For the twelve months ended Sep 30, 2026, American Healthcare REIT Inc. reported $2.67B of revenue and $96.31M of net income.
AHR revenue was $742.15M in fiscal Q3 2026 (ended Sep 30, 2026), up 29.5% from a year earlier and up 10.1% from the prior quarter. For the full fiscal 2025 it was $2.26B, up 9.1% from fiscal 2024. Compound annual growth was +16.2% over 5 years. It rose in 8 of the last 9 fiscal years. Fiscal 2025 is the highest of the 10 fiscal years on file.
AHR net income was $31.21M in fiscal Q3 2026 (ended Sep 30, 2026), down 44.2% from a year earlier and up 2.0% from the prior quarter. For the full fiscal 2025 it was $69.81M, compared with -$37.81M in fiscal 2024. Compound annual growth was +100.3% over 5 years. Fiscal 2025 is the highest of the 10 fiscal years on file.
AHR diluted EPS was $0.14 in fiscal Q3 2026 (ended Sep 30, 2026), down 57.6% from a year earlier and down 12.5% from the prior quarter. For the full fiscal 2025 it was $0.42, compared with -$0.29 in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.26B | $2.07B | $1.87B | $1.41B | $1.12B | $1.07B | $1.10B | $84.46M | $33.33M | $3.16M |
| Cost of revenue | $1.79B | $1.65B | $1.50B | $1.28B | $1.03B | $993.73M | $967.86M | $30.02M | $7.29M | $898.0K |
| Gross profit | $466.59M | $416.77M | $364.31M | $130.63M | $93.74M | $75.35M | $131.22M | $54.43M | $26.04M | $2.26M |
| Selling, general and admin | $58.73M | $47.56M | $47.51M | $43.42M | $43.20M | $27.01M | $29.75M | $9.17M | $4.34M | $1.22M |
| Operating income | $415.16M | $363.54M | $306.83M | $301.96M | $213.34M | $218.28M | $221.40M | - | - | -$4.96M |
| Interest expense | $85.78M | $127.73M | $163.19M | $105.96M | $80.94M | $71.28M | $78.55M | $6.79M | $2.70M | $514.0K |
| Pre-tax income | $48.65M | -$33.89M | -$76.22M | -$72.80M | -$52.31M | $5.79M | $672.0K | -$8.58M | $508.0K | -$5.47M |
| Income tax | -$22.17M | $1.71M | $663.0K | $586.0K | $956.0K | -$3.08M | $1.52M | $8.0K | $0 | $0 |
| Net income | $69.81M | -$37.81M | -$71.47M | -$81.30M | -$47.79M | $2.16M | -$4.96M | -$8.35M | $541.0K | -$5.47M |
| EPS, basic | $0.42 | -$0.29 | -$1.08 | -$1.24 | -$0.95 | $0.05 | -$0.12 | -$0.60 | $0.08 | -$7.00 |
| EPS, diluted | $0.42 | -$0.29 | -$1.08 | -$1.24 | -$0.95 | $0.05 | -$0.12 | -$0.60 | $0.08 | -$7.00 |
| Diluted shares | 166.8M | 130.6M | 66.0M | 65.8M | 50.1M | 45.0M | 45.5M | 13.7M | 6.9M | 782,866.5 |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $114.84M | $76.70M | $43.45M | $65.05M | $81.60M | $113.21M | $53.15M | $35.13M | $7.09M | $2.24M |
| Inventory | $18.84M | $19.48M | $19.47M | $19.77M | $18.93M | $24.67M | - | - | - | - |
| Goodwill | $234.94M | $234.94M | $3.33M | $231.61M | $209.90M | $75.31M | - | - | - | - |
| Total assets | $5.43B | $4.49B | $4.58B | $4.79B | $4.58B | $3.23B | $1.07B | $896.37M | $480.15M | $142.76M |
| Total liabilities | $2.07B | $2.18B | $3.12B | $3.14B | $2.75B | $2.16B | $476.79M | $337.33M | $125.93M | $50.50M |
| Shareholders' equity | $3.32B | $2.30B | $1.43B | $1.57B | $1.76B | $1.03B | $1.06B | $1.22B | $353.22M | $92.25M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $294.44M | $176.09M | $98.53M | $147.77M | $17.91M | $219.16M | $117.45M | $15.42M | $12.40M | -$3.62M |
