Ventas Q3 FY2026: revenue up 23.0%, Normalized FFO per share up 10%
Ventas grew third-quarter revenue 23.0% to $1.83 billion and pushed Normalized FFO per share up 10% to $0.99, then raised full-year guidance again. The catch is what paid for it: the share count rose and GAAP net income per share fell to $0.13. Read the quarter as a senior-housing operating story, not a GAAP earnings story.
1 · Expected vs. Actual
Free preview belowGAAP earnings per share slipped to $0.13 from $0.14, and the diluted share count went from 463.4 million to 518.9 million, so more shares are dividing a similar profit. The REIT's own yardstick tells a different story: Normalized FFO per share rose 10% to $0.99 and Nareit FFO per share rose 15% to $1.01. The $0.13 GAAP figure sits well below the $0.18 consensus estimate, but that estimate is not measured on the FFO basis Ventas guides to, so treat it as a size-of-number comparison, not proof of a shortfall.
Revenue of $1.83 billion rose 23.0% from $1.49 billion a year earlier, and the growth is almost entirely senior housing. SHOP brought in $1.45 billion, or 79.2% of the total, while triple-net leased revenue fell 19.1% to $129.5 million. That mix shift matters: the company is trading predictable rent checks for operating businesses it has to run well.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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