Welltower Inc. (WELL) Q2 FY2026 Financial Statements: Revenue $3.54B, Net income $445.00M
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PeriodQ2 FY2026
Published
Welltower reported $3.54 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026, up 39.1% from a year earlier, and net income attributable to common stockholders of $445.00 million, or $0.61 per diluted share. Funds from operations came to $1.56 per diluted share, up 25.8%. Much of the growth came from seniors housing communities Welltower has bought over the past year, including the Amica, Barchester and HC-One portfolios, but the established portfolio grew as well: same store net operating income, which covers a consistent set of properties, was $805.82 million, up 16.7%, on higher occupancy and rates.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $3,544,586,000 | up 39.1% |
| Net income | $445,002,000 | up 47.4% |
| Diluted EPS | $0.61 | up 35.6% |
| FFO per diluted share | $1.56 | up 25.8% |
| Same store NOI | $805,819,000 | up 16.7% |
About this file
| Ticker | WELL |
|---|---|
| CIK | 0000766704 |
| Company | Welltower Inc. |
| Business type | reit |
| Schema template | REIT (healthcare / seniors housing): revenue by source, consolidated NOI, FFO and FFO per diluted share, debt and leverage, real-estate cash flows |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not thousands); share counts in actual shares; per-share amounts in dollars |
WELL annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Label | FY2025 | FY2024 | FY2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0000766704-26-000010 | 0000766704-26-000010 | 0000766704-26-000010 |
| Income statement | |||
| Resident fees and services | 8,452,996,000 | 6,027,149,000 | 4,753,804,000 |
| Rental income | 1,967,935,000 | 1,570,278,000 | 1,556,073,000 |
| Interest income | 246,205,000 | 256,191,000 | 168,354,000 |
| Other income | 170,898,000 | 137,500,000 | 159,764,000 |
| Total revenues | 10,838,034,000 | 7,991,118,000 | 6,637,995,000 |
| Property operating expenses | 6,488,081,000 | 4,830,211,000 | 3,947,776,000 |
| Depreciation and amortization | 2,084,868,000 | 1,632,093,000 | 1,401,101,000 |
| Interest expense | 651,955,000 | 574,261,000 | 607,846,000 |
| General and administrative expenses | 1,748,435,000 | 235,491,000 | 179,091,000 |
| Loss gain on derivatives and financial instruments net | 22,407,000 | -27,887,000 | -2,120,000 |
| Loss gain on extinguishment of debt net | 9,245,000 | 2,130,000 | 7,000 |
| Provision for loan losses net | -9,416,000 | 10,125,000 | 9,809,000 |
| Impairment of assets | 121,283,000 | 92,793,000 | 36,097,000 |
| Other expenses | 201,201,000 | 117,459,000 | 108,341,000 |
| Total expenses | 11,318,059,000 | 7,466,676,000 | 6,287,948,000 |
| Income loss from continuing operations before income taxes and other items | -480,025,000 | 524,442,000 | 350,047,000 |
| Income tax expense benefit | 7,116,000 | -2,700,000 | -6,364,000 |
| Income loss from unconsolidated entities | -14,297,000 | -496,000 | -53,442,000 |
| Gain loss on real estate dispositions and acquisitions of controlling interests net | 1,449,043,000 | 451,611,000 | 67,898,000 |
| Net income | 961,837,000 | 972,857,000 | 358,139,000 |
| Net income attributable to noncontrolling interests | 24,992,000 | 21,177,000 | 18,045,000 |
| Net income attributable to common stockholders | 936,845,000 | 951,680,000 | 340,094,000 |
| Basic shares | 665,639,000 | 602,975,000 | 515,629,000 |
| Diluted shares | 679,521,000 | 608,750,000 | 518,701,000 |
| Basic EPS | 1.41 | 1.58 | 0.66 |
| Diluted EPS | 1.39 | 1.57 | 0.66 |
| Reit metrics | |||
| Ffo attributable to common stockholders | 1,817,952,000 | 2,323,433,000 | 1,763,227,000 |
| Consolidated noi | 4,349,953,000 | 3,160,907,000 | 2,690,219,000 |
| EBITDA | 3,691,544,000 | 3,181,911,000 | 2,373,450,000 |
