Welltower (WELL) Q3 2026 Earnings
Normalizing items of $187.7 million ($0.25 per diluted share) include $124.7 million of other expenses primarily related to non-capitalizable transaction costs and HC-One Group restructuring, $6.8 million loss on extinguishment of debt, $33.5 million impairment of assets, $9.8 million casualty losses, $6.1 million foreign currency loss, and $37.3 million attributable to noncontrolling interests and unconsolidated entities
How Did WELL Stock React to Q3 2026 Earnings?
Did WELL Beat Earnings? Q3 2026 Results
Yes. Welltower reported Q3 2026 earnings of $1.67 a share on Oct 26, 2026, beating the $0.71 consensus estimate by 135.2%. Revenue was $3.7B against a $3.8B estimate.
Welltower posted a blowout third quarter, reporting normalized FFO of $1.67 per diluted share and beating the $0.71 consensus estimate by 135.21%, as its Seniors Housing Operating portfolio delivered the outsized growth that analysts had been anticipating. Consolidated revenues climbed 38.4% year-over-year to $3.72 billion, a fraction below the $3.75 billion consensus, but the miss was easily overshadowed by the earnings strength. The primary driver was a surge in resident fees and services to $3.12 billion, powered by same-store NOI growth of 21.0% in the seniors housing segment, where average occupancy reached 90.2% and expense-per-occupied-room grew just 0.8%. Capital deployment added further momentum, with $4.10 billion of pro rata gross investments closed in the quarter and $21.00 billion year-to-date. Management responded by raising full-year 2026 normalized FFO guidance to $6.47 to $6.53 per diluted share and lifting SHO same-store NOI growth expectations to 20.25% to 21.75%, reflecting sustained confidence in senior housing demand fundamentals heading into 2027.
- SHO same store NOI growth of 21.0% driven by 320 bps occupancy gains and 5.3% RevPOR growth
- Same store expense per occupied room growth contained to 0.8% year-over-year
- SHO same store NOI margin expanded 310 bps to 31.7%
- Total portfolio SSNOI growth of 15.8%
- 93.5% private pay revenue mix in SHO portfolio
- Adjusted EBITDA growth of 35% year-over-year
What Is Welltower's Outlook?
Welltower raised its full-year 2026 guidance. Net income attributable to common stockholders was revised upward to $3.31–$3.37 per diluted share from the prior $3.11–$3.19 range. Normalized FFO guidance was increased to $6.47–$6.53 per diluted share from $6.36–$6.44, implying a midpoint of $6.50. The company expects blended same store NOI growth of 15.0%–16.25%, with SHO same store NOI growth of 20.25%–21.75% (raised 100 bps at the midpoint). SHO same store revenue growth is expected at 9.3% with 350 bps occupancy growth and 5.1% RevPOR growth. SHO expense growth guidance was lowered to 4.6% from 5.0%. G&A expenses are expected at $267–$272 million. Pro rata disposition proceeds of $1.9 billion are expected at a 6.5% blended yield over the next twelve months.
WELL YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $3.7B | $2.7B | +38.4% |
| Net Income | $414.8M | $278.2M | +49.1% |
| Operating Income | $338.0M | $282.2M | +19.8% |
WELL Revenue by Segment
WELL Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.