10-QPeriod: Q1 FY2026

WELLTOWER INC. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 29, 2026For Securities:WELL

Summary

Welltower Inc. (WELL) reported strong financial results for the first quarter of 2026, with net income attributable to common stockholders increasing significantly year-over-year to $728.7 million, or $1.04 per diluted share. This growth was driven by a substantial rise in revenues, particularly from resident fees and services, and a strong performance across its Seniors Housing Operating and Triple-net segments. The company demonstrated robust operational execution, highlighted by a 21.6% increase in Same Store Net Operating Income (SSNOI) for its Seniors Housing Operating segment and a 5.7% increase for its Triple-net segment. Acquisitions, including the significant Barchester and HC-One transactions completed in late 2025, contributed meaningfully to revenue growth. Welltower also maintained a solid balance sheet with a net debt to book capitalization ratio of 23% and ample liquidity, evidenced by $4.7 billion in cash and cash equivalents and $6.25 billion in available borrowing capacity under its credit facility.

Financial Highlights

38 data points
Beta

Revenue

$3.35B

38.7% Gross Margin

Net Income

$728.67M

21.7% Net Margin

EPS (Diluted)

$1.02

Total Assets

$67.22B

Cash & Equivalents

$4.70B

Free Cash Flow

$670.01M

Financial Statements
Beta
Revenue$3.35B
Cost of Revenue$2.06B
Gross Profit$1.30B
SG&A Expenses$67.47M
Operating Expenses$3.01B
Net Income$728.67M
EPS (Basic)$1.04
EPS (Diluted)$1.02
Shares Outstanding (Basic)699.84M
Shares Outstanding (Diluted)726.25M

Key Highlights

  • 1Net income attributable to common stockholders surged to $728.7 million in Q1 2026, up from $258.0 million in Q1 2025, reflecting strong operational performance and recent acquisitions.
  • 2Total revenues increased by 38.3% year-over-year to $3.35 billion, driven by a 49% increase in resident fees and services.
  • 3Seniors Housing Operating segment Same Store Net Operating Income (SSNOI) grew by a substantial 21.6%, indicating healthy underlying performance in this core segment.
  • 4Triple-net segment SSNOI also showed solid growth of 5.7%, demonstrating continued strength in leased properties.
  • 5The company successfully executed on its capital allocation strategy, raising $1.56 billion in gross proceeds from common stock issuances under its ATM Program and amending its credit facility to increase availability.
  • 6Welltower maintained a strong liquidity position with $4.7 billion in cash and cash equivalents and $6.25 billion in available credit, supporting ongoing operations and strategic initiatives.
  • 7The company declared a quarterly dividend of $0.74 per share, continuing its track record of consistent shareholder returns.

Frequently Asked Questions

Welltower reported a significant increase in net income attributable to common stockholders, rising to $728.7 million ($1.04 per diluted share) in the first quarter of 2026, compared to $258.0 million ($0.40 per diluted share) in the first quarter of 2025. Total revenues also saw a substantial increase, growing by 38.3% to $3.35 billion, primarily driven by higher resident fees and services.

The strong performance in the Seniors Housing Operating segment is attributed to both acquisitions, notably the Barchester and HC-One transactions, and robust organic growth. Same Store Net Operating Income (SSNOI) for this segment increased by 21.6%, reflecting healthy occupancy rates and rate growth.

Welltower maintained a solid financial position, with a net debt to book capitalization ratio of 23% as of March 31, 2026. The company ended the quarter with $4.7 billion in cash and cash equivalents and had $6.25 billion in available borrowing capacity under its credit facility, indicating strong liquidity to fund operations and strategic initiatives.

During the first quarter of 2026, Welltower sold over 7.6 million shares of common stock under its ATM Program, generating approximately $1.56 billion in gross proceeds. The company also amended its senior unsecured revolving credit line, increasing its total available credit facilities. Subsequent to the quarter, on April 1, 2026, Welltower acquired a Canadian portfolio of 34 seniors housing communities for C$4.0 billion.