Q2 26 EPS
$0.79
BEAT +3.95%
Est. $0.76
Q2 26 Revenue
$196.1M
BEAT +3.86%
Est. $188.8M
vs S&P Since Q2 26
-7.7%
TRAILING MARKET
EPR -3.0% vs S&P +4.8%
Market Reaction
Did EPR Beat Earnings? Q2 2026 Results
EPR Properties posted a convincing beat across the board in Q2 2026, with earnings per share of $0.79 clearing the $0.76 consensus by 3.95% and revenue of $196.08 million topping estimates by 3.86%, extending the company's streak of beating consensus… Read more EPR Properties posted a convincing beat across the board in Q2 2026, with earnings per share of $0.79 clearing the $0.76 consensus by 3.95% and revenue of $196.08 million topping estimates by 3.86%, extending the company's streak of beating consensus EPS to five consecutive quarters. The top line grew 18.2% year-over-year, fueled in large part by a record post-COVID investment quarter totaling $440.82 million, headlined by the $304.40 million acquisition of seven attraction properties from Six Flags Entertainment Corporation. The deal underscores EPR's deliberate pivot toward experiential real estate, a theme reinforced by the addition of Netflix as a tenant through the acquisition of Netflix House Philadelphia, blending digital brand power with physical venues. Non-GAAP momentum was equally compelling, with FFOAA per diluted share climbing 12.7% to $1.42 and AFFO per diluted share rising 15.3% to $1.43. Management responded by lifting full-year 2026 FFOAA guidance to $5.41-$5.57 per share and raising investment spending targets to $600 million-$700 million, signaling continued confidence in the experiential growth pipeline.
Key Takeaways
- • Acquisition of seven attraction properties from Six Flags Entertainment Corporation for $304.4 million
- • Q2 investment spending of $440.8 million at average initial cash yield of ~8.5%
- • Rental revenue increased to $169.0 million from $150.4 million year-over-year
- • Theatre ticket sales approximately 10% above 2025 levels in Q2
- • Portfolio coverage held at 2.0x
- • 99% leased or operated across combined portfolio
- • FFOAA per diluted common share increased 12.7% year-over-year
- • AFFO per diluted common share increased 15.3% year-over-year
- • Interest coverage ratio improved to 4.0x from 3.9x year-over-year
- • Fixed charge coverage ratio improved to 3.4x from 3.3x year-over-year
- • Operating cash flow increased to $93.2 million from $87.3 million year-over-year
- • EBITDAre increased to $156.0 million from $136.3 million year-over-year
- • Adjusted EBITDAre increased to $156.2 million from $138.0 million year-over-year
EPR Forward Guidance & Outlook
EPR Properties raised its 2026 FFOAA per diluted common share guidance to $5.41-$5.57 from $5.37-$5.53, representing 7.2% growth at the midpoint over 2025. FFO per diluted share guidance is $5.43-$5.59. Investment spending guidance was increased to $600M-$700M from $500M-$600M, with YTD actuals of $492.2M. Disposition proceeds guidance was confirmed at $50M-$100M. Net income per diluted common share is guided at $3.03-$3.19 for full-year 2026. General and administrative expense is guided at $56.0M-$59.0M. Percentage rent and participating interest is guided at $18.5M-$22.5M. The company expects approximately $92M in additional investment spending for existing experiential development and redevelopment projects, with approximately $65M expected in the remainder of 2026.
EPR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“The second quarter marked a significant step forward in executing our growth strategy with the closing of our previously announced acquisition of the Six Flags portfolio of seven properties, as well as additional investments in attraction and fitness and wellness properties. This disciplined growth, combined with continued strength across our experiential portfolio, drove strong quarterly earnings, while our new $1.6 billion credit agreement further enhances our liquidity and financial flexibility to pursue additional opportunities. We are increasing our 2026 earnings and investment spending guidance, underscoring our confidence in the durability of our growth.”
— Greg Silvers, Q2 2026 Earnings Press Release
EPR Earnings Trends
EPR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EPR EPS Trend
Earnings per share: estimate vs actual
EPR Revenue Trend
Quarterly revenue: estimate vs actual
EPR Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.76 | $0.79 | +3.95% | $196.1M | +3.86% |
| Q1 26 BEAT | $0.68 | $1.26 | +84.62% | $181.3M | +0.73% |
| Q4 25 BEAT FY | $0.72 | $0.79 | +9.49% | $183.0M | +0.55% |
| FY Full Year | $3.14 | $3.28 | +4.35% | $718.4M | +0.23% |
| Q3 25 BEAT | $0.78 | $0.79 | +1.14% | $182.3M | +0.06% |
| Q2 25 BEAT | $0.69 | $0.91 | +31.50% | $178.1M | +0.88% |
| Q1 25 BEAT | $0.62 | $0.78 | +24.92% | $175.0M | +6.61% |