Jun 2026 (Q2 FY26) — Jul 30, 2026
Ventas Q2 FY26 — Strong SHOP Growth and Raised Investment Guidance
Read the full callVentas (VTR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Ventas earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,730 | +21.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 23 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Dispositions and loan repayment proceeds | $200 million | Dec 2025 | Again, we increased that to $700 million. It's really outside of SHOP | Revised Up |
| Double the NOI of the 45 former Brookdale communities | double NOI from approximately $50 million to $100 million plus | Dec 2024 | We absolutely believe in the opportunity to double the NOI in that portfolio | On Track |
23 of Ventas, Inc.'s 39 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Total company same-property NOI grew 10% year-over-year.
- U.S. Senior Housing Operating Portfolio (SHOP) NOI increased 18% year-over-year, with 360 basis points of occupancy growth.
- Normalized FFO per share was $0.97, representing 9% year-over-year growth.
- Full-year 2026 investment guidance was raised from $3 billion to $4.5 billion, focused on senior housing.
- Net debt to EBITDA improved to 4.7x, a 90 basis point year-over-year improvement.
Qualified
- Higher interest rates and a stronger share price partially offset the FFO guidance improvement by $0.01 per share.
Price
$84.51 −1.57% · −$1.35
Performance +19.7% 1Y
1Y: $70.62 on 17 Oct 2025 → $84.51. High $100.53 (24 Jul 2026), low $69.78 (29 Oct 2025).
- Previous close
- $85.86
- 52-week range
- $69.78 – $100.53
- One year
- +18.20%
Overview
- Symbol
- VTR
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 16 judged targets kept · 23 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Dispositions and loan repayment proceeds | $200 million | Dec 2025 | Again, we increased that to $700 million. It's really outside of SHOP | Revised Up |
| Double the NOI of the 45 former Brookdale communities | double NOI from approximately $50 million to $100 million plus | Dec 2024 | We absolutely believe in the opportunity to double the NOI in that portfolio | On Track |
Claimed
- Total company same-property NOI grew 10% year-over-year.
- U.S. Senior Housing Operating Portfolio (SHOP) NOI increased 18% year-over-year, with 360 basis points of occupancy growth.
- Normalized FFO per share was $0.97, representing 9% year-over-year growth.
- Full-year 2026 investment guidance was raised from $3 billion to $4.5 billion, focused on senior housing.
- Net debt to EBITDA improved to 4.7x, a 90 basis point year-over-year improvement.
Qualified
- Higher interest rates and a stronger share price partially offset the FFO guidance improvement by $0.01 per share.
The full ledger
Open Ventas, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 39 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
Ventas Q1 FY26 — SHOP NOI up 15%, FFO per share up 9%, and full-year outlook raised
Read the full callDec 2025 (Q4 FY25) — Feb 6, 2026
Ventas Q4 FY25 — Strong SHOP Growth and Strategic Investments Drive Outperformance
Read the full callEvery analysed call
Ventas earnings calls (VTR)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,236 | 1,287 | 1,358 | 1,421 | 1,489 | 1,566 | 1,657 | 1,730 |
| Expenses | 1,217 | 1,288 | 1,317 | 1,378 | 1,445 | 1,490 | 1,622 | 1,675 |
| Interest | 150 | 153 | 149 | 150 | 158 | 154 | 156 | 160 |
| Profit before tax | 19 | -1 | 41 | 43 | 44 | 76 | 35 | 54 |
| Tax rate | 15.7% | 8964.4% | −25.8% | 9.1% | −14.3% | −1.5% | −45.0% | −47.2% |