| Adjusted EBITDA | 4,169,347,000 | 3,151,811,000 | 2,509,003,000 |
| Ffo per diluted share | 2.68 | 3.82 | 3.4 |
| Balance sheet | |||
| Net real property owned | 53,423,291,000 | 40,673,242,000 | |
| Net real estate investments | 57,910,509,000 | 43,851,677,000 | |
| Cash and cash equivalents | 5,033,678,000 | 3,506,586,000 | |
| Restricted cash | 175,861,000 | 204,871,000 | |
| Total assets | 67,303,047,000 | 51,044,308,000 | |
| Unsecured credit facility and commercial paper | 0 | 0 | |
| Senior unsecured notes | 16,383,522,000 | 13,162,102,000 | |
| Secured debt | 2,813,780,000 | 2,338,155,000 | |
| Lease liabilities | 2,182,993,000 | 1,258,099,000 | |
| Total liabilities | 24,100,108,000 | 18,471,722,000 | |
| Redeemable noncontrolling interests | 263,223,000 | 256,220,000 | |
| Total welltower stockholders equity | 42,129,498,000 | 31,956,208,000 | |
| Noncontrolling interests | 810,218,000 | 360,158,000 | |
| Total equity | 42,939,716,000 | 32,316,366,000 | |
| Total debt | 19,197,302,000 | 15,500,257,000 | |
| Cash flow | |||
| Operating cash flow | 2,881,677,000 | 2,256,421,000 | 1,601,861,000 |
| Cash disbursed for acquisitions net of cash acquired | -13,913,975,000 | -3,525,449,000 | -3,558,266,000 |
| Capital improvements to existing properties | -1,050,263,000 | -857,546,000 | -517,682,000 |
| Construction in progress | -437,731,000 | -827,900,000 | -1,014,935,000 |
| Capitalized interest | -33,799,000 | -58,115,000 | -50,699,000 |
| Proceeds from sales of real property | 5,658,270,000 | 336,525,000 | 96,741,000 |
| Net cash used in investing activities | -10,512,749,000 | -5,514,681,000 | -5,707,742,000 |
| Cash distributions to stockholders | -1,877,959,000 | -1,545,275,000 | -1,260,578,000 |
| Net cash from financing activities | 8,999,760,000 | 4,905,351,000 | 5,448,647,000 |
| Capex | -1,521,793,000 | -1,743,561,000 | -1,583,316,000 |
| Free cash flow | 1,359,884,000 | 512,860,000 | 18,545,000 |
WELL quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal year | 2026 | 2025 |
| Fiscal quarter | 2 | 2 |
| Label | Q2 2026 | Q2 2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 0000766704-26-000030 | 0000766704-26-000030 |
| Income statement | ||
| Resident fees and services | 2,984,891,000 | 1,971,044,000 |
| Rental income | 459,740,000 | 483,040,000 |
| Interest income | 77,369,000 | 62,057,000 |
| Other income | 22,586,000 | 32,103,000 |
| Total revenues | 3,544,586,000 | 2,548,244,000 |
| Property operating expenses | 2,150,123,000 | 1,514,711,000 |
| Depreciation and amortization | 737,764,000 | 495,036,000 |
| Interest expense | 181,914,000 | 141,157,000 |
| General and administrative expenses | 67,486,000 | 64,175,000 |
| Loss gain on derivatives and financial instruments net | 0 | -409,000 |
| Loss gain on extinguishment of debt net | 1,984,000 | 0 |
| Provision for loan losses net | 2,183,000 | -1,113,000 |
| Impairment of assets | 25,774,000 | 19,876,000 |
| Other expenses | 56,930,000 | 16,598,000 |
| Total expenses | 3,224,158,000 | 2,250,031,000 |
| Income loss from continuing operations before income taxes and other items | 320,428,000 | 298,213,000 |
| Income tax expense benefit | 61,979,000 | -1,053,000 |
| Income loss from unconsolidated entities | -17,969,000 | -7,392,000 |
| Gain loss on real estate dispositions and acquisitions of controlling interests net | 98,537,000 | 14,850,000 |
| Net income | 462,975,000 | 304,618,000 |
| Net income attributable to noncontrolling interests | 17,973,000 | 2,730,000 |
| Net income attributable to common stockholders | 445,002,000 | 301,888,000 |
| Basic shares | 709,732,000 | 656,593,000 |
| Diluted shares | 737,956,000 | 668,140,000 |
| Basic EPS | 0.63 | 0.46 |
| Diluted EPS | 0.61 | 0.45 |
| Dividends declared and paid per common share | 0.74 | 0.67 |
| Reit metrics | ||
| Ffo attributable to common stockholders | 1,153,653,000 | 825,717,000 |
