• Reported GAAP EPS of $0.15 up 15.38% YoY • Reported revenue of $1.55B up 21.62% YoY • Ventas expects full year 2026 Normalized FFO per share guidance of $3.78 to $3.88, representing 6% to 9% year-over-year growth, and projects Attributable Net Income per share between $0.52 and $0.62.
Bullish
Ventas achieved strong enterprise growth and 15%+ SHOP Same-Store Cash NOI growth in 2025, driven by secular demand and strategic investments. The company also improved its Net Debt-to-Further Adjusted EBITDA to 5.2x.
Bearish
Ventas faces risks from evolving governmental policies and reliance on third-party operators. Its 2026 outlook is offset by expiring rental income and higher interest expense, alongside dependency on a limited number of tenants.