Q3 2026 Revenue up 38% year over year to $3.7B · 11¢ of every $1 of revenue kept as net profit · operating margin 9.1%
Welltower made $3.7B in Q3 2026 (+38% Y/Y). Operating margin 9.1%, net earnings $397M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$3.7B
Year over year+38%
Operating margin9.1%
Net earnings$397M
Operating cash flow$1.0B
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Welltower Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on XEmbed this chart on your site
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What changed this quarter
Revenue was $3.7B in Q3 2026, up 38% year over year and up 5% from the previous quarter.
Operating profit was $0.34B, a 9.1% margin (down 1.8 points year over year). Of the extra revenue versus Q3 2025, 4% reached operating profit, below the 11% margin then. Total costs grew 41% against revenue growth of 38%. The fastest-growing cost line was Cost of revenue (+42%). Net earnings were $0.40B, up 41% year over year. The effective tax rate was 1.7%.
Operating cash flow was $1.0B (up 17% year over year), 242% of net income including minority interests. Non-cash charges added back $0.71B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.14B. Capital expenditures of $0.35B left free cash flow of $0.66B.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 27, 2026
$3.7B
+38%
9.1%
$397M
$1.0B
Q2 2026
10-Q
Jul 28, 2026
$3.5B
+39%
9.0%
$445M
$1.0B
Q1 2026
10-Q
Apr 29, 2026
$3.4B
+38%
10.3%
$729M
$670M
Q4 2025
10-K
Feb 12, 2026
$3.2B
+41%
-39.9%
$118M
$654M
Q3 2025
10-Q
Oct 28, 2025
$2.7B
+31%
10.9%
$281M
$858M
Q2 2025
10-Q
Jul 29, 2025
$2.5B
+40%
11.7%
$302M
$770M
Q1 2025
10-Q
Apr 29, 2025
$2.4B
+30%
8.2%
$258M
$599M
Charts
Latest (Q3 2026): Y/Y +38%, Q/Q +5%.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 $415M, Operating cash flow $1.0B.+62.8% since FY2020: more shares outstanding (issuance, stock pay).Cash $5.0B, short-term investments —, long-term debt $19.2B 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
Welltower Inc. (NYSE:WELL), a real estate investment trust (“REIT”) and S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom and Canada. Our portfolio predominantly consists of 2,500+ seniors and wellness housing communities that are positioned at the intersection of housing and hospitality, creating vibrant communities for mature renters and older adults. More information is available on the Internet at www.welltower.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.
In its own words, from its 10-K, filed Feb 12, 2026.
Welltower against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +38% against the peers' median +13%. Operating margin: 9.1% against the peers' median 20.6%.
