Revenue growth accelerated to 87.5% year-over-year in 2026Q2, but NOI margin volatility (99.8% vs. 56.9% in prior quarter) suggests potential accounting distortions.
CareTrust REIT, Inc. (CTRE) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 615.54M | 476.59M | 228.26M | 198.6M | 187.51M | 190.19M | 175.69M | 159.06M | 155.38M | 131.12M | 103.94M | 73.99M | 58.84M | 48.8M | 42.06M |
| Revenue Growth % | 89.9% | 108.79% | 14.94% | 5.92% | -1.41% | 8.26% | 10.46% | 2.37% | 18.5% | 26.14% | 40.49% | 25.74% | 20.59% | 16.01% | - |
| Property Operating Expenses | 136.24M | 194.8M | 13.55M | 9.59M | 9.37M | 3.57M | 4.71M | 5.95M | 14.89M | 12.99M | 10.39M | 7.87M | 7.2M | 7.31M | 6.54M |
| Net Operating Income (NOI) | 479.31M | 281.79M | 214.71M | 189.01M | 178.13M | 186.62M | 170.98M | 153.11M | 140.49M | 118.13M | 93.55M | 66.11M | 51.64M | 41.49M | 35.52M |
| NOI Margin % | 77.87% | 59.13% | 94.06% | 95.17% | 95% | 98.12% | 97.32% | 96.26% | 90.42% | 90.09% | 90% | 89.36% | 87.77% | 85.03% | 84.44% |
| Operating Expenses | 85.47M | -38.35M | 90.65M | 73M | 74.33M | 82.21M | 69.06M | 68.06M | 58.32M | 60.69M | 41.26M | 31.79M | 34.1M | 28.86M | 22.89M |
| G&A Expenses | -4.25M | 138K | 27.9M | 20.9M | 19.27M | 26.87M | 16.3M | 15.16M | 12.55M | 11.12M | 9.3M | 7.66M | 11.11M | 5.44M | 1.79M |
| EBITDA | 514.12M | 413.18M | 180.99M | 167.26M | 154.19M | 159.8M | 154.74M | 136.92M | 127.95M | 96.61M | 84.27M | 58.46M | 40.54M | 36.05M | 33.73M |
| EBITDA Margin % | 83.52% | 86.7% | 79.29% | 84.22% | 82.23% | 84.02% | 88.08% | 86.08% | 82.35% | 73.69% | 81.07% | 79.01% | 68.89% | 73.87% | 80.19% |
| Depreciation & Amortization | 120.29M | 93.05M | 56.93M | 51.26M | 50.38M | 55.39M | 52.82M | 51.87M | 45.78M | 39.18M | 31.98M | 24.13M | 23M | 23.42M | 21.1M |
| D&A / Revenue % | 19.54% | 19.52% | 24.94% | 25.81% | 26.87% | 29.12% | 30.06% | 32.61% | 29.47% | 29.88% | 30.77% | 32.62% | 39.09% | 47.99% | 50.17% |
| Operating Income | 393.83M | 320.14M | 124.06M | 116M | 103.81M | 104.41M | 101.92M | 85.05M | 82.17M | 57.44M | 52.28M | 34.33M | 17.54M | 12.63M | 12.63M |
| Operating Margin % | 63.98% | 67.17% | 54.35% | 58.41% | 55.36% | 54.89% | 58.01% | 53.47% | 52.88% | 43.81% | 50.3% | 46.39% | 29.81% | 25.88% | 30.02% |
| Interest Expense | 4M | 43.71M | 30.31M | 40.88M | 30.01M | 23.68M | 23.66M | 28.13M | 27.86M | 24.2M | 22.87M | 24.05M | 21.62M | 12.65M | 12.21M |
| Interest Coverage | - | 8.44x | 5.10x | 2.31x | 0.75x | 4.04x | 4.42x | 2.65x | 3.01x | 2.07x | 2.28x | 1.42x | 0.62x | 0.98x | 1.02x |
