Analyst Consensus ?
ConsensusBuy35 ratings
Bullish2777.1%
Neutral822.9%
Bearish00.0%
Welltower Inc. · WELL · FY2026 Q1 · Calendar Q2 2026
Welltower Q1 2026: Revenue Surges 38%, FFO Guidance Raised Again on Senior Housing Strength
Welltower delivered a strong Q1 2026, with revenue up 38% year-over-year to $3.35 billion and FFO per share up 23%, beating consensus on both lines. The company raised full-year FFO guidance to a $6.28 midpoint, up from $6.17, driven by record 16.4% same-store NOI growth in its senior housing operating portfolio, which now accounts for 74% of same-store NOI. A new development is the first external licensing of Welltower's proprietary data-science platform, creating a capital-light revenue stream. Despite the beat, the stock's abnormal return was roughly -1% on the report, suggesting the market had largely priced in the strong trajectory. The investment thesis centers on continued senior-housing occupancy gains, aggressive capital deployment, and the emerging platform monetization opportunity.
Reported After market closeNYSEReal Estate
$175.63B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.02
Consensus $0.68
EPS surprise
+50.2%
Reported versus consensus
Reported revenue
$3.35B
Consensus $3.18B
Revenue surprise
+5.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-1.0%
Event window
SPY move
-0.0%
Same window
Abnormal move
-1.0%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-0.8%
Up to 20 sessions
WELLSPY benchmark
Ask FN2 about WELL FY2026 Q1
Transcript, numbers and history already loaded
Why did WELL fall 1.0% after beating EPS estimates in FY2026 Q1?What changed in WELL's guidance and outlook in FY2026 Q1?Give me the bull and bear case for WELL after FY2026 Q1 earnings.
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Transcript intelligence
What changed
Q1 2026 revenue of $3.35B beat the $3.18B estimate by 5.5%, while EPS of $1.02 exceeded the $0.68 estimate by 50.2%. Full-year FFO guidance midpoint was raised from $6.17 to $6.28 per share. Same-store NOI grew a record 16.4%, with 20% growth in communities at 95%+ occupancy. The company closed $3.2B in acquisitions during the quarter with a $7.3B pipeline remaining. Balance sheet strengthened: net debt/EBITDA fell to 2.73x, cash stood at $4.9B, and a $700M unsecured bond was paid off. Notably, the data-science platform generated its first external licensing revenue through agreements with Public Storage and a global private-equity firm. The stock moved approximately -1% on the report, with volume 1.41x the baseline and subsequent drift of -0.85%.
Guidance delta
Full-year 2026 normalized FFO guidance midpoint raised from $6.17 to $6.28 per share, an increase of $0.11. Same-store NOI growth target set at 12.25% to 16% across all sub-segments. CapEx outlook is stable. Management tone remains confident, and guidance sentiment is raised for the second consecutive quarter.
Key takeaways
- Q1 revenue rose 38% YoY to $3.35B and FFO per share grew 23%, beating EPS estimates by 50% and revenue estimates by 5.5%.
- Full-year 2026 FFO guidance raised to $6.28 midpoint from $6.17, continuing the upward revision trend.
- Senior housing operating assets now deliver 74% of same-store NOI, with record 16.4% same-store NOI growth.
- Data-science platform monetized externally for the first time through licensing deals with Public Storage and a global PE firm.
- Balance sheet strengthened: net debt/EBITDA at 2.73x, $4.9B cash, $700M unsecured bond paid off.
- $3.2B deployed in Q1 with $7.3B pipeline; $11B in dispositions completed since early 2025.
Management priorities
- Continue increasing concentration in senior-housing operating assets as part of the Welltower 3.0 mix shift.
- Scale the data-science platform through additional external licensing agreements.
- Complete remaining $500M of outpatient medical sales and pursue further off-market acquisitions including Amica Senior Lifestyles.
- Maintain digital transformation via the Welltower Business System to improve resident and employee experience.
- Target full-year same-store NOI growth of 12.25% to 16% across all sub-segments.
