10-Q · April 28, 2026
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…
Earnings analysis · 10-Q
VTR earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Ventas delivered $1.832 billion of third-quarter revenue and $0.99 of EPS, exceeding consensus by 3.2% and $0.01, respectively; revenue and EPS were also above the prior quarter and prior-year quarter. Balance-sheet…
Read full summary
Ventas delivered $1.832 billion of third-quarter revenue and $0.99 of EPS, exceeding consensus by 3.2% and $0.01, respectively; revenue and EPS were also above the prior quarter and prior-year quarter. Balance-sheet leverage improved modestly year over year, with total debt at $12.512 billion versus $12.664 billion, although the debt mix shifted toward variable-rate borrowings after a $550.0 million term-loan draw. The principal 10-Q risk is increased interest-rate exposure, with a modeled 100-basis-point rate increase adding approximately $16.1 million to annualized interest expense.
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
- $0.99
What stood out
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Revenue Beat and Continued Growth
Third-quarter revenue was $1.832 billion, $55.975 million, or 3.2%, above the $1.776 billion consensus estimate. Revenue also increased from $1.73 billion in 2026 Q2 and $1.48 billion in 2025 Q3.
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EPS Slightly Above Consensus
Reported third-quarter EPS was $0.99 versus the $0.98 estimate, a $0.01 beat. EPS increased from $0.14 in 2026 Q2 and $0.14 in 2025 Q3.
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Total Debt Lower Year Over Year
Total debt declined to $12.512 billion at September 30, 2026 from $12.664 billion at September 30, 2025, a decrease of approximately $152.4 million. Fixed-rate debt declined to $10.898 billion from $11.436 billion year over year.
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Effective Internal Controls
Management reported effective disclosure controls as of September 30, 2026 and stated that there were no changes in internal controls during the third quarter that materially affected, or were reasonably likely to materially affect, financial reporting.
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Limited Modeled FX Sensitivity
Foreign-exchange sensitivity remained limited in the filing’s modeled scenario: a one-standard-deviation move in the U.S. dollar versus the British pound and Canadian dollar would change nine-month 2026 net income and Normalized FFO by less than $0.01 per diluted common share.
What to watch
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Higher Variable-Rate Exposure
Variable-rate debt increased to $1.614 billion at September 30, 2026 from $1.139 billion at December 31, 2025, primarily due to a $550.0 million term-loan draw and $17.0 million of commercial paper outstanding. A 100-basis-point increase in rates would raise annualized interest expense by approximately $16.1 million, or $0.03 per diluted common share.
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Refinancing and Interest-Rate Risk
The filing identifies refinancing risk for fixed-rate debt. A hypothetical 100-basis-point increase in rates would reduce the fair value of fixed-rate debt from $10.398 billion to $10.018 billion as of September 30, 2026, and higher rates at refinancing could increase future borrowing costs.
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No New Risk-Factor Relief
The 10-Q states that the risk factors from the 2025 Form 10-K remain applicable and reports no new material legal proceedings or material developments. Foreign-exchange exposure also remains a potential earnings risk despite the modeled impact being less than $0.01 per diluted common share.
Management's outlook
The provided 10-Q text does not include quantitative revenue or EPS guidance. Prior full-year 2026 guidance was disclosed in the October 27, 2026 earnings release rather than this filing.
Earlier filings 4
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…
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.