Welltower Inc. stock research
FY2026 Q1
Welltower (WELL) Gross Margin & Quarterly History
Explore Welltower Inc. (WELL) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and cost of revenue both increased, while gross profit grew at a faster pace, leading to an improved gross margin. The gross margin strengthened compared with both the prior quarter and the same quarter last year.
- The primary margin driver is the improvement in gross margin percentage, as gross profit grew relative to revenue.
- Gross margin was higher than in the immediately preceding quarter and significantly higher than in the same quarter one year earlier. Both revenue and gross profit have increased over these periods.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.1%
Gross profit
$725.5M
Revenue
$2.8B
Cost of revenue
$2.1B
Quarter-over-quarter change
+1.7 pts
Year-over-year change
+4.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $2.0B | $456.3M | $1.5B | 23.2% |
| Sep 30, 2025 | $2.1B | $484.3M | $1.6B | 23.5% |
| Dec 31, 2025 | $2.6B | $622.1M | $1.9B | 24.3% |
| Mar 31, 2026 | $2.8B | $725.5M | $2.1B | 26.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+1.7 pts
Year-over-year change
Mar 31, 2025
+4.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary margin driver is the improvement in gross margin percentage, as gross profit grew relative to revenue.
Gross margin was higher than in the immediately preceding quarter and significantly higher than in the same quarter one year earlier. Both revenue and gross profit have increased over these periods.
Monitor the relationship between revenue growth and cost of revenue growth to assess sustainability of margin improvement.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Welltower Inc. (WELL) | 26.1% |