10-Q · July 28, 2026
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…
Earnings analysis · 10-Q
WELL earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Welltower reported strong Q3 momentum, with revenue of $3.716 billion and EPS of $1.67, substantially above the $0.90 consensus EPS estimate and well above both the prior quarter and prior-year quarter. The filing…
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Welltower reported strong Q3 momentum, with revenue of $3.716 billion and EPS of $1.67, substantially above the $0.90 consensus EPS estimate and well above both the prior quarter and prior-year quarter. The filing excerpt does not provide current gross margin, operating margin, free cash flow, segment revenue, or balance-sheet cash and inventory figures, limiting a complete operating and liquidity assessment. Risk factors were unchanged from the 2025 Form 10-K, but the company disclosed meaningful sensitivity to interest rates and foreign-currency movements.
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
- $1.67
What stood out
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Revenue grew sequentially and year over year
Reported revenue was $3.716 billion, up approximately 5.6% from $3.52 billion in 2026 Q2 and approximately 45.2% from $2.56 billion in 2025 Q3. Revenue was approximately $11.8 million below the $3.728 billion consensus estimate.
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EPS materially exceeded consensus
Reported EPS was $1.67, versus $0.61 in 2026 Q2 and $0.41 in 2025 Q3. EPS exceeded the $0.90 consensus estimate by $0.77, or approximately 85.6%.
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Variable-rate debt declined modestly
The company had $3.993 billion of variable-rate debt outstanding at September 30, 2026, after interest-rate swaps, down from $4.064 billion at December 31, 2025.
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Controls remained effective
The company maintained effective disclosure controls as of September 30, 2026, and reported that no changes in internal control over financial reporting materially affected, or were reasonably likely to materially affect, those controls during the quarter.
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Repurchase capacity remained available
The company retained $3.000 billion of capacity under its share repurchase program and did not repurchase shares through that program during the three months ended September 30, 2026.
What to watch
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Interest-rate sensitivity
A 1% increase in interest rates would increase annual interest expense by approximately $39.934 million, based on $3.993 billion of variable-rate debt outstanding at September 30, 2026.
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Foreign-currency debt exposure
Foreign-currency exposure remains material: foreign-currency debt totaled $6.094 billion, and a 1% adverse movement in exchange rates would change the estimated U.S.-dollar cash settlement obligation by approximately $60.943 million.
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Derivative and hedge exposure
Cross-currency swap contracts not designated as fair-value hedges had total notional amounts of $19.156 billion; a 1% currency movement could change the estimated cash-settlement obligation by approximately $191.559 million.
Management's outlook
The provided 10-Q text does not include quantitative revenue or EPS guidance. The previously reported FY2026 normalized FFO outlook of $6.47-$6.53 per diluted share was disclosed in the October 26, 2026 earnings release, not in the provided 10-Q excerpt.
Earlier filings 4
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.