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Beat
Miss
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Analyst 52W Price Targets
$240.61Current
$80Low
$186.68Average
$275High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Oct 19, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 13, 2026 |
| JP Morgan | Overweight | Neutral | Upgrade | Sep 24, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 2, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Sep 1, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 4, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 31, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jul 22, 2026 |
| UBS | Buy | Buy | Maintain | Jul 8, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 1, 2026 |
| Jefferies | Buy | Buy | Maintain | May 13, 2026 |
| RBC Capital Mkts | Outperform | Sector Perform | Upgrade | Feb 28, 2025 |
| Wedbush | Outperform | Neutral | Upgrade | Feb 14, 2025 |
| Raymond James | Strong Buy | Outperform | Upgrade | Nov 9, 2023 |
| Baird | Neutral | Neutral | Maintain | Sep 14, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 3, 2023 |
| Berenberg | Buy | Buy | Maintain | Aug 16, 2022 |
| SMBC Nikko | Neutral | Outperform | Downgrade | Aug 11, 2022 |
| BMO Capital | Outperform | Market Perform | Upgrade | Aug 26, 2021 |
| Wolfe Research | Outperform | Outperform | Maintain | Jun 15, 2021 |
| CapitalOne Southecoast | Overweight | Equal Weight | Upgrade | May 21, 2021 |
| B of A Securities | Buy | Neutral | Upgrade | Mar 30, 2021 |
| Stifel | Hold | Hold | Maintain | Sep 2, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 3, 2019 |
| Hilliard Lyons | Neutral | Underperform | Upgrade | Apr 27, 2018 |
| Bank of America | Neutral | Neutral | Maintain | Mar 8, 2018 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | Jan 19, 2017 |
| Mitsubishi UFJ | Overweight | Neutral | Upgrade | Jan 5, 2017 |
| Stephens & Co. | Overweight | Overweight | Maintain | Sep 14, 2016 |
| BTIG Research | Neutral | Neutral | Maintain | Aug 25, 2016 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 15, 2016 |
| ISI Group | Buy | Buy | Maintain | Oct 6, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $240.61. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $268 | $234.85 | +11.4% | Oct 19, 2026 |
| Barclays | Analyst unavailable | $246 | $230.29 | +2.2% | Oct 13, 2026 |
| Evercore ISI | James Kammert | $256 | $232.53 | +6.4% | Sep 21, 2026 |
| Jefferies | Analyst unavailable | $275 | $234.29 | +14.3% | Sep 15, 2026 |
| Scotiabank | Analyst unavailable | $251 | $238.78 | +4.3% | Sep 2, 2026 |
| Morgan Stanley | Ronald Kamdem | $251 | $236.31 | +4.3% | Sep 1, 2026 |
| Wells Fargo | John Kilichowski | $266 | $236.31 | +10.6% | Sep 1, 2026 |
| Barclays | Analyst unavailable | $259 | $237.98 | +7.6% | Aug 31, 2026 |
| KeyBanc | Analyst unavailable | $275 | $233.1 | +14.3% | Aug 4, 2026 |
| RBC Capital | Analyst unavailable | $260 | $234.83 | +8.1% | Aug 3, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $260 | $234.02 | +8.1% | Jul 31, 2026 |
| Evercore ISI | James Kammert | $260 | $236.72 | +8.1% | Jul 30, 2026 |
| Mizuho Securities | Analyst unavailable | $260 | $246.44 | +8.1% | Jul 22, 2026 |
| UBS | Michael Goldsmith | $271 | $237.19 | +12.6% | Jul 8, 2026 |
| Barclays | Analyst unavailable | $254 | $232.69 | +5.6% | Jul 7, 2026 |
| Raymond James | David Rodgers | $226 | $213.5 | -6.1% | Jun 16, 2026 |
| Mizuho Securities | Vikram Malhotra | $239 | $216.01 | -0.7% | May 22, 2026 |
| Scotiabank | Analyst unavailable | $248 | $217.16 | +3.1% | May 21, 2026 |
| Jefferies | Jonathan Petersen | $248 | $217.5 | +3.1% | May 12, 2026 |
| BMO Capital | Analyst unavailable | $245 | $216.27 | +1.8% | May 4, 2026 |
| RBC Capital | Analyst unavailable | $238 | $216.91 | -1.1% | May 4, 2026 |
| UBS | Analyst unavailable | $249 | $216.91 | +3.5% | May 4, 2026 |
| RBC Capital | Analyst unavailable | $230 | $208.56 | -4.4% | Feb 24, 2026 |
| KeyBanc | Analyst unavailable | $240 | $209.54 | -0.3% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $215 | $212.63 | -10.6% | Feb 18, 2026 |
| UBS | Analyst unavailable | $240 | $208.75 | -0.3% | Feb 12, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $230 | $208.54 | -4.4% | Feb 12, 2026 |
| UBS | Michael Goldsmith | $228 | $185.65 | -5.2% | Jan 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $204 | $183 | -15.2% | Jan 5, 2026 |
| Jefferies | Analyst unavailable | $231 | $190.46 | -4.0% | Dec 15, 2025 |
| UBS | Analyst unavailable | $232 | $201.92 | -3.6% | Dec 4, 2025 |
