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How Ventas (VTR) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 21.7% y/y to $1.73B, pre-tax margin 3.1% vs 3.0%, net income $70.6M (+3.4% y/y).
Key growth driver: Resident fees and services — the fastest-growing revenue line: $1,363, +32% y/y. · by the Q2 2026 report
Net income attributable to common stockholders
$70.6M
up 3.4% y/y
Total revenues
$1,730M
up 21.7% y/y
Next report
not announced yet
How does Ventas make money?
Ventas brought in $1.73 billion of revenue in Q2 2026, up 21.7% year over year. The largest source was Resident fees and services: $1.36 billion, or 79% of the total, followed by Rental income ($354M, 20%) and Capital management, loans and other income (calculated) ($12.7M, 0.7%). Net income for the quarter was $70.6 million, up 3.4% year over year.
Revenue by source, Q2 2026
- Resident fees and services$1.36B · 79% · +32.0%
- Rental income$354M · 20% · −5.4%
- Capital management, loans and other income (calculated)$12.7M · 0.7% · −13.7%
Shares of $1.73B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Resident fees and services | $1,363 · +32.0% |
| Rental income | $353 · −5.4% |
| Capital management, loans and other income (calculated) | $12.7 · −13.7% |
| Total revenues | $1,730 · +21.7% |
| Property-level operating expenses | $1,041 · +26.1% |
| Depreciation and amortization | $408 · +17.3% |
| Interest | $160 · +6.5% |
| General, administrative and professional fees | $47 · +9.6% |
| Transaction, restructuring and other expenses (calculated) | $19.7 · +63.1% |
| Income before unconsolidated entities, real estate dispositions and income taxes | $54.2 · +27.2% · 3.1% margin |
| Income Tax Benefit | $25.6 |
| Loss from unconsolidated entities | $7.8 · +586% |
| Gain on real estate dispositions | $0.2 · −99.5% |
| Net income attributable to noncontrolling interests | $1.7 · −48.3% |
| Net income attributable to common stockholders | $70.6 · +3.4% · $0.14/sh · 4.1% margin |
Verdict: revenue grew 21.7% y/y to $1.73B, pre-tax margin 3.1% vs 3.0%, net income $70.6M (+3.4% y/y).
Diluted EPS $0.14 vs $0.15 a year earlier; Normalized FFO per share $0.97, up 9% (non-GAAP, company definition); total company NOI up 17%; 2026 investment volume expectations raised to $4.5 billion.
Source and notation
Source: Ventas earnings release, 8-K EX-99 of 07/29/2026 (SEC EDGAR). REIT layout: total revenues as reported; property expenses, depreciation, interest and other items lead to net income (a REIT pays little or no income tax). FFO is a non-GAAP measure: it appears only in the text, as defined by the company, never in the chart. The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Resident fees and services from the senior housing operating portfolio (SHOP) grew to $1,363.5M from $1,032.7M on acquisitions and organic growth; SHOP same-store cash NOI grew 16%.
- Senior housing property-level operating expenses rose to $960.0M from $746.3M as the portfolio expanded; depreciation and amortization rose to $407.7M.
- An income tax benefit of $25.6M offset lower gains on real estate dispositions ($0.2M vs $33.8M a year earlier).
- Pre-tax income was $54.2M, a 3.1% margin vs 3.0% a year earlier.
