10-Q · May 7, 2026
Brookdale Senior Living's Q1 2026 results saw revenues of $764.9 million, slightly below estimates of $772.2 million, while EPS came in at a loss of $0.03, outperforming the forecasted loss of $0.07. Notable performance…
Earnings analysis · 10-Q
BKD earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Brookdale delivered a mixed quarter: EPS improved to $0.10 and Adjusted EBITDA increased 4.3% year over year to $122.062 million, but resident-fee revenue fell 8.7% to $708.482 million as portfolio dispositions…
Read full summary
Brookdale delivered a mixed quarter: EPS improved to $0.10 and Adjusted EBITDA increased 4.3% year over year to $122.062 million, but resident-fee revenue fell 8.7% to $708.482 million as portfolio dispositions outweighed 5.5% same-community RevPAR growth. Cash generation improved, with quarterly operating cash flow of $91.915 million and Adjusted Free Cash Flow of $38.205 million, while liquidity rose to $565.8 million. The outlook was maintained, but substantial debt and lease obligations, cost inflation, and ongoing transaction execution remain important risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.1
What stood out
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EPS swung to a profit
Reported EPS was $0.10 versus the $0.04 consensus loss, improving from a $0.03 loss in 2026 Q1 and a $0.18 loss in 2025 Q2. Quarterly net income was $23.257 million versus a $43.039 million loss year over year.
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Same-community demand improved
Same-community RevPAR increased 5.5% year over year to $5,567, driven by a 4.1% increase in RevPOR to $6,714 and a 110-basis-point occupancy increase to 82.9%.
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Adjusted EBITDA increased
Adjusted EBITDA rose 4.3% year over year to $122.062 million, while six-month Adjusted EBITDA increased 4.9% to $253.114 million.
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Cash generation strengthened
Operating cash flow increased 5.5% year over year to $91.915 million for the quarter and to $112.802 million for the six months. Adjusted free cash flow increased to $38.205 million quarterly from $19.908 million.
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Liquidity position improved
Liquidity increased $188.2 million from December 31, 2025 to $565.8 million at June 30, 2026, including $370.4 million of unrestricted cash, $19.9 million of marketable securities, and $175.6 million of secured facility availability.
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Portfolio acquisition planned
Management agreed to acquire 17 leased communities comprising 735 units for approximately $157.0 million, expected to close in the fourth quarter of 2026, funded with non-recourse mortgage financing and cash on hand.
What to watch
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Dispositions are shrinking revenue
Reported resident fees declined 8.7% year over year to $708.482 million because dispositions reduced quarterly fees by $106.4 million. The portfolio declined to 535 communities from 617, and average units declined 15.7% to 42,820.
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Labor and operating costs remain high
Same-community facility operating expense increased 5.5% year over year, with management citing higher wage rates, insurance, maintenance, and estimated losses on accounts receivable. In Assisted Living and Memory Care, same-community expense increased 5.8%.
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Leverage and lease burden
The company had $4.3 billion of debt at a weighted average interest rate of 5.09%, plus $1.2 billion of operating and financing lease obligations. Required cash lease payments for the twelve months ending June 30, 2027 are approximately $193.9 million.
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Future refinancing remains a risk
Current maturities included $70.9 million of current long-term debt, including $23.3 million of 2.00% convertible notes due October 15, 2026. Management stated that insufficient refinancing proceeds for 2028 and later maturities could adversely affect liquidity.
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Transaction execution uncertainty
The planned acquisition of 17 communities for approximately $157.0 million and the planned sale of 13 owned communities comprising 898 units depend on customary closing conditions, marketing, and, where applicable, regulatory approvals.
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No formal risk-factor change
The filing identified no material changes to the risk factors in the 2025 Form 10-K. Nevertheless, variable-rate exposure remained material: $1.0 billion of long-term variable-rate debt and $23.0 million drawn on the secured facility were indexed to SOFR.
Management's outlook
No quarterly revenue or EPS guidance was provided. Management's 2026 outlook remained consistent with the prior company outlook: RevPAR growth of 8.0% to 9.0% and Adjusted EBITDA of $502 million to $516 million.
Earlier filings 4
10-K · February 19, 2026
Brookdale (BKD) emphasizes operational excellence, scale and a healthcare-led strategy (Brookdale HealthPlus®) to drive RevPAR, Adjusted EBITDA and cash flow. In 2025 the company grew revenue to $3.194 billion,…
10-Q · May 7, 2025
Brookdale reported quarterly revenue of $813,864,000 (up $31,033,000 vs. the prior year quarter) and improved operating income to $29,576,000 (operating margin ~3.6% vs. ~2.5% prior year). GAAP diluted loss per share…
10-K · February 19, 2025
Brookdale describes a strategy focused on recovering and then exceeding pre-pandemic occupancy and margins by leveraging scale, healthcare programs (e.g., Brookdale HealthPlus®), targeted acquisitions, and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.