Welltower filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $13.8 billion, which rose 39.2% on the year before. That growth rate was up 1.6 percentage points on the rate a quarter earlier.

What stands out

Net income rose 73.5% over the year while free cash flow rose 20.1%, indicating that reported profit and cash are moving at different speeds.

Profit and margins

Reported profit is running well ahead of the cash. The trailing gross margin was 39.2%. The trailing net margin was 12.1%. Net income over the twelve months was $1.7 billion, which rose 73.5% on the year before.

The cash picture

Today’s cash margin sits near the bottom of the company’s own record. Operating cash flow over the twelve months was $3.3 billion, up 19.5% on the year before. Capital spending was $1.3 billion, or 9.1% of revenue. Free cash flow, operating cash flow less capital spending, was $2.1 billion, up 20.1% on the year before. Free cash flow was 15.1% of revenue (the free-cash-flow margin), down 2.4 percentage points from a year earlier.

Shares outstanding

The share count is rising, so each share claims a smaller slice of the profit. The average diluted share count rose 10.9% over the year.

How today compares

In the context of past results: today’s free-cash-flow margin of 15.1% is higher than 6% of the company’s own past quarterly readings, which have ranged from 14.5% to 34.1%. Today’s twelve-month revenue growth rate of 39.2% is higher than 82% of past readings (−13.9% to 127.6%).

Guidance

The company lowered its 2026 guidance for net income attributable to common stockholders per diluted share to a range of $3.11 to $3.19. The company raised its full year 2026 guidance for normalized FFO attributable to common stockholders per diluted share (adjusted) to a range of $6.36 to $6.44. The company gave its 2026 guidance for average blended same store NOI growth (adjusted) of 13.75% to 16%, and for same store NOI growth (adjusted) for Seniors Housing Operating of 18.5% to 21.5%.

What it means for our valuation

These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 29.1%, and 5 percentage points higher would raise it by 37.1%. A free-cash-flow margin 1 percentage point lower would lower it by 8.1%.

What to watch

The next filing will show whether the trends above continue, slow or reverse.