Ventas (VTR) Q1 FY2026 earnings: revenue $1.7 billion, up 22.0% on the year

Ventas, Inc. (VTR) reported revenue of $1.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 22.0% on the same quarter a year earlier. Net income was $56 million, up 19.3% on the year, and diluted earnings per share $0.11. The figures are the company's own, from the 10-Q it filed with the SEC on 28 April 2026.

Revenue

$1.7 billion

+22.0% on the year · +5.8% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

2.1%

3.0% a year earlier

Q2 FY2024Q1 FY2026

Net income

$56 million

+19.3% on the year · -20.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.11

+10.0% on the year · -26.7% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 7 raised, 1 lowered, 1 narrowed, 3 kept.

Normalized FFO per share up 9%: Normalized FFO per share was $0.94 against $0.86 a year earlier. Nareit FFO per share was $0.90, up 6%. Attributable Net Income per share was $0.11 against $0.10.
SHOP same-store NOI up over 15%: SHOP Same-Store Cash NOI was $286.9 million against $248.5 million, a 15.4% increase, led by same-store cash operating revenue growth of nearly 9%.
Occupancy gain from demand and platform: Total SHOP same-store average occupancy grew 310 basis points, attributed to broad-based demand and Ventas OI platform initiatives.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,657	1,566	1,358	+5.8%	+22.0%
Operating income	35.4	76.3	40.9	-53.6%	-13.5%
Operating margin	2.1%	4.9%	3.0%
Interest expense	156	154	149	+1.1%	+4.5%
Pre-tax income	35.4	76.3	40.9	-53.6%	-13.5%
Income tax	-15.9	-1.1	-10.6
Effective tax rate	-45.0%	-1.5%	-25.8%
Net income	55.9	70.2	46.9	-20.4%	+19.3%
Net margin	3.4%	4.5%	3.5%
Diluted EPS	$0.11	$0.15	$0.10	-26.7%	+10.0%

$ 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	395	472	321	-16.3%	+22.9%
Capital expenditure	72.4	96.3	58.4	-24.8%	+24.1%
Free cash flow	322	375	263	-14.2%	+22.6%
Free cash flow margin	19.4%	24.0%	19.3%
Cash from investing	-1,069	-429	-884
Cash from financing	90.0	500	-149	-82.0%
Depreciation and amortisation	382	353	322	+8.4%	+19.0%
Share-based compensation	24.8	6.3	18.8	+293.2%	+31.9%
Dividends paid	230	226	199	+2.0%	+15.7%
Dividend per share	$0.52	n/a	$0.48		+8.3%
Diluted shares, weighted	487m	463m	446m	+5.2%	+9.0%
Shares outstanding at period end	486m	475m	451m	+2.4%	+7.7%

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	13,125	12,527	11,470	+4.8%	+14.4%
Non-controlling interest	57.0	58.6	56.6	-2.6%	+0.8%
Redeemable equity	395	375	340	+5.2%	+16.1%
Debt	12,518	13,011	12,702	-3.8%	-1.4%
Other liabilities	1,591	1,620	1,465	-1.8%	+8.6%
Total liabilities and equity	27,687	27,592	26,032	+0.3%	+6.4%
Goodwill	1,046	1,046	1,045	-0.0%	+0.0%
Cash and equivalents	184	741	182	-75.2%	+0.7%
Receivables	105	99.9	85.7	+5.5%	+23.0%
Other assets	26,352	25,705	24,719	+2.5%	+6.6%
Total assets	27,687	27,592	26,032	+0.3%	+6.4%

Questions

What was Ventas' revenue in Q1 FY2026?

Ventas (VTR) reported revenue of $1.7 billion for Q1 FY2026, the quarter ended 31 March 2026, up 22.0% on the same quarter a year earlier.

How much did Ventas earn in Q1 FY2026?

Net income for Q1 FY2026 was $56 million, up 19.3% on the year, and diluted earnings per share $0.11.

When did Ventas report Q1 FY2026 results?

Ventas filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 28 April 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	1,022	1,018	1,023	1,037	1,051	1,077	1,106	1,150	1,164	1,200	1,201	1,236	1,287	1,358	1,421	1,489	1,566	1,657	1,730	1,832
Operating income	-66.3	37.9	-43.9	-5.1	-83.1	11.5	62.6	-76.8	-113	-7.5	-19.1	19.1	-0.5	40.9	42.7	44.4	76.3	35.4	54.2	52.6
Operating margin	-6%	4%	-4%	-0%	-8%	1%	6%	-7%	-10%	-1%	-2%	2%	-0%	3%	3%	3%	5%	2%	3%	3%
Interest expense	110	111	114	119	123	128	143	148	155	150	149	150	153	149	150	158	154	156	160	161
Pre-tax income	-66.3	37.9	-43.9	-5.1	-83.1	11.5	62.6	-76.8	-113	-7.5	-19.1	19.1	-0.5	40.9	42.7	44.4	76.3	35.4	54.2	52.6
Tax rate	n/a	-12%	n/a	n/a	n/a	-24%	-16%	n/a	n/a	n/a	n/a	16%	n/a	-26%	9%	-14%	-1%	-45%	-47%	-37%
Net income	-40.9	38.7	-42.4	1.3	-45.0	17.5	103	-71.1	-90.8	-14.3	19.4	19.2	56.8	46.9	68.3	66.0	70.2	55.9	70.6	65.4
Net margin	-4%	4%	-4%	0%	-4%	2%	9%	-6%	-8%	-1%	2%	2%	4%	3%	5%	4%	4%	3%	4%	4%
Diluted EPS	-$0.11	$0.10	-$0.11	$0.00	-$0.11	$0.04	$0.26	-$0.18	-$0.22	-$0.04	$0.05	$0.05	$0.13	$0.10	$0.15	$0.14	$0.15	$0.11	$0.14	$0.13
Operating cash flow	266	275	278	300	267	243	312	286	279	266	336	354	374	321	475	379	472	395	557	490
Capital expenditure	375	418	143	160	180	113	129	163	245	170	80.1	74.7	n/a	58.4	67.2	58.9	96.3	72.4	77.2	64.6
Free cash flow	-109	-144	135	140	87.6	130	182	124	34.2	96.2	256	279	n/a	263	408	320	375	322	479	425
Dividends paid	180	180	180	180	180	181	180	181	181	183	182	186	189	199	217	218	226	230	253	267
Shares outstanding	399m	400m	400m	400m	400m	400m	401m	402m	402m	404m	413m	419m	437m	451m	454m	469m	475m	486m	513m	529m
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. 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 28 April 2026: the filing.