Filing Flows › Welltower (WELL) › Q1 2026
Welltower (WELL) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Welltower (WELL) reported revenue of $3.4B for the first quarter 2026 (Q1 2026), +38% from a year earlier and +5% from the quarter before. Operating margin was 10.3%, net earnings $729M (21.7% of revenue).
Welltower, Q1 2026: revenue $3.4B (+38% year over year), operating margin 10.3%, net earnings $729M, operating cash flow $670M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4B | +5% | +38% |
| Operating profit | $345M | — | +74% |
| Net earnings | $729M | +656% | +182% |
| Operating cash flow | $670M | +2% | +12% |
| Free cash flow | $400M | +18% | +12% |
What changed
Revenue was $3.4B in Q1 2026, up 38% year over year and up 5% from the previous quarter.
Operating profit was $0.35B, a 10.3% margin (up 2.1 points year over year). Of the extra revenue versus Q1 2025, 16% reached operating profit, above the 8% margin then. Total costs grew 35% against revenue growth of 38%. The fastest-growing cost line was Cost of revenue (+41%). Net earnings were $0.73B, up 182% year over year. The effective tax rate was 1.5%. Non-operating items added $0.42B, 55% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.67B (up 12% year over year), 89% of net income including minority interests. Non-cash charges added back $0.62B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.72B. Capital expenditures of $0.27B left free cash flow of $0.40B.
Questions
What was Welltower's revenue in the first quarter 2026?
Welltower (WELL) reported revenue of $3.4B for the first quarter 2026 (Q1 2026), +38% from a year earlier and +5% from the quarter before.
Was Welltower profitable in the first quarter 2026?
Operating profit was $345M (10.3% of revenue) and net earnings $729M.
Source: Welltower 10-Q on SEC EDGAR.