Q3 2026 Revenue up 30% year over year to $742M · 4¢ of every $1 of revenue kept as net profit · operating margin 22.2%
American Healthcare REIT made $742M in Q3 2026 (+30% Y/Y): Integrated Senior Health Campuses $534M, SHOP $167M, Outpatient Medical $30.7M. Operating margin 22.2%, net earnings $31.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$742M
Year over year+30%
Operating margin22.2%
Net earnings$31.2M
Operating cash flow$167M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $742.1M in Q3 2026, up 30% year over year and up 10% from the previous quarter. Integrated Senior Health Campuses was the largest line at 72% of revenue. SHOP added $90.3M year over year (up 118%), 53% of the total change. Outpatient Medical declined 2%.
Operating profit was $164.8M, a 22.2% margin (up 3.7 points year over year). Of the extra revenue versus Q3 2025, 35% reached operating profit, above the 18% margin then. Total costs grew 24% against revenue growth of 30%. Net earnings were $31.2M, down 44% year over year. The effective tax rate was 2.3%.
Operating cash flow was $166.9M (up 56% year over year), 530% of net earnings. Non-cash charges added back $90.9M of depreciation and amortization and $9.3M of share-based compensation. Working capital and other items added $35.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$742M
+30%
22.2%
$31.2M
$167M
Q2 2026
10-Q
Aug 7, 2026
$674M
+24%
20.4%
$31.0M
$119M
Q1 2026
10-Q
May 8, 2026
$651M
+20%
19.3%
$24.0M
$81.1M
Q4 2025
10-K
Feb 27, 2026
$604M
+11%
18.5%
$10.8M
$55.2M
Q3 2025
10-Q
Nov 7, 2025
$573M
+9%
18.5%
$55.9M
$107M
Q2 2025
10-Q
Aug 8, 2025
$543M
+8%
19.0%
$9.9M
$71.5M
Q1 2025
10-Q
May 9, 2025
$541M
+8%
17.5%
−$6.8M
$60.6M
Charts
Latest (Q3 2026): Y/Y +30%, Q/Q +10%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $31.5M, Operating cash flow $167M.+85.5% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2024.Cash $115M, short-term investments —, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
The use of the words “we,” “us” or “our” refers to American Healthcare REIT, Inc. and its subsidiaries, including American Healthcare REIT Holdings, LP, except where otherwise noted. American Healthcare REIT, Inc., a Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities. We have built a fully-integrated management platform, with approximately 121 employees as of December 31, 2025, that operates clinical healthcare properties throughout the United States, and in the United Kingdom and the Isle of Man .
In its own words, from its 10-K, filed Feb 27, 2026.
American Healthcare REIT against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +14%. Operating margin: 22.2% against the peers' median 20.6%.