Welltower Cash Flow 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
Net Income	961.84	972.86	358.14	160.57	374.48
Depreciation & Amortization	2,141	1,680	1,444	1,339	1,057
Stock-Based Compensation	1,557	75.82	37.2	26.15	17.81
Other Adjustments	-1,497	-430.07	-160.81	-56.03	-129.12
Change in Receivables	-196.88	-68.58	3.39	-191.44	-122.12
Changes in Accrued Expenses	-83.91	26.54	-79.8	50.86	77.55
Operating Cash Flow	2,882	2,256	1,602	1,329	1,275
Operating Cash Flow Growth	27.71%	40.86%	20.56%	4.19%	-6.55%
Capital Expenditures	-1,522	-1,744	-1,583	-1,138	-719.9
Sale of Property, Plant & Equipment	5,658	336.53	96.74	199.5	1,070
Purchases of Investments	-1,191	-888.06	-834.23	-658.22	-1,393
Proceeds from Sale of Investments	532.76	346.8	239.97	233.88	630.03
Payments for Business Acquisitions	-13,914	-3,525	-3,558	-2,306	-4,084
Other Investing Activities	-76.64	-40.93	-68.64	-34.71	-19.08
Investing Cash Flow	-10,513	-5,515	-5,708	-3,704	-4,516
Short-Term Debt Issued	-	-	-	-324.94	324.94
Net Short-Term Debt Issued (Repaid)	-	-	-	-324.94	324.94
Long-Term Debt Issued	4,366	1,213	1,397	1,153	1,727
Long-Term Debt Repaid	-1,756	-1,848	-741.86	-457.18	-1,731
Net Long-Term Debt Issued (Repaid)	2,610	-635.06	655.04	696.24	-4.18
Issuance of Common Stock	8,901	7,416	6,010	3,668	2,348
Net Common Stock Issued (Repurchased)	8,901	7,416	6,010	3,668	2,348
Common Dividends Paid	-1,878	-1,545	-1,261	-1,132	-1,036
Other Financing Activities	-633.02	-330.1	44.06	-146.35	-65.39
Financing Cash Flow	9,000	4,905	5,449	2,761	1,568
Effect of Exchange Rate Changes on Cash and Cash Equivalents	129.39	-11.72	11.03	-10.63	-1.01
Net Cash Flow	1,498	1,635	1,354	375.54	-1,674
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%
FCF Margin	12.55%	6.42%	0.28%	3.25%	11.71%
Free Cash Flow Per Share	2.00	0.84	0.04	0.41	1.30
Levered Free Cash Flow	4,082	279.46	775.76	763.73	1,071
Unlevered Free Cash Flow	740.65	1,033	719.72	932.08	1,102

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