Q3 2026 Revenue up 23% year over year to $1.8B · 4¢ of every $1 of revenue kept as net profit · operating margin 2.9%
Ventas made $1.8B in Q3 2026 (+23% Y/Y). Operating margin 2.9%, net earnings $65.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Revenue$1.8B
Year over year+23%
Operating margin2.9%
Net earnings$65.4M
Operating cash flow$490M
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
Ventas Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
Free to use with the credit line. Click a box to select the code.
What changed this quarter
Revenue was $1.8B in Q3 2026, up 23% year over year and up 6% from the previous quarter.
Operating profit was $0.05B, a 2.9% margin (down 0.1 points year over year). Of the extra revenue versus Q3 2025, 2% reached operating profit, below the 3% margin then. Total costs grew 23% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.07B, down 1% year over year. The effective tax rate was -40.2%.
Operating cash flow was $0.49B (up 29% year over year), 728% of net income including minority interests. Non-cash charges added back $0.45B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.03B. Capital expenditures of $0.06B left free cash flow of $0.42B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 28, 2026
$1.8B
+23%
2.9%
$65.4M
$490M
Q2 2026
10-Q
Jul 30, 2026
$1.7B
+22%
3.1%
$70.6M
$557M
Q1 2026
10-Q
Apr 28, 2026
$1.7B
+22%
2.1%
$55.9M
$395M
Q4 2025
10-K
Feb 6, 2026
$1.6B
+22%
4.9%
$70.2M
$472M
Q3 2025
10-Q
Oct 30, 2025
$1.5B
+20%
3.0%
$66.0M
$379M
Q2 2025
10-Q
Jul 31, 2025
$1.4B
+18%
3.0%
$68.3M
$475M
Q1 2025
10-Q
May 1, 2025
$1.4B
+13%
3.0%
$46.9M
$321M
Charts
Latest (Q3 2026): Y/Y +23%, Q/Q +6%.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 $67.3M, Operating cash flow $490M.+22.9% since FY2020: more shares outstanding (issuance, stock pay).Cash $741M, short-term investments —, long-term debt $13.0B 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
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
BKD — 3% of its revenue · Stated in 10-K (XBRL) · source
About Ventas
Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments (“Segment Properties”) and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.
In its own words, from its 10-K, filed Feb 6, 2026.
Ventas against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +23% against the peers' median +13%. Operating margin: 2.9% against the peers' median 20.6%.
