Filing Flows › American Healthcare REIT (AHR) › Q1 2026
American Healthcare REIT (AHR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
American Healthcare REIT (AHR) reported revenue of $651M for the first quarter 2026 (Q1 2026), +20% from a year earlier and +8% from the quarter before. Operating margin was 19.3%, net earnings $24.0M (3.7% of revenue).
American Healthcare REIT, Q1 2026: revenue $651M (+20% year over year), operating margin 19.3%, net earnings $24.0M, operating cash flow $81.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $651M | +8% | +20% |
| Operating profit | $126M | +12% | +33% |
| Net earnings | $24.0M | +119% | — |
| Operating cash flow | $81.1M | +47% | +34% |
What changed
Revenue was $650.8M in Q1 2026, up 20% year over year and up 8% from the previous quarter. Integrated Senior Health Campuses was the largest line at 77% of revenue. Integrated Senior Health Campuses added $74.1M year over year (up 17%), 67% of the total change. Outpatient Medical declined 7%.
Operating profit was $125.5M, a 19.3% margin (up 1.8 points year over year). Of the extra revenue versus Q1 2025, 28% reached operating profit, above the 17% margin then. Total costs grew 18% against revenue growth of 20%. Net earnings were $23.7M. The effective tax rate was -2.2%.
Operating cash flow was $81.1M (up 34% year over year), 338% of net earnings. Non-cash charges added back $67.1M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $14.9M.
Questions
What was American Healthcare REIT's revenue in the first quarter 2026?
American Healthcare REIT (AHR) reported revenue of $651M for the first quarter 2026 (Q1 2026), +20% from a year earlier and +8% from the quarter before.
Was American Healthcare REIT profitable in the first quarter 2026?
Operating profit was $126M (19.3% of revenue) and net earnings $24.0M.