Sonida Senior Living Inc. (SNDA) Q1 2026 Earnings: Revenue Hits $122.6 Million

Sonida Senior Living reported Q1 2026 EPS of -$2.39 versus the consensus estimate of -$1.56, a miss of 53%, while total revenue of $122.6 million surpassed analyst expectations of $87.94 million by approximately 24.6%. The widened net loss was primarily driven by $26.1 million in one-time CHP merger-related costs. After-hours movement data was not available at time of publication, though SNDA closed at $38.27 on May 8, 2026 before results were announced.

About Sonida Senior Living

Sonida Senior Living, Inc. (NYSE: SNDA) is a Dallas-based, pure-play owner, operator, and investor in U.S. senior housing communities, founded and focused on independent living, assisted living, and memory care for senior adults. The company holds a market capitalization of approximately $1.7 billion with roughly 47.3 million shares outstanding as of May 2026.

As of March 31, 2026, following the landmark $1.8 billion acquisition of CNL Healthcare Properties (CHP), Sonida owns, manages, or invests in 165 senior housing communities spanning over 16,400 total units across 35 states, making it one of the largest pure-play senior housing owner-operators in the United States. The company reported trailing twelve-month revenue of $381.1 million and a net profit margin of -19.0%, with diluted EPS of -$4.22 on a TTM basis. No dividend is currently paid.

Top Financial Highlights

1. Total revenue reached $122.6 million, increasing 33.4% year over year from $91.9 million in Q1 2025.
2. Resident revenue totaled $108.4 million, rising 36.7% from $79.3 million, supported by the addition of new senior housing communities through recent acquisitions.
3. Rental income was $1.7 million, generated from triple-net senior housing communities added during the quarter.
4. Net loss attributable to shareholders was $41.2 million, compared to a loss of $12.5 million in Q1 2025.
5. Basic and diluted EPS stood at -$2.39, compared to -$0.77 in the prior-year quarter.
6. Adjusted EBITDA increased to $21.5 million, up from $13.6 million in Q1 2025, reflecting growth of approximately 58%.
7. Pro forma adjusted EBITDA reached $48.0 million, compared to $43.8 million in the prior year.
8. Same-store community NOI at-share totaled $26.0 million, improving from $19.0 million in Q1 2025.
9. Same-store occupancy improved to 87.2%, increasing by 220 basis points from 85.0% in the prior-year period.
10. Transaction, transition, and restructuring costs were $26.1 million, largely related to merger integration activities.
11. Operating expenses rose to $82.7 million, increasing 36.8% from $60.4 million in Q1 2025.
12. Interest expense totaled $12.8 million, compared to $9.4 million in the previous year.
13. Unrestricted cash on hand stood at $84.3 million as of March 31, 2026, up significantly from $11.0 million at year-end 2025.
14. Total assets increased to $2.63 billion following the merger, compared to $844.8 million at the end of 2025.

Beat or Miss?

What Leadership Is Saying?

CEO on Strategy and Vision:

“The first quarter of 2026 marks the beginning of a new phase of evolution for Sonida. With our operating foundation firmly in place, we are entering Phase 3 – Compounding, with clear momentum and a focused strategy for creating long-term value. Our same-store portfolio delivered strong pro forma results in the quarter, with occupancy expanding 220 basis points year-over-year and community NOI increasing 14% with 170 basis points of margin expansion. As we scale across a larger, more integrated portfolio, tools like SPIN, our Sonida Performance Insight Navigator, are becoming central to how our community teams deliver high-quality care, manage resources efficiently, and drive sustainable NOI growth over time.” – Brandon Ribar, President and CEO

CFO on Financial Position:

CFO Kevin Detz did not issue a separate attributed quote in the Q1 2026 press release. Based on the financial disclosures, Sonida’s financial commentary highlighted that the $26.1 million in transaction, transition and restructuring costs were the primary driver of the net loss widening, while the company ended the quarter with $84.3 million in unrestricted cash and took active steps to manage its $170 million Bridge Facility, partially repaying it through incremental lending arrangements. The company confirmed plans to fully refinance the Bridge Facility ahead of its March 2027 maturity using property-level agency or mortgage financing.

Historical Performance

Competitor Historical Performance

The following table benchmarks Sonida against Brookdale Senior Living (NYSE: BKD), its closest publicly traded peer in the senior living sector. Sunrise Senior Living is privately held and does not report public quarterly financials.

Brookdale, operating at significantly larger scale with 665 communities across 41 states, reported declining revenue in Q1 2026 due to portfolio optimization, but substantially narrowed its net loss. Sonida, in contrast, grew revenue sharply through the CHP acquisition but saw its net loss widen due to one-time merger costs. On a core operating basis, both companies showed occupancy improvement, with Brookdale posting a 280 basis point occupancy increase year-over-year.

How the Market Reacted?

SNDA shares closed at $38.27 on May 8, 2026, the last trading day before the Q1 2026 results were released pre-market on May 11, 2026, up 4.76% from the prior close and +55.6% over the trailing twelve months. The Q1 2026 earnings report landed during active trading hours with market screeners noting the EPS miss of -$2.39 versus the FactSet consensus of -$1.53.

The MarketBeat report dated May 11 recorded SNDA at $37.10, down -3.06% intraday, suggesting an initial negative reaction to the headline EPS miss despite the strong revenue beat. The broader sentiment remains constructive, given the transformational nature of the $1.8 billion CHP merger, robust occupancy momentum, and a 58% jump in Adjusted EBITDA, which collectively signal improving fundamental performance beneath the one-time noise.