Earnings review - Welltower (WELL) Q2 2026

Muffett Investments

Earnings Watch · Stock Analysis Division

Earnings Review

28 July 2026

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Welltower Inc.

WELL NYQ · Mkt Cap: $175.3B · Q2 FY2026 Results

Report Period

Q2 FY2026

Reported: 2026-07-27

Headline Strong Beat ✓ Strong Beat

Key Metrics at a Glance

↑

Revenue Growth

+38.4%

YoY

↑

Operating Margin

16.9%

+104bps YoY

↑

Free Cash Flow

$661.6M

+12.6% YoY

!

Net Position

Net Debt

-$15.3B

↑

EPS (Diluted)

$2.04

N/A

Financial Metrics — Detailed Breakdown

Metric	Q2 FY2026	Q1 FY2025	YoY Change	Consensus Est.	vs. Estimate
Total Revenue	$3.3B	$2.4B	+38.4%	—	N/A
Gross Profit	$1.3B	$926.2M	+35.0%	—	N/A
Gross Margin	37.8%	38.8%	-95bps	—	N/A
Operating Income	$558.4M	$378.6M	+47.5%	—	N/A
Operating Margin	16.9%	15.8%	+104bps	—	N/A
Net Income	$728.7M	$258.0M	+182.5%	—	N/A
Net Margin	22.0%	10.8%	+1124bps	—	N/A
Operating Cash Flow	$670.0M	$599.0M	+11.9%	—	N/A
Free Cash Flow	$661.6M	$587.4M	+12.6%	—	N/A
FCF Margin	20.0%	24.6%	-458bps	—	N/A
Total Debt	$20.0B	$17.0B	+17.5%	—	N/A
Cash & Equivalents	$4.7B	$3.5B	+34.3%	—	N/A
Net Cash / (Debt)	-$15.3B	-$13.5B	-13.1%	—	N/A
EPS (Diluted)	$2.04	$N/A	N/A	$—	N/A

⚠  Management Commentary — Signals

• No significant red flags detected in EDGAR filing.

📈  Price Reaction

Pre-Earnings Close

$247.05

2026-07-27

Post-Earnings Price

$248.34

Next trading session

1-Day Move

+0.52%

vs. market

52-Week Range

$158.24 – $252.94

 

−10%0%+10%

Price data sourced from Yahoo Finance. Reaction shown vs. prior trading session close.

Our Verdict

★★★★★

5 / 5 — Strong Beat

Very Bullish

Welltower reported a strong beat quarter, with revenue grew +38.4% YoY to $3.3B. operating margins expanded by 104bps to 16.9%. Free cash flow came in at $661.6M. The balance sheet remains under watch given the debt load.

• ✓Revenue grew strongly at +38.4% YoY — well above average.
• ✓Operating margin expanded strongly by 104bps — profitability improving.
• ✓Free cash flow grew +12.6% YoY — strong cash generation continues.
• ✗Total debt exceeds annual revenue — leverage warrants careful monitoring.
• →Modest positive price reaction of +0.5% — market broadly satisfied but not euphoric.

This analysis is produced by Muffett Investments for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Data sourced from Yahoo Finance and SEC EDGAR. Past performance is not indicative of future results.

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