Ventas (VTR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Ventas published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Ventas reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Normalized FFO per share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Ventas is a REIT. The revenue figure is the line it calls total revenues; resident fees and services come from its Senior Housing Operating Portfolio (SHOP).
• The adjusted figure is Normalized FFO per share, Ventas's own non-GAAP measure. Beginning in Q1 2026 Ventas excludes non-cash stock-based compensation from Normalized FFO and restated prior periods, so the year-ago $0.90 is on that basis.
• Last row combines three small revenue lines the release lists separately: third-party capital management revenues, income from loans and investments, and interest and other income.

Source: Ventas Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Ventas splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Ventas's Resident fees and services revenue was $1.5 billion in Q3 2026, up 33% from $1.1 billion in Q3 2025, 79% of total revenue.
• Ventas's Rental income: outpatient medical and research portfolio revenue was $233 million in Q3 2026, up 3% from $226 million in Q3 2025, 13% of total revenue.
• Ventas's Rental income: triple-net leased properties revenue was $129 million in Q3 2026, down 19% from $160 million in Q3 2025, 7% of total revenue.
• Ventas's Third-party capital management, loans and investments, interest and other revenue was $18.3 million in Q3 2026, up 29% from $14.2 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Ventas guides to per share net income, Nareit FFO and Normalized FFO. The same table raised Nareit FFO per share to $3.83 to $3.86 (from $3.76 to $3.81) and Normalized FFO per share to $3.87 to $3.90 (from $3.85 to $3.90).

In its Q3 2026 release, Ventas said:

“The Company is increasing its guidance for the full year.”

“Attributable Net Income Per Share Range $0.64-$0.67”

“The increase in the Company's guidance is primarily the result of 2026 accretive senior housing investment activity, partially offset by the impacts of interest rates and foreign exchange.”

Source: Ventas Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VTR forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted net income attributable to common stockholders per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Ventas's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Ventas's revenue is now mostly senior housing it operates itself. In Q3 2026 resident fees and services from its Senior Housing Operating Portfolio (SHOP) were $1,450.8 million of $1,831.8 million in total revenues, up 33.3% from a year earlier. Rental income was $233.2 million from the outpatient medical and research portfolio (OM&R) and $129.5 million from triple-net leased properties (NNN), where tenants pay rent and most property costs. (Ventas Q3 2026 release, Oct 27, 2026; Ventas Form 10-Q, Q3 2026, Oct 28, 2026)

Ventas attributed SHOP growth to higher average occupancy, higher revenue per occupied room, acquisitions and conversions of senior housing communities from its NNN segment to SHOP. SHOP had 848 communities at September 30, 2026, against 714 a year earlier, with average occupancy of 89.9% (87.9%) and average monthly revenue per occupied room of $5,680 ($5,307). Those conversions are also why triple-net rental income fell from $160.1 million. (Ventas Form 10-Q, Q3 2026, Oct 28, 2026; Ventas Q3 2026 release, Oct 27, 2026)

Ventas closed $1.2 billion of senior housing investments in the quarter and $5.2 billion year to date. In the first nine months it acquired 101 senior housing communities for $3.9 billion, and in October 2026 it bought 13 more for $803.5 million. (Ventas Q3 2026 release, Oct 27, 2026; Ventas Form 10-Q, Q3 2026, Oct 28, 2026)

Ventas owned or had investments in 1,491 properties in North America and the United Kingdom at September 30, 2026. Its two largest tenant exposures are Ardent, 2.2% of total revenues and 5.4% of total NOI in the quarter, and Kindred, 2.1% of revenues and 5.3% of NOI. In June 2026 Ventas extended all Kindred long-term acute care hospital leases to April 30, 2039. (Ventas Form 10-Q, Q3 2026, Oct 28, 2026)

Ventas reported diluted net income attributable to common stockholders of $0.13 per share in Q3 2026, against $0.14 a year earlier, on $65.4 million. Ventas also reports Funds From Operations, which adds back real estate depreciation and amortization ($444.2 million this quarter) and disposal gains. Nareit FFO was $1.01 per share, up 15%, and Normalized FFO, which also removes items such as derivative losses, transaction costs and the non-cash part of the income tax benefit, was $0.99, up 10%. (Ventas Q3 2026 release, Oct 27, 2026)

The share count rose sharply because Ventas funds acquisitions with equity. Diluted weighted average shares were 518,937 thousand, against 463,415 thousand a year earlier. Year to date through September 30, 2026 it settled 47.3 million shares under equity forward sales agreements for $3.9 billion of gross proceeds, with $0.8 billion of forwards still unsettled. (Ventas Q3 2026 release, Oct 27, 2026)

Ventas recorded an income tax benefit of $19.3 million in the quarter, against $6.3 million, primarily from reversing valuation allowances on deferred tax assets of certain taxable REIT subsidiaries. Normalized FFO excludes the non-cash part of that benefit, $23.9 million. (Ventas Form 10-Q, Q3 2026, Oct 28, 2026; Ventas Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Ventas guides in its release to full-year per share figures and raised them again in Q3 2026. It now expects 2026 net income attributable to common stockholders of $0.64 to $0.67 per share (was $0.58 to $0.63), Nareit FFO of $3.83 to $3.86 (was $3.76 to $3.81) and Normalized FFO of $3.87 to $3.90, a midpoint of $3.89 against $3.88. Ventas said the increase is primarily the result of senior housing investments, partially offset by interest rates and foreign exchange. (Ventas Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Ventas, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Ventas's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VTR is on is VTR a buy or a sell?, what analysts expect next is on the VTR forecast, and what the company does is on the Ventas (VTR) stock page.

Every number on this page can be traced to a document Ventas published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.