| Ffo per diluted share | 1.56 | 1.24 |
| Consolidated noi | 1,394,463,000 | 1,033,533,000 |
| EBITDA | 1,320,674,000 | 941,864,000 |
| Same store noi | 805,819,000 | 690,514,000 |
| Balance sheet | ||
| Net real property owned | 58,053,634,000 | |
| Net real estate investments | 62,965,757,000 | |
| Cash and cash equivalents | 1,965,164,000 | |
| Restricted cash | 132,000,000 | |
| Total assets | 69,875,180,000 | |
| Unsecured credit facility and commercial paper | 0 | |
| Senior unsecured notes | 14,295,101,000 | |
| Secured debt | 3,431,152,000 | |
| Lease liabilities | 1,994,551,000 | |
| Total liabilities | 22,211,608,000 | |
| Redeemable noncontrolling interests | 224,538,000 | |
| Total welltower stockholders equity | 46,414,348,000 | |
| Noncontrolling interests | 1,024,686,000 | |
| Total equity | 47,439,034,000 | |
| Total debt | 17,726,253,000 | |
WELL year-to-date income statement and cash flow
| Six months ended June 30, 2026 | |
|---|---|
| Label | Six months ended June 30, 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 0000766704-26-000030 |
| Income statement | |
| Resident fees and services | 5,765,822,000 |
| Rental income | 913,582,000 |
| Interest income | 148,298,000 |
| Other income | 68,810,000 |
| Total revenues | 6,896,512,000 |
| Property operating expenses | 4,205,543,000 |
| Depreciation and amortization | 1,360,516,000 |
| Interest expense | 374,629,000 |
| General and administrative expenses | 134,960,000 |
| Loss gain on derivatives and financial instruments net | 0 |
| Loss gain on extinguishment of debt net | 2,711,000 |
| Provision for loan losses net | 3,815,000 |
| Impairment of assets | 30,600,000 |
| Other expenses | 118,067,000 |
| Total expenses | 6,230,841,000 |
| Income loss from continuing operations before income taxes and other items | 665,671,000 |
| Income tax expense benefit | 50,346,000 |
| Income loss from unconsolidated entities | -19,655,000 |
| Gain loss on real estate dispositions and acquisitions of controlling interests net | 518,937,000 |
| Net income | 1,215,299,000 |
| Net income attributable to noncontrolling interests | 41,625,000 |
| Net income attributable to common stockholders | 1,173,674,000 |
| Basic shares | 704,812,000 |
| Diluted shares | 732,137,000 |
| Basic EPS | 1.67 |
| Diluted EPS | 1.63 |
| Dividends declared and paid per common share | 1.48 |
| Reit metrics | |
| Consolidated noi | 2,690,969,000 |
| Ffo attributable to common stockholders | 2,136,201,000 |
| Ffo per diluted share | 2.92 |
| EBITDA | 2,900,098,000 |
| Same store noi | 1,457,821,000 |
| Balance sheet | |
| Net real property owned | 58,053,634,000 |
| Net real estate investments | 62,965,757,000 |
| Cash and cash equivalents | 1,965,164,000 |
| Restricted cash | 132,000,000 |
| Total assets | 69,875,180,000 |
| Unsecured credit facility and commercial paper | 0 |
| Senior unsecured notes | 14,295,101,000 |
| Secured debt | 3,431,152,000 |
| Lease liabilities | 1,994,551,000 |
| Total liabilities | 22,211,608,000 |
| Redeemable noncontrolling interests | 224,538,000 |
| Total welltower stockholders equity | 46,414,348,000 |
| Noncontrolling interests | 1,024,686,000 |
| Total equity | 47,439,034,000 |
| Total debt | 17,726,253,000 |
| Cash flow | |
| Operating cash flow | 1,673,639,000 |
| Cash disbursed for acquisitions net of cash acquired | -6,320,151,000 |
| Capital improvements to existing properties | -589,126,000 |
| Construction in progress | -166,916,000 |
| Capitalized interest | -17,300,000 |
| Proceeds from sales of real property | 2,353,755,000 |
| Net cash used in investing activities | -6,073,018,000 |
| Cash distributions to stockholders | -1,044,890,000 |
| Net cash from financing activities | 1,334,876,000 |
| Capex | -773,342,000 |
| Free cash flow | 900,297,000 |
| Prior year comparative | |
