Ventas, Inc. (VTR) Earnings
Ventas, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.14. VTR has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +0.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $0.12 | $0.12 | -2.4% | $1.7B | +4.5% |
| Feb 5, 2026 | $0.89 | $0.89 | +0.0% | $1.6B | +4.1% |
| Oct 29, 2025 | $0.87 | $0.88 | +1.1% | $1.5B | -2.8% |
| Jul 30, 2025 | $0.85 | $0.87 | +2.4% | $1.4B | +1.1% |
| Apr 30, 2025 | $0.82 | $0.84 | +2.4% | $1.4B | +3.2% |
| Feb 12, 2025 | $-0.02 | $0.81 | +4150.0% | $1.3B | +2.6% |
| Oct 30, 2024 | $0.80 | $0.80 | +0.0% | $1.2B | +0.4% |
| Aug 1, 2024 | $0.79 | $0.80 | +1.3% | $1.2B | +0.5% |
| May 1, 2024 | $0.74 | $0.78 | +5.4% | $1.2B | +1.7% |
| Feb 14, 2024 | $0.76 | $0.76 | +0.0% | $1.2B | +1.3% |
| Nov 2, 2023 | $0.74 | $0.75 | +1.4% | $1.1B | +2.8% |
| Aug 3, 2023 | $0.74 | $0.75 | +1.4% | $1.1B | +1.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Ventas continues to drive growth in senior housing operating portfolio with 5 consecutive years of double-digit annual growth. • First quarter results show 9% year-over-year growth in total same-store property NOI and normalized FFO per share. • SHOP NOI grew over 15% with U.S. occupancy increase. • Deploying active asset management with operators and Ventas OI initiatives. • Increased 2026 shop outlook with same-store NOI growth of 16% at midpoint. • 2026 investment volume guidance increased to $3 billion with completed $1.7 billion of senior housing acquisitions year to date. • Balance sheet strengthening with net debt EBITDA improvement and $5.5 billion available equity.
Guidance
• Improved full-year outlook for FFO per share with midpoint increased to $3.86 per share, led by shop same-store growth of 16%. • Increased total company same-store cash NOI growth outlook to nearly 10% at midpoint. • 2026 senior housing focused investment guidance increased from $2.5 billion to $3 billion.
Segment performance
Total same-store property NOI and normalized FFO per share grew 9% year-over-year. SHOP NOI grew over 15% with U.S. occupancy increasing 370 basis points. Outpatient medical and research portfolio delivered 2.4% same-store cash NOI growth. Triple net segment grew same store cash NOI by 1.6% in the quarter. SHOP contributes over 60% of the business.
Analyst Q&A
Q: Touch on the $540 million Rebel investment, including underperformance drivers and Ventas OI benefits.
A: Rebel portfolio was built by Wolf Company, used third-party management initially. Ventas OI platform provides advantages, assets are high quality, bought below replacement costs with operational upside.
Q: Describe current transaction environment competition and cap rates.
A: More interest in sector, new investors, PE, etc. Ventas has competitive moat, investment guidance updated. Cap rates drifted down, expecting high sixes moving forward.
Q: About X4 expense, breakdown of recurring vs temporal.
A: Total expenses 5.8%, much weather related, full year guide 5.5% including volume impacts.
Q: Time for Ventas to use funds or create new fund in fund business.
A: Ventas has investment management business, well positioned to expand in senior housing in various ways including additional vehicles.
Q: Incremental margin in shop segment and when to see improvement.
A: Incremental margin around 50%, communities with flat occupancy deliver 70% incremental margin, goal is to get more communities in that category.
Q: Key selling season impact on outlook.
A: Strong start gives optimism, key selling season from May to September determines full year outcome.
Q: Occupancy level impact on operator rate pushing.
A: Volume remains number one focus, higher occupied communities have better price performance opportunity.
Q: Development appetite and focus.
A: Focused on acquisitions, development not current focus but opportunities may exist in future.
Q: Revel portfolio game plan and readiness for key season.
A: Revel portfolio ready for key selling season, Ventas OI platform brings data analytics and boots on the ground approach to create value.
Q: Seniors housing operators charging entrance fees and impact on occupancy.
A: Entrance fees (community fees) increasing, wait lists forming, supporting better pricing.
Q: Development structures and Ventas appetite.
A: Structures exist, but not current focus at scale, focused on acquisitions.
Q: Cash GMA increase and contributing factors.
A: Investing behind business, growing and scaling platform, investing in people, process, technology.
Q: Ventas OI rollout integration.
A: Fully integrated across all operators, new operators go through integration period.
Q: Motivated sellers and JV deals.
A: Sellers include private equity, others with limited life vehicles, REVL deal is joint venture, most senior housing investments are 100% equity ownership by Ventas.
Q: Bidding competition and win rates.
A: Win rates consistent, pipeline bigger, deals off market and bilateral help give advantage.
Q: Operator count philosophy and growth.
A: Focus on operators with strong local market focus, expertise, etc., operator count expected to grow as platform can handle multiple operators.
Q: U.S. portfolio AL and IL occupancy max out.
A: Remains to be seen, expect both categories to be well into 90%.
Q: Revel portfolio vacancy and concentration.
A: Vacancies more in recent deliveries, leveraging approach with OI platform to drive occupancy growth.
Q: Thoughts on non-shop portfolio.
A: Focus on growing senior housing, other parts of portfolio becoming smaller portion, open to modifying portfolio for long-term value but current focus on growing SHOP.
Q: Pricing and operator increases.
A: In-place increases around 8%, improvement from last year, expect pricing to continue with occupancy upside.
Q: Acquisition mix shift.
A: Focus on market asset operator framework, keeping operators in place, delivering double digit to mid-teens unlevered IRRs, Rebel deal is bigger value add example.