Healthpeak Properties (DOC) Q1 FY2026 earnings: revenue $753 million, up 7.1% on the year

Healthpeak Properties, Inc. (DOC) reported revenue of $753 million for Q1 FY2026, the quarter ended 31 March 2026, up 7.1% on the same quarter a year earlier. Net income was $194 million, up 352.1% on the year, and diluted earnings per share $0.28. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$753 million

+7.1% on the year · +4.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

0.7%

8.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$194 million

+352.1% on the year · +69.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.28

+366.7% on the year · +75.0% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 lowered, 1 kept.

FFO per share fell year over year: Diluted Nareit FFO was $0.42 per share against $0.45 a year earlier, and FFO as Adjusted was $0.45 against $0.46. Net income was $0.28 per share against $0.06.
Full-year EPS and FFO guidance changed: Diluted EPS and FFO as Adjusted ranges moved up, while the Nareit FFO range moved down. Management stated the update reflects current market conditions, transaction timing and other assumptions.
Janus Living IPO completed in March: Janus Living completed its IPO at the high end of its valuation range. Healthpeak owns 81.6% equity, and Janus Living had a $6.9 billion market capitalization as of May 4, 2026.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	753	719	703	+4.7%	+7.1%
Cost of revenue	n/a	n/a	273
Gross profit	n/a	n/a	430
Gross margin	n/a	n/a	61.1%
Operating income	5.6	58.6	60.4	-90.4%	-90.7%
Operating margin	0.7%	8.1%	8.6%
Interest expense	87.3	80.6	72.7	+8.3%	+20.1%
Pre-tax income	196	125	54.3	+56.4%	+260.4%
Income tax	0.3	6.0	2.1	-95.8%	-87.8%
Effective tax rate	0.1%	4.8%	3.8%
Net income	194	114	42.8	+69.9%	+352.1%
Net margin	25.7%	15.8%	6.1%
Diluted EPS	$0.28	$0.16	$0.06	+75.0%	+366.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	261	294	279	-11.3%	-6.6%
Capital expenditure	142	217	166	-34.4%	-14.4%
Free cash flow	119	77.5	113	+53.2%	+4.7%
Free cash flow margin	15.8%	10.8%	16.1%
Cash from investing	-639	-406	-231
Cash from financing	1,106	490	-94.4	+125.9%
Depreciation and amortisation	290	262	269	+10.5%	+7.9%
Share-based compensation	4.5	4.0	4.6	+12.6%	-2.7%
Buybacks	1.4	0.1	25.0	+1,479.3%	-94.5%
Dividends paid	212	212	213	+0.1%	-0.7%
Dividend per share	$0.30	n/a	$0.30		0.0%
Diluted shares, weighted	695m	695m	699m	+0.0%	-0.6%
Shares outstanding at period end	695m	695m	699m	+0.0%	-0.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	7,826	7,500	8,188	+4.3%	-4.4%
Non-controlling interest	1,207	643	641	+87.7%	+88.2%
Redeemable equity	27.2	160	14.4	-82.9%	+88.8%
Debt	10,423	9,848	8,877	+5.8%	+17.4%
Other liabilities	2,133	2,186	2,096	-2.4%	+1.8%
Total liabilities and equity	21,616	20,336	19,816	+6.3%	+9.1%
Goodwill	68.5	68.5	68.5	0.0%	0.0%
Intangible assets	758	655	748	+15.9%	+1.4%
Loans	632	606	699	+4.2%	-9.6%
Cash and equivalents	1,171	467	70.6	+150.5%	+1,558.0%
Other assets	18,987	18,539	18,230	+2.4%	+4.1%
Total assets	21,616	20,336	19,816	+6.3%	+9.1%

Questions

What was Healthpeak Properties' revenue in Q1 FY2026?

Healthpeak Properties (DOC) reported revenue of $753 million for Q1 FY2026, the quarter ended 31 March 2026, up 7.1% on the same quarter a year earlier.

How much did Healthpeak Properties earn in Q1 FY2026?

Net income for Q1 FY2026 was $194 million, up 352.1% on the year, and diluted earnings per share $0.28.

When did Healthpeak Properties report Q1 FY2026 results?

Healthpeak Properties filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 6 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	483	498	518	520	524	526	545	556	554	607	696	700	698	703	694	706	719	753	772	821
Cost of revenue	199	207	215	220	220	223	222	233	224	244	274	280	277	273	276	292	n/a	n/a	n/a	n/a
Gross profit	284	291	303	300	304	303	324	324	329	363	422	420	421	430	418	414	n/a	n/a	n/a	n/a
Gross margin	59%	58%	58%	58%	58%	58%	59%	58%	59%	60%	61%	60%	60%	61%	60%	59%	n/a	n/a	n/a	n/a
Operating income	24.1	51.5	55.0	54.2	11.0	50.6	47.8	65.9	57.4	-59.3	29.3	35.2	29.9	60.4	42.7	52.6	58.6	5.6	32.6	25.6
Operating margin	5%	10%	11%	10%	2%	10%	9%	12%	10%	-10%	4%	5%	4%	9%	6%	7%	8%	1%	4%	3%
Interest expense	36.6	37.6	41.9	44.1	49.4	48.0	49.1	50.5	52.8	60.9	74.9	74.1	70.5	72.7	75.1	76.8	80.6	87.3	92.3	83.9
Pre-tax income	25.5	73.7	68.2	356	9.4	133	54.6	67.3	60.0	22.5	155	98.5	-3.2	54.3	39.7	65.2	125	196	59.3	34.2
Tax rate	-7%	1%	-1%	-1%	-7%	0%	2%	1%	-20%	61%	2%	2%	n/a	4%	6%	-2%	5%	0%	-2%	4%
Net income	28.8	71.6	68.3	354	6.5	119	51.9	64.2	70.9	6.7	146	85.9	4.5	42.8	31.7	-117	114	194	52.8	17.3
Net margin	6%	14%	13%	68%	1%	23%	10%	12%	13%	1%	21%	12%	1%	6%	5%	-17%	16%	26%	7%	2%
Diluted EPS	$0.05	$0.13	$0.13	$0.65	$0.01	$0.22	$0.09	$0.12	$0.13	$0.01	$0.21	$0.12	$0.01	$0.06	$0.05	-$0.17	$0.16	$0.28	$0.08	$0.02
Operating cash flow	224	194	255	244	207	174	298	253	231	153	316	318	284	279	363	315	294	261	361	354
Capital expenditure	180	178	188	250	245	205	189	188	149	107	122	170	198	166	158	223	217	142	157	145
Free cash flow	43.9	15.9	67.4	-6.8	-37.9	-31.0	109	64.9	82.5	45.5	194	148	85.4	113	205	92.2	77.5	119	204	210
Buybacks	0.3	11.4	0.3	56.0	0.2	6.5	0.0	0.0	0.0	102	68.2	20.1	0.3	25.0	72.1	0.0	0.1	1.4	100	0.1
Dividends paid	162	163	162	162	161	165	164	164	164	164	211	210	210	213	212	212	212	212	210	210
Shares outstanding	539m	540m	540m	538m	547m	547m	547m	547m	547m	704m	700m	699m	699m	699m	695m	695m	695m	695m	689m	690m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 6 May 2026: the filing.