Filing Flows › Welltower (WELL) › Q2 2026
Welltower (WELL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
Welltower (WELL) reported revenue of $3.5B for the second quarter 2026 (Q2 2026), +39% from a year earlier and +6% from the quarter before. Operating margin was 9.0%, net earnings $445M (12.6% of revenue).
Welltower, Q2 2026: revenue $3.5B (+39% year over year), operating margin 9.0%, net earnings $445M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.5B | +6% | +39% |
| Operating profit | $320M | -7% | +7% |
| Net earnings | $445M | -39% | +47% |
| Operating cash flow | $1.0B | +50% | +30% |
| Free cash flow | $684M | +71% | +27% |
What changed
Revenue was $3.5B in Q2 2026, up 39% year over year and up 6% from the previous quarter.
Operating profit was $0.32B, a 9.0% margin (down 2.7 points year over year). Of the extra revenue versus Q2 2025, 2% reached operating profit, below the 12% margin then. Total costs grew 43% against revenue growth of 39%. The fastest-growing cost line was Other operating costs (+50%). Net earnings were $0.45B, up 47% year over year. The effective tax rate was -15.5%. Non-operating items added $0.08B, 20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.0B (up 30% year over year), 217% of net income including minority interests. Non-cash charges added back $0.74B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.21B. Capital expenditures of $0.32B left free cash flow of $0.68B.
Questions
What was Welltower's revenue in the second quarter 2026?
Welltower (WELL) reported revenue of $3.5B for the second quarter 2026 (Q2 2026), +39% from a year earlier and +6% from the quarter before.
Was Welltower profitable in the second quarter 2026?
Operating profit was $320M (9.0% of revenue) and net earnings $445M.
Source: Welltower 10-Q on SEC EDGAR.