10-K · February 6, 2026
Ventas' 2025 10-K reiterates a strategy focused on senior housing organic growth and external growth, with a diversified healthcare portfolio of 1,409 properties (1,374 segment properties) as of December 31, 2025 and a…
Earnings analysis · 10-Q
VTR earnings analysis
Filed April 28, 2026 · Our reading of the company's report
The latest report
Ventas reported a solid Q1 with a top-line and EPS beat and strong SHOP operating performance. SHOP NOI grew 41.6% YoY to $374,458 thousand and Same-Store SHOP NOI rose 15.4% to $286,868 thousand, driving consolidated…
Read full summary
Ventas reported a solid Q1 with a top-line and EPS beat and strong SHOP operating performance. SHOP NOI grew 41.6% YoY to $374,458 thousand and Same-Store SHOP NOI rose 15.4% to $286,868 thousand, driving consolidated Net income of $59,046 thousand (up 22.1% YoY). Liquidity remained ample at $5.5 billion as of March 31, 2026, but NNN NOI declined 21.2% YoY to $120,170 thousand and total consolidated debt remained sizeable at $12,607,344 thousand.
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
- $0.94
What stood out
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Top-line and EPS beats
Reported revenue for Q1 was $1,657,000,000 and GAAP diluted EPS was $0.94, both above consensus (revenue and EPS beats).
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SHOP segment outperformance
SHOP NOI increased 41.6% YoY to $374,458 thousand (from $264,504 thousand), driven by higher occupancy and revenue per occupied room.
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Same-store SHOP strength
Same-Store SHOP NOI rose 15.4% YoY to $286,868 thousand (from $248,533 thousand); Same-Store average unit occupancy improved to 90.4% (from 87.3%) and average monthly revenue per occupied room increased to $5,512 (from $5,249).
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Solid net income improvement
Net income was $59,046 thousand in Q1 2026 versus $48,356 thousand in Q1 2025, an increase of $10,690 thousand (22.1%).
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Strong liquidity and financing flexibility
As of March 31, 2026, Ventas reported $5.5 billion in liquidity, including ~$3.5 billion of availability under its unsecured revolving credit facility, $550 million undrawn on the delayed draw term loan and $183.6 million of cash and cash equivalents on hand.
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Active investment and capital activity
During Q1 Ventas acquired 29 senior housing communities for an aggregate $1.0 billion and entered into equity forward sales agreements for 13.8 million shares for gross proceeds of $1.2 billion, settling 10.6 million shares for net cash proceeds of $800.0 million during the quarter.
What to watch
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NNN segment weakness
NNN NOI declined 21.2% YoY to $120,170 thousand from $152,586 thousand, subtracting from consolidated NOI momentum.
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Elevated consolidated debt balance
Total consolidated debt was $12,607,344 thousand as of March 31, 2026, leaving exposure to refinancing and interest-rate risk.
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Interest-rate sensitivity
Management states a 100 basis point increase in consolidated variable rate debt would raise annualized interest expense by approximately $11.3 million, or ~ $0.02 per diluted share.
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Rising non-cash charges and costs
Depreciation and amortization increased to $382,468 thousand (up $60,943 thousand, or 19.0%) versus $321,525 thousand in the prior year period, pressuring operating income comparisons.
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Losses from unconsolidated entities increased
Loss from unconsolidated entities widened to $7,350 thousand from $3,311 thousand (increase of $4,039 thousand), indicating volatility in equity-method investments.
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Reliance on equity forward financing
As of April 28, 2026 Ventas maintained unsettled equity forward sales agreements of 19.6 million shares representing approximately $1.6 billion in gross proceeds and had remaining ATM capacity of $1.2 billion, indicating ongoing dependence on forward equity liquidity.
Management's outlook
This 10-Q does not provide explicit numeric revenue or EPS guidance. Management has discussed updated full-year outlook items publicly (see company press release/8‑K) but the 10‑Q itself defers detailed numeric guidance to the company’s earnings release/press materials.
Earlier filings 4
10-Q · October 31, 2024
Ventas reported total revenues of $1,236,315,000 for the three months ended September 30, 2024, up from $1,149,832,000 in Q3 2023, and delivered diluted EPS of $0.05 versus a loss of $(0.17) in the prior-year quarter.…
10-Q · November 3, 2023
Ventas reported Q3 2023 revenue of $1,149,832,000 (up from $1,037,276,000 in Q3 2022, +$112,556,000 or ~10.8%) but recorded a quarter net loss of $69,559,000 and net loss attributable to common stockholders of…
10-Q · August 4, 2023
Ventas reported Q2 revenue of $1,106,358,000, up from $1,022,938,000 in Q2 2022, driving a swing to net income of $105,066,000 and diluted EPS of $0.26 versus a loss of $(41,202,000) and diluted EPS of $(0.11) in Q2…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.