Ventas earnings: September 2026 quarter

Ventas, which owns senior housing, medical offices and other health-care property, grew sales by about 23% in the September 2026 quarter, almost all from senior housing homes it runs itself. Its own preferred earnings measure rose 10% a share, but accounting profit slipped slightly. It again raised its forecast for the year, by a small amount. ¹

Against what analysts expected

The analysts' average forecast was $0.98 a share (six estimates, Nasdaq's earnings calendar), which matches the company's normalized funds from operations measure rather than net income; on that measure Ventas earned $0.99, a cent above. Its net income per share was $0.13. ¹²

The strong points

• On normalized funds from operations, the earnings measure property companies prefer because it adds back the wear-and-tear charge on buildings, Ventas earned $0.99 a share, up 10% from a year ago. ¹
• Sales rose about 23% to $1.83 billion, driven by the senior housing homes Ventas runs itself, while rent from properties it leases out fell. ¹
• Debt barely moved while earnings grew, so debt fell to 4.4 times a year's earnings from 5.3 times a year ago. ¹

The weak points

• Profit after everything did not follow sales: net income slipped about 1% to $65.4 million, and earnings per share fell to $0.13 from $0.14. ¹
• Ventas paid for its purchases mostly by selling new shares, so its preferred earnings measure grew 24% in total but only 10% per share. ¹
• The company says the higher forecast comes mainly from senior housing it bought this year, with higher interest rates and currency moves taking part of that back. ¹

What the company expects

• Ventas raised its forecast for 2026 again: the middle of its range for normalized funds from operations moved up a cent to $3.89 a share, and for net income per share to $0.66 from $0.61. ¹
• Management expects the $5.2 billion of senior housing bought so far this year to lift its growth for several years and earn attractive returns. ¹

Our verdict on the quarter

A strong report. A clearly better quarter on the company's main earnings measure and another raised forecast for the year, held back by flat accounting profit, a raise of just a cent, and growth that comes mostly from buying property paid for with new shares.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Ventas's results release, 27 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 27 October 2026. ↩