Omega Healthcare Investors (OHI) Q4 2025 earnings summary

Executive summary

• Fourth quarter adjusted FFO was $0.80 per share and FAD was $0.76 per share, reflecting strong revenue and EBITDA growth driven by acquisitions and portfolio management.

• Net income for Q4 2025 was $172 million ($0.55 per diluted share), up from $116 million ($0.41 per share) in Q4 2024; full-year 2025 net income was $609 million ($1.94 per share), up from $418 million ($1.55 per share) in 2024.

• Full year AFFO and FAD growth exceeded 8% year-over-year, supported by $1.1 billion in capital deployment.

• CEO highlighted strong FAD per share growth and reduced leverage to the lowest level in company history.

• By year-end, Saber is expected to become the largest revenue source, and the tenant credit profile and balance sheet are projected to be the strongest in company history.

Financial highlights

• Fourth quarter revenue was $319 million, up from $279 million in the prior year quarter; full-year revenues were $1.19 billion, up from $1.05 billion in 2024.

• Net income for the quarter was $172 million ($0.55 per share), compared to $116 million ($0.41 per share) a year ago.

• Adjusted FFO for Q4 2025 was $250 million ($0.80 per share), and for the year $946 million ($3.10 per share), both showing year-over-year growth.

• FAD for Q4 2025 was $238 million ($0.76 per share), and for the year $903 million ($2.96 per share), up 8.4% year-over-year.

• Dividend payout ratios were 84% for AFFO and 88% for FAD; dividends declared per share were $0.67 for Q4 and $2.68 for the year, unchanged from 2024.

Outlook and guidance

• Full year 2026 Adjusted FFO guidance is $3.15–$3.25 per share, reflecting completed investments as of early February and assuming continued operator performance.

• Guidance assumes $15–$25 million per quarter in asset sales and scheduled loan repayments.

• No additional investments or capital market transactions are included in the guidance beyond those already announced.