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Dec 31, 2025
Brookdale Q4 2025 Earnings Report
Brookdale reported a decrease in revenue and net income for Q4 2025 compared to the prior year, primarily due to community dispositions, but saw improvements in occupancy and Adjusted EBITDA.
Key Takeaways
Brookdale Senior Living Inc. announced its fourth quarter and full year 2025 results, showing a decrease in consolidated revenue and an improved net loss compared to the prior year. The company's full year 2025 Adjusted EBITDA of $458 million exceeded the midpoint of its guidance range, and consolidated weighted average occupancy improved by 310 basis points over the prior year quarter. The company also successfully refinanced a significant portion of its 2026 and 2027 mortgage debt maturities.
Full year 2025 consolidated revenue per available unit (RevPAR) increased by 5.7% over the prior year, exceeding the midpoint of guidance.
Fourth quarter 2025 consolidated weighted average occupancy improved by 310 basis points over the prior year quarter due to strong move-in volume.
Full year 2025 net loss was $263 million, with Adjusted EBITDA of $458 million, above the midpoint of the full-year guidance range.
The company successfully refinanced approximately $350 million of 2026 mortgage debt and $200 million of 2027 mortgage debt maturities, strengthening its balance sheet.
Revenue by Segment
Forward Guidance
For the full year 2026, Brookdale anticipates continued growth, with mid-teens year-over-year growth in Adjusted EBITDA for its ongoing portfolio and 8% to 9% RevPAR growth.
Positive Outlook
- Mid-teens year-over-year growth in Adjusted EBITDA for the ongoing portfolio.
- 8.0% to 9.0% RevPAR year-over-year growth.
- Full year 2026 consolidated RevPAR growth guidance includes the accretive impact of completed and announced disposition activities.
- Guidance reflects the impact of 2025 lease termination activities.
- Higher year-over-year annual resident rate increase for 2026 compared to 2025.
Challenges Ahead
- Forecasting the timing or amounts of items required to reconcile Adjusted EBITDA from net income (loss) is inherently difficult.
- Variability in timing or amounts of reconciliation items may significantly impact future GAAP results.
- The guidance reflects management's current expectations for transaction activity, which may change.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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