Filing Flows › Ventas (VTR) › Q1 2026
Ventas (VTR) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Ventas (VTR) reported revenue of $1.7B for the first quarter 2026 (Q1 2026), +22% from a year earlier and +6% from the quarter before. Operating margin was 2.1%, net earnings $55.9M (3.4% of revenue).
Ventas, Q1 2026: revenue $1.7B (+22% year over year), operating margin 2.1%, net earnings $55.9M, operating cash flow $395M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | +6% | +22% |
| Operating profit | $35.4M | -54% | -14% |
| Net earnings | $55.9M | -20% | +19% |
| Operating cash flow | $395M | -16% | +23% |
| Free cash flow | $322M | -14% | +23% |
What changed
Revenue was $1.7B in Q1 2026, up 22% year over year and up 6% from the previous quarter.
Operating profit was $0.04B, a 2.1% margin (down 0.9 points year over year). Operating profit fell $0.01B even though revenue rose $0.30B versus Q1 2025, so costs grew faster than sales. Total costs grew 23% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.06B, up 19% year over year. The effective tax rate was -37.0%.
Operating cash flow was $0.39B (up 23% year over year), 668% of net income including minority interests. Non-cash charges added back $0.38B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.07B. Capital expenditures of $0.07B left free cash flow of $0.32B.
Questions
What was Ventas' revenue in the first quarter 2026?
Ventas (VTR) reported revenue of $1.7B for the first quarter 2026 (Q1 2026), +22% from a year earlier and +6% from the quarter before.
Was Ventas profitable in the first quarter 2026?
Operating profit was $35.4M (2.1% of revenue) and net earnings $55.9M.
Source: Ventas 10-Q on SEC EDGAR.