Filing Flows › American Healthcare REIT (AHR) › Q2 2026 › vs Q2 2025
American Healthcare REIT (AHR) Q2 2026 vs Q2 2025 (year over year)
American Healthcare REIT's revenue rose $132M (+24%) from $543M in Q2 2025 to $674M in Q2 2026. The biggest changes: Integrated Senior Health Campuses +$83.5M (+19%); SHOP +$49.7M (+69%); Outpatient Medical −$1.3M (-4%). Operating margin 20.4% against 19.0% (+1.3 pts).
American Healthcare REIT, Q2 2026: revenue $674M (+24% year over year), operating margin 20.4%, net earnings $31.0M, operating cash flow $119M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 20.4% | 19.0% | +1.3 pts |
| Net margin | 4.6% | 1.9% | +2.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Integrated Senior Health Campuses | $513M | $429M | $83.5M | +19% |
| SHOP | $122M | $71.9M | $49.7M | +69% |
| Outpatient Medical | $30.0M | $31.3M | −$1.3M | -4% |
| Triple Net Leased Properties | $9.7M | $10.0M | −$218K | -2% |
| Revenue | $674M | $543M | $132M | +24% |
| Operating profit | $137M | $103M | $34.0M | +33% |
| Costs & expenses | $537M | $439M | $97.7M | +22% |
| Pre-tax earnings | $31.0M | $10.8M | $20.2M | +187% |
| Other expense, net | $106M | $92.4M | $13.8M | +15% |
| Income tax benefit | $3K | −$732K | $735K | — |
| Net earnings | $31.0M | $10.1M | $20.9M | +207% |
| Depreciation & amortization | $72.1M | $41.9M | $30.2M | +72% |
| Share-based compensation | $5.8M | $3.2M | $2.6M | +81% |
| Working capital & other | $9.7M | $16.3M | −$6.5M | -40% |
| Operating cash flow | $119M | $71.5M | $47.1M | +66% |
Questions
How much did American Healthcare REIT's revenue grow year over year in Q2 2026?
American Healthcare REIT's revenue rose $132M (+24%) from $543M in Q2 2025 to $674M in Q2 2026.
What drove American Healthcare REIT's revenue change in Q2 2026?
Integrated Senior Health Campuses +$83.5M (+19%); SHOP +$49.7M (+69%); Outpatient Medical −$1.3M (-4%).