Ventas
VTR · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Ventas reported revenue of $5.8B in the fiscal year ended Dec 2025, up 18.5% from the year before. Net income was $262M. Operating cash flow of $1.6B less capital expenditure of $2.9B left free cash flow of −$1.3B. Net debt was $12.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8B | $4.1B | $4.5B | $4.9B | $5.8B |
| Interest expense | $440M | $468M | $574M | $603M | $612M |
| Pre-tax income | −$162M | −$94M | −$116M | −$8M | $204M |
| Income tax | $5M | −$17M | −$10M | −$38M | −$14M |
| Net income | $57M | −$41M | −$30M | $88M | $262M |
| Diluted EPS | 0.13 | −0.12 | −0.10 | 0.19 | 0.54 |
| Diluted shares | 386M | 403M | 406M | 416M | 463M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $150M | $123M | $509M | $898M | $741M |
| Receivables | – | – | $76M | $108M | $100M |
| Goodwill | $1B | $1B | $1B | $1B | $1B |
| Total assets | $24.7B | $24.2B | $24.7B | $26.2B | $27.6B |
| Long-term debt | $12B | $12.3B | $13.5B | $13.5B | $13B |
| Total liabilities | $13.5B | $13.7B | $14.9B | $15B | $14.6B |
| Shareholders' equity | $10.9B | $10.2B | $9.5B | $10.8B | $12.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $1.1B | $1.1B | $1.3B | $1.6B |
| Capital expenditure | $1.8B | $901M | $649M | $2.5B | $2.9B |
| Free cash flow | −$776M | $219M | $470M | −$1.2B | −$1.3B |
| Depreciation & amortisation | $1.2B | $1.2B | $1.4B | $1.3B | $1.4B |
| Stock-based compensation | $32M | $31M | $31M | $31M | $39M |
| Dividends paid | $687M | $720M | $724M | $740M | $860M |
| Dividend per share | 1.80 | 1.80 | 1.80 | 1.80 | 1.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.9% | 8.9% | 9.5% | 18.5% |
| EPS growth (YoY) | – | −192.3% | – | – | 184.2% |
| Net margin | 1.5% | −1.0% | −0.7% | 1.8% | 4.5% |
| Return on equityBlank when equity is negative | 0.5% | −0.4% | −0.3% | 0.8% | 2.1% |
| Free cash flow margin | −20.3% | 5.3% | 10.5% | −24.4% | −22.0% |
| Cash conversion (CFO ÷ net income) | 18.1x | −27.4x | −37.0x | 15.0x | 6.30x |
| Receivable days | – | – | 6 | 8 | 6 |
| Debt ÷ equity | 1.11x | 1.21x | 1.42x | 1.26x | 1.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.9B | $12.2B | $13B | $12.6B | $12.3B |
Recent filings
More in Real Estate Investment Trusts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.