Companies /Real Estate

Welltower Inc

NYSE: WELL Reit - Healthcare Facilities
$236.24
▼ $1.83 (−0.77%) today
Markets closed · 11:56pm ET

Q1 2026 Earnings

Reported Apr 28, 2026, 4:06pm ET · SEC source
$1.47
Beat +194.00%
EPS · est. $0.50
$3.4B
Beat +4.83%
Revenue · est. $3.2B
−13.6%
Trailing market
WELL vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0Apr 28Apr 29report 4:06pm ETearnings−0.5%−2.7%
−2%0Apr 28Apr 29earnings−0.5%−2.7%
WELL −2.7%S&P 500 −0.5%
−4%−2%0Apr 28Apr 29report 4:06pm ETearnings−0.2%−2.7%
−4%−2%0Apr 28Apr 29earnings−0.2%−2.7%
WELL −2.7%NASDAQ −0.2%
−2%0+2%Apr 27May 6report 4:06pm ETearnings+3.1%+1.9%
−2%0+2%Apr 27May 6earnings+3.1%+1.9%
WELL +1.9%S&P 500 +3.1%
0+3%+6%Apr 27May 6report 4:06pm ETearnings+5.7%+1.9%
0+3%+6%Apr 27May 6earnings+5.7%+1.9%
WELL +1.9%NASDAQ +5.7%
−1.00%
Day of report
+2.48%
Next session
+2.07%
One week
−6.95%
30 days

S&P 500 over the same 30 days: +6.60%.

Did WELL Beat Earnings? Q1 2026 Results

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.

Key Takeaways
  • 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

Forward Guidance & Outlook

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

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$1.0B$2.0B$3.0B$2.4B$3.4BRevenue$258.0M$728.7MNet Income$378.6M$345.2MOperating Income
$0$1.0B$2.0B$3.0BRevenueNet IncomeOperating Income

WELL Revenue by Segment

Seniors Housing Operating$2.8B+9.5%
Outpatient Medical$76.5M−64.4%
Long-Term/Post-Acute Care$199.9M+37.2%
Seniors Housing Triple-net$191.1M+81.1%

WELL Revenue by Geography

United States$3.0B+5.9%
United Kingdom$1.1B+256.8%
Canada$287.7M+23.1%

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