- Diluted EPS was $0.14 vs $0.15 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Ventas (company) — Ventas, Inc. is a real estate investment trust specializing in the ownership and management of research, medicine and healthcare facilities in the United States, Canada and the United Kingdom. · Text: Wikipedia, CC BY-SA 4.0, abridged
Heads-up
- profit is growing slower than revenue: +3% vs +22% y/y in Q2 2026
Most likely because costs grew faster than revenue (loss from unconsolidated entities +586% y/y, transaction, restructuring and other expenses (calculated) +63% y/y); an income tax benefit of $25.6M offset lower gains on real estate dispositions ($0.2M vs $33.8M a year earlier). Based on the Q2 2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended September 30, 2025): revenue $1.49B, EPS (GAAP) $0.14
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
VTR earnings history: past report dates
| Jul 29, 2026 Wed | 4:39 pmafter market close | Jun 30, 2026 | $1.7B+22% y/y | $0.14−7% y/y |
| Apr 27, 2026 Mon | 4:33 pmafter market close | Mar 31, 2026 | $1.7B+22% y/y | $0.11+10% y/y |
| Feb 5, 2026 Thu | 4:47 pmafter market close | Dec 31, 2025 | ≈$1.6B+22% y/y | ≈$0.15+15% y/y |
| Oct 29, 2025 Wed | 4:23 pmafter market close | Sep 30, 2025 | $1.5B+20% y/y | $0.14+180% y/y |
| Jul 30, 2025 Wed | 4:30 pmafter market close | Jun 30, 2025 | $1.4B+18% y/y | $0.15+200% y/y |
| Apr 30, 2025 Wed | 4:33 pmafter market close | Mar 31, 2025 | $1.4B+13% y/y | $0.10 |
| Feb 12, 2025 Wed | 4:39 pmafter market close | Dec 31, 2024 | ≈$1.3B+11% y/y | ≈$0.13 |
| Oct 30, 2024 Wed | 4:58 pmafter market close | Sep 30, 2024 | $1.2B+8% y/y | $0.05 |
| Aug 1, 2024 Thu | 4:57 pmafter market close | Jun 30, 2024 | $1.2B+9% y/y | $0.05−81% y/y |
| May 1, 2024 Wed | 4:17 pmafter market close | Mar 31, 2024 | $1.2B+11% y/y | −$0.04 |
| Feb 15, 2024 Thu | 7:13 ambefore market open | Dec 31, 2023 | ≈$1.2B+11% y/y | ≈−$0.22−100% y/y |
| Nov 2, 2023 Thu | 4:21 pmafter market close | Sep 30, 2023 | $1.1B+11% y/y | −$0.18 |
| Aug 3, 2023 Thu | 4:34 pmafter market close | Jun 30, 2023 | $1.1B+8% y/y | $0.26 |
| May 8, 2023 Mon | 4:25 pmafter market close | Mar 31, 2023 | $1.1B+6% y/y | $0.04−60% y/y |
| Feb 9, 2023 Thu | 4:22 pmafter market close | Dec 31, 2022 | ≈$1.1B+3% y/y | ≈−$0.11+0% y/y |
| Nov 3, 2022 Thu | 5:58 pmafter market close | Sep 30, 2022 | $1.0B+6% y/y | $0.00 |
| Aug 4, 2022 Thu | 4:29 pmafter market close | Jun 30, 2022 | $1.0B+11% y/y | −$0.11 |
| May 5, 2022 Thu | 5:21 pmafter market close | Mar 31, 2022 | $1.0B+12% y/y | $0.10 |
| Jan 20, 2022 Thu | 5:24 pmafter market close | Dec 31, 2021 | ≈$1.0B+11% y/y | ≈−$0.11 |
| Nov 5, 2021 Fri | 7:05 ambefore market open | Sep 30, 2021 | $976M+6% y/y | $0.16+433% y/y |
| Aug 6, 2021 Fri | 7:29 ambefore market open | Jun 30, 2021 | $919M−3% y/y | $0.23 |
| May 7, 2021 Fri | 7:54 ambefore market open | Mar 31, 2021 | $910M−10% y/y | −$0.15 |
