Welltower (WELL) Q3 2026 Earnings Report
MX:WELL Q3 2026 EPS Results
- Actual EPS
- MXN 10.15
- Consensus EPS
- MXN 12.05
- Beat/Miss
- Missed by -MXN 1.90
- One Year Ago EPS
- MXN 7.70
MX:WELL Q3 2026 Revenue Results
- Actual Revenue
- MXN 69.74B
- Expected Revenue
- MXN 68.46B
- Beat/Miss
- Beat by +MXN 1.28B
- YoY Revenue Growth
- +38.25%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/26/2026
- Time
- After Close
- Conference Call
- Monday, October 26, 2026
MX:WELL Upcoming Earnings
Welltower's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:WELL Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Welltower reported exceptional earnings growth, record-level same-store NOI performance, improving occupancy and pricing power, substantial investment activity, disciplined capital allocation, and a strong balance sheet. Management also highlighted significant macroeconomic, interest-rate, credit-market, debt-maturity, and skilled nursing challenges, but described the balance sheet and operating model as positioned to navigate volatility. The highlights significantly outweighed the lowlights.
Company Guidance
Welltower updated its full-year 2026 outlook to net income attributable to common stockholders of $3.31 to $3.37 per diluted share and normalized FFO of $6.47 to $6.53 per share, or $6.50 per share at the midpoint, representing 22.9% normalized FFO per share growth for 2026; the $0.10 increase at the midpoint comprises a $0.03 increase from senior housing operating NOI, a $0.055 increase from investment and financing activity, and a 1.5-cent increase from FX and income tax, slightly offset by higher expected G&A. The outlook assumes total portfolio year over year same store NOI growth of 15% to 16.25%, driven by outpatient medical of 2% to 3%, long term post acute of 2% to 3%, senior housing triple net of 3.5% to 4.5%, and senior housing operating of 20.25% to 21.75%, including revenue growth of 9.3%, RevPOR growth of 5.1%, a year over year 350-basis-point increase in occupancy, expense growth of 4.6%, and ExpPOR growth of approximately 60 basis-points; year-end net debt to adjusted EBITDA is expected to end in the low 3x range, and approximately $1.9 billion of expected dispositions position Welltower to fund approximately $7.7 billion of incremental investment activity.
- Strong Third-Quarter Earnings GrowthRevenue increased 38%, adjusted EBITDA increased 35%, and FFO per share grew nearly 25%. Normalized FFO was $1.67 per share, representing 24.6% year-over-year growth.
- Raised Full-Year FFO OutlookWelltower raised the midpoint of its full-year normalized FFO outlook by $0.10 per share to $6.50. The updated range is $6.47 to $6.53 per share, representing 22.9% normalized FFO per share growth at the midpoint and 23% year-over-year growth if achieved.
- Record Portfolio Same-Store NOI GrowthTotal portfolio same-store NOI increased 15.8%, or approximately 16%, described as the second-highest growth level in the company's recorded history. Full-year guidance assumes total portfolio same-store NOI growth of 15% to 16.25%.
- Senior Housing Operating Portfolio OutperformanceSHOP same-store NOI grew 21% year-over-year, marking the 16th consecutive quarter, or four full years, of growth above 20%. SHOP represented 70% of total same-store NOI.
- Healthy Senior Housing Revenue and Occupancy TrendsSHOP delivered 9.1% organic revenue growth, driven by occupancy gains and pricing power. Average occupancy increased 120 basis points from the second quarter, while another reported quarterly occupancy gain was 320 basis points. U.S. occupancy crossed 90%.
- Increasing Pricing PowerSHOP RevPOR, or unit revenue, increased 5.3%. U.S. RevPAR growth was 5.5%, and traditional senior living RevPAR growth was 5.8%. Communities above 90% occupancy, representing two-thirds of the portfolio, generated RevPOR growth of over 6%. The 90%-plus occupancy cohort delivered RevPAR growth of over 6% and NOI growth above 21%.
- Expense Control and Margin ExpansionSHOP expenses increased 4.3% year-over-year, while ExpPOR increased less than 1% on one reported measure and 80 basis points on another reported basis after adjusting for occupancy gains. SHOP same-store NOI margin increased 310 basis points to 31.7%, and the flow-through margin reached a post-COVID high of 66%.
- Improved Labor TrendsWage growth was subdued relative to prior years, labor availability and retention trends generally improved, and compensation per occupied room increased only 90 basis points. Management expects further improvement in employee turnover driven by Welltower Business System initiatives, regional densification, and the Munger grant.
- Significant Capital DeploymentWelltower completed or announced more than $21 billion of year-to-date investment activity, including $13.3 billion closed through the end of the third quarter and $7.7 billion remaining across 50 transactions. During the third quarter, it completed more than 30 transactions totaling $3.8 billion.
