Welltower
WELL · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Welltower reported revenue of $8.5B in the fiscal year ended Dec 2025, up 40.2% from the year before. Net income was $962M. Net debt was $14.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.2B | $4.2B | $4.8B | $6B | $8.5B |
| Cost of revenue | $2.8B | $3.6B | $3.9B | $4.8B | $6.5B |
| Gross profit | $423M | $615M | $806M | $1.2B | $2B |
| Selling, general & admin | $127M | $150M | $179M | $235M | $1.7B |
| Interest expense | $490M | $530M | $608M | – | – |
| Pre-tax income | $171M | $173M | $350M | $524M | – |
| Income tax | $9M | $7M | $6M | $3M | −$7M |
| Net income | $374M | $161M | $358M | $973M | $962M |
| Diluted EPS | 0.78 | 0.30 | 0.66 | 1.57 | 1.39 |
| Diluted shares | 427M | 465M | 519M | 609M | 680M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $269M | $632M | $2B | $3.5B | $5B |
| Goodwill | $68M | $68M | $68M | $149M | $346M |
| Total assets | $34.9B | $37.9B | $44B | $51B | $67.3B |
| Deferred revenue | $336M | $433M | $375M | $431M | $501M |
| Long-term debt | $13.9B | $14.7B | $15.7B | $15.5B | $19.2B |
| Total liabilities | $15.9B | $16.5B | $17.6B | $18.5B | $24.1B |
| Shareholders' equity | $17.6B | $20.3B | $25.4B | $32B | $42.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.3B | $1.6B | $2.3B | $2.9B |
| Depreciation & amortisation | $1B | $1.3B | $1.4B | $1.6B | $2.1B |
| Stock-based compensation | $18M | $26M | $37M | $76M | $1.6B |
| Share buybacks | $0 | $0 | – | – | – |
| Dividends paid | $1B | $1.1B | $1.3B | $1.5B | $1.9B |
| Dividend per share | 2.44 | 2.44 | 2.44 | 2.56 | 2.82 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.5% | 13.9% | 26.8% | 40.2% |
| EPS growth (YoY) | – | −61.5% | 120.0% | 137.9% | −11.5% |
| Gross margin | 13.2% | 14.7% | 17.0% | 19.9% | 23.2% |
| Net margin | 11.7% | 3.8% | 7.5% | 16.1% | 11.4% |
| Return on equityBlank when equity is negative | 2.1% | 0.8% | 1.4% | 3.0% | 2.3% |
| Cash conversion (CFO ÷ net income) | 3.41x | 8.28x | 4.47x | 2.32x | 3.00x |
| Debt ÷ equity | 0.79x | 0.73x | 0.62x | 0.49x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.6B | $14.1B | $13.7B | $12B | $14.2B |
Recent filings
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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.