| Feb 18, 2021 Thu | 7:40 ambefore market open | Dec 31, 2020 | $921M−8% y/y | $0.29+867% y/y |
| Nov 6, 2020 Fri | 7:08 ambefore market open | Sep 30, 2020 | $919M−7% y/y | $0.03−87% y/y |
| Aug 7, 2020 Fri | 7:17 ambefore market open | Jun 30, 2020 | $943M−1% y/y | −$0.42 |
| May 8, 2020 Fri | 7:09 ambefore market open | Mar 31, 2020 | $1.0B+7% y/y | $1.26+260% y/y |
| Feb 20, 2020 Thu | 7:37 ambefore market open | Dec 31, 2019 | $996M+8% y/y | $0.03−82% y/y |
| Oct 25, 2019 Fri | 7:34 ambefore market open | Sep 30, 2019 | $983M+5% y/y | $0.23−18% y/y |
| Jul 26, 2019 Fri | 7:06 ambefore market open | Jun 30, 2019 | $951M+1% y/y | $0.58+26% y/y |
| Apr 26, 2019 Fri | 7:08 ambefore market open | Mar 31, 2019 | $943M−0% y/y | $0.35+59% y/y |
| Feb 8, 2019 Fri | 7:41 ambefore market open | Dec 31, 2018 | $923M+3% y/y | $0.17−84% y/y |
| Oct 26, 2018 Fri | 7:09 ambefore market open | Sep 30, 2018 | $937M+4% y/y | $0.28−84% y/y |
| Jul 27, 2018 Fri | 7:26 ambefore market open | Jun 30, 2018 | $942M+5% y/y | $0.46+10% y/y |
| Apr 27, 2018 Fri | 7:08 ambefore market open | Mar 31, 2018 | $944M+7% y/y | $0.22−60% y/y |
| Feb 9, 2018 Fri | 7:06 ambefore market open | Dec 31, 2017 | $895M+2% y/y | $1.09+88% y/y |
| Oct 27, 2017 Fri | 7:05 ambefore market open | Sep 30, 2017 | $900M+4% y/y | $1.71+307% y/y |
| Jul 28, 2017 Fri | 8:00 ambefore market open | Jun 30, 2017 | $895M+6% y/y | $0.42+0% y/y |
| Apr 28, 2017 Fri | 7:06 ambefore market open | Mar 31, 2017 | $883M+4% y/y | $0.55+25% y/y |
| Feb 10, 2017 Fri | 7:29 ambefore market open | Dec 31, 2016 | $876M+4% y/y | $0.58+57% y/y |
| Oct 28, 2016 Fri | 7:11 ambefore market open | Sep 30, 2016 | $867M+5% y/y | $0.42+500% y/y |
| Jul 29, 2016 Fri | 7:01 ambefore market open | Jun 30, 2016 | $848M+4% y/y | $0.42−7% y/y |
| Apr 29, 2016 Fri | 6:56 ambefore market open | Mar 31, 2016 | $852M+6% y/y | $0.44+19% y/y |
| Feb 12, 2016 Fri | 7:08 ambefore market open | Dec 31, 2015 | $841M+15% y/y | $0.37+3% y/y |
| Jul 24, 2015 Fri | 7:50 ambefore market open | Jun 30, 2015 | $812M+20% y/y | $0.45−4% y/y |
| Apr 24, 2015 Fri | 7:54 ambefore market open | Mar 31, 2015 | $806M+21% y/y | $0.37−10% y/y |
| Feb 13, 2015 Fri | 8:13 ambefore market open | Dec 31, 2014 | $732M−0% y/y | $0.36−3% y/y |
| Oct 24, 2014 Fri | 8:21 ambefore market open | Sep 30, 2014 | $705M−1% y/y | $0.32−20% y/y |
| Aug 11, 2014 Mon | 8:00 pmafter market close | Jun 30, 2014 | $675M−1% y/y | $0.47+21% y/y |
| Apr 25, 2014 Fri | 7:48 ambefore market open | Mar 31, 2014 | $665M−3% y/y | $0.41+8% y/y |
| Feb 14, 2014 Fri | 7:41 ambefore market open | Dec 31, 2013 | $733M+12% y/y | $0.37+23% y/y |
| Oct 25, 2013 Fri | 7:57 ambefore market open | Sep 30, 2013 | $711M+12% y/y | $0.40+5% y/y |
| Jul 26, 2013 Fri | 7:50 ambefore market open | Jun 30, 2013 | $684M+12% y/y | $0.39+56% y/y |
| Apr 26, 2013 Fri | 7:43 ambefore market open | Mar 31, 2013 | $683M+21% y/y | $0.38+23% y/y |