- Granular and Selective Acquisition StrategyThe company completed 196 granular transactions with a median size of $35.5 million in 204 business days. It acquired approximately 3% of the assets screened, reflecting its stated selectivity and use of a proprietary data science platform. In the third quarter, the median transaction size was $38 million.
- Attractive Senior Housing Acquisition PipelineApproximately 70% of third-quarter acquisition activity involved 43 SHOP communities. These assets had an average age of four years, average size of more than 160 units, average occupancy of 66%, and blended RevPOR above $10,000 per month. They were acquired at an approximately 10% to 15% discount to replacement cost, with management citing growth potential through lease-up, stabilization, operating partners, and WBS.
- Skilled Nursing Acquisition ActivityWelltower acquired approximately $850 million of skilled nursing assets across eight transactions in four states, with 100% sourced off market. Management said rent yields in skilled nursing have generally been around 9% and described a pipeline supported by relationships with more than 20 operators.
- Genesis Healthcare ResolutionGenesis Healthcare completed its Chapter 11 process, and Welltower received full repayment of more than $130 million of senior secured term loans. The company's reported unleveraged IRR on the relationship increased from 8.5% to 9% after the final repayment and interim payments.
- Strong Balance Sheet and LiquidityWelltower ended the quarter with $2.4 billion of cash on hand and net debt to adjusted EBITDA of 3.02x. Management expects year-end net debt to adjusted EBITDA to remain in the low 3x range. Cash, recent capital activity, and approximately $1.9 billion of expected dispositions are expected to fund approximately $7.7 billion of incremental investment activity.
- Successful Global Capital RaisingThe company raised $4.4 billion of capital during the quarter, including $3.1 billion from share issuance and OP unit funding, $480 million from capital recycling, and $835 million from its return to the Canadian unsecured market. It issued C$1.15 billion of senior unsecured notes at a blended 3.95% coupon and an average term of approximately six years.
- Portfolio Refinement Through DispositionsWelltower completed $6 billion of dispositions during the year. Management said assets are sold when they are optimized or are not expected to keep up with the growth of the rest of the company, including a significant portion of the medical office business.
- Non-Same-Store Portfolio ProgressAfter excluding developments and low-occupied assets being acquired, the non-same-store pool generated approximately 90 basis points of sequential occupancy improvement. Management said performance was in line with the same-store portfolio and expressed optimism about the U.K. and Canadian acquisition portfolios in 2027.
- Capital-Light Business ExpansionManagement expects revenues from the capital-light businesses to continue increasing. The first equity fund was fully deployed, a credit fund was being raised successfully, a subsequent equity fund was being raised, and the company was making progress on data science partnerships.
- Operating and Data Technology InvestmentWelltower continued to invest in technology, systems, processes, data, and people through the Welltower Business System. Management said the platform supports line-item expense management, operational efficiency, micro-market execution, and improvements to the resident and site-level employee experience.
- Positive Full-Year SHOP GuidanceFull-year guidance calls for SHOP same-store NOI growth of 20.25% to 21.75%, revenue growth of 9.3%, RevPOR growth of 5.1%, a 350-basis-point year-over-year occupancy increase, expense growth of 4.6%, and ExpPOR growth of approximately 60 basis points.
- Enhanced Financial DisclosureThe company combined its earnings release and supplemental into a single integrated document and expanded disclosure across operating performance, growth drivers, and capital-light businesses.
MX:WELL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 16, 2027 | 2026 (Q4) | 12.91- | 2.63 | ― | ― |
| Oct 26, 2026 | 2026 (Q3) | 12.0510.15 | 7.7 | 31.71% (+2.44) | |
| Jul 27, 2026 | 2026 (Q2) | 11.5911.46 | 8.46 | 35.56% (+3.01) | |
| Apr 28, 2026 | 2026 (Q1) | 12.7619.17 | 7.52 | 155.00% (+11.65) | |
| Feb 10, 2026 | 2025 (Q4) | 10.842.63 | 3.57 | -26.32% (-0.94) | |
| Oct 27, 2025 | 2025 (Q3) | 9.817.70 | 13.72 | -43.84% (-6.01) | |
| Jul 28, 2025 | 2025 (Q2) | 8.558.46 | 7.89 | 7.14% (+0.56) | |
| Apr 28, 2025 | 2025 (Q1) | 7.467.52 | 4.13 | 81.82% (+3.38) | |
| Feb 11, 2025 | 2024 (Q4) | 7.723.57 | 2.82 | 26.67% (+0.75) | |
| Oct 28, 2024 | 2024 (Q3) | 7.1013.72 | 4.51 | 204.17% (+9.21) |
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