A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
In Q2 FY2026, Ventas, Inc. delivered strong top-line revenue growth of 21.7% YoY to $1.73B, led by a 40.9% expansion in SHOP segment Net Operating Income, while diluted EPS stood at $0.14.
Revenue
$1.73B
+21.73% YoY
EPS (Diluted)
$0.14
-6.67% YoY
Filed · Source: SEC EDGAR 10-Q filing
Ventas (VTR) reported Q2 FY2026 revenue of $1.73B, up 21.7% year over year. Diluted EPS was $0.14. VTR's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Ventas posted strong Q2 FY2026 revenue of $1.73B (+21.7% YoY) and generated $403.5M in SHOP NOI, backed by $4.9B in overall liquidity.
Last 4 quarters: 3 beats, 1 miss
Adjusted (non-GAAP) EPS of $0.97 versus the $0.13 analyst consensus — a +622.8% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.14.
SHOP segment Net Operating Income (NOI) grew 40.9% YoY to $403.5M for the three months ended June 30, 2026, propelled by resident fees increasing 32.0% YoY to $1.36B due to higher unit occupancy (88.7% vs. 86.5%) and average monthly rate expansion ($5,629 vs. $5,241).
Source: 10-Q Item 2 MD&A, p.38
During the six months ended June 30, 2026, Ventas acquired 61 senior housing communities in its SHOP segment for an aggregate purchase price of $2.8B, followed by two additional community acquisitions in July 2026 for $142.2M.
Source: 10-Q Item 2 MD&A, p.34-35
As of June 30, 2026, total available liquidity stood at $4.9B, including $3.5B under the revolving credit facility, $199.0M in cash, and $1.5B in unsettled equity forward sales agreements. In May 2026, the company expanded its ATM Program capacity from $2.5B to $3.0B.
Source: 10-Q Item 2 MD&A, p.35
In July 2026, Ventas completed an internal reorganization into an UPREIT structure where Ventas OP LLC became the sole direct operating subsidiary; the transaction had no impact on consolidated financial results or operational reportable segments.
Source: 10-Q Item 2 MD&A, p.33
Cash and cash equivalents fell 67.6% YoY to $198.96M as of Q2 FY2026 from $614.20M in the prior period. A lower cash balance increases reliance on credit facility drawdowns and capital markets to fund operational and investment needs.
Source: 10-Q Balance Sheet (XBRL)
Total liabilities reached $14.44B with a Debt to Equity ratio of 0.99 as of Q2 FY2026. High debt leverage subjects the company to ongoing refinancing risks and elevated interest costs in a restrictive interest rate environment.
Source: 10-Q Balance Sheet (XBRL)
Year-to-date investing cash outflow expanded to -$3.02B in Q2 FY2026, compared to -$1.09B in the prior year period. If newly acquired senior housing assets experience operational delays or fail to hit projected profitability targets, overall returns could be diluted.
Source: 10-Q Cash Flow (XBRL)
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the VTR earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.73B | $1.42B | +21.73% |
EPS (Basic) | $0.14 | $0.15 | -6.67% |
EPS (Diluted) | $0.14 | $0.15 | -6.67% |
Ventas reported total revenue of $1.73B in Q2 FY2026, representing a 21.7% increase from $1.42B in Q2 FY2025. Revenue growth was primarily driven by strong resident fee growth in the Senior Housing Operating Portfolio (SHOP).
Ventas reported basic and diluted EPS of $0.14 for Q2 FY2026, compared to $0.15 in Q2 FY2025, representing a 6.7% YoY decrease. Net income attributable to common stockholders rose to $70.57M from $68.26M, but was slightly diluted on a per-share basis due to share count expansion.
As of June 30, 2026, Ventas had total available liquidity of $4.9B. This consisted of $3.5B in revolving credit facility capacity, $199.0M in cash and cash equivalents, and $1.5B in estimated unsettled proceeds under equity forward sales agreements.
Expected release date, analyst estimates & what to watch
VTR (Ventas) delivered strong Q1 FY2026 results with revenue surging 22.0% year-over-year to $1.66B, driven by robust operating cash flow growth of 22.9%, while stockholders' equity expanded 14.4% reflecting a healthier balance sheet.
Ventas (VTR) delivered strong FY2025 results with revenue surging 18.5% to $5.83B and EPS more than doubling to $0.55, driven by robust operating cash flow growth of 23.8% and a meaningful reduction in total liabilities.
Other companies in Health Care REITs