Companies /Real Estate

Welltower Inc

NYSE: WELL Reit - Healthcare Facilities
$236.24
▼ $1.83 (−0.77%) today
Markets closed · 10:10pm ET

Q4 2025 Earnings

Reported Feb 10, 2026, 4:05pm ET · SEC source
$0.14
Miss −76.27%
EPS · est. $0.59
$3.2B
Beat +6.35%
Revenue · est. $3.0B
+4.4%
Beating market
WELL vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%+6%Feb 10Feb 11report 4:05pm ETearnings−0.0%+3.5%
0+2%+4%+6%Feb 10Feb 11earnings−0.0%+3.5%
WELL +3.5%S&P 500 −0.0%
0+2%+4%+6%Feb 10Feb 11report 4:05pm ETearnings+0.2%+3.5%
0+2%+4%+6%Feb 10Feb 11earnings+0.2%+3.5%
WELL +3.5%NASDAQ +0.2%
−3%0+3%+6%Feb 9Feb 18report 4:05pm ETearnings−1.0%+3.3%
−3%0+3%+6%Feb 9Feb 18earnings−1.0%+3.3%
WELL +3.3%S&P 500 −1.0%
−3%0+3%+6%Feb 9Feb 18report 4:05pm ETearnings−1.2%+3.3%
−3%0+3%+6%Feb 9Feb 18earnings−1.2%+3.3%
WELL +3.3%NASDAQ −1.2%
+3.51%
Day of report
+0.13%
Next session
+0.06%
One week
+1.11%
30 days

S&P 500 over the same 30 days: −3.31%.

Did WELL Beat Earnings? Q4 2025 Results

Welltower closed out the fourth quarter of 2025 with a transformative flourish, reporting earnings per share of $0.14 on revenue of $3.18 billion while delivering normalized FFO of $1.45 per share — a 28.3% year-over-year gain that underscored the operational momentum building across its seniors housing portfolio. The single most compelling driver was the Seniors Housing Operating segment, where same-store NOI surged 20.4% year-over-year as average occupancy climbed 400 basis points to 89.5% and RevPOR grew 4.7%, pushing total blended SSNOI growth to 15.0%. The quarter also featured $13.90 billion in pro rata gross investments, anchored by the landmark Barchester and HC-One acquisitions in the U.K., which added over 400 senior communities to the company's international footprint. Meanwhile, credit upgrades from both S&P and Moody's and net debt to Adjusted EBITDA falling to 3.03x signaled a materially stronger balance sheet. With <a href="https://247wallst.com/investing/2026/02/23/real-estate-stocks-rise-realty-income-o-simon-property-spg-lead-last-weeks-winners/">real estate stocks broadly gaining</a> on stabilizing rates, Welltower added to the sector's momentum by guiding 2026 normalized FFO to $6.09–$6.25 per diluted share, with SHO same-store NOI growth of 15.0% to 21.0%.

Key Takeaways
  • SHO same store NOI growth of 20.4% year-over-year
  • 400 basis points of average occupancy growth to 89.5% in SHO same store portfolio
  • 4.7% RevPOR growth in SHO portfolio
  • 270 bps same store NOI margin expansion year-over-year
  • Total portfolio SSNOI growth of 15.0%
  • Normalized FFO per share growth of 28.3% year-over-year

Forward Guidance & Outlook

For 2026, Welltower expects net income attributable to common stockholders of $3.11 to $3.27 per diluted share and normalized FFO of $6.09 to $6.25 per diluted share. Same Store NOI growth is expected at 11.25% to 15.75% blended, comprised of Seniors Housing Operating at 15.0% to 21.0%, Seniors Housing Triple-net at 3.0% to 4.0%, Outpatient Medical at 2.0% to 3.0%, and Long-Term/Post-Acute Care at 2.0% to 3.0%. G&A expenses are anticipated at $260 million to $270 million including approximately $60 million in stock-based compensation. The company expects $3.5 billion of pro rata dispositions at a blended yield of 6.8% and $370 million of development funding in 2026. Guidance includes only announced or closed acquisitions to date.

WELL YoY Financials

Revenue$3.2B
Net Income$117.8M
Operating Income$-1,270,051,000

WELL Revenue by Segment

Seniors Housing Operating$2.6B+9.6%
Outpatient Medical$148.9M
Long-Term/Post-Acute Care$211.8M
Seniors Housing Triple-net$168.0M

WELL Revenue by Geography

United States$2.8B
United Kingdom$1.1B
Canada$263.2M

Figures from SEC filings and company reports. Not investment advice.