| Label | Six months ended June 30, 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 0000766704-26-000030 |
| Income statement | |
| Resident fees and services | 3,835,574,000 |
| Rental income | 944,607,000 |
| Interest income | 124,547,000 |
| Other income | 66,603,000 |
| Total revenues | 4,971,331,000 |
| Property operating expenses | 2,977,101,000 |
| Depreciation and amortization | 980,905,000 |
| Interest expense | 286,119,000 |
| General and administrative expenses | 127,933,000 |
| Loss gain on derivatives and financial instruments net | -3,619,000 |
| Loss gain on extinguishment of debt net | 6,156,000 |
| Provision for loan losses net | -3,120,000 |
| Impairment of assets | 72,278,000 |
| Other expenses | 30,658,000 |
| Total expenses | 4,474,411,000 |
| Income loss from continuing operations before income taxes and other items | 496,920,000 |
| Income tax expense benefit | 4,466,000 |
| Income loss from unconsolidated entities | -6,129,000 |
| Gain loss on real estate dispositions and acquisitions of controlling interests net | 66,627,000 |
| Net income | 561,884,000 |
| Net income attributable to noncontrolling interests | 2,039,000 |
| Net income attributable to common stockholders | 559,845,000 |
| Basic shares | 650,029,000 |
| Diluted shares | 661,004,000 |
| Basic EPS | 0.86 |
| Diluted EPS | 0.85 |
| Dividends declared and paid per common share | 1.34 |
| Reit metrics | |
| Consolidated noi | 1,994,230,000 |
| Ffo attributable to common stockholders | 1,590,914,000 |
| Ffo per diluted share | 2.41 |
| EBITDA | 1,824,442,000 |
| Same store noi | 1,248,533,000 |
| Cash flow | |
| Operating cash flow | 1,368,992,000 |
| Cash disbursed for acquisitions net of cash acquired | -2,936,818,000 |
| Capital improvements to existing properties | -473,229,000 |
| Construction in progress | -238,561,000 |
| Capitalized interest | -20,173,000 |
| Proceeds from sales of real property | 410,809,000 |
| Net cash used in investing activities | -3,427,273,000 |
| Cash distributions to stockholders | -871,423,000 |
| Net cash from financing activities | 2,726,661,000 |
| Capex | -731,963,000 |
| Free cash flow | 637,029,000 |
WELL trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 0000766704-26-000030 |
| Income statement | |
| Resident fees and services derived | 10,383,244,000 |
| Rental income derived | 1,936,910,000 |
| Interest income derived | 269,956,000 |
| Other income derived | 173,105,000 |
| Total revenues derived | 12,763,215,000 |
| Property operating expenses derived | 7,716,523,000 |
| Depreciation and amortization derived | 2,464,479,000 |
| Interest expense derived | 740,465,000 |
| General and administrative expenses derived | 1,755,462,000 |
| Loss gain on derivatives and financial instruments net derived | 26,026,000 |
| Loss gain on extinguishment of debt net derived | 5,800,000 |
| Provision for loan losses net derived | -2,481,000 |
| Impairment of assets derived | 79,605,000 |
| Other expenses derived | 288,610,000 |
| Total expenses derived | 13,074,489,000 |
| Income loss from continuing operations before income taxes and other items derived | -311,274,000 |
| Income tax expense benefit derived | 52,996,000 |
| Income loss from unconsolidated entities derived | -27,823,000 |
| Gain loss on real estate dispositions and acquisitions of controlling interests net derived | 1,901,353,000 |
| Net income derived | 1,615,252,000 |
| Net income attributable to noncontrolling interests derived | 64,578,000 |
| Net income attributable to common stockholders derived | 1,550,674,000 |
| Diluted EPS sum of four quarters | 2.18 |
| Reit metrics | |
| Consolidated noi derived | 5,046,692,000 |
| Ffo attributable to common stockholders derived | 2,363,239,000 |
| EBITDA derived | 4,767,200,000 |
| Adjusted EBITDA | 4,860,413,000 |
| Ffo per diluted share sum of four quarters | 3.24 |
| Balance sheet | |
| Net real property owned | 58,053,634,000 |
