Welltower Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Property Revenue	1,968	1,570	1,556	1,452	1,375
Service and Other Revenue	8,870	6,421	5,082	4,409	3,367
Revenue	10,838	7,991	6,638	5,861	4,742
Revenue Growth (YoY)	35.63%	20.39%	13.26%	23.59%	2.96%
Property Expenses	6,488	4,830	3,948	3,559	2,775
Total Property Expenses	6,488	4,830	3,948	3,559	2,775
Gross Profit	4,350	3,161	2,690	2,302	1,968
Selling, General & Admin	1,748	235.49	179.09	150.39	126.73
Depreciation & Amortization Expenses	2,085	1,632	1,401	1,310	1,038
Other Operating Expenses	313.07	220.38	154.25	129.49	100.12
Operating Income	203.58	1,073	955.78	711.6	703.14
Net Gains on Disposal of Properties	1,449	451.61	67.9	16.04	235.38
Interest Income	-14.3	-0.5	-53.44	-21.29	-22.93
Interest Expense	-651.96	-574.26	-607.85	-529.52	-489.85
Other Non-Operating Income (Expense)	-31.65	25.76	2.11	-9.01	-42.54
Total Non-Operating Income (Expense)	751.14	-97.39	-591.28	-543.78	-319.95
Pretax Income	954.72	975.56	364.5	167.82	383.19
Provision for Income Taxes	-7.12	2.7	6.36	7.25	8.71
Net Income	936.85	951.68	340.09	141.21	336.14
Minority Interest in Earnings	24.99	21.18	18.05	19.35	38.34
Net Income to Common	936.85	951.68	340.09	141.21	336.14
Net Income Growth	-1.56%	179.83%	140.84%	-57.99%	-65.66%
Shares Outstanding (Basic)	666	603	516	462	425
Shares Outstanding (Diluted)	680	609	519	465	427
Shares Change (YoY)	11.63%	17.36%	11.51%	8.98%	2.27%
EPS (Basic)	1.41	1.58	0.66	0.31	0.88
EPS (Diluted)	1.39	1.57	0.66	0.30	0.88
EPS Growth	-11.46%	137.88%	120.00%	-65.91%	-62.23%
Free Cash Flow	1,360	512.86	18.55	190.46	555.42
Free Cash Flow Growth	165.16%	2665.49%	-90.26%	-65.71%	-38.35%
Free Cash Flow Per Share	2.00	0.84	0.04	0.41	1.30
Dividends Per Share	2.890	2.620	2.440	2.440	2.440
Dividend Growth	10.30%	7.38%	-	-	-
Gross Margin	40.14%	39.56%	40.53%	39.28%	41.49%
Operating Margin	1.88%	13.43%	14.40%	12.14%	14.83%
Profit Margin	8.87%	12.17%	5.40%	2.74%	7.90%
FCF Margin	12.55%	6.42%	0.28%	3.25%	11.71%
EBITDA	2,345	2,753	2,400	2,050	1,760
EBITDA Margin	21.64%	34.45%	36.15%	34.98%	37.11%
EBIT	203.58	1,073	955.78	711.6	703.14
EBIT Margin	1.88%	13.43%	14.40%	12.14%	14.83%
Effective Tax Rate	-0.75%	0.28%	1.75%	4.32%	2.27%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.