Jun 2026 (Q2 FY26) — Jul 28, 2026
Welltower Q2 FY26 — Record FFO Growth and Increased Guidance Driven by Senior Housing Operating Portfolio
Read the full callWelltower (WELL) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Welltower earnings: last reported Tue, 28 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 | 3,352 | +38.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | Quarterly, as filed | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
16 of 18 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Completion of the $7.2bn outpatient medical portfolio sale | close the remaining tranches of the $7.2bn outpatient medical portfolio sale to Kayne Anderson by mid-2026 (final ~$500m guided into Q2 FY26) | Sep 2025 | [no update on completion of the outpatient medical sale] | Ghosted |
| Closing of the announced acquisition pipeline | fund and close roughly $5.7bn of investment activity already closed or under contract for 2026 | Dec 2025 | position us to fund approximately $6 billion of incremental investment activity, the majority of which we expect to close later in the year | Revised Up |
| Full-year disposition activity | approximately $3.5 billion of dispositions completed during 2026 | Dec 2025 | $3.6 billion of disposition completed year-to-date | On Track |
2 of WELLTOWER INC.'s 37 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 34 more targets are in the full ledger.
Claimed
- Normalized FFO per share grew 25% YoY to $1.60.
- Full-year FFO guidance midpoint increased by $0.12 to $6.40 per share.
- Total portfolio same-store NOI increased 15.5% YoY, with SHOP portfolio growing 20.5%.
- Same-store occupancy increased 330 bps YoY, with sequential spot occupancy up 100 bps.
- RevPAR increased 5.2% YoY, outpacing ExpPOR growth of 0.7%, leading to 300 bps margin expansion to over 32%.
- Completed or under contract $15.5 billion in investments year-to-date, with 96% off-market sourcing in Q2.
- Quarterly dividend increased by 15% to $0.85 per share.
Qualified
- Near-term dilution from $3.6 billion of dispositions completed year-to-date, including $1 billion in Q2, as part of strategic portfolio rotation.
- Macroeconomic and geopolitical uncertainty, including persistent inflationary pressures and rising interest rates.
- High construction costs making it difficult to achieve attractive returns on new development, leading to impairments on some land.
Price
$233.51 −0.57% · −$1.34
Performance +33.4% 1Y
1Y: $175.09 on 17 Oct 2025 → $233.51. High $252.07 (24 Jul 2026), low $175.09 (17 Oct 2025).
- Previous close
- $234.85
- 52-week range
- $175.12 – $252.07
- One year
- +31.40%
Overview
- Symbol
- WELL
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 18 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Completion of the $7.2bn outpatient medical portfolio sale | close the remaining tranches of the $7.2bn outpatient medical portfolio sale to Kayne Anderson by mid-2026 (final ~$500m guided into Q2 FY26) | Sep 2025 | [no update on completion of the outpatient medical sale] | Ghosted |
| Closing of the announced acquisition pipeline | fund and close roughly $5.7bn of investment activity already closed or under contract for 2026 | Dec 2025 | position us to fund approximately $6 billion of incremental investment activity, the majority of which we expect to close later in the year | Revised Up |
| Full-year disposition activity | approximately $3.5 billion of dispositions completed during 2026 | Dec 2025 | $3.6 billion of disposition completed year-to-date | On Track |
Claimed
- Normalized FFO per share grew 25% YoY to $1.60.
- Full-year FFO guidance midpoint increased by $0.12 to $6.40 per share.
- Total portfolio same-store NOI increased 15.5% YoY, with SHOP portfolio growing 20.5%.
- Same-store occupancy increased 330 bps YoY, with sequential spot occupancy up 100 bps.
- RevPAR increased 5.2% YoY, outpacing ExpPOR growth of 0.7%, leading to 300 bps margin expansion to over 32%.
- Completed or under contract $15.5 billion in investments year-to-date, with 96% off-market sourcing in Q2.
- Quarterly dividend increased by 15% to $0.85 per share.
Qualified
- Near-term dilution from $3.6 billion of dispositions completed year-to-date, including $1 billion in Q2, as part of strategic portfolio rotation.
- Macroeconomic and geopolitical uncertainty, including persistent inflationary pressures and rising interest rates.
- High construction costs making it difficult to achieve attractive returns on new development, leading to impairments on some land.
