Welltower earns $415 million and raises outlook as Whirlpool posts a third-quarter loss
Key Facts
Welltower reported net income of $415 million in the third quarter of 2026, equivalent to $0.54 per diluted share attributable to common stockholders, and raised its full-year outlook after strong portfolio operating growth. By contrast, Whirlpool reported a GAAP net loss of $249 million as net sales fell 8.8% to $3.677 billion. The results show two different trajectories: income growth at Welltower, supported by senior housing, versus demand and cost pressures at the home appliance company. The available data did not allow verification of how either company’s earnings compared with analyst estimates. The closing prices cited in the draft also preceded the results announcement on October 26, so they do not reflect a market reaction to the results.
Welltower’s normalized funds from operations were $1.67 per diluted share in the quarter, up 24.6% from the same period a year earlier. The metric measures a real estate company’s underlying operating performance alongside reported net income. Same-store net operating income rose 15.8% year over year, driven by 21.0% growth in the senior housing operating portfolio. This outperformance in the company’s fastest-growing portfolio indicates that senior housing was the main driver of the improvement in operating results. Same-store organic revenue in the business also increased 9.1% year over year.
Senior housing revenue growth came as average occupancy rose 320 basis points and revenue per occupied room increased 5.3% during the quarter. The company’s figures reflect both more rooms occupied and higher revenue from occupied rooms. On a year-over-year basis, this lifted same-store organic revenue growth to 9.1%. In light of the results, Welltower raised its 2026 full-year diluted net income per share guidance range to $3.31–$3.37, from a previous range of $3.11–$3.19. It also raised its normalized funds from operations outlook to $6.47–$6.53 per share, compared with $6.36–$6.44 previously.
Whirlpool’s third-quarter net sales fell to $3.677 billion from $4.033 billion in the year-earlier period, and it reported a $249 million net loss available to common stockholders, following a profit of $73 million a year earlier. GAAP diluted loss per share was $3.80, while the company recorded a non-GAAP continuing loss of $0.21 per share. Continuing EBIT margin fell to 2.6% from 4.5% in the third quarter of 2025. Analyst estimates published before the results pointed to earnings of $1.04 per share and revenue of $3.97 billion for the September quarter. In the second quarter, the company reported a loss of $0.21 per share and sales of $3.52 billion.
Whirlpool’s performance varied by region: major domestic appliance sales in North America fell 8.3% year over year to $2.495 billion, while Latin America sales rose 6.9% to $858 million. The company said weak industry demand weighed on North American sales, while price increases and structural cost reductions supported sequential margin improvement. That improvement, however, faced inflation in raw material, fuel and logistics costs. Whirlpool announced a 7% price increase for major appliances in North America, effective in the fourth quarter of 2026. The move is part of its response to falling demand and margin pressures.
Whirlpool expects 2026 sales of about $14.5 billion and operating cash flow of about $700 million, while keeping its free cash flow estimate at around $300 million. It also expects net debt to be below $4.5 billion at year-end. Chief Executive Mark Bitzer said, "The pace of recovery is slower than expected," adding that pricing and cost-cutting measures "set a clear path for further improvement in 2027." The company scheduled a call to discuss the results for October 27, 2026, at 8 a.m. Eastern Time. Welltower is scheduled to hold its call the same day at 9 a.m. Eastern Time to discuss quarterly results, industry trends and portfolio performance.