| Feb 15, 2013 Fri | 7:38 ambefore market open | Dec 31, 2012 | $656M+16% y/y | $0.30−55% y/y |
| Oct 26, 2012 Fri | 7:32 ambefore market open | Sep 30, 2012 | $637M+15% y/y | $0.38+9% y/y |
| Jul 26, 2012 Thu | 8:34 ambefore market open | Jun 30, 2012 | $610M+70% y/y | $0.25+127% y/y |
| Apr 27, 2012 Fri | 9:16 ambefore market open | Mar 31, 2012 | $565M+112% y/y | $0.31+3% y/y |
| Feb 17, 2012 Fri | 9:26 ambefore market open | Dec 31, 2011 | $563M | $0.66 |
| Nov 4, 2011 Fri | 8:57 ambefore market open | Sep 30, 2011 | $555M | $0.35 |
| Aug 4, 2011 Thu | 8:27 ambefore market open | Jun 30, 2011 | $359M | $0.11 |
| May 5, 2011 Thu | 8:56 ambefore market open | Mar 31, 2011 | $266M | $0.30 |
Show all 61 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Ventas: 15-year financials
| 2025 | 5,834 | 251 | −1,281 | 860 |
| 2024 | 4,924 | 81.2 | −1,200 | 740 |
| 2023 | 4,498 | −41 | 470 | 724 |
| 2022 | 4,129 | −47.4 | 220 | 720 |
| 2021 | 3,828 | 49 | −776 | 687 |
| 2020 | 3,795 | 439 | 843 | 929 |
| 2019 | 3,873 | 433 | 1,281 | 1,158 |
| 2018 | 3,746 | 410 | 1,250 | 1,127 |
| 2017 | 3,574 | 1,357 | 1,296 | 827 |
| 2016 | 3,444 | 649 | 1,237 | 1,025 |
| 2015 | 3,286 | 418 | 1,291 | 1,003 |
| 2014 | 2,777 | 476 | 1,167 | 876 |
| 2013 | 2,517 | 454 | 1,113 | 802 |
| 2012 | 2,470 | 363 | 923 | 729 |
| 2011 | 1,732 | 365 | 723 | 521 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $14.6B (49% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
Ventas (VTR) earnings: FAQ
How does Ventas make money?
Ventas brought in $1.73 billion of revenue in Q2 2026, up 21.7% year over year. The largest source was Resident fees and services: $1.36 billion, or 79% of the total, followed by Rental income ($354M, 20%) and Capital management, loans and other income (calculated) ($12.7M, 0.7%). Net income for the quarter was $70.6 million, up 3.4% year over year.
When is VTR's next earnings date?
We have not yet seen an announcement of the date from Ventas (VTR). Based on last year's report on Oct 29, 2025, the next report is expected around Oct 28, 2026.
What time does VTR report earnings?
Ventas usually reports after market close: its latest results release was filed with the SEC at 4:39 pm ET on Jul 29, 2026.
When did VTR last report earnings?
Ventas reported Q2 2026 results on Jul 29, 2026.
Where can I find Ventas's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to VTR's filings; this page breaks the latest report down in a Sankey chart.
What was VTR's net income in Q2 2026?
Ventas reported net income of $70.6M for Q2 2026 (+3.4% year over year), under US GAAP.
Does Ventas pay dividends?
Yes. In 2025, Ventas paid $860M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Ventas's revenue changed since 2011?
Per its 10-K filings, revenue grew 3.4x: $1,732M in 2011 and $5,834M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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