Welltower earnings: third quarter 2026

Welltower, which owns senior housing and other healthcare buildings, had a strong third quarter of 2026: revenue rose 38% to about $3.7 billion, its main measure of recurring earnings per share rose 25%, and its existing homes were fuller and charging more. It raised its forecasts for the year again. Behind the growth sit many more buildings, paid for with new shares and more debt. ¹

Against what analysts expected

Welltower's normalized funds from operations of $1.67 a share came in above the $1.64 average forecast of six analysts on Nasdaq's earnings calendar, the measure that forecast tracks. Net income per share under standard accounting rules was $0.54, a different measure. ¹²

The strong points

• In buildings it owned in both years, profit from its senior housing homes rose 21%, because the homes were fuller and residents paid more per room. ¹
• Normalized funds from operations, the company's own measure of recurring earnings, came to $1.67 a share, up 24.6% from a year ago. ¹
• Total revenue rose 38.4% to about $3.7 billion, driven by fees from residents in its senior housing homes. ¹

The weak points

• Much of the growth was bought with outside money: the number of shares rose 7%, and the company raised more than $4 billion in the quarter. ¹
• Cash fell by about two-thirds over the year, to $2.3 billion, while net debt rose 72%. ¹
• The operating margin in senior housing, the part of revenue left after running the homes, slipped to 30.0% from 30.2% in the quarter before. ¹

What the company expects

• Welltower raised its 2026 forecast for its main earnings measure to $6.47 to $6.53 a share, from $6.36 to $6.44 three months ago. ¹
• It now expects profit from its senior housing homes owned in both years to grow about 21% this year, a full point more than it expected before. ¹

Our verdict on the quarter

A very strong report. A strong quarter, with fuller homes and earnings up about a quarter per share, came with higher forecasts for the year. The heavy borrowing and new shares behind the growth are the soft spot, not a crack.

The results as published

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

Notes

1. Welltower's results release, 26 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 26 October 2026. ↩