Welltower (WELL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Welltower published the results on October 26, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Welltower reports EPS two ways: GAAP, under the accounting rules every US filer follows, and normalized FFO per diluted 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.

• Revenue is Welltower's "total revenues" line, reported in thousands and shown here in millions. As a REIT, Welltower uses normalized funds from operations (FFO) per diluted share as its headline non-GAAP measure, shown here in place of adjusted EPS.
• In Q3 2026 Welltower moved asset management services related to its Fund from Seniors Housing Operating to Non-segment/Corporate and recast prior periods to match.

Source: Welltower Q3 2026 results, October 26, 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 Welltower 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.

• Welltower's Seniors Housing Operating revenue was $3.1 billion in Q3 2026, up 51% from $2.1 billion in Q3 2025, 84% of total revenue.
• Welltower's Triple-net revenue was $452 million in Q3 2026, up 58% from $287 million in Q3 2025, 12% of total revenue.
• Welltower's Outpatient Medical revenue was $37.6 million in Q3 2026, down 83% from $215 million in Q3 2025, 1% of total revenue.
• Welltower's Non-segment/Corporate revenue was $101 million in Q3 2026, down 16% from $120 million in Q3 2025, 3% 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

In its Q3 2026 release, Welltower said:

“Net income attributable to common stockholders guidance has been revised to a range of $3.31 to $3.37 per diluted share from the previous range of $3.11 to $3.19.”

“We also increased the guidance range of full year normalized FFO attributable to common stockholders to a range of $6.47 to $6.53 per diluted share from the previous range of $6.36 to $6.44.”

“We expect average blended SSNOI growth of 15.0% to 16.25%”

Source: Welltower Q3 2026 release, Oct 26, 2026.

This is the company's own guidance as of Oct 26, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the WELL forecast page.

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

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

We do not hold a confirmed date for Welltower'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 26, 2026

Welltower's total revenues were $3,715.8 million in Q3 2026, against $2,685.7 million a year earlier. Resident fees and services, $3,121.1 million, are the fees residents pay at its Seniors Housing Operating communities, which Welltower holds with operating partners, often through a RIDEA structure, so the properties' operating revenue and expenses run through its income statement. Rental income of $488.6 million comes from leased properties, and interest income of $83.3 million from its loans. (Welltower Q3 2026 release, Oct 26, 2026; Welltower Form 10-Q, Q3 2026, Oct 27, 2026; Welltower Form 10-K, 2025, Feb 12, 2026)

Welltower reports three operating segments. Seniors Housing Operating produced $3,125.1 million of revenue, Triple-net $452.1 million and Outpatient Medical $37.6 million, down from $215.2 million. The Outpatient Medical drop follows Welltower's August 14, 2025 agreement to sell a portfolio of 319 Outpatient Medical properties for approximately $7.2 billion, which is closing in tranches. (Welltower Form 10-Q, Q3 2026, Oct 27, 2026)

Welltower's portfolio is in the United States, the United Kingdom and Canada. The U.K. share of revenue rose to 31.2% ($1,157.8 million) from 16.7% a year earlier, after the Barchester acquisition and the October 24, 2025 purchase of HC-One, which operated 282 seniors housing properties in the U.K. The United States was 60.9% of revenue, down from 76.1%, and Canada 7.9%. (Welltower Form 10-Q, Q3 2026, Oct 27, 2026)

Within properties owned for the whole of both periods, Seniors Housing Operating organic same store revenue grew 9.1%, from 320 basis points of average occupancy growth and 5.3% growth in revenue per occupied room (RevPOR). Across the whole Seniors Housing Operating portfolio, occupancy was 88.3% in Q3 2026, against 86.8% a year earlier, on 176,652 units against 131,792. (Welltower Q3 2026 release, Oct 26, 2026; Welltower 3Q26 earnings release and supplemental information, Oct 26, 2026)

Welltower's GAAP diluted EPS was $0.54 in Q3 2026, against $0.41. Its headline measure is normalized FFO, $1.67 per diluted share, up 24.6% from $1.34. FFO adds back depreciation and amortization ($706.8 million in the quarter) and removes gains and losses on real estate dispositions, which were a $114.7 million gain. Normalized FFO then excludes another $187.7 million ($0.25 per share) of normalizing items, mainly $124.7 million of other expenses that Welltower attributes to non-capitalizable transaction costs and legal fees, including for the HC-One operator restructuring. (Welltower Q3 2026 release, Oct 26, 2026)

Welltower's share count rose as it issued stock. Average diluted shares were 754,903 thousand in Q3 2026, against 685,399 thousand a year earlier, and it issued 35,488,153 shares for gross proceeds of $7,556.7 million in the first nine months of 2026. The quarterly dividend was $0.85 per share, up from $0.74, a normalized FFO payout ratio of 51% against 55%. (Welltower Q3 2026 release, Oct 26, 2026; Welltower Form 10-Q, Q3 2026, 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.

Welltower gives full-year guidance in each release and raised it with Q3 2026 results. Net income attributable to common stockholders is now guided at $3.31 to $3.37 per diluted share, up from $3.11 to $3.19, and normalized FFO at $6.47 to $6.53, up from $6.36 to $6.44. (Welltower Q3 2026 release, Oct 26, 2026)

The guidance assumes blended same store NOI growth of 15.0% to 16.25%, including approximately 20.25% to 21.75% for Seniors Housing Operating, and general and administrative expenses of approximately $267 million to $272 million. It includes only acquisitions announced or closed to date. (Welltower Q3 2026 release, Oct 26, 2026)

A consensus figure is the average of the models published by the analysts who cover Welltower, 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 Welltower'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 WELL is on is WELL a buy or a sell?, what analysts expect next is on the WELL forecast, and what the company does is on the Welltower (WELL) stock page.

Every number on this page can be traced to a document Welltower 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.