| Investing cash flow | -$1.08B | -$8.73M | $9.40M | -$118.58M | -$138.65M | -$147.94M | -$103.11M | -$411.55M | -$330.69M | -$133.32M |
| Financing cash flow | $817.24M | -$134.74M | -$129.06M | -$42.92M | $94.11M | -$8.81M | $2.69M | $403.62M | $323.15M | $138.98M |
| Dividends paid | $163.52M | $120.89M | $76.28M | $51.12M | $22.79M | $27.00M | $62.61M | $13.99M | $6.40M | $549.0K |
| Share repurchases | $0 | $14.0K | $469.0K | $20.70M | $382.0K | $23.11M | $89.89M | $3.31M | $735.0K | $0 |
| Stock-based compensation | $14.62M | $9.87M | $5.47M | - | $8.80M | -$1.34M | $2.74M | $185.0K | $131.0K | $80.0K |
| Depreciation and amortization | $187.56M | $179.19M | $182.60M | $167.96M | $133.19M | $98.86M | $111.41M | $32.66M | $13.64M | $1.25M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 9.1% | 10.9% | 32.2% | 25.6% | 5.1% | -2.7% | 1201.4% | 153.4% | 956.2% | - |
| Gross margin | 20.6% | 20.1% | 19.5% | 9.3% | 8.3% | 7.0% | 11.9% | 64.5% | 78.1% | 71.5% |
| Operating margin | 18.4% | 17.6% | 16.4% | 21.4% | 19.0% | 20.4% | 20.1% | - | - | -157.2% |
| Net margin | 3.1% | -1.8% | -3.8% | -5.8% | -4.3% | 0.2% | -0.5% | -9.9% | 1.6% | -173.4% |
| Return on equity | 2.1% | -1.6% | -5.0% | -5.2% | -2.7% | 0.2% | -0.5% | -0.7% | 0.2% | -5.9% |
| Return on assets | 1.3% | -0.8% | -1.6% | -1.7% | -1.0% | 0.1% | -0.5% | -0.9% | 0.1% | -3.8% |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $742.15M | $674.25M | $650.77M | $604.08M | $572.94M | $542.50M | $540.60M | $542.74M | $523.81M | $504.58M | $499.53M | $631.16M |
| Cost of revenue | $564.74M | $524.84M | $512.17M | $480.29M | $454.53M | $426.29M | $432.42M | $430.57M | $417.13M | $402.56M | $403.63M | $385.01M |
| Gross profit | $177.41M | $149.41M | $138.60M | $123.79M | $118.41M | $116.22M | $108.18M | $112.17M | $106.69M | $102.02M | $95.90M | $246.15M |
| Selling, general and admin | $21.58M | $19.89M | $17.61M | $16.53M | $14.11M | $14.94M | $13.15M | $12.06M | $11.92M | $11.75M | $11.83M | $11.34M |
| Operating income | $164.79M | $137.24M | $125.50M | $111.58M | $105.81M | $103.23M | $94.54M | $99.13M | $93.54M | $88.69M | $82.18M | $84.52M |
| Interest expense | $17.77M | $18.63M | $18.80M | $19.81M | $20.39M | $22.63M | $22.95M | $30.30M | $30.39M | $30.60M | $36.44M | $41.19M |
| Pre-tax income | $32.26M | $30.98M | $23.49M | $8.53M | $35.55M | $10.81M | -$6.24M | -$31.94M | -$2.83M | $3.61M | -$2.73M | -$31.07M |
| Income tax | $740.0K | -$3.0K | -$525.0K | -$2.42M | -$21.09M | $732.0K | $604.0K | $486.0K | $263.0K | $686.0K | $278.0K | -$112.0K |
| Net income | $31.21M | $30.61M | $23.71M | $10.78M | $55.93M | $9.91M | -$6.80M | -$31.77M | -$4.13M | $1.98M | -$3.89M | -$27.43M |
| EPS, basic | $0.14 | $0.16 | $0.13 | $0.07 | $0.33 | $0.06 | -$0.04 | - | -$0.03 | $0.01 | -$0.04 | -$0.41 |
| EPS, diluted | $0.14 | $0.16 | $0.13 | $0.07 | $0.33 | $0.06 | -$0.04 | - | -$0.03 | $0.01 | -$0.04 | -$0.41 |
