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How Welltower (WELL) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/27/2026
Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. · Wikipedia
More about the company
As of December 31, 2022, the company had investments in approximately 3,000 properties, all of which were in the United States, Canada, and the United Kingdom.
Key growth driver: Resident Fees & Services — the fastest-growing revenue line: $2,985, +52% y/y. · by the Q2 2026 report
How does Welltower make money?
Welltower brought in $3.54 billion of revenue in Q2 2026, up 39.1% year over year. The largest source was Resident Fees & Services: $2.98 billion, or 84% of the total, followed by Rental Income ($460M, 13%) and Interest Income ($77.4M, 2%); other lines add the remaining 0.6%. Net income for the quarter was $463 million, up 52.0% year over year.
Revenue by source, Q2 2026
- Resident Fees & Services$2.98B · 84% · +51.5%
- Rental Income$460M · 13% · −4.8%
- Interest Income$77.4M · 2% · +24.7%
- Other Income$22.6M · 0.6% · −29.6%
Shares of $3.54B 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.
When is WELL’s next earnings date?
Monday, October 26, 2026confirmed · after market close
Welltower (WELL) is scheduled to report results for the quarter ending Sep 2026 on Oct 26, 2026. Consensus EPS forecast: $1.63 (6 analysts), vs $1.34 in the same quarter last year.
What time does WELL report? Usually after market close: the last 4 results releases reached the SEC at 4:06 pm, 4:06 pm, 4:05 pm, 4:07 pm ET.
Last report: Jul 27, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$3,545
+39.1%
Gross profit
$1,394
+33.9%
Operating income
$502
+12.6%
Net income
$463
+52.0%
Verdict: a very strong quarter for Welltower, powered by 51% growth in resident fees revenue from the Amica acquisition and robust senior housing same-store NOI growth of 20.5%, with net income more than doubling to $463M aided by a $99M gain on real estate dispositions and a $62M income tax benefit.
Dividend raised 15% to $0.85/share; normalized FFO per share $1.60 (+25.0% y/y); FY26 normalized FFO guidance raised to $6.36-$6.44; net debt to Adjusted EBITDA 2.99x; $9.5B available liquidity.
Source and notation
* marks non-cash / ≈ estimated. Source: Welltower Inc. press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
WELL earnings history: past report dates
| Apr 28, 2026 Tue | 4:06 pmafter market close | Mar 31, 2026 | — | $1.02+155% y/y |
| Feb 10, 2026 Tue | 4:05 pmafter market close | Dec 31, 2025 | — | ≈$0.13−35% y/y |
| Oct 27, 2025 Mon | 4:07 pmafter market close | Sep 30, 2025 | — | $0.41−44% y/y |
| Jul 28, 2025 Mon | 4:10 pmafter market close | Jun 30, 2025 | — | $0.45+7% y/y |
| Apr 28, 2025 Mon | 4:07 pmafter market close | Mar 31, 2025 | — | $0.40+82% y/y |
| Feb 11, 2025 Tue | 4:08 pmafter market close | Dec 31, 2024 | — | ≈$0.20+18% y/y |
| Oct 28, 2024 Mon | 4:09 pmafter market close | Sep 30, 2024 | — | $0.73+204% y/y |
| Jul 29, 2024 Mon | 4:45 pmafter market close | Jun 30, 2024 | — | $0.42+110% y/y |
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. 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.
Welltower: 4-year financials
| 2011 | 218 |
| 2010 | 129 |
| 2009 | 193 |
| 2008 | 283 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. 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.
Corporate governance
1/2mixed
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 2026Shares outstanding of 697.8M as of February 6, 2026 vs. 417.4M as of January 29, 2021 (+67%). sec.gov ↗
- Feb 202110-K FY2020: 417.4M shares as of January 29, 2021; the dividend was cut 30% — from $0.87 to $0.61 a quarter starting in Q1 2020. sec.gov ↗
- Feb 202610-K FY2025: 2025 SBC of $1.557B, of which $1.409B was LTIP units under the 2025 10-year program, recognized at grant; another $270M remains unamortized through 2035. sec.gov ↗
- Apr 20262026 proxy: the CEO and other executives invested $1.35M to $9.5M in a fund formed by a company affiliate, through an employee feeder vehicle. sec.gov ↗
Scoring: 2.0 −1.0 (criterion 1: share count +67% over 5 years through ATM programs and follow-on offerings, >25%; 2025 SBC of 14% of revenue due to one-time recognition of the 10-year program — within the criterion's cap) = 1.0
- Share classes
- Single class of common stock (NYSE: WELL).
- Dilution
- Shares 417.4M (January 2021) → 697.8M (February 2026), +67% (>25%) → −1.0. 2025 SBC $1.557B (14% of revenue), of which $1.409B is the 2025 10-year program (10.27M LTIP units at target), recognized immediately at grant; 2024 SBC was $74M. Criterion 1 is capped at 1.0, so no additional deduction.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend cut 30% in 2020 ($0.87 → $0.61 a quarter) due to COVID; no formal payout policy (board discretion) — no deduction; rising since 2024 ($2.82 in 2025).
- Lawsuits & regulators
- 2025 10-K: no shareholder disclosure suits and no SEC cases.
- Related parties
- 2026 proxy: management and directors invest through a feeder in Seniors Housing Fund I (CEO — $9.5M) on the same terms as other investors, paying carry; no off-market terms established.
How the score works · checked as of Sep 2026
Welltower (WELL) earnings: FAQ
How does Welltower make money?
Welltower brought in $3.54 billion of revenue in Q2 2026, up 39.1% year over year. The largest source was Resident Fees & Services: $2.98 billion, or 84% of the total, followed by Rental Income ($460M, 13%) and Interest Income ($77.4M, 2%); other lines add the remaining 0.6%. Net income for the quarter was $463 million, up 52.0% year over year.
When is WELL's next earnings date?
Welltower (WELL) is scheduled to report on Oct 26, 2026, after market close.
What time does WELL report earnings?
Welltower is scheduled to report after market close on Oct 26, 2026. Its last results releases were filed after market close, most recently at 4:06 pm ET on Jul 27, 2026.
When did WELL last report earnings?
Welltower reported Q2 2026 results on Jul 27, 2026.
What is the EPS estimate for WELL's next earnings?
The consensus EPS forecast is $1.63 (6 analysts), vs $1.34 in the same quarter last year.
Where can I find Welltower'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 WELL's filings; this page breaks the latest report down in a Sankey chart.
What was WELL's net income in Q2 2026?
Welltower reported net income of $463M for Q2 2026 (+52.0% year over year), under US GAAP.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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