| Net real estate investments | 62,965,757,000 |
| Cash and cash equivalents | 1,965,164,000 |
| Restricted cash | 132,000,000 |
| Total assets | 69,875,180,000 |
| Unsecured credit facility and commercial paper | 0 |
| Senior unsecured notes | 14,295,101,000 |
| Secured debt | 3,431,152,000 |
| Lease liabilities | 1,994,551,000 |
| Total liabilities | 22,211,608,000 |
| Redeemable noncontrolling interests | 224,538,000 |
| Total welltower stockholders equity | 46,414,348,000 |
| Noncontrolling interests | 1,024,686,000 |
| Total equity | 47,439,034,000 |
| Total debt | 17,726,253,000 |
| Cash flow | |
| Operating cash flow derived | 3,186,324,000 |
| Cash disbursed for acquisitions net of cash acquired derived | -17,297,308,000 |
| Capital improvements to existing properties derived | -1,166,160,000 |
| Construction in progress derived | -366,086,000 |
| Capitalized interest derived | -30,926,000 |
| Proceeds from sales of real property derived | 7,601,216,000 |
| Net cash used in investing activities derived | -13,158,494,000 |
| Cash distributions to stockholders derived | -2,051,426,000 |
| Net cash from financing activities derived | 7,607,975,000 |
| Capex derived | -1,563,172,000 |
| Free cash flow derived | 1,623,152,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None. Welltower reports in U.S. dollars; its Canadian and U.K. operations are translated into U.S. dollars within the filings themselves, so no conversion was applied here. |
Notes
- Welltower is a healthcare and seniors housing real estate investment trust, so this record uses a REIT template: revenue split by source (resident fees and services, rental income, interest income, other income), consolidated net operating income (NOI), funds from operations (FFO) and FFO per diluted share alongside the GAAP income statement, plus debt, leverage and real-estate cash flows. Cost of revenue, gross profit and operating income are not concepts Welltower reports and are not shown.
- Every figure is stated in actual U.S. dollars. The filings print their statements in thousands and their per-share amounts in dollars; the thousands have been expanded here.
- Annual figures for 2025, 2024 and 2023 come from the fiscal 2025 Form 10-K (accession 0000766704-26-000010), filed February 12, 2026. That 10-K presents three years of income statement and cash flow but only two balance sheets, so fiscal 2023 carries no balance sheet here.
- Quarterly figures for the three months ended June 30, 2026 and June 30, 2025, and the six-month figures, come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0000766704-26-000030), filed July 28, 2026.
- Fiscal 2025 general and administrative expenses of $1.748 billion include $1.557 billion of stock-based compensation expense, of which $1.409 billion related to long-term incentive plan unit awards granted to named executive officers and certain key employees that vested immediately on grant. That charge is why fiscal 2025 total expenses exceeded total revenues and why FFO fell 22% against fiscal 2024 even as NOI rose 38%. General and administrative expenses were $235 million in fiscal 2024 and $179 million in fiscal 2023.
- Income tax (expense) benefit is shown with the sign the filings print: a positive figure is a tax benefit and a negative figure is a tax expense. All other expense lines, including other expenses, are shown as positive amounts. The income tax benefit for the three months ended June 30, 2026 included a $71.3 million deferred tax benefit recognized by a Canadian subsidiary as a result of a reduction in its valuation allowance.
- Total debt is not a line Welltower prints. It is shown here as the sum of the balance sheet's senior unsecured notes, secured debt and unsecured credit facility and commercial paper. Lease liabilities are reported separately and are not included in it.
