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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ron Kamdem | Morgan Stanley | 14 questions · 0% challenging |
| Mike Carroll | RBC Capital Markets | 14 questions · 14% challenging |
| Juan Sanabria | BMO Capital Markets | 14 questions · 0% challenging |
| Michael Stroyeck | Green Street | 12 questions · 0% challenging |
| Vikram Malhotra | Mizuho Securities | 12 questions · 8% challenging |
| Rich Anderson | Cantor Fitzgerald | 11 questions · 36% challenging |
| Jim Kammert | Evercore ISI | 10 questions · 0% challenging |
| John Kilichowski | Wells Fargo | 9 questions · 22% challenging |
| Omotayo Okusanya | Deutsche Bank | 9 questions · 33% challenging |
| Nick Joseph | Citigroup | 8 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Green Street | 2 analysts | 14 questions · 0% challenging |
| Mizuho Securities | 2 analysts | 14 questions · 7% challenging |
| BMO Capital Markets | 1 analyst | 14 questions · 0% challenging |
| RBC Capital Markets | 1 analyst | 14 questions · 14% challenging |
| Morgan Stanley | 1 analyst | 14 questions · 0% challenging |
| Bank of America | 2 analysts | 12 questions · 0% challenging |
| Citigroup | 2 analysts | 12 questions · 8% challenging |
| Cantor Fitzgerald | 1 analyst | 11 questions · 36% challenging |
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Ventas delivered Q1 normalized FFO of $0.94 per share, up 9% year-over-year, raising the full-year midpoint to $3.86 as total company same-store property-level growth reached nearly 9% and SHOP same-store NOI surged 16%. Average occupancy increased 310 basis points year-over-year to 90.4%, and senior housing investment accelerated as demographic demand and supply constraints created a multi-year tailwind. Revenue and pricing momentum continued building across the portfolio, and balance sheet and liquidity strength supported the investment thesis.
Revenue Growth | M&A | Capital Allocation | Competitive Dynamics | Subscriber Growth | Demand | Pricing | Capex Investment | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 9 | 9 | 8 | 6 | 6 | 4 | 3 | 2 |
| 2025Q1 | 12 | 4 | 5 | 5 | 7 | 5 | 4 | |
| 2025Q2 | 11 | 4 | 5 | 3 | 8 | 1 | 4 | 1 |
| 2025Q3 | 7 | 7 | 8 | 7 | 4 | 3 | 2 | 1 |
| 2025Q4 | 5 | 9 | 9 | 4 | 6 | 4 | 4 | 1 |
| 2026Q1 | 4 | 8 | 4 | 13 | 8 | 4 | 8 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9 | 12 | 11 | 7 | 5 | 4 |
| M&A | 9 | 4 | 4 | 7 | 9 | 8 |
| Capital Allocation | 8 | 5 | 5 | 8 | 9 | 4 |
| Competitive Dynamics | 6 | 5 | 3 | 7 | 4 | 13 |
| Subscriber Growth | 6 | 7 | 8 | 4 | 6 | |
| Demand | 4 | 5 | 1 | 3 | 4 | 8 |
| Pricing | 3 | 4 | 4 | 2 | 4 | 4 |
| Capex Investment | 2 | 1 | 1 | 1 | 8 |
Calendar quarter Q1 2026Earnings call Apr 28, 2026
FY2026 Q1 in brief
Ventas delivered Q1 normalized FFO of $0.94 per share, up 9% year-over-year, raising the full-year midpoint to $3.86 as total company same-store property-level growth reached nearly 9% and SHOP same-store NOI surged 16%.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Ventas (VTR), FY2026 Q1: 8/10. Scores: Ventas’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: VTR daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.29B | +10.5% | $0.13 | +159.1% | 15.2% | 4.4% | $292M |
| FY2025 Q1 | $1.36B | +13.2% | $0.11 | +413.4% | 14.6% | 3.5% | $262M |
| FY2025 Q2 | $1.42B | +18.3% | $0.15 | +218.5% | 14.3% | 4.8% | $400M |
| FY2025 Q3 | $1.49B | +20.4% | $0.14 | +205.0% | 14.9% | 4.4% | $286M |
| FY2025 Q4 | $1.57B | +21.7% | $0.15 | +15.4% | 13.0% | 4.5% | $368M |
| FY2026 Q1Selected | $1.66B | +22.0% | $0.11 | 0.0% | 11.6% | 3.4% | $-577M |
| FY2026 Q2 | $1.73B | +21.7% | $0.14 | -6.7% | 13.4% | 4.1% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +22.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What VTR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“they're high-quality real estate and our colleagues at Ventas will do very well.”
Welltower evaluated but passed on a senior-housing portfolio that competitor Ventas acquired, characterizing it as high-quality real estate that Ventas will do well with.
“same-store occupancy increased 370 basis points year over year and outperformed the NIC top 99 markets by 150 basis points.”
Ventas's U.S. SHOP occupancy growth outperformed the NIC top-99-market benchmark by 150 basis points.
“This is a portfolio that was built by Wolff Company, which is a large multifamily developer with a very long history based in Scottsdale.”
The Revel portfolio was developed by Wolff Company, which retained a stake and remains a JV partner sharing in Ventas OI upside.
“earlier this month, we completed a $540 million acquisition of the Revel portfolio, which represents a value-add lease-up opportunity at scale.”
Ventas acquired the $540M Revel luxury independent-living portfolio as a value-add lease-up play, with the seller retaining a 25% JV interest.
“benefiting from the 35% Brookdale cash rent escalator which went into effect 01/01/2026.”
Ventas's triple-net segment benefited from a 35% cash rent escalator on its Brookdale lease effective Jan 1 2026; 45 former Brookdale-leased communities have also transitioned into SHOP.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
VTR Ventas | 8 | +22.0% | |
| DOC Healthpeak Properties | 6 | +7.1% | |
| WELL Welltower | 8 | +38.4% |