The full ledger
Open WELLTOWER INC.’s full ledger
A free account opens 5 company ledgers a month. All 37 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Welltower Q1 FY26 — Record 16.4% same-store NOI growth and $0.11 FFO guidance raise
Read the full callDec 2025 (Q4 FY25) — Feb 11, 2026
Welltower Q4 FY25 — Record SHOP NOI Growth and Strategic Capital Rotation
Read the full callEvery analysed call
Welltower earnings calls (WELL)
Financials
What the filings say
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,825 | 2,056 | 2,251 | 2,423 | 2,548 | 2,686 | 3,181 | 3,352 |
| Expenses | 1,734 | 1,872 | 2,142 | 2,224 | 2,250 | 2,393 | 4,451 | 3,007 |
| Profit before tax | 90 | 184 | 109 | 199 | 298 | 293 | — | 345 |
| Tax rate | 1.2% | −2.6% | 0.1% | −2.8% | 0.3% | 0.8% | — | 3.4% |
| EPS ($ per share) | 0.42 | 0.74 | — | 0.40 | 0.46 | 0.42 | — | 1.04 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 384 | 411 | 419 | 449 | 492 | 566 | 637 | 697 |
| Reserves | 6,122 | 7,354 | 8,328 | 8,664 | 8,805 | 9,145 | 10,097 | 11,034 |
| Total liabilities | 14,331 | 16,398 | 15,259 | 15,912 | 16,499 | 17,640 | 18,472 | 24,100 |
| Total assets | 30,342 | 33,381 | 32,484 | 34,910 | 37,893 | 44,012 | 51,044 | 67,303 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,584 | 1,536 | 1,365 | 1,275 | 1,329 | 1,602 | 2,256 | 2,882 |
| Cash from investing | -2,386 | -2,049 | 2,348 | -4,516 | -3,704 | -5,708 | -5,515 | -10,513 |
| Cash from financing | 818 | 577 | -2,081 | 1,568 | 2,761 | 5,449 | 4,905 | 9,000 |
| Net cash flow | 7 | 70 | 1,635 | -1,674 | 376 | 1,354 | 1,635 | 1,498 |
| Capital expenditure | -266 | -329 | -245 | -283 | -476 | -518 | -858 | -1,050 |
| Free cash flow | 1,318 | 1,207 | 1,120 | 993 | 853 | 1,084 | 1,399 | 1,831 |
WELL revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Senior Housing Operating | 100% | 48% | 100% | 100% | 100% | 52% | 100% | 100% | +51.4% |
| Outpatient Medical | 0% | 22% | 0% | 0% | 0% | 16% | 0% | 0% | — |
| Triple Net | 0% | 21% | 0% | 0% | 0% | 24% | 0% | 0% | — |
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
Revenue by region
Q2 FY2026 · share of revenue
- US 57% ↓ 26 pt
- GB 33% ↑ 25 pt
- CA 9% ↑ 1 pt
As WELL cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
26 filings between Nov 20, 2025 and Aug 26, 2026.
Open market
decisions to buy or sellPurchases
$2.41M
4 purchases by 1 insider
Sales
None
No insider sold shares.