| EPS ($ per share) | 0.05 | — | 0.11 | 0.15 | 0.14 | — | 0.12 | 0.14 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 89 | 93 | 94 | 100 | 100 | 101 | 109 | 119 |
| Reserves | -2,930 | -3,669 | -4,030 | -4,680 | -5,449 | -6,214 | -6,887 | -7,528 |
| Total liabilities | 12,125 | 13,873 | 13,416 | 13,492 | 13,672 | 14,878 | 15,047 | 14,631 |
| Total assets | 22,585 | 24,692 | 23,929 | 24,718 | 24,158 | 24,725 | 26,187 | 27,592 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,381 | 1,438 | 1,450 | 1,026 | 1,120 | 1,120 | 1,330 | 1,647 |
| Cash from investing | 324 | -1,585 | 154 | -724 | -859 | -185 | -2,377 | -2,694 |
| Cash from financing | -1,762 | 161 | -1,300 | -558 | -284 | -544 | 1,445 | 874 |
| Net cash flow | -56 | — | — | — | — | — | — | — |
| Capital expenditure | -132 | -157 | -686 | -3,171 | -1,347 | -656 | -4,456 | -5,222 |
| Free cash flow | 1,250 | 1,281 | 764 | -2,145 | -227 | 464 | -3,126 | -3,575 |
VTR revenue by segment
Senior Housing Operating Portfolio SHOP grew from 71% to 79% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Senior Housing Operating Portfolio SHOP | 68% | — | 71% | 73% | 73% | — | 78% | 79% | +32.0% |
| Outpatient Medical and Research Portfolio | 18% | 17% | 16% | 16% | 15% | 15% | 14% | 13% | +3.5% |
| Triple Net Leased Properties | 13% | 12% | 12% | 11% | 11% | 8% | 7% | 7% | -18.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
VTR operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Occupancy rate US SHOP | 84%And I'd like to remind people that the US is 84% occupied.Source: earnings call transcript | ~84%So we have good price opportunity even in occupancy that's around 84% in the US Canada has also benefited from those trends, but it's also benefited from the mix shift as well.Source: earnings call transcript | 85%We have created significant occupancy and NOI upside potential in our 85% occupied US SHOP portfolio through our deliberate portfolio composition, and our leverage has improved by 2 full turn.Source: earnings call transcript | — | ~87%And with our US communities averaging about 87% occupancy, there's still significant runway for us to continue to drive outperformance.Source: earnings call transcript | 87%Our US senior housing portfolio is 87% occupied of which our non-same store is only 83% by design.Source: earnings call transcript | — |
| Occupancy rate Outpatient Medical | — | — | 90.6%Outpatient Medical third quarter occupancy improved 50 basis points year-over-year to 90.6%, a 20 basis point sequential increase versus the second quarter.Source: earnings call transcript | <91%Occupancy in outpatient medical reached almost 91% in the fourth quarter, the sixth consecutive quarter of year-over-year occupancy growth.Source: earnings call transcript | <91%Occupancy in outpatient medical reached almost 91% in the first quarter, a 50 basis point increase year-over-year marks the seventh consecutive quarter of occupancy growth.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q1 FY2024 · share of revenue
- US 89%
- CA 11%
- GB 1%
As VTR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
160 filings between Oct 20, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
$197.0K
1 purchase by 1 insider
Sales
$58.40M
26 sales by 5 insiders
96% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 88
- Award — granted as compensation
- 17
- Option exercise — converted options into shares
- 28
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| CAFARO DEBRA A | — | $49.61M | Feb 6, 2026 |
| Probst Robert F | — | $4.89M | Jan 2, 2026 |
| Roberts Carey S. | — | $3.02M | Feb 11, 2026 |
| Bulgarelli Peter J. | — | $775.5K | Nov 19, 2025 |
| EMBLER MICHAEL J | $197.0K | — | Jun 3, 2026 |
