Omega Healthcare Raises 2026 FFO Outlook as Q3 Beats by $0.02, but Revenue Falls 3% and Misses
The new guidance midpoint sits above the $3.26 consensus, while revenue on the consensus basis came in about 6% below the $269.16M estimate.
Omega Healthcare Investors (OHI) reported third-quarter 2026 funds from operations, excluding non-recurring items, of $0.82 per share, $0.02 above the FactSet consensus of $0.80, and raised its 2026 outlook to $3.28 to $3.30 per share from $3.22 to $3.26. Revenue on the consensus basis fell 3.0% from a year earlier to $252.8 million and missed the $269.16 million estimate. Shares closed at $47.53, up $0.53, before the report.
Third-quarter results
| Metric | Actual | Consensus | Difference |
|---|---|---|---|
| FFO excluding non-recurring items, per share | $0.82 | $0.80 | +$0.02 |
| Revenue, consensus basis | $252.8M | $269.16M | -$16.36M; -3.0% year over year |
By our calculation, per-share FFO beat by 2.5% and revenue missed by about 6.1%. In the second quarter, Omega reported adjusted FFO of $0.83 per share, so the Q3 figure is about a cent lower sequentially even as the full-year range moved up.
Raised 2026 outlook
| Item | New guidance | Prior | Consensus |
|---|---|---|---|
| 2026 FFO excluding non-recurring items, per share | $3.28 to $3.30 | $3.22 to $3.26 | $3.26 |
By our calculation, the new midpoint of $3.29 is $0.05, or about 1.5%, above the prior midpoint of $3.24, and about 0.9% above the consensus.
Balance sheet and dividend context
At the end of the second quarter, Omega had total indebtedness of about $4.1 billion at a weighted average rate of 4.2%, $2.0 billion of undrawn revolver capacity and $39 million of cash. It raised its quarterly dividend by $0.01 to $0.68 per share in July. In the second quarter, it sold 26 facilities for $562.6 million and made $126.5 million of new investments.
What to watch
- Conference call. Omega's call follows on Nov. 4. Listen for the drivers of the guidance increase, the investment pipeline and operator health.
- Dividend. Whether the board raises the $0.68 quarterly dividend again.
- Revenue. What lies behind the year-over-year decline and the miss.
- Funding. Use of the undrawn revolver and new acquisitions.
- Related coverage. See our reports on Marriott, IDEXX and Starbucks.
Sources: Omega's investor relations site and its second-quarter 2026 report on SEC EDGAR. Third-quarter figures and consensus estimates come from FactSet and published data and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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