| Non-Operating Income | -33.63M | -48.86M | -30.65M | 21.4M | 81.31M | 8.75M | -2.61M | 10.57M | 45.77M | -4.55M | -22.61M | 243K | 4.06M | 255K | 189K |
| Pretax Income | 371.81M | 325.29M | 124.4M | 53.72M | -7.51M | 71.98M | 80.87M | 46.36M | 57.92M | 25.87M | 29.35M | 10.03M | -8.14M | -272K | 232K |
| Pretax Margin % | 60.4% | 68.25% | 54.5% | 27.05% | -4% | 37.85% | 46.03% | 29.15% | 37.28% | 19.73% | 28.24% | 13.56% | -13.84% | -0.56% | 0.55% |
| Income Tax | 9.63M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 3.62M | 24.2M | 23.2M | 0 | 0 | 123K | 122K |
| Effective Tax Rate % | 2.59% | 1.54% | 0% | 0% | 0% | 0% | 0% | 0% | 6.24% | 93.51% | 79.03% | 0% | 0% | -45.22% | 52.59% |
| Net Income | 364.15M | 320.54M | 125.08M | 53.73M | -7.51M | 71.98M | 80.87M | 46.36M | 57.92M | 25.87M | 29.35M | 10.03M | -8.14M | -395K | 110K |
| Net Margin % | 59.16% | 67.26% | 54.8% | 27.06% | -4% | 37.85% | 46.03% | 29.15% | 37.28% | 19.73% | 28.24% | 13.56% | -13.84% | -0.81% | 0.26% |
| Net Income Growth % | 39.32% | 156.27% | 132.77% | 815.89% | -110.43% | -10.99% | 74.44% | -19.96% | 123.87% | -11.85% | 192.54% | 223.22% | -1961.52% | -459.09% | - |
| Funds From Operations (FFO) | 484.44M | 413.58M | 182.01M | 104.99M | 42.87M | 127.38M | 133.69M | 98.22M | 103.71M | 65.05M | 61.33M | 34.17M | 14.86M | 23.02M | 21.21M |
| FFO Margin % | 78.7% | 86.78% | 79.74% | 52.87% | 22.86% | 66.97% | 76.09% | 61.76% | 66.75% | 49.61% | 59.01% | 46.18% | 25.25% | 47.18% | 50.43% |
| FFO Growth % | 190.71% | 127.23% | 73.36% | 144.9% | -66.34% | -4.72% | 36.1% | -5.29% | 59.43% | 6.06% | 79.51% | 129.97% | -35.47% | 8.53% | - |
| FFO per Share | 2.01 | 2.03 | 1.17 | 0.99 | 0.44 | 1.33 | 1.40 | 1.06 | 1.31 | 0.90 | 1.09 | 0.91 | 0.65 | 1.03 | 0.95 |
| FFO Payout Ratio % | 49.14% | 62.71% | 94.59% | 110% | 247.57% | 79.12% | 69.69% | 82.08% | 60.75% | 80.84% | 60.77% | 63.78% | 222.12% | 0% | 0% |
| EPS (Diluted) | 1.51 | 1.57 | 0.80 | 0.50 | -0.08 | 0.50 | 0.60 | 0.20 | 0.73 | 0.36 | 0.52 | 0.27 | -0.36 | -0.02 | 0.00 |
| EPS Growth % | 20.15% | 96.25% | 60% | 725% | -116% | -16.67% | 200% | -72.6% | 102.78% | -30.77% | 92.59% | 175% | -1922.47% | - | - |
| EPS (Basic) | - | 1.57 | 0.81 | 0.50 | -0.08 | 0.50 | 0.60 | 0.20 | 0.73 | 0.36 | 0.52 | 0.27 | -0.36 | -0.02 | 0.00 |
| Diluted Shares Outstanding | 241.09M | 204.09M | 155.17M | 106.15M | 96.7M | 96.09M | 95.21M | 93.1M | 79.39M | 72.65M | 56.03M | 37.38M | 22.79M | 22.25M | 22.25M |
Quick answers to the most common questions about buying CTRE stock.
