Brookdale Senior Living Inc. (BKD)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.1B

Revenue growth

-4.4%

Net income, last twelve months

-$138.3M

Earnings per share

-$0.58

Gross margin

26.9%

Operating margin

3.5%

Net margin

-4.5%

Free cash flow

$23.7M

Market value

$2.4B

Dividend yield

0.0%

Cash

$370.4M

Debt

$4.3B

Shares outstanding

238.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 8 October 2026.

• Third quarter occupancy up 130 basis points. Third quarter 2026 weighted average consolidated occupancy was 83.1%, up 130 basis points from the same quarter of 2025.
• September consolidated occupancy figures. September 2026 consolidated weighted average occupancy was 83.4%, with month-end occupancy of 84.6%.
• Year-earlier September consolidated readings. September 2025 consolidated month-end occupancy was 83.8%, and the year-earlier weighted average was 82.5%.
• Same community weighted average 83.8%. Same community weighted average occupancy was 83.8% in September 2026.
• Same community month-end occupancy. Same community month-end occupancy was 84.9% at the end of September 2026.
• Same community readings a year earlier. Same community September 2025 readings were 83.5% weighted average and 84.8% month-end occupancy.
• Both occupancy measures up 70 basis points. Consolidated and same community weighted average occupancy each rose 70 basis points from the second quarter of 2026.
• Benchmark is NIC stabilized market. Management cited the NIC stabilized senior housing market occupancy results for the same sequential period as the comparison point.
• Second quarter 2026 base level. Weighted average consolidated occupancy in the second quarter of 2026 was 82.4%, the base for the sequential comparison.
• Early 2025 quarterly readings. Quarterly weighted average consolidated occupancy was 79.3% in the first quarter of 2025 and 80.1% in the second quarter of 2025.
• Late 2025 and early 2026 quarters. Weighted average consolidated occupancy was 82.5% in the fourth quarter of 2025 and 82.1% in the first quarter of 2026.
• Monthly range from December to June. Monthly consolidated weighted average occupancy stayed between 82.0% and 82.5% from December 2025 through June 2026.
• 529 communities across 41 states. As of September 30, 2026 the company reported 529 communities across 41 states.
• Four senior living formats offered. Through its affiliates the company operates independent living, assisted living, memory care, and continuing care retirement communities.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 277 held.

Every filing

The newest filings with the SEC of 625 held.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

333 funds held it at 30 Jun 2026: 149 added and 95 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Healthcare Services Group Inc. (HCSG): revenue $1.9B, market value $1.6B
• Sonida Senior Living, Inc. (SNDA): revenue $526.0M, market value $1.6B

What the company does

Brookdale Senior Living Inc. operates and manages senior living communities across the United States. As of 31 December 2025 it had 584 communities in 41 states, with the ability to serve approximately 51,000 residents. It operates independent living, assisted living, memory care and continuing care retirement communities, which it calls CCRCs. It owned 370 communities (33,262 units), leased 178 communities (10,608 units) and managed 36 communities (4,374 units). It employed approximately 33,000 associates.

How the business is organised

Brookdale reports three segments: Independent Living; Assisted Living and Memory Care; and CCRCs. Communities it manages for others sit in an All Other category.

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What it sells

Independent living communities are designed for middle to upper income seniors who want a residential setting without the work of ownership. Residents choose studio, one-bedroom or two-bedroom units. Basic services include dining options, an emergency alert system, housekeeping, wellness programs and recreational activities. About 80% of the units in these communities are independent living units, and the rest are licensed assisted living and memory care units.

Assisted living and memory care communities offer housing and 24-hour assistance with activities of daily living. Basic care includes three meals a day, health assessments, housekeeping and laundry, and residents who need more help can pay for higher levels of care. Memory care is provided at 312 communities with 8,353 memory care units. That includes 100 freestanding memory care communities with 3,854 units, which average 39 units each.

CCRCs are large campuses. Most have independent living, assisted living, memory care and skilled nursing on one campus or nearby, so residents can move between levels of care.

Who pays

For 2025, 93.9% of resident fee revenue came from private pay residents, 4.8% from government reimbursement programs (primarily Medicaid and Medicare) and 1.3% from other payor sources. Medicare was 1.2% and Medicaid 3.6% of resident fee revenue. Together they were 15.3% of CCRC resident fee revenue. The company says its primary market is people age 75 and older.

Owned communities produced 66.5% of resident fee revenue and leased communities 33.5%.

How it holds and runs communities

Most leases are master leases, under which many communities are leased through one indivisible lease. Of the 178 leased communities, 169 are under operating leases and 9 under financing leases. Brookdale is responsible for all operating costs at leased communities, including repairs, property taxes and insurance.

Operations are organised into six regions, each led by a regional vice president and each with approximately 100 communities. They report to one Chief Operating Officer. Each community has an Executive Director responsible for day-to-day operations, supported by a Health and Wellness Director and a Sales Director, depending on size and type. Part of each Executive Director's pay depends on community operating performance, associate turnover and resident and family satisfaction.

About 1,300 centralized and regional support associates provide functions such as procurement, human resources, finance, legal, information technology and marketing. Trained senior living advisors in the Brookdale Connection Center handle online forms and many calls and schedule visits. Of the associates, 68% were full-time.

The company also runs Brookdale HealthPlus®, which it describes as a community-based, technology-enabled care coordination program, in a growing number of communities. It is piloting private duty services for people living outside its communities.

Competition and rules

The company describes the industry as highly competitive and fragmented. Citing data from the National Investment Center for the Seniors Housing & Care Industry, it says there were approximately 2,400 local and regional senior housing operators in the United States, and approximately 90% of them operated five or fewer communities. Brookdale names Discovery Senior Living, Erickson Senior Living and LCS among its major competitors, along with regional providers and not-for-profit organisations. For acquisitions of senior housing properties it competes with healthcare REITs, the largest of which it names as Welltower and Ventas. The company says it is the largest operator of senior living communities in the United States based on total capacity.

Many communities and private duty home care agencies are licensed by state and local health and social service agencies. Unannounced surveys or inspections can happen annually, every two or three years, or after a complaint. Brookdale is also subject to Medicare and Medicaid rules, the Centers for Medicare & Medicaid Services, federal anti-kickback and Stark laws, HIPAA privacy rules, Occupational Safety and Health Administration standards and employment laws.

Occupancy has typically been seasonal. It generally begins to fall toward the end of the fourth quarter, and the third quarter has historically been the highest period of occupancy growth.

*From Brookdale's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1332349/000133234926000032/bkd-20251231.htm)*

From the company's 10-K.