| Wells Fargo | Analyst unavailable | $218 | $204.09 | -9.4% | Nov 25, 2025 |
| Morgan Stanley | Analyst unavailable | $200 | $196.9 | -16.9% | Nov 20, 2025 |
| Evercore ISI | Steve Sakwa | $208 | $184.35 | -13.6% | Nov 5, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $200 | $179.48 | -16.9% | Oct 31, 2025 |
| Loop Capital Markets | Viacheslav Obodnikov | $196 | $177.2 | -18.5% | Oct 29, 2025 |
| UBS | Michael Goldsmith | $203 | $179.7 | -15.6% | Oct 29, 2025 |
| Wells Fargo | Analyst unavailable | $200 | $177.71 | -16.9% | Oct 21, 2025 |
| National Bank | Analyst unavailable | $246 | $173.29 | +2.2% | Oct 17, 2025 |
| Scotiabank | Analyst unavailable | $182 | $175.04 | -24.4% | Oct 6, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $195 | $178.14 | -19.0% | Oct 1, 2025 |
| UBS | Michael Goldsmith | $195 | $166.53 | -19.0% | Sep 19, 2025 |
| Evercore ISI | Analyst unavailable | $183 | $169.13 | -23.9% | Sep 15, 2025 |
| Scotiabank | Nicholas Yulico | $181 | $166.83 | -24.8% | Aug 28, 2025 |
| RBC Capital | Analyst unavailable | $168 | $153.51 | -30.2% | Feb 28, 2025 |
| Scotiabank | Nicholas Yulico | $133 | $126.51 | -44.7% | Sep 23, 2024 |
| RBC Capital | Michael Carroll | $114 | $115.73 | -52.6% | Aug 9, 2024 |
| Evercore ISI | Steve Sakwa | $105 | $112.24 | -56.4% | Jul 30, 2024 |
| Griffin | Michael Griffin | $120 | $103.53 | -50.1% | Jun 10, 2024 |
| Scotiabank | Nicholas Yulico | $108 | $101.46 | -55.1% | May 16, 2024 |
| RBC Capital | Michael Carroll | $101 | $97.44 | -58.0% | May 7, 2024 |
| Wedbush | Richard Anderson | $100 | $96.08 | -58.4% | May 3, 2024 |
| Wedbush | Richard Anderson | $90 | $86.16 | -62.6% | Nov 7, 2023 |
| Griffin | Michael Griffin | $81 | $70.56 | -66.3% | Apr 5, 2023 |
| Raymond James | Analyst unavailable | $82 | $69.78 | -65.9% | Jan 9, 2023 |
| Raymond James | Analyst unavailable | $72 | $65.7 | -70.1% | Dec 9, 2022 |
| Morgan Stanley | Analyst unavailable | $74 | $70.27 | -69.2% | Nov 15, 2022 |
| KeyBanc | Jordan Sadler | $80 | $58.6 | -66.8% | Oct 10, 2022 |
| SMBC Nikko | Richard Anderson | $84 | $83.31 | -65.1% | Aug 11, 2022 |
| Scotiabank | Nicholas Yulico | $110 | $96.98 | -54.3% | Apr 10, 2022 |
| Barclays | Steve Valiquette | $95 | $90.97 | -60.5% | Mar 14, 2022 |
| BMO Capital | Juan C. Sanabria | $105 | $83.28 | -56.4% | Feb 16, 2022 |
| Credit Suisse | Omotayo Okusanya | $92 | $84.05 | -61.8% | Feb 1, 2022 |
| Robert W. Baird | Dave Rodgers | $95 | $83.24 | -60.5% | Jan 26, 2022 |
| Deutsche Bank | Derek Johnston | $103 | $84.94 | -57.2% | Jan 3, 2022 |
| J.P. Morgan | Michael Mueller | $90 | $79.75 | -62.6% | Dec 20, 2021 |
| Stifel Nicolaus | Steve Manaker | $83 | $82.54 | -65.5% | Aug 12, 2021 |
| Wells Fargo | Todd Stender | $89 | $85.88 | -63.0% | Jul 23, 2021 |
| Jefferies | Jonathan Petersen | $78 | $86.7 | -67.6% | Jul 15, 2021 |
Track every rating change on WELL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWelltower Inc. (NYSE:WELL), an S&P 500 company based in Toledo, Ohio, is a leader in reshaping healthcare infrastructure. This Real Estate Investment Trust (REIT) strategically collaborates with premier operators in seniors housing, post-acute care, and health systems. Their core mission is to finance the vital property assets required to expand innovative care delivery models, thereby enhancing overall public wellness and healthcare experiences. Welltower's portfolio encompasses a variety of properties, including seniors housing, post-acute communities, and outpatient medical facilities, all situated primarily within key, rapidly growing markets across the United States, Canada, and the United Kingdom.
Historical context
All WELL earningsReal Estate peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RITM-PD Rithm Capital Corp. | FY2026 Q3 · Calendar Q4 2026 | +10.2% | — | Rithm highlights servicing, inflows and technology-led efficiency |
| CBRE CBRE Group, Inc. | FY2026 Q3 · Calendar Q4 2026 | +4.6% | -2.5% | CBRE: Infrastructure Growth Offsets Capital-Markets Headwinds |
Latest beats and misses
Who reports nextBeat on EPS
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
- BAHFY2027 Q2 · October 23, 2026+18.9% EPS-0.3% move
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
Missed on EPS
- KOFFY2026 Q3 · October 26, 2026-9.0% EPS-1.9% move
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
Get the WELL recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T15:40:58.944826+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T15:40:58.942164+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-28. For educational purposes only; not investment advice.