Compensation
not trading decisions- 16
- Award — granted as compensation
- 1
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts, 1 conversion.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Gundlach Andrew | $2.41M | — | Aug 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 26, 2026 | Gundlach Andrew Director | Purchase | 2,500 | $605.1K |
| Aug 26, 2026 | Gundlach Andrew Director | Purchase | 2,500 | $605.1K |
| Aug 25, 2026 | Gundlach Andrew Director | Purchase | 2,500 | $598.7K |
| Aug 25, 2026 | Gundlach Andrew Director | Purchase | 2,500 | $598.7K |
| Aug 20, 2026 | LOPEZ DENNIS G Director | Award | 73 | $17.3K |
| Jun 26, 2026 | Mitra Shankh CEO | Gift | 3,852 | $0 |
| May 31, 2026 | Mitra Shankh CEO | Award | 17 | $2.9K |
| May 29, 2026 | McHugh Timothy Co-President and CFO | Award | 11 | $1.9K |
| May 27, 2026 | Mitra Shankh CEO | Gift | 162 | $0 |
| May 21, 2026 | LOPEZ DENNIS G Director | Award | 63 | $13.6K |
| May 1, 2026 | BACON KENNETH J Director | Conversion | 2,627 | $0 |
| Feb 26, 2026 | DeSalvo Karen B Director | Award | 1,056 | $0 |
| Feb 26, 2026 | LOPEZ DENNIS G Director | Award | 1,787 | $0 |
| Feb 26, 2026 | Rivera Sergio Director | Award | 1,056 | $0 |
| Feb 26, 2026 | Spisso Johnese Director | Award | 1,056 | $0 |
| Feb 13, 2026 | Mcqueen Matthew Grant Chief Legal Officer | Gift | 541 | $0 |
| Jan 15, 2026 | Fieweger Joshua SVP, Chief Accounting Officer | Tax withheld | 124 | $23.3K |
| Dec 31, 2025 | LOPEZ DENNIS G Director | Award | 57 | $0 |
| Dec 16, 2025 | McHugh Timothy Co-President and CFO | Gift | 500 | $0 |
| Nov 28, 2025 | McHugh Timothy Co-President and CFO | Award | 53 | $7.0K |
| Nov 28, 2025 | Fieweger Joshua SVP, Chief Accounting Officer | Award | 53 | $7.0K |
| Nov 28, 2025 | Mcqueen Matthew Grant Chief Legal Officer | Award | 71 | $9.4K |
| Nov 28, 2025 | Chaudhri Nikhil Co-President and CIO | Award | 31 | $4.1K |
| Nov 28, 2025 | Mitra Shankh CEO | Award | 64 | $8.4K |
| Nov 28, 2025 | Burkart John F. Vice Chairman and COO | Award | 39 | $5.1K |
| Nov 20, 2025 | LOPEZ DENNIS G Director | Award | 62 | $12.2K |
| Aug 21, 2025 | LOPEZ DENNIS G Director | Award | 73 | $12.2K |
| Jun 30, 2025 | Gundlach Andrew Director | Purchase | 10,000 | $1.51M |
| Jun 30, 2025 | Gundlach Andrew Director | Purchase | 10,000 | $1.51M |
| Jun 17, 2025 | Mitra Shankh CEO | Gift | 495 | $0 |
| May 30, 2025 | Fieweger Joshua SVP, Chief Accounting Officer | Award | 124 | $14.1K |
| May 30, 2025 | McHugh Timothy Co-President and CFO | Award | 61 | $6.9K |
| May 30, 2025 | Chaudhri Nikhil Co-President and CIO | Award | 150 | $17.1K |
| May 30, 2025 | Burkart John F. Vice Chairman and COO | Award | 141 | $16.1K |
| May 30, 2025 | Mcqueen Matthew Grant Chief Legal Officer | Award | 81 | $9.2K |
| May 30, 2025 | Mitra Shankh CEO | Award | 112 | $12.8K |
| May 22, 2025 | LOPEZ DENNIS G Director | Award | 108 | $15.9K |
| Apr 30, 2025 | Mitra Shankh CEO | Gift | 700 | $0 |
| Mar 6, 2025 | LOPEZ DENNIS G Director | Award | 91 | $13.6K |
| Feb 28, 2025 | DeSalvo Karen B Director | Award | 1,434 | $0 |
| Feb 28, 2025 | LOPEZ DENNIS G Director | Award | 2,427 | $0 |
| Feb 28, 2025 | Rivera Sergio Director | Award | 1,434 | $0 |
| Feb 28, 2025 | Spisso Johnese Director | Award | 1,434 | $0 |
| Feb 18, 2025 | Fieweger Joshua SVP, Chief Accounting Officer | Option exercise | 9,248 | $1.38M |
| Feb 18, 2025 | Fieweger Joshua SVP, Chief Accounting Officer | Tax withheld | 3,809 | $570.2K |
| Jan 15, 2025 | Fieweger Joshua SVP, Chief Accounting Officer | Tax withheld | 204 | $25.8K |
| Dec 9, 2024 | BACON KENNETH J Director | Sale | 2,200 | $286.4K |
| Dec 9, 2024 | BACON KENNETH J Director | Gift | 700 | $0 |
| Nov 29, 2024 | McHugh Timothy EVP - Chief Financial Officer | Award | 78 | $8.1K |
| Nov 29, 2024 | Fieweger Joshua SVP, Chief Accounting Officer | Award | 85 | $8.8K |
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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