A perturbed hard-sphere-chain (PHSC) equation of state is presented to compute nematic± isotropic equilibria for thermotropic liquid crystals, including mixtures. The equation of state consists of an isotropic term and an anisotropic term given by the Maier± Saupe theory whose contribution disappears in the isotropic phase. The isotropic contribution is the recently presented PHSC equation of state for normal¯uids and polymers which uses a reference equation of state for athermal hard-sphere chains and a perturbation theory for the squarewell¯uid of variable well width. The PHSC equation of state gives excellent correlations of pure-component pressure± volume± temperature data in the isotropic region and, combined with the Maier± Saupe theory, correlates the dependence of nematic± isotropic transition temperature on the pressure. Theory also predicts a nematic± isotropic biphasic region and liquid± liquid phase separation in a temperature± composition diagram of binary mixtures containing a nematic liquid crystal and a normal¯uid or polymer. Theory and experiment show good agreement for pure¯uids as well as for mixtures.