income | 27,619.0 | 23,218.0 | 24,803.0 | 18,511.0 | 15,585.0 | 7,766.0 | ▼6.4% | +31.5% |
Income tax | 6,419.0 | 4,876.0 | 4,796.0 | 3,298.0 | 3,494.0 | 1,921.0 | ▲1.7% | +26.2% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 21,200.0 | 18,342.0 | 20,007.0 | 15,213.0 | 12,091.0 | 5,845.0 | ▼8.3% | +33.1% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 0.72 | 0.61 | 0.66 | 0.50 | 0.39 | 0.18 | ▼7.6% | +35.7% |
Diluted shares (mn) | 29.31 | 30.14 | 30.54 | 30.67 | 30.72 | 31.62 | ▼1.3% | −1.2% |
| Margins | ||||||||
Gross margin62nd pct in Technology | 65.1% | 64.7% | 66.4% | 65.9% | 65.8% | 64.5% | ▼1.7pp | +0.2pp |
Operating margin | 8.0% | 6.7% | 7.3% | 5.7% | 4.7% | 3.1% | ▼0.6pp | +3.5pp |
Net margin49th pct in Technology | 6.6% | 6.0% | 6.9% | 5.5% | 4.5% | 2.3% | ▼0.8pp | +3.8pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-26 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Healthstream's revenue last fiscal year?
Healthstream reported revenue of $304.1M in fiscal 2025, up 4.3% from fiscal 2024.
What was Healthstream's net income?
Healthstream reported net income of $18.3M in fiscal 2025, a net margin of 6.0%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.