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 2026-Q2, Welltower reported $463.0M of net income and $1.4B of NOI while deploying $7.2B into acquisitions, funded in part by $4.5B of ATM equity issuance and supported by $8.2B of cash, restricted cash, and revolver availability. Source: 10-Q Item 2 MD&A, pp.37-40
Welltower’s 2026-Q2 MD&A shows strong NOI and net-income growth alongside a major seniors-housing acquisition program financed with substantial equity issuance and available liquidity. Source: 10-Q Item 2 MD&A, pp.37-40
Last 4 quarters: 2 beats, 2 misses
Reported EPS of $1.60 versus the $0.64 analyst consensus — a +150.5% beat for Jun 2026.
Net income was $463.0M in 2026-Q2, up 52.0% from $304.6M in the three months ended June 30, 2025. Consolidated NOI was $1.394B, up 34.9% from $1.034B in the prior-year quarter, while FFO increased to $1.154B from $825.7M.
Source: 10-Q Item 2 MD&A, p.38
Seniors Housing Operating generated $867.2M of consolidated NOI, representing 66.1% of total NOI across 1,869 properties. Its share of NOI rose from 56% in 2026-Q2 a year earlier to 66% in 2026-Q2, while Outpatient Medical declined to 3% of NOI from 16%.
Source: 10-Q Item 2 MD&A, pp.36, 39
During the first six months of 2026, Welltower acquired 151 properties for a $7.150B book amount at a blended 6.0% capitalization rate, including 80 Seniors Housing Operating properties for $5.379B at a 5.1% capitalization rate. The company also announced in July 2026 that it had closed or expected to close more than $5B of additional seniors housing acquisitions in the second half of the year, subject to closing conditions and regulatory approvals.
Source: 10-Q Item 2 MD&A, p.37
Welltower sold 21.6M common shares through its ATM program during the first six months of 2026, generating approximately $4.481B of gross proceeds. At June 30, 2026, it had $1.965B of cash and cash equivalents, $132.0M of restricted cash, and $6.250B of available capacity under its unsecured revolving credit facility.
Source: 10-Q Item 2 MD&A, pp.37, 40
Cash provided by operating activities increased 22% year over year to $1.674B for the first six months of 2026. However, investing activities used $6.073B, primarily reflecting property investments and related activity, and cash, cash equivalents, and restricted cash ended the period at $2.097B, down 54% from $4.524B a year earlier.
Source: 10-Q Item 2 MD&A, p.40
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.
Welltower (WELL) is next expected to report on , when the following quarter's results and any updated outlook will be available.
See the WELL earnings preview — expected date, analyst estimates and what to watch →
Welltower reported $463.0M of net income in 2026-Q2, versus $304.6M in the comparable prior-year quarter, and NOI rose to $1.394B from $1.034B. The company also continued a large acquisition program, acquiring 151 properties for $7.150B during the first six months of 2026. Source: 10-Q Item 2 MD&A, pp.37-38
Consolidated NOI was $1.394B in 2026-Q2, a 34.9% increase from $1.034B in the three months ended June 30, 2025. Seniors Housing Operating accounted for $867.2M, or 66.1%, of total consolidated NOI. Source: 10-Q Item 2 MD&A, pp.36, 38
At June 30, 2026, Welltower had $1.965B of cash and cash equivalents, $132.0M of restricted cash, and $6.250B of available revolving-credit-facility capacity. During the first six months of 2026, it also raised approximately $4.481B of gross proceeds through sales of common stock under its ATM program. Source: 10-Q Item 2 MD&A, pp.37, 40
For the first six months of 2026, Welltower completed acquisitions and joint-venture investments totaling $7.150B across 151 properties at a blended 6.0% capitalization rate. Seniors Housing Operating represented the largest portion, with $5.379B invested in 80 properties. Source: 10-Q Item 2 MD&A, p.37
The Risk Factors section was not provided with this filing extract, so no company-specific risk factors can be summarized from that section. The MD&A does state that an obligor or operating partner’s inability to make contractual rent, interest, or distribution payments could materially adversely affect results, liquidity, or financial condition. Source: 10-Q Item 2 MD&A, p.36
Welltower (WELL) is next expected to report earnings on Oct 26, 2026. The date comes from the analyst earnings calendar and can shift until the company confirms it.
Expected release date, analyst estimates & what to watch
Welltower (WELL) delivered strong Q1 2026 results with revenue surging 38.3% YoY to $3.35B and EPS more than doubling to $1.04, driven by robust portfolio growth and expanding asset base.
Welltower (WELL) delivered strong FY2025 revenue growth of 35.6% to $10.84B, driven by significant asset acquisitions and portfolio expansion, though EPS declined 10.8% to $1.41 amid a 642.5% surge in SG&A expenses and heavy investment activity.
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