WELL earnings analysis
What we found in WELL'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
Welltower delivered Q2 revenue of $3.545 billion, up 7.1% sequentially and 44.7% year over year, while normalized FFO of $1.60 per share exceeded the $1.55 consensus estimate. The supplied filing excerpt does not include segment revenue, gross/operating margins, working-capital balances, operating cash flow, capex, or free cash flow, limiting a full fundamental trend assessment. Balance-sheet risk improved through a $1.176 billion reduction in variable-rate debt, although foreign-currency debt and derivative exposures remain substantial; the 10-Q reported no material risk-factor changes.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue grew 7.1% sequentially and 44.7% YoY
- Q2 revenue was $3.545 billion, up $235 million, or 7.1%, from $3.310 billion in Q1 2026 and up $1.095 billion, or 44.7%, from $2.450 billion in Q2 2025. The reported earnings release also showed normalized FFO of $1.60 per share, above the $1.55 consensus estimate.
- Variable-rate debt and rate sensitivity declined
- Variable-rate debt outstanding declined to $2.888 billion at June 30, 2026 from $4.064 billion at December 31, 2025, a $1.176 billion reduction. A 1% rate increase would now increase annual interest expense by $28.881 million, versus $40.640 million at year-end.
- Fixed-debt interest-rate exposure modestly improved
- Total fixed-rate senior unsecured notes and secured debt principal was $14.735 billion at June 30, 2026, down $301 million from $15.035 billion at December 31, 2025. The modeled fair-value impact from a 1% rate increase improved to negative $642.315 million from negative $674.372 million.
- Repurchase capacity remains fully available
- The company retained its $3.000 billion share-repurchase authorization and made no open-market repurchases under the program in Q2. Employee tax-withholding purchases were only 3,074 shares at an average $212.90 per share.
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.
- Material residual interest-rate exposure
- Despite lower variable-rate debt, $2.888 billion remained outstanding at June 30, 2026; a hypothetical 1% increase in rates would add $28.881 million of annual interest expense. Refinancing availability and pricing remain dependent on capital-market conditions.
- Large foreign-currency debt exposure
- Foreign-currency debt obligations totaled $5.013 billion at June 30, 2026, including $1.392 billion in pounds sterling and $3.621 billion in Canadian dollars. A 1% U.S.-dollar move would change the U.S.-dollar cash settlement obligation by approximately $50.134 million.
- Derivative settlement exposure remains sizable
- Cross-currency swaps not designated as fair-value hedges had $18.688 billion of notional exposure at June 30, 2026. A 1% U.S.-dollar move could alter cash settlement obligations by approximately $186.879 million.
- No material risk-factor updates disclosed
- Item 1A states there were no material changes to risk factors from the 2025 Form 10-K. The filing specifically references the Annual Report for the year ended December 31, 2025 rather than identifying a new or revised risk factor.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.61
What they said about what is next.
The extracted 10-Q MD&A contains no quantitative revenue or EPS/FFO outlook. Quantitative guidance was provided separately in the July 27, 2026 earnings release, not in the supplied 10-Q text.
The filing reads better than the one before it.
What came before.
- 10-Q · April 29, 2026
- Welltower exceeded revenue and EPS expectations in Q1 2026, reporting revenue of $3.35 billion and an EPS of $1.47, both demonstrating strong year-over-year growth. Management raised full-year guidance for net income…
- 10-K · February 12, 2026
- Welltower reported strong top-line expansion in 2025 with total revenue of approximately $10.42 billion (sum of quarterly revenues: $2.33B, $2.45B, $2.56B, $3.08B), up from ~$7.60 billion in 2024, driven by acquisitions…
- 10-Q · October 28, 2025
- Welltower reported Q3 revenue of $2,685,692,000, up $630,029,000 (≈30.6%) versus Q3 2024, driven by higher resident fees and acquisitions (Care UK). Operating income before taxes was $293,106,000 (operating margin…
- 10-Q · October 29, 2024
- Welltower reported Q3 total revenue of $2,055,663,000 (up $393,650,000 vs. Q3 2023) and diluted EPS of $0.73 (vs. $0.24 in Q3 2023), driven by higher resident fees and services and rental/interest income. Operating cash…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing WELL makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever