Welltower Inc. Earnings Recaps
Q2 2026
Jul 31, 2026
Welltower shares declined 2.9% following the quarter, as cautious investor sentiment likely tempered enthusiasm despite solid growth metrics, reflecting concerns over ongoing portfolio dispositions and macroeconomic uncertainty.
Key takeaways
- Funds From Operations (FFO) per share grew 25% year-over-year, driving an upward revision to full-year guidance by $0.12 to $6.40.
- Organic revenue increased 9.2%, led by a 330 basis-point rise in same-store occupancy and 5.2% growth in unit revenue (RevPOR).
- Operating margin expanded 300 basis points to over 32%, surpassing pre-pandemic levels, benefiting from revenue growth outpacing expense increases.
- Nearly $1 billion of asset dispositions occurred during the quarter, part of over $11 billion sold in the last year, contributing to near-term dilution but intended to extend growth duration.
- The company maintained an underleveraged balance sheet and continues disciplined capital deployment with $15.5 billion of investments completed or under contract.
Q1 2026
May 1, 2026
Welltower delivered a solid first quarter, with the market reacting modestly positive (+1.5%) to results. The company reported broad-based growth and raised full-year FFO per share guidance, while also highlighting continued portfolio transformation and significant capital deployment.
Key takeaways
- Total revenue grew 38% year-over-year, with adjusted EBITDA up 36%.
- FFO per share rose 23%, and the midpoint of full-year FFO per share guidance was raised by $0.11 to $6.28.
- Same-store net operating income increased 16.4% portfolio-wide, with senior housing operating portfolio now making up 74% of same-store NOI.
- Operating margins expanded by 320 basis points, with organic revenue growth approaching 10%.
- $3.2 billion of investments were completed in the quarter, with another $7.3 billion under contract; nearly $3 billion of dispositions completed as the company continues to rebalance its portfolio.
Q3 2025
Oct 29, 2025
Welltower reported a record Q3 2025, demonstrating robust occupancy, margin expansion, and significant net operating income growth, driven by strategic capital allocation initiatives.
Key takeaways
- Occupancy and same-store net operating income (NOI) growth exceeded expectations, marking the 12th consecutive quarter of over 20% NOI growth in the senior housing portfolio.
- The company executed over $33 billion in transformative transactions year-to-date, including the acquisition of Barchester Senior Living, enhancing its standing in the senior housing sector.
- Operating margins improved by 260 basis points, with revenue growth propelled by a strong recovery in the UK portfolio, showing a 10.4% year-over-year revenue increase.
- Welltower's exit from the outpatient property management business allows for greater focus on its core senior living strategy, despite the near-term dilutive impact on earnings.