Abstract

American Healthcare REIT will report its quarterly results on February 26, 2026 Post Market; this preview summarizes consensus forecasts for revenue, profitability and EPS, reviews the prior quarter, and outlines the key drivers and risks shaping investor expectations into the print.

Market Forecast

Consensus and company-indicated expectations point to American Healthcare REIT delivering revenue of $608.13 million for the current quarter, implying 12.71% year-over-year growth, with EBIT forecast at $51.25 million and EPS at $0.16, implying forecast EPS growth of 95.00% year over year. While Street models for margins vary, the last reported gross profit margin was 18.53% and the net profit margin was 9.75%; investors will watch whether operating efficiency and mix sustain or lift these levels in the current quarter.

The main business is expected to remain anchored by Integrated Senior Health Campuses, which management and models imply as the revenue backbone and a driver of stable occupancy and rate trends. The segment with the strongest near-term growth potential appears to be the SHOP segment given its operating leverage to occupancy and rate improvements; investors will evaluate whether SHOP can outpace portfolio averages to support consolidated revenue and margin resilience.

Last Quarter Review

In the last reported quarter, American Healthcare REIT posted revenue of $572.94 million, a gross profit margin of 18.53%, GAAP net profit attributable to the parent of $55.93 million, a net profit margin of 9.75%, and adjusted EPS of $0.24, with revenue growing 9.38% year over year and adjusted EPS up 900.00% year over year; net profit rose quarter on quarter by 464.46%.

A notable highlight was positive earnings surprise on EPS alongside a revenue beat versus internal and external models, reflecting disciplined cost control and better-than-expected operating performance. Main business mix was led by Integrated Senior Health Campuses at $449.72 million, SHOP at $82.34 million, OM at $31.18 million, and Triple-Net Real Estate at $9.70 million; Integrated Senior Health Campuses provided the lion’s share of revenue, while SHOP’s relative growth and margin sensitivity stood out.

Current Quarter Outlook (with major analytical insights)

Main operating engine: Integrated Senior Health Campuses

Integrated Senior Health Campuses remain the core revenue engine, contributing the majority of consolidated revenue last quarter and setting the tone for cash generation and margin stability. Into this quarter, the key swing factors include census trends, rate adjustments on renewal cycles, and cost inflation for labor and utilities. Given the reliance on service intensity and operational throughput, modest occupancy gains can have a magnified impact on revenue run-rate, though they also require tight labor management to preserve gross margin near the last reported 18.53%. With payor mix and acuity management stabilizing through the past few quarters, incremental churn risk appears more manageable, suggesting potential to hold net profit margins near high single digits if cost pressures do not reaccelerate.

Most promising lever: SHOP segment operating leverage

The SHOP segment’s revenue base of $82.34 million last quarter provides a platform for incremental operating leverage as occupancy and pricing firm. Current forecasts effectively embed upsides from normalized seasonal occupancy and continued rate traction, and this underpins expectations for consolidated revenue growth of 12.71% year over year. The SHOP model is sensitive to both wage inflation and agency staffing usage; achieving staffing efficiencies and reducing premium labor can directly translate to EBIT gains toward the $51.25 million forecast. A favorable mix shift to higher-acuity private pay or managed care can also lift revenue per occupied room, cushioning gross margin and supporting EPS near $0.16.

Price drivers this quarter: Margin trajectory and EBIT conversion

The stock’s near-term reaction is likely to hinge on whether gross margin remains around the prior 18.53% level and on the degree of flow-through from revenue to EBIT. Forecasts embed EBIT of $51.25 million and EPS of $0.16; to meet or exceed these, operating expense control must offset typical seasonal cost upticks and any lingering wage pressures. Investors will also monitor net profit margin versus the prior 9.75% benchmark; even a small deterioration could pressure sentiment if revenue lands in line. Conversely, evidence of improved operating leverage in SHOP and stable performance in Integrated Senior Health Campuses can sustain net margin resilience and support the narrative of accelerating EPS growth, modeled at 95.00% year over year this quarter.

Analyst Opinions

Across recent research commentary, the majority stance is constructive, emphasizing revenue growth visibility and ongoing margin stabilization; bullish views outnumber cautious takes. Supportive analysts point to a solid revenue base in Integrated Senior Health Campuses and improving SHOP profitability as catalysts that can sustain revenue growth near the forecast 12.71% and drive EPS expansion toward the $0.16 estimate. The bullish camp highlights that last quarter’s adjusted EPS of $0.24 topped expectations and that net profit grew sharply quarter over quarter, providing momentum into this print. Strategists also note that EBIT forecast of $51.25 million appears achievable if staffing efficiencies persist, and that a balanced capital structure alongside disciplined cost management could maintain net profit margin near high single digits. Overall, the constructive majority expects American Healthcare REIT to deliver in-line to modestly better results with a focus on margin durability and evidence of SHOP-led operating leverage.