Brookdale Q3: $712M Revenue, $13.9M Net Loss; Guidance Already Cut to $495-502M
BKD is trading near its 52-week low of $8.02 (13% above the low) on elevated volume (4.6× avg).
Summary
Brookdale's Q3 showed same-community growth and 12% higher Adjusted EBITDA, but revenue fell on community exits and full-year EBITDA guidance was trimmed to $495-502 million. Liquidity rose to $523.6 million with all debt and lease covenants met.
Key Events · Earnings and Guidance · BKD
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Q3 Revenue Falls on Community Exits
Revenue was $712.1 million versus $813.2 million a year earlier, a 12.4% decline driven by dispositions; same-community RevPAR rose 5.4% to $5,602 and same-community occupancy improved 50 bps to 83.6%.
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Net Loss Narrows Sharply
Net loss attributable to common stockholders was $13.9 million (-$0.06 per share) versus a $114.7 million loss (-$0.48) in Q3 2025, helped by a $58.2 million drop in non-cash impairment charges.
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Adjusted EBITDA Up 12%
Q3 Adjusted EBITDA rose to $124.3 million from $111.1 million, and nine-month Adjusted EBITDA reached $377.5 million versus $352.3 million.
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Full-Year EBITDA Guidance Cut
Full-year Adjusted EBITDA guidance was lowered to $495-502 million from $502-516 million, with revenue-per-unit guidance also reduced.
Analysis · BKD · Industrial Applications And Services
The quarter is a mixed picture: revenue fell 12.4% to $712.1 million as Brookdale exited communities, yet same-community RevPAR rose 5.4% and Adjusted EBITDA climbed 12% to $124.3 million. What matters more is the outlook — full-year Adjusted EBITDA guidance was cut to $495-502 million from $502-516 million, a key figure for a company carrying $4.4 billion of debt. Near-term refinancing risk stays contained: liquidity of $523.6 million, up $145.9 million this year, and full compliance with debt and lease covenants, while the October settlement of the 2026 converts removed that maturity.
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At the time of this filing, BKD was trading at $9.04 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $8.02 to $17.09. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.