Healthpeak Properties (DOC) Q2 FY2026 earnings: revenue $772 million, up 11.1% on the year

Healthpeak Properties, Inc. (DOC) reported revenue of $772 million for Q2 FY2026, the quarter ended 30 June 2026, up 11.1% on the same quarter a year earlier. Net income was $53 million, up 66.8% on the year, and diluted earnings per share $0.08. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue

$772 million

+11.1% on the year · +2.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

4.2%

6.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$53 million

+66.8% on the year · -72.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.08

+60.0% on the year · -71.4% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 3 raised, 1 new, 1 kept.

EPS rose, FFO as Adjusted flat: Diluted EPS was $0.08 against $0.05 a year earlier, and diluted FFO as Adjusted was $0.46 in both periods. Six-month diluted EPS was $0.36 against $0.11. Diluted Nareit FFO was $0.46 against $0.43.
Same-store NOI grew 1.8% overall: Total same-store Adjusted NOI rose 1.8% year over year. Senior Housing grew 19.2% and Outpatient Medical 2.5%, while Lab declined 3.2%. Outpatient Medical was 56.4% of same-store NOI and Lab 34.0%.
Janus Living revenue up 45%: Janus Living reported revenue of $216 million, up 45%, and Adjusted EBITDAre of $79 million, up 34%, against the prior year quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	772	753	694	+2.5%	+11.1%
Cost of revenue	n/a	n/a	276
Gross profit	n/a	n/a	418
Gross margin	n/a	n/a	60.2%
Operating income	32.6	5.6	42.7	+481.7%	-23.7%
Operating margin	4.2%	0.7%	6.2%
Interest expense	92.3	87.3	75.1	+5.7%	+22.9%
Pre-tax income	59.3	196	39.7	-69.7%	+49.6%
Income tax	-1.4	0.3	2.4
Effective tax rate	-2.4%	0.1%	6.0%
Net income	52.8	194	31.7	-72.7%	+66.8%
Net margin	6.8%	25.7%	4.6%
Diluted EPS	$0.08	$0.28	$0.05	-71.4%	+60.0%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	361	261	363	+38.4%	-0.7%
Capital expenditure	157	142	158	+10.5%	-0.8%
Free cash flow	204	119	205	+71.9%	-0.5%
Free cash flow margin	26.4%	15.8%	29.5%
Cash from investing	133	-639	-210
Cash from financing	-41.0	1,106	-129
Depreciation and amortisation	283	290	266	-2.2%	+6.6%
Share-based compensation	4.8	4.5	1.7	+6.8%	+176.5%
Buybacks	100	1.4	72.1	+7,191.6%	+39.0%
Dividends paid	210	212	212	-0.8%	-0.8%
Dividend per share	$0.30	$0.30	$0.30	0.0%	0.0%
Diluted shares, weighted	690m	695m	695m	-0.8%	-0.8%
Shares outstanding at period end	689m	695m	695m	-0.8%	-0.8%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	7,845	7,826	7,928	+0.2%	-1.1%
Non-controlling interest	1,626	1,207	639	+34.8%	+154.6%
Redeemable equity	27.7	27.2	20.1	+1.8%	+37.8%
Debt	10,032	10,423	9,041	-3.7%	+11.0%
Other liabilities	2,149	2,133	2,182	+0.7%	-1.5%
Total liabilities and equity	21,680	21,616	19,810	+0.3%	+9.4%
Goodwill	68.5	68.5	68.5	0.0%	0.0%
Intangible assets	717	758	677	-5.4%	+6.0%
Loans	261	632	717	-58.6%	-63.5%
Cash and equivalents	1,627	1,171	89.4	+38.9%	+1,719.0%
Other assets	19,006	18,987	18,259	+0.1%	+4.1%
Total assets	21,680	21,616	19,810	+0.3%	+9.4%

Questions

What was Healthpeak Properties' revenue in Q2 FY2026?

Healthpeak Properties (DOC) reported revenue of $772 million for Q2 FY2026, the quarter ended 30 June 2026, up 11.1% on the same quarter a year earlier.

How much did Healthpeak Properties earn in Q2 FY2026?

Net income for Q2 FY2026 was $53 million, up 66.8% on the year, and diluted earnings per share $0.08.

When did Healthpeak Properties report Q2 FY2026 results?

Healthpeak Properties filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 5 August 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 30 June 2026, filed 5 August 2026: the filing.