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…
Earnings analysis · 10-Q
WELL earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
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
- $0.61
What stood out
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.