- Capital expenditure is not a single line in Welltower's cash flow statement. The figure shown here is the sum of cash disbursed for capital improvements to existing properties, cash disbursed for construction in progress, and capitalized interest, and free cash flow is operating cash flow less that amount. Neither is a measure Welltower itself defines or reports.
- The 10-Q presents cash flows only on a cumulative six-month basis, so the quarterly entries carry no cash flow block. The six-month cash flows appear under the year-to-date view, with the prior-year six months beside them.
- FFO (funds from operations attributable to common stockholders) is the measure defined by Nareit: net income attributable to common stockholders excluding gains and losses on sales of real estate and acquisitions of controlling interests and impairments of depreciable assets, plus depreciation and amortization, after adjustments for unconsolidated entities and noncontrolling interests. NOI is total revenues, including tenant reimbursements, less property operating expenses. Same store NOI covers a consistent property population. Same store NOI is measured on a different basis from the consolidated NOI shown beside it and is not a subset of it: Welltower states it at Welltower Share, starting from consolidated NOI, adding its ownership share of unconsolidated properties, subtracting the minority partners' noncontrolling interests in consolidated properties, excluding non-cash NOI and properties outside the same store population, and translating Canadian properties at a fixed 1.43 USD/CAD and U.K. properties at a fixed 1.23 GBP/USD. All three are supplemental measures, not substitutes for net income.
- The trailing-twelve-month revenue and expense detail is derived rather than filed: fiscal 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025, with the balance sheet taken as of June 30, 2026. Those fields carry a 'derived' suffix. The twelve-month EBITDA and Adjusted EBITDA reconciliation, by contrast, is printed in the 10-Q, which publishes a twelve months ended June 30, 2026 column showing net income of $1,615,252 thousand, interest expense of $740,465 thousand, depreciation and amortization of $2,464,479 thousand, EBITDA of $4,767,200 thousand, impairment of assets of $79,605 thousand, other expenses of $288,610 thousand and Adjusted EBITDA of $4,860,413 thousand; the figures shown here for those lines are that column, and where such a line still carries the 'derived' suffix it is because the suffix marks how this block was built, not that the amount is unpublished. Its per-share amounts are the sum of the four quarterly amounts the 10-Q prints for the quarters ended September 30, 2025 through June 30, 2026, so they are subject to quarterly rounding. Weighted average share counts are not shown for that view because weighted averages cannot be added across periods.
- Diluted earnings per share does not equal net income attributable to common stockholders divided by diluted shares, because Welltower adjusts the numerator for income attributable to OP Units and DownREIT Units. For the June 2026 quarter the reported $0.61 compares with $0.60 on the unadjusted arithmetic.
- The balance sheet balances as total assets = total liabilities + redeemable noncontrolling interests + total equity; the redeemable noncontrolling interests sit in the mezzanine between liabilities and equity, and total equity already includes the non-redeemable noncontrolling interests.
- Welltower also reports a normalized FFO measure that the 10-Q does not present. In its second-quarter 2026 earnings release furnished July 27, 2026 (accession 0000766704-26-000026) the company reported normalized FFO attributable to common stockholders of $1.60 per diluted share for the quarter, against Nareit FFO of $1.56 per diluted share shown here. The two measures diverge much more widely for fiscal 2025: in its fourth-quarter 2025 earnings release furnished February 10, 2026 (accession 0000766704-26-000005) the company reported annual normalized FFO attributable to common stockholders of $5.29 per diluted share, against Nareit FFO of $2.68 per diluted share shown here.
- No split, currency or depositary-share adjustment applies. Welltower has had no stock split in the period covered, reports in U.S. dollars, and its shares are ordinary common stock rather than depositary receipts. Its Canadian and U.K. operations are translated into U.S. dollars inside the filings themselves.
Uncertainties
- No discrete three-month operating cash flow or free cash flow is published here. The 10-Q's cash flow statement runs for six months only, and the quarterly earnings materials do not include a cash flow statement, so a three-month figure could not be read off any filing in this set.
- Fiscal 2023 has no balance sheet in this record. The fiscal 2025 10-K presents balance sheets only as of December 31, 2025 and December 31, 2024.