For fiscal year 2025, CareTrust REIT, Inc. (CTRE) reported total revenue of $476.6M. This represents a 1033.0% increase compared to $42.1M in 2012.
CareTrust REIT, Inc. (CTRE) is profitable, generating $320.5M in net income for the fiscal year ending 2025 with a net profit margin of 67.3%.
CareTrust REIT, Inc. (CTRE) reported an operating income of $320.1M, resulting in an operating profit margin of 67.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CareTrust REIT, Inc. (CTRE) generated $281.8M in gross profit for the year, representing a gross profit margin of 59.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Rapid growth sustainability
Metrics are mathematically derived from official filings.
Revenue Surge Driven by Acquisitions
CTRE's revenue grew 87.5% year-over-year to $161.3M in 2026Q2, per the latest quarterly report, reflecting aggressive portfolio expansion that may strain integration capabilities.
The 87.5% revenue growth in 2026Q2, up from 55.3% in 2025Q2, indicates a significant acceleration in acquisition activity. This pace suggests CTRE is deploying capital rapidly, likely into skilled nursing and senior housing assets. Investors should monitor whether organic growth can keep pace with this inorganic expansion, as integration risks could emerge.
NOI Margin Volatility Raises Questions
NOI margin swung from 56.9% in 2026Q1 to 99.8% in 2026Q2, as per financial statements, suggesting possible one-time items or accounting adjustments that warrant scrutiny.
The dramatic fluctuation in NOI margin—from 56.9% to 99.8% within a quarter—is atypical for a healthcare REIT. This could indicate that certain expenses were recognized in Q1 or that revenue recognition timing distorted the metric. Analysts should investigate the composition of NOI to determine if the high margin is sustainable or an artifact of the reporting period.
FFO Growth Outpaces Share Count
FFO per share rose 33% year-over-year to $0.51 in 2026Q2, as reported in SEC filings, while total FFO grew 33%, indicating no dilution from equity raises.
The alignment of FFO growth (33%) with FFO per share growth (33%) suggests that CTRE has not issued significant new shares, preserving shareholder value. This is a positive signal for earnings quality. However, the 104.9% FFO growth in 2025Q4 was likely boosted by one-time gains, so investors should focus on the underlying recurring FFO trend.
Depreciation Distorts Net Income
Net income of $89.0M in 2026Q2 is significantly lower than FFO of $119.4M, as per financial data, highlighting the impact of non-cash depreciation on GAAP earnings.
The gap between net income and FFO (approximately $30M) reflects substantial depreciation charges on CTRE's real estate assets. This is typical for REITs, but the magnitude suggests a large, recently acquired asset base. Since depreciation is non-cash, FFO provides a clearer picture of operational performance, yet investors should consider whether maintenance capex will erode AFFO over time.
Organic Growth Hidden by Acquisitions
Same-store NOI trends are not disclosed in the provided data, but revenue growth of 87.5% in 2026Q2, per the income statement, likely masks modest organic performance.
With revenue growth driven primarily by acquisitions, it is difficult to assess CTRE's organic same-store performance. The absence of same-store metrics in the data suggests that investors may need to rely on supplemental disclosures. If organic growth is weak, the current valuation may be overly reliant on continued external growth.
Earnings Quality Under Scrutiny
The 99.8% NOI margin in 2026Q2, as reported in financial statements, appears unusually high and may indicate aggressive expense capitalization or revenue recognition practices.
A NOI margin near 100% implies minimal property-level operating expenses, which is atypical for healthcare facilities. This could result from tenant reimbursement structures that pass through expenses, but it may also signal that certain costs are being capitalized or deferred. Investors should examine the breakdown of operating expenses and compare with peers like SBRA and OHI, whose margins are lower, to assess the sustainability of CTRE's profitability.