Filing Flows › Welltower (WELL) › Q2 2026 › vs Q2 2025
Welltower (WELL) Q2 2026 vs Q2 2025 (year over year)
Welltower's revenue rose $996M (+39%) from $2.5B in Q2 2025 to $3.5B in Q2 2026. Operating margin 9.0% against 11.7% (-2.7 pts).
Welltower, Q2 2026: revenue $3.5B (+39% year over year), operating margin 9.0%, net earnings $445M, operating cash flow $1.0B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.0% | 11.7% | -2.7 pts |
| Net margin | 12.6% | 11.8% | +0.7 pts |
| Free cash flow margin | 19.3% | 21.1% | -1.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $3.5B | $2.5B | $996M | +39% |
| Other income, net | $80.6M | $7.5M | $73.1M | +980% |
| Operating profit | $320M | $298M | $22.2M | +7% |
| Costs & expenses | $3.2B | $2.3B | $974M | +43% |
| Pre-tax earnings | $401M | $306M | $95.3M | +31% |
| Cost of revenue | $2.2B | $1.5B | $635M | +42% |
| SG&A | $67.5M | $64.2M | $3.3M | +5% |
| Other operating costs | $1.0B | $671M | $335M | +50% |
| Income tax benefit | $62.0M | −$1.1M | $63.0M | — |
| Net earnings | $445M | $302M | $143M | +47% |
| Minority interests | $18.0M | $2.7M | $15.2M | +558% |
| Depreciation & amortization | $738M | $495M | $243M | +49% |
| Share-based compensation | $16.5M | $15.3M | $1.3M | +8% |
| Working capital & other | $196M | $42.1M | $154M | +364% |
| Operating cash flow | $1.0B | $770M | $234M | +30% |
| Free cash flow (OCF − capex) | $684M | $537M | $147M | +27% |
| Capital expenditures | $319M | $233M | $86.4M | +37% |
Questions
How much did Welltower's revenue grow year over year in Q2 2026?
Welltower's revenue rose $996M (+39%) from $2.5B in Q2 2025 to $3.5B in Q2 2026. Operating margin 9.0% against 11.7% (-2.7 pts).