WELL · Q2 2026

Archived report (Q2 2026). Latest deep dive →

US GAAP, Q2 2026 · released Jul 27

The quarter in brief

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.

Net Income

$463M

up 52.0% y/y

Total Revenue

$3,545M

up 39.1% y/y

Operating Income

$502M

up 12.6% y/y

Gross Contribution

$1,394M

up 33.9% y/y

All figures in $M.

Sankey diagram of WELL earnings report for Q2 2026: revenue, costs and profit
Line item	Amount and change
Resident Fees & Services	$2,985 · +51.5%
Rental Income	$460 · -4.8%
Interest Income	$77 · +24.7%
Other Income	$23 · -29.6%
Total Revenue	$3,545 · +39.1%
Property Operating Exp	$2,150 · +41.9%
Gross Contribution	$1,394 · +33.9%
D&A*	$738 · +49.1%
G&A Expenses	$67 · +5.2%
Other Expenses & Impairments	$87 · +71.3%
Operating Income	$502 · +12.6%
Interest Expense	$182 · +28.9%
Tax Benefit + Disposition Gain − Unconsolidated Loss	$143 · vs $6 PY
Pretax Contribution	$320 · +7.5%
Net Income	$463 · +52.0%
Noncontrolling Interests	$18 · +558%
Net Income to Common (NICS)	$445 · +47.4%

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).

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WELL — Welltower is a real estate investment trust that invests in healthcare properties across the United States and other key markets.

It focuses on senior housing, outpatient medical facilities, and long-term care properties.

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WELL · Q2 2026

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