EarningsQ2 2026 Earnings Report
MX:MPW Q2 2026 EPS Results
Actual EPS-$0.18
Consensus EPS$0.13
Beat/MissMissed by -$0.31
One Year Ago EPS-$2.93
MX:MPW Q2 2026 Revenue Results
Actual Revenue$4.74B
Expected Revenue$4.52B
Beat/MissBeat by +$220.05M
YoY Revenue Growth+7.87%
Earnings Announcement Details
QuarterQ2 2026
Date08/10/2026
TimeBefore Open
Conference CallMonday, August 10, 2026
MX:MPW Upcoming Earnings
Medical Properties Trust's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:MPW Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call contained several material positives: a comprehensive refinancing that removes near-term maturities, expected near-term liquidity (~$1.1B) and strong asset-sale realizations that validate portfolio values, plus robust post-acute performance and stable normalized FFO. Offsetting risks include behavioral segment weakness (particularly in the UK), operational cash-collection issues at HSA and phased rent recoveries (NOR), higher G&A/impairments, and the issuance of relatively costly secured debt (9.25%) that raises the secured-debt ratio close to covenant thresholds. On balance, management has cleared immediate maturity risk and highlighted multiple paths to further delevering, while acknowledging near-term operational and cash-collection challenges.Company Guidance
Comprehensive refinancing to eliminate near-term maturities
Announced a 2-step refinancing that addresses ~ $2.7 billion of 2026/2027 maturities: Step 1 issued $2.4 billion of secured notes (9.25% coupon, 5.5-year term, prepayable after 2 years) to redeem the €500M unsecured note and ~ $738M (~53%) of 2027 unsecured notes; Step 2 will repay remaining 2027 notes, complete a new revolver, and repay a $200M term loan. Result: no debt maturing in 2026 or 2027 and only ~ $600M due June 2028.
Improved liquidity and covenant headroom
Expect up to ~$1.1 billion of near-term liquidity from recent and expected asset sales; single bond covenant (1.5x requirement) projected to improve from ~155-160% to nearly 200% after Step 1 and up to ~300% after Step 2, materially increasing flexibility for deleveraging and strategic options.
Strong asset sale realizations validating asset values
InfraCore IPO (Swiss JV) provided proceeds (~$140M) and market validation; a closing sale will deliver ~ $172M after-debt proceeds, representing a ~60% increase over original investment and an IRR of ~34%; management expects an additional ~$200M–$400M of cash proceeds from other near-term sale negotiations.
Post-acute portfolio driving portfolio growth
Post-acute operators delivered the strongest growth with EBITDARM increasing by more than $70 million year-over-year; Median reported a ~24% increase and Ernest Health a ~13% increase; post-acute portfolio reported aggregate EBITDARM coverage of 2.4x.
Overall portfolio coverage and operator wins
General acute operators reported aggregate EBITDARM coverage of 2.8x; HSA trailing-12-month EBITDARM to cash rent coverage was 2.0x; consolidation of ScionHealth general acute hospitals and LifePoint leases into a single LifePoint master lease simplified counterparty exposure and created a relationship with an operator of enhanced credit profile.
Normalized FFO stable and modestly improved
Reported normalized FFO of $0.15 per share for Q2 2026, up from $0.14 in the prior quarter (increase of $0.01, ~7.1% quarter-over-quarter), in line with management expectations.
Strategic growth activity
Ernest Health agreed to acquire Reunion Rehabilitation Hospitals (adds 7 hospitals, expected to close this summer); Swiss joint venture listing (InfraCore on SIX exchange) increases access to capital for growth in Switzerland.
MX:MPW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed