DOCHealthpeak PropertiesQ1 FY2026Earnings Analysis

StrongFundamentals score8 / 10

How is this scored?

Base score5
Revenue up more than 5% YoY+1
Net income up more than 10% YoY+2

Total8 / 10

Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.

Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →

AI Takeaway

DOC delivered strong Q1 FY2026 results with revenue up 7.1% YoY to $753.0M and net income surging 352.1% to $193.6M, while the company raised significant financing capital, boosting cash by over 15x to $1.17B.

Revenue

$752.95M

+7.12% YoY

EPS (Diluted)

$0.28

+366.67% YoY

Filed May 6, 2026 · Analysis updated Jun 21, 2026 · Source: SEC EDGAR 10-Q filing

Next DOC earnings expected Oct 21, 2026

Revenue Growth, Margins & Profitability

Source: SEC XBRL

Healthpeak Properties (DOC) reported Q1 FY2026 revenue of $752.95M, up 7.1% year over year. Operating cash flow was $260.88M, down 6.6% year over year. DOC's fiscal Q1 FY2026 corresponds to calendar Q1 2026.

DOC vs Analyst Expectations

Last 4 quarters: 4 beats

Quarter	Actual EPS (USD)	Consensus (USD)	Result
Jun 2026	0.08	0.03	Beat +143.9%
Mar 2026This filing	0.28	0.05	Beat +515.4%
Dec 2025	0.16	0.06	Beat +179.7%
Sep 2025	0.08	0.06	Beat +37.7%

Reported EPS of $0.28 versus the $0.05 analyst consensus — a +515.4% beat for Mar 2026.

DOC Q1 FY2026 Management Discussion Highlights

Compiled by AI from this SEC filing

Revenue Growth Momentum

Total revenue increased 7.1% year-over-year from $702.9M to $753.0M in Q1 FY2026, reflecting continued expansion of DOC's healthcare real estate portfolio and stable rental income streams.

Source: 10-Q Income Statement

Dramatic Net Income Improvement

Net income surged 352.1% YoY from $42.8M to $193.6M, driving basic and diluted EPS from $0.06 to $0.28, a 366.7% improvement, likely reflecting asset gains, reduced impairments, or favorable non-cash adjustments.

Source: 10-Q Income Statement

Significant Capital Raise via Financing Activities

Financing cash flow turned sharply positive at $1.11B (vs. -$94.4M in the prior year period), driving cash and equivalents up 1,558% to $1.17B, suggesting a major equity or debt issuance to fund growth initiatives.

Source: 10-Q Cash Flow Statement

Elevated Investment Activity

Investing cash outflows widened to -$638.6M from -$230.7M YoY, indicating accelerated acquisition or capital expenditure activity consistent with portfolio expansion in healthcare real estate.

Source: 10-Q Cash Flow Statement

Rising Leverage Profile

Long-term debt grew 17.4% YoY to $10.42B, and total liabilities increased 14.4% to $12.56B, while stockholders' equity declined 4.4% to $7.83B, resulting in a debt-to-equity ratio of 1.60x, reflecting increased financial leverage to fund acquisitions.

Source: 10-Q Balance Sheet

DOC Q1 FY2026 Risk Factors

Compiled by AI from this SEC filing · 1 high, 4 medium, 0 low

Rising Leverage and Debt Burden

high

Long-term debt increased 17.4% YoY to $10.42B, and the debt-to-equity ratio stands at 1.60x. In a higher-for-longer interest rate environment, refinancing costs could pressure funds from operations (FFO) and dividend sustainability.

Source: 10-Q Balance Sheet

Declining Stockholders' Equity

medium

Stockholders' equity fell 4.4% YoY to $7.83B despite strong net income, suggesting significant dividend distributions or other equity reductions. Continued erosion of the equity base could constrain future borrowing capacity and REIT compliance ratios.

Source: 10-Q Balance Sheet

Operating Cash Flow Decline

medium

Operating cash flow decreased 6.6% YoY to $260.9M, even as net income surged, indicating that the net income improvement may be driven by non-cash or non-recurring items rather than core operational cash generation.

Source: 10-Q Cash Flow Statement

Aggressive Acquisition Pace and Integration Risk

medium

Investing outflows nearly tripled YoY to -$638.6M, reflecting rapid portfolio expansion. Rapid acquisitions in healthcare real estate carry risks of overpaying, tenant concentration, and operational integration challenges.

Source: 10-Q Cash Flow Statement

Dividend Sustainability Under Pressure

medium

DOC paid $212.0M in dividends in Q1 FY2026, which represents approximately 81.3% of operating cash flow of $260.9M. If operating cash flow continues to decline while dividends remain stable, the payout ratio could become unsustainable without external financing.