- The June 2025 quarter has no balance sheet in this record. The 10-Q for the quarter ended June 30, 2026 presents balance sheets only as of June 30, 2026 and December 31, 2025, and the fiscal 2025 10-K only as of December 31, 2025 and December 31, 2024, so neither periodic report shows a June 30, 2025 balance sheet. The second-quarter 2026 earnings release furnished July 27, 2026 (accession 0000766704-26-000026) does present one as the comparative column of its balance sheet.
- The trailing-twelve-month revenue, expense and cash flow figures are arithmetic from the periods the two filings print, not a column any filing publishes; the twelve-month EBITDA and Adjusted EBITDA reconciliation described in the notes is the exception, being printed in the 10-Q. The twelve months they cover span a change in portfolio composition, including the Canadian seniors housing portfolio acquired on April 1, 2026, so they are not a like-for-like run rate.
- Capital expenditure and free cash flow follow a definition chosen here, as described in the notes. A different treatment of construction in progress or capitalized interest would give different figures, and Welltower publishes neither measure.
- The trailing-twelve-month per-share amounts are sums of four separately rounded quarterly amounts and may differ from a figure computed on twelve months of weighted average shares.
- Fiscal 2025 FFO per diluted share of $2.68 and the negative $(0.87) FFO per share the 10-Q shows for the December 2025 quarter both reflect the one-off long-term incentive plan charge described in the notes rather than property-level performance.
Company details
| Value | |
|---|---|
| Name | Welltower Inc. |
| Ticker | WELL |
| CIK | 0000766704 |
| Exchange | NYSE |
| State | Ohio |
| Incorporation | Delaware |
| SIC | 6798 |
| Office | Real Estate & Construction |
| Industry | Real Estate Investment Trusts |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0000766704-26-000030 |
| Fiscal year end | 1231 |
| Source | derived |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-12 | 0000766704-26-000010 | https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/0000766704-26-000010-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-07-28 | 0000766704-26-000030 | https://www.sec.gov/Archives/edgar/data/766704/000076670426000030/0000766704-26-000030-index.htm | derived |
FAQ · Welltower financial statements
How much revenue did Welltower report in Q2 FY2026?
Welltower reported $3.54 billion in total revenues for Q2 FY2026, the quarter ended June 30, 2026. That is up 39.1% from $2.55 billion in the same quarter a year earlier, with resident fees at seniors housing communities making up the large majority of the total.
What was Welltower's FFO per share in Q2 FY2026?
Welltower reported funds from operations of $1.56 per diluted share for Q2 FY2026, the quarter ended June 30, 2026, up 25.8% from $1.24 a year earlier. FFO is the REIT industry measure that adds back real estate depreciation and strips out gains on property sales, and it is not a substitute for net income.
How much did Welltower earn in Q2 FY2026?
Welltower's net income attributable to common stockholders was $445.00 million for Q2 FY2026, the quarter ended June 30, 2026, or $0.61 per diluted share, against $301.89 million and $0.45 in the same quarter a year earlier. Sharply higher gains on real estate dispositions, together with a deferred tax benefit at a Canadian subsidiary, account for much of that increase, so the earnings growth is not all operating.
Is Welltower's growth coming from acquisitions or from its existing communities?
Both. Welltower's total revenues were $3.54 billion in Q2 FY2026, up 39.1% from a year earlier, lifted mainly by seniors housing portfolios acquired over the past year, while same store net operating income, which holds the property population constant, was $805.82 million, up 16.7%.
Where can I get Welltower Inc. (WELL) financial data in machine-readable form?
Ticker Scout publishes Welltower Inc.'s financial statements as JSON at https://tickerscout.ai/well/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/well/narrative.md and https://tickerscout.ai/well/events.md. Welltower Inc.'s SEC CIK is 0000766704. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Welltower Inc. (WELL) next file with the SEC?
Welltower Inc. (WELL) is expected to file its next Form 10-Q with the SEC on or around October 27, 2026. That date is a projection rather than a company-announced date: it is derived from Welltower Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000766704-26-000030.
How this page was built
This page was built from four of Welltower Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names seven such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from Welltower Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.