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VTR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
Net income attributable to common stockholders
$70.6M
up 3.4% y/y
Total revenues
$1,730M
up 21.7% y/y
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 as an image: VTR, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “VTR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/vtr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/vtr/q2-2026"><img src="https://whoreportstoday.com/t/vtr/q2-2026/sankey.png" alt="VTR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/vtr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/vtr/q2-2026">VTR Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
VTR — Ventas is a healthcare real estate investment trust (REIT) that owns senior housing communities (mostly operated by third-party managers), outpatient medical buildings and research properties in North America and the U.K. Headquarters: Chicago, Illinois.
Heads-up
- profit is growing slower than revenue: +3% vs +22% y/y in Q2 2026
Net income +3% y/y against revenue +22% y/y. In the report's figures: costs grew faster than revenue: loss from unconsolidated entities +586% y/y, transaction, restructuring and other expenses (calculated) +63% y/y. Based on the Q2 2026 report.
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