Source: 10-Q Cash Flow Statement

DOC Financial Charts & Detailed Metrics

Revenue & Net Income Trend

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Key Metrics

Income Statement

Metric	Current	Previous	YoY Change
Revenue $M	752.95 $M	702.89 $M	+7.12%
Net Income $M	193.63 $M	42.83 $M	+352.12%
EPS (Basic) $	0.28 $	0.06 $	+366.67%
EPS (Diluted) $	0.28 $	0.06 $	+366.67%

Balance Sheet

Metric	Current	Previous	YoY Change
Total Assets $B	21.62 $B	19.82 $B	+9.09%
Total Liabilities $B	12.56 $B	10.97 $B	+14.44%
Stockholders' Equity $B	7.83 $B	8.19 $B	-4.42%
Cash & Equivalents $B	1.171 $B	0.071 $B	+1558.04%
Long-Term Debt $B	10.42 $B	8.88 $B	+17.42%

Cash Flow

Metric	Current	Previous	YoY Change
Operating Cash Flow $M	260.88 $M	279.43 $M	-6.64%
Investing Cash Flow $M	-638.61 $M	-230.71 $M	-176.80%
Financing Cash Flow $B	1.106 $B	-0.094 $B	+1271.37%
Dividends Paid $M	211.99 $M	213.48 $M	-0.70%
Share Buybacks $M	1.37 $M	24.96 $M	-94.49%

Key Ratios

Metric	Current	Previous	YoY Change
Net Margin	25.7%	—	—
ROE	2.5%	—	—
ROA	0.9%	—	—
Debt to Equity	1.60	—	—

DOC Q1 FY2026 Earnings FAQ

Answers draw on this SEC filing and the data on this page

What were the key takeaways from DOC's Q1 FY2026 earnings?

DOC reported Q1 FY2026 revenue of $753.0M, up 7.1% YoY, and net income of $193.6M, a dramatic 352.1% increase from $42.8M in the prior year. The company also raised significant capital through financing activities ($1.11B inflow), boosting cash to $1.17B, while accelerating acquisitions with $638.6M in investing outflows.

How did DOC's revenue grow in Q1 FY2026?

DOC's revenue grew 7.1% year-over-year in Q1 FY2026, rising from $702.9M to $753.0M, consistent with steady expansion of its healthcare real estate portfolio. This growth reflects stable rental income and potential contributions from newly acquired properties.

Why did DOC's net income jump so much in Q1 FY2026?

DOC's net income surged 352.1% YoY to $193.6M in Q1 FY2026, but operating cash flow actually declined 6.6% to $260.9M, suggesting the income improvement was likely driven by non-cash gains, asset sale proceeds, or favorable one-time items rather than purely organic operational improvement. Investors should look for further detail in the full filing.

What is DOC's financial health heading into Q1 FY2026?

DOC's balance sheet shows total assets of $21.6B and cash of $1.17B, but long-term debt has risen 17.4% YoY to $10.42B, resulting in a debt-to-equity ratio of 1.60x. While liquidity improved dramatically due to recent capital raises, the rising leverage and declining stockholders' equity (-4.4% YoY) are factors investors should monitor closely.

Is DOC's dividend safe after Q1 FY2026 results?

DOC paid $212.0M in dividends in Q1 FY2026, representing approximately 81.3% of its $260.9M operating cash flow, which is a high but not uncommon payout ratio for REITs. However, with operating cash flow declining 6.6% YoY and debt rising, the dividend's sustainability depends on maintaining or growing cash generation from operations.

When is the next DOC earnings date?

Healthpeak Properties (DOC) is next expected to report earnings on Oct 21, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.

More DOC Earnings Reports

DOC Q2 FY2026

Healthpeak Properties completed the IPO of its Janus Living senior housing subsidiary, raising over $1.6 billion in total proceeds, while delivering solid revenue and earnings growth in Q2 FY2026.

DOC FY2025

DOC reported FY2025 revenue growth of 4.5% to $2.82B, but net income fell sharply by 70.7% to $71.3M, driven by higher liabilities and increased long-term debt, even as operating cash flow improved 17.0% to $1.25B.

Related Earnings Analysis

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WELL

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DOCHealthpeak PropertiesQ1 FY2026

StrongFundamentals score8 / 10

How is this scored?

Base score5
Revenue up more than 5% YoY+1
Net income up more than 10% YoY+2

Total8 / 10

Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.

Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →

AI Takeaway

Quarter

Actual EPS (USD)

Consensus (USD)

Result

Jun 2026

0.08

0.03

Beat +143.9%

Mar 2026This filing

0.28

0.05

Beat +515.4%

Dec 2025

0.16

0.06

Beat +179.7%

Sep 2025

0.08

0.06

Beat +37.7%

Metric

Current

YoY Change

Revenue $M

752.95

+7.12%

Net Income $M

193.63

+352.12%

EPS (Basic) $

0.28

+366.67%

EPS (Diluted) $

0.28

+366.67%

Metric

Current

YoY Change

Total Assets $B

21.62

+9.09%

Total Liabilities $B

12.56

+14.44%

Stockholders' Equity $B

7.83

-4.42%

Cash & Equivalents $B

1.171

+1558.04%

Long-Term Debt $B

10.42

+17.42%

Metric

Current

YoY Change

Operating Cash Flow $M

260.88

-6.64%

Investing Cash Flow $M

-638.61

-176.80%

Financing Cash Flow $B

1.106

+1271.37%

Dividends Paid $M

211.99

-0.70%

Share Buybacks $M

1.37

-94.49%

Metric

Current

YoY Change

Net Margin

25.7%

—

ROE

2.5%

—

ROA

0.9%

—

Debt to Equity

1.60

—