Welltower Q2 FY2026: FFO per share up 25.0%, GAAP EPS misses
Welltower's Q2 FY2026 headline number is normalized FFO of $1.60 per share, up 25.0% year over year, while GAAP diluted EPS of $0.61 fell short of the $0.6388 consensus. Same store NOI rose 15.5% and the balance sheet stays lightly levered at 2.99x net debt to Adjusted EBITDA. Read the quarter through cash earnings and NOI, not the GAAP EPS line, which carries depreciation and disposition gains.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS came in at $0.61 against a consensus of $0.6388, roughly a $0.03 shortfall, with net income of $463.0 million. Normalized FFO per share was $1.60, up 25.0% from $1.28, and that is the figure REIT investors and management steer by. The distance between the two lines is mostly depreciation of $737.8 million plus a $98.5 million net gain on real estate dispositions.
Total revenues were $3.54 billion, up from $2.55 billion a year earlier, while resident fees and services — the line the XBRL revenue tag points to — were $2.98 billion. Growth is coming from the Seniors Housing Operating portfolio, where same store revenue rose 9.2% on 330 basis points of occupancy gain and 5.2% RevPOR growth. One caution: the segment bars sum to $800.5 million, which is same store NOI rather than revenue, so they should not be added to the revenue line.
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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 2026-09-17
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