Welltower (WELL) Q1 2026 Earnings
How Did WELL Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: +6.60%.
Did WELL Beat Earnings? Q1 2026 Results
Yes. Welltower reported Q1 2026 earnings of $1.47 a share on Apr 28, 2026, beating the $0.50 consensus estimate by 194.0%. Revenue was $3.4B against a $3.2B estimate.
Welltower delivered a standout first quarter for 2026, with normalized FFO of $1.47 per diluted share beating the consensus estimate of $0.50 by 194.00% and revenue of $3.35 billion coming in 4.83% ahead of the $3.20 billion expected, representing 40.3% growth year-over-year. The primary engine behind the results was the Seniors Housing Operating segment, which posted 22.1% same-store NOI growth as occupancy climbed 370 basis points year-over-year to 89.0%, reflecting sustained demand across the company's senior housing portfolio. GAAP net income attributable to common stockholders reached $728.67 million, boosted in part by $420.40 million in net gains on real estate dispositions tied to significant capital recycling activity, including $3.30 billion of gross investments and $2.80 billion of dispositions during the quarter. Management raised its full-year 2026 normalized FFO guidance to $6.21 to $6.35 per diluted share, up from the prior range of $6.09 to $6.25, signaling continued confidence in senior housing fundamentals and the company's expanding investment pipeline.
- SHO same store NOI growth of 22.1% year-over-year driven by 370 bps average occupancy growth and 5.0% RevPOR growth
- Total portfolio SSNOI growth of 16.4%
- SHO same store occupancy reached 89.0%, up from 85.3% year-over-year
- SHO same store NOI margin improved to 30.9% from 27.7% year-over-year
- Net gains on real estate dispositions of $420.4 million
What Was Welltower's Outlook in Q1 2026?
Welltower raised full-year 2026 guidance: net income attributable to common stockholders revised to $3.24–$3.38 per diluted share (from $3.11–$3.27), and normalized FFO to $6.21–$6.35 per diluted share (from $6.09–$6.25). Same Store NOI growth expected at 12.25%–16.00% blended, comprising SHO approximately 16.5%–21.5%, SH Triple-net approximately 3.0%–4.0%, Outpatient Medical approximately 2.0%–3.0%, and Long-Term/Post-Acute Care approximately 2.0%–3.0%. G&A expenses anticipated at $263–$271 million with stock-based compensation of approximately $60 million. Pro rata disposition proceeds expected at $1.4 billion at a 6.7% blended yield over the next twelve months. Guidance includes only announced or closed acquisitions and no additional capital transactions.
WELL YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $3.4B | $2.4B | +40.3% |
| Net Income | $728.7M | $258.0M | +182.5% |
| Operating Income | $345.2M | $378.6M | −8.8% |
WELL Revenue by Segment
WELL Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.