Welltower (WELL) — Q2 2026 Earnings Preview
Key Preview Table: What to Watch for in Q2 2026
| Factor / KPI | Q2 2026E (Consensus) | Q2 2025 Actual | YoY Change | Q1 2026 Actual | Sequential Trend | Guidance/Context Notes |
|---|---|---|---|---|---|---|
| Revenue ($M) | 3,373 | 2,500 | +35% | 3,197 | +5.5% | Strong organic and acquisition-driven growth expected |
| EBITDA ($M) | 1,328 | 942 | +41% | 1,221 | +8.8% | Margin expansion from SHOP mix shift, WBS rollout |
| Net Income ($M) | 462 | 286 | +62% | 366 | +26% | Includes gains on asset sales, higher SHOP NOI |
| EPS (GAAP, $) | 0.61 | 0.44 | +39% | 0.72 | -15% | Q1 included large gain on sale; Q2 normalizes |
| Normalized FFO/share ($) | 1.28 | 1.47 | FY26 guidance midpoint: $6.28 | |||
| Same Store NOI Growth (%) | 13.8% | 16.4% | FY26 guide: 12.25–16.0% | |||
| SHOP Same Store NOI Growth (%) | 23.4% | 22.1% | FY26 guide: 16.5–21.5% | |||
| SHOP Occupancy YoY (bps) | +420 | +370 | FY26 guide: +350 bps | |||
| SHOP RevPOR YoY Growth (%) | 4.9% | 5.0% | FY26 guide: 5.0% |