| RAKOWICH WALTER C | — | $103.9K | May 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | EMBLER MICHAEL J Director | Award | 81 | $6.8K |
| Oct 15, 2026 | Roy Sumit Director | Award | 55 | $4.7K |
| Oct 15, 2026 | LUSTIG MATTHEW J Director | Award | 81 | $6.8K |
| Oct 15, 2026 | LUSTIG MATTHEW J Director | Award | 239 | $20.3K |
| Oct 15, 2026 | Barnes Melody C Director | Award | 81 | $6.8K |
| Oct 15, 2026 | Roy Sumit Director | Award | 81 | $6.8K |
| Oct 15, 2026 | Smith Maurice S Director | Award | 66 | $5.6K |
| Oct 15, 2026 | Rodriguez Joe Vasquez Jr. Director | Award | 55 | $4.6K |
| Oct 15, 2026 | Martino Roxanne M Director | Award | 199 | $16.9K |
| Oct 15, 2026 | Smith Maurice S Director | Award | 81 | $6.8K |
| Oct 15, 2026 | NADER MARGUERITE M Director | Award | 81 | $6.8K |
| Oct 13, 2026 | Martino Roxanne M Director | Award | 18 | $1.5K |
| Oct 13, 2026 | Smith Maurice S Director | Award | 18 | $1.5K |
| Oct 6, 2026 | Martino Roxanne M Director | Award | 18 | $1.5K |
| Oct 6, 2026 | Smith Maurice S Director | Award | 18 | $1.5K |
| Oct 5, 2026 | Sayed Laurida SVP, Chief Accounting Officer | Award | 4,301 | $349.9K |
| Oct 1, 2026 | Smith Maurice S Director | Award | 478 | $40.0K |
| Oct 1, 2026 | LUSTIG MATTHEW J Director | Award | 448 | $37.5K |
| Oct 1, 2026 | Roy Sumit Director | Award | 373 | $31.2K |
| Oct 1, 2026 | Martino Roxanne M Director | Award | 582 | $48.8K |
| Aug 1, 2026 | Wattula Andy EVP OM&R-Ventas/Pres&CEO-LHS | Award | 10,694 | $1000.0K |
| Aug 1, 2026 | Wattula Andy EVP OM&R-Ventas/Pres&CEO-LHS | Award | 4,314 | $403.4K |
| Jul 16, 2026 | EMBLER MICHAEL J Director | Award | 72 | $6.8K |
| Jul 16, 2026 | Roy Sumit Director | Award | 72 | $6.8K |
| Jul 16, 2026 | NADER MARGUERITE M Director | Award | 72 | $6.8K |
| Jul 16, 2026 | Rodriguez Joe Vasquez Jr. Director | Award | 49 | $4.6K |
| Jul 16, 2026 | Smith Maurice S Director | Award | 72 | $6.8K |
| Jul 16, 2026 | Smith Maurice S Director | Award | 56 | $5.3K |
| Jul 16, 2026 | LUSTIG MATTHEW J Director | Award | 72 | $6.8K |
| Jul 16, 2026 | Martino Roxanne M Director | Award | 174 | $16.5K |
| Jul 16, 2026 | Barnes Melody C Director | Award | 72 | $6.8K |
| Jul 16, 2026 | Roy Sumit Director | Award | 47 | $4.5K |
| Jul 16, 2026 | LUSTIG MATTHEW J Director | Award | 210 | $19.9K |
| Jul 1, 2026 | Roy Sumit Director | Award | 349 | $31.3K |
| Jul 1, 2026 | Smith Maurice S Director | Award | 461 | $41.3K |
| Jul 1, 2026 | Martino Roxanne M Director | Award | 544 | $48.7K |
| Jul 1, 2026 | LUSTIG MATTHEW J Director | Award | 448 | $40.1K |
| Jun 3, 2026 | EMBLER MICHAEL J Director | Purchase | 2,500 | $197.0K |
| May 14, 2026 | RAKOWICH WALTER C Director | Sale 10b5-1 plan | 1,152 | $103.9K |
| May 13, 2026 | Rodriguez Joe Vasquez Jr. Director | Award | 2,047 | $184.9K |
| May 13, 2026 | Martino Roxanne M Director | Award | 2,047 | $184.9K |
| May 13, 2026 | Smith Maurice S Director | Award | 2,047 | $184.9K |
| May 13, 2026 | NADER MARGUERITE M Director | Award | 2,047 | $184.9K |
| May 13, 2026 | Barnes Melody C Director | Award | 2,047 | $184.9K |
| May 13, 2026 | Nolan Sean P. Director | Award | 2,047 | $184.9K |
| May 13, 2026 | BIGMAN THEODORE Director | Award | 2,047 | $184.9K |
| May 13, 2026 | Roy Sumit Director | Award | 2,047 | $184.9K |
| May 13, 2026 | EMBLER MICHAEL J Director | Award | 2,047 | $184.9K |
| May 13, 2026 | LUSTIG MATTHEW J Director | Award | 2,047 | $184.9K |
| May 13, 2026 | RAKOWICH WALTER C Director | Award 10b5-1 plan | 2,047 | $184.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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