Welltower (WELL)
NYSE:WELL
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Earnings Data
Report Date
Aug 03, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.62Last Year’s EPS
0.45Same Quarter Last Year
Strong Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrayed strong operational momentum driven by a strategic mix shift into senior housing operating assets: record same-store NOI growth, robust revenue/FFO gains, margin expansion and active, disciplined deployment of capital. Management also emphasized rising fee-based data-science and fund businesses and strengthened liquidity and balance sheet metrics. Offsetting these positives are near-term dilution from heavy disposition activity, broader capital markets volatility (wider spreads, retrades and execution risk), and uneven performance across lower-growth triple-net segments. Overall, management presented confidence in long-term upside while acknowledging shorter-term market and execution headwinds.Company Guidance
Robust Top-Line and EBITDA Growth
Total revenue increased 38% year-over-year and adjusted EBITDA rose 36% year-over-year for the quarter, driven by strong organic growth and acquisition activity.
Material FFO per Share Improvement and Upgraded Guidance
Normalized FFO per diluted share for the quarter was $1.47, representing ~22.5% year-over-year growth (management also cited a 23% increase). The company raised the midpoint of full-year normalized FFO guidance by $0.11 to $6.28.
Record Same-Store NOI Performance
Total portfolio same-store NOI grew 16.4% year-over-year — the highest level in company history — validating the portfolio mix shift toward high-growth senior housing operating assets.
Senior Housing Operating (SHOP) Outperformance
SHOP same-store NOI grew ~22% (John/Tim cited 22.1% for SHOP) and now comprises 74% of same-store NOI (up from 57% a year ago), reflecting the successful portfolio transformation to higher-growth operating assets.
Strong Revenue Mix, Occupancy and RevPOR Gains
Portfolio same-store revenue increased ~9.5% YoY driven by ~370 basis points of occupancy gains and RevPOR (unit revenue) growth of ~5% (Canada RevPOR growth ~6%).
Operating Margin Expansion and High Incremental Flow-Through
Same-store NOI margin expanded by 320 basis points to 30.9%, and the company reported an incremental (flow-through) margin of ~64% during the quarter, reflecting operating leverage as occupancy recovers.
High-Quality Asset Performance at Tight Occupancy
Communities at 95%+ occupancy delivered ~20% NOI growth, underscoring pricing power and operating efficiency in the highest-utilization assets.
Aggressive and Disciplined Investment Activity
Closed $3.2 billion of investments in Q1 (41 transactions, 37 off-market) and reported a year-to-date investment volume of $10.5 billion (up $4.8B since prior call). Additionally, closed/under contract to close ~$7.3B of investments (company expects to fund ~$7.3B through the rest of year).
Significant Capital Recycling and Liquidity Strength
Disposition activity totaled nearly $3.0 billion in the quarter (and $11 billion since the beginning of 2025). The company raised ~$4.4 billion in gross proceeds through dispositions and equity issuance in Q1, finished with $4.9 billion cash on hand, and reduced net debt/adjusted EBITDA to 2.73x (more than a half-turn improvement YoY).
Asset-Light Business Expansion and Data Science Monetization
Welltower launched external licensing of its data science platform (welltower.ai) with its first partnerships (public storage and a global PE firm), has its $2.5B seniors housing fund fully committed, and is building fee-based, capital-light revenue streams.
Talent and Technology Momentum
Management highlighted accelerating hiring of high-caliber technology and data-science talent into 'Tech Quad' and continued rollout of the Welltower Business System (WBS) to drive operational improvements and future margin expansion.
WELL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WELL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 28, 2026 | $214.23 | $212.09 | -1.00% |
Feb 10, 2026 | $200.13 | $207.15 | +3.51% |
Oct 27, 2025 | $181.26 | $178.37 | -1.59% |
Jul 28, 2025 | $156.42 | $164.00 | +4.85% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Welltower (WELL) report earnings?
Welltower (WELL) is schdueled to report earning on Aug 03, 2026, Before Open (Confirmed).
What is Welltower (WELL) earnings time?
Welltower (WELL) earnings time is at Aug 03, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WELL EPS forecast?
WELL EPS forecast for the fiscal quarter 2026 (Q2) is 0.62.