| Diluted shares | 217.7M | 193.3M | 188.0M | - | 169.8M | 161.1M | 156.9M | - | 133.7M | 130.7M | 104.3M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $222.77M | $156.90M | $119.38M | $114.84M | $147.36M | $133.49M | $86.06M | $76.70M | $67.85M | $52.09M | $77.03M | $43.45M |
| Inventory | $21.35M | $20.51M | $20.44M | $18.84M | $20.24M | $19.43M | $19.36M | $19.48M | $20.23M | $20.04M | $20.74M | $19.47M |
| Goodwill | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $234.94M | $3.33M |
| Total assets | $7.61B | $5.70B | $5.60B | $5.43B | $4.77B | $4.51B | $4.46B | $4.49B | $4.68B | $4.64B | $4.70B | $4.58B |
| Total liabilities | $1.96B | $1.96B | $2.08B | $2.07B | $2.05B | $2.04B | $2.16B | $2.18B | $2.42B | $2.54B | $2.56B | $3.12B |
| Shareholders' equity | $5.54B | $3.74B | $3.52B | $3.32B | $2.72B | $2.46B | $2.30B | $2.30B | $2.26B | $2.10B | $2.13B | $1.43B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $166.89M | $118.62M | $81.07M | $55.16M | $107.19M | $71.47M | $60.62M | $59.51M | $63.13M | $59.40M | -$5.95M | $25.77M |
| Investing cash flow | -$1.85B | -$173.34M | -$203.09M | -$709.97M | -$278.46M | -$62.09M | -$32.78M | $87.21M | -$30.41M | -$60.31M | -$5.22M | -$11.30M |
| Financing cash flow | $1.75B | $89.46M | $127.20M | $622.20M | $185.69M | $33.12M | -$23.78M | -$139.98M | -$13.70M | -$26.03M | $44.96M | -$5.88M |
| Dividends paid | $48.78M | $47.61M | $46.82M | $42.86M | $41.24M | $39.88M | $39.55M | $38.30M | $33.00M | $33.00M | $16.60M | $16.60M |
| Share repurchases | - | - | - | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14.0K | $304.0K |
| Stock-based compensation | $9.28M | $5.77M | $4.86M | $5.45M | $3.43M | $3.19M | $2.55M | $2.04M | $2.63M | $3.27M | $1.94M | $1.23M |
| Depreciation and amortization | $90.87M | $72.13M | $67.06M | $55.32M | $49.18M | $41.94M | $41.11M | $46.91M | $44.25M | $45.26M | $42.77M | $43.96M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 29.5% | 24.3% | 20.4% | 11.3% | 9.4% | 7.5% | 8.2% | -14.0% | 25.9% | 22.9% | 10.5% | 58.3% |
| Net income growth, YoY | -44.2% | 208.9% | - | - | - | 400.7% | - | - | - | - | - | - |
| EPS growth, YoY | -57.6% | 166.7% | - | - | - | 500.0% | - | - | - | - | - | - |
| Gross margin | 23.9% | 22.2% | 21.3% | 20.5% | 20.7% | 21.4% | 20.0% | 20.7% | 20.4% | 20.2% | 19.2% | 39.0% |
| Operating margin | 22.2% | 20.4% | 19.3% | 18.5% | 18.5% | 19.0% | 17.5% | 18.3% | 17.9% | 17.6% | 16.5% | 13.4% |
| Net margin | 4.2% | 4.5% | 3.6% | 1.8% | 9.8% | 1.8% | -1.3% | -5.9% | -0.8% | 0.4% | -0.8% | -4.3% |
Source: XBRL data American Healthcare REIT Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 1-for-4, first reported Mar 17, 2023.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| AHR | $2.67B | +21.5% | $96.31M | 3.6% | $13.75B |
| WELL | $13.79B | +39.2% | $1.67B | 12.1% | $181.46B |
| PLD | $8.95B | +6.7% | $3.71B | 41.5% | $124.09B |
| EQIX | $10.06B | +11.1% | $1.65B | 16.4% | $104.38B |
| AMT | $11.01B | +5.3% | $3.31B | 30.1% | $87.65B |
| SPG | $7.15B | +16.2% | $4.51B | 63.0% | $75.39B |
| DLR | $6.34B | +12.6% | $1.38B | 21.7% | $68.13B |
| PSA | $5.03B | +5.2% | $1.90B | 37.8% | $63.18B |
| O | $6.21B | +10.8% | $1.36B | 21.8% | $56.58B |