Q2 26 EPS
$1.60
BEAT +146.15%
Est. $0.65
Q2 26 Revenue
$3.54B
BEAT +4.66%
Est. $3.39B
vs S&P Since Q2 26
-10.7%
TRAILING MARKET
WELL -6.5% vs S&P +4.3%
Market Reaction
Did WELL Beat Earnings? Q2 2026 Results
Welltower delivered a standout second quarter for 2026, posting normalized FFO of $1.60 per diluted share against a consensus estimate of $0.65, a beat of 146.15% that reflected the sweeping scale of the company's recent expansion. Revenue reached $3… Read more Welltower delivered a standout second quarter for 2026, posting normalized FFO of $1.60 per diluted share against a consensus estimate of $0.65, a beat of 146.15% that reflected the sweeping scale of the company's recent expansion. Revenue reached $3.54 billion, up 40.9% year-over-year and ahead of the $3.39 billion analysts had expected, with the Seniors Housing Operating segment serving as the primary engine, generating $3.00 billion in consolidated SHO revenues alone. The April 1 closing of the Amica Senior Lifestyles acquisition, encompassing 38 Canadian senior housing communities at a pro rata purchase price of C$4.10 billion, was the single largest contributor to that revenue surge, compounding organic momentum that included 20.5% SHO same-store NOI growth and average occupancy climbing to 89.4% from 86.1% a year ago. With institutional ownership near 95% and analyst sentiment broadly constructive, investor confidence appears well-anchored. Management raised full-year 2026 normalized FFO guidance to $6.36-$6.44 per diluted share and lifted the quarterly dividend 15% to $0.85 per share.
Key Takeaways
- • SHO same store NOI growth of 20.5% year-over-year
- • 330 basis points of average occupancy growth in SHO portfolio
- • 5.2% growth in Revenue Per Occupied Room (RevPOR)
- • SHO same store occupancy reached 89.4%, up from 86.1% a year ago
- • Total portfolio SSNOI growth of 15.5%
- • 93.0% private pay revenue mix in Seniors Housing Operating
- • Seniors Housing Triple-net SSNOI growth of 5.2%
- • Long-Term/Post-Acute Care SSNOI growth of 2.9%
- • Outpatient Medical SSNOI growth of 2.4%
- • U.S. SHO SS RevPOR YoY growth of 5.3%, U.K. 3.9%, Canada 6.1%
WELL Forward Guidance & Outlook
Welltower raised its full-year 2026 normalized FFO guidance to $6.36–$6.44 per diluted share from the prior range of $6.21–$6.35. GAAP net income guidance was revised to $3.11–$3.19 per diluted share from $3.24–$3.38. Blended SSNOI growth is expected at 13.75%–16.00%, with SHO approximately 18.5%–21.5%, Seniors Housing Triple-net approximately 3.5%–4.5%, Outpatient Medical approximately 2.0%–3.0%, and Long-Term/Post-Acute Care approximately 2.0%–3.0%. G&A expenses are anticipated at approximately $265–$270 million with stock-based compensation of approximately $60 million. Pro rata disposition proceeds of $1.1 billion are expected at a blended yield of 6.8% over the next twelve months. Guidance includes only announced or closed acquisitions and no additional capital transactions.
WELL YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
WELL Revenue by Segment
With YoY comparisons, source: SEC Filings
WELL Revenue by Geography
With YoY comparisons, source: SEC Filings
WELL Earnings Trends
WELL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WELL EPS Trend
Earnings per share: estimate vs actual
WELL Revenue Trend
Quarterly revenue: estimate vs actual
WELL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.65 | $1.60 | +146.15% | $3.54B | +4.66% |
| Q1 26 BEAT | $0.50 | $1.47 | +194.00% | $3.35B | +4.83% |
| Q4 25 MISS FY | $0.59 | $0.14 | -76.27% | $3.18B | +6.35% |
| FY Full Year | — | $1.39 | — | $10.84B | — |
| Q3 25 MISS | $0.52 | $0.41 | -21.15% | $2.69B | -0.66% |
| Q2 25 MISS | $0.45 | $0.45 | -0.16% | $2.55B | +2.49% |
| Q1 25 BEAT | $0.38 | $0.40 | +5.26% | $2.42B | -0.09% |