MPT earnings analysis
What we found in MPT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.01
What they said about what is next.
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.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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