10-Q · May 8, 2026
Medical Properties Trust, Inc. (MPT) reported Q1 2026 earnings with net income of $32.8 million, translating to EPS of $0.05, a significant recovery from a net loss of $118.3 million in the prior-year period. Revenue…
Earnings analysis · 10-Q
MPT earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
MPT delivered a second-quarter revenue beat at $259.283 million, up from $242 million in Q1, but GAAP EPS was negative $0.01 per share versus the $0.16 consensus estimate. NFFO improved to $0.15 per share from $0.14…
Read full summary
MPT delivered a second-quarter revenue beat at $259.283 million, up from $242 million in Q1, but GAAP EPS was negative $0.01 per share versus the $0.16 consensus estimate. NFFO improved to $0.15 per share from $0.14 year over year, but earnings quality remains pressured by financing costs and the company’s substantial debt exposure. Total debt was $9.8 billion, including $0.9 billion of variable-rate debt, and no new quantitative guidance was provided.
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
- $-0.01
What stood out
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Revenue beat and increased sequentially
Second-quarter revenue was $259.283 million, up from $242 million in Q1 2026 and approximately $4.941 million above the $254.342 million consensus estimate.
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NFFO improved year over year
NFFO was $0.15 per share, up from $0.14 per share in the prior year, according to the company’s reported quarterly results.
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Debt is predominantly fixed rate
The company reported $8.9 billion of fixed-rate debt within total debt of $9.8 billion at June 30, 2026, providing substantial insulation from direct earnings volatility on fixed-rate borrowings.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no change in internal control over financial reporting that materially affected, or was reasonably likely to materially affect, controls.
What to watch
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Variable-rate debt creates interest risk
Total debt was $9.8 billion at June 30, 2026, including $0.9 billion of variable-rate debt. A 10% increase in market rates would increase annual interest expense and reduce future earnings and cash flows by $5.5 million.
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Foreign-currency exposure affects results
The company states that a 10% increase or decrease in relevant foreign exchange rates would decrease or increase net loss by $8.9 million, reflecting exposure to investments in the U.K., Germany, Spain, Italy, Portugal, Switzerland, Finland, and Colombia.
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GAAP earnings missed expectations
The reported GAAP EPS was a loss of $0.01 per share versus $0.05 per share in Q1 2026 and the $0.16 consensus estimate, indicating weaker earnings conversion despite $259.283 million of revenue.
Management's outlook
No quantitative revenue or EPS guidance was provided in the 10-Q. The filing states that there were no material changes to the risk factors presented in the 2025 Annual Report.
Earlier filings 4
10-K · February 26, 2026
MPT continues to execute a net‑lease healthcare REIT strategy focused on high‑acuity assets (general acute, behavioral, post‑acute, FSERs) and diversification across 384 facilities and ~39,000 licensed beds (Dec 31,…
10-Q · November 7, 2025
MPT’s Q3 2025 results show revenue improvement quarter‑over‑quarter and a material narrowing of per‑share losses, driven by a large reduction in impairment and fair value charges. Liquidity grew (cash $396,577 vs…
10-Q · May 9, 2025
MPT reported Q1 2025 revenues of 223,799 (thousands) versus 271,316 in Q1 2024, a decline of 47,517 (thousands). Net loss narrowed to (118,016) (thousands) from (875,377) (thousands) a year ago, driven primarily by much…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.