Welltower Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	1,960	1,968	1,570	1,556	1,452	1,375
Service and Other Revenue	9,807	8,870	6,421	5,082	4,409	3,367
Revenue	11,767	10,838	7,991	6,638	5,861	4,742
Revenue Growth (YoY)	37.55%	35.63%	20.38%	13.26%	23.59%	2.96%
Property Expenses	7,081	6,488	4,830	3,948	3,559	2,775
Total Property Expenses	7,081	6,488	4,830	3,948	3,559	2,775
Gross Profit	4,686	4,350	3,161	2,690	2,302	1,968
Selling, General & Admin	1,752	1,748	235.49	179.09	150.39	126.73
Depreciation & Amortization Expenses	2,222	2,085	1,632	1,401	1,310	1,038
Other Operating Expenses	316.21	313.07	220.38	154.25	129.49	100.12
Operating Income	395.65	203.58	1,073	955.78	711.6	703.14
Net Gains on Disposal of Properties	1,818	1,449	451.61	67.9	16.04	235.38
Interest Income	-17.25	-14.3	-0.5	-53.44	-21.29	-22.93
Interest Expense	-699.71	-651.96	-574.26	-607.85	-529.52	-489.85
Other Non-Operating Income (Expense)	-29.43	-31.65	25.76	2.11	-9.01	-42.54
Total Non-Operating Income (Expense)	1,071	751.14	-97.39	-591.28	-543.78	-319.95
Pretax Income	1,467	954.72	975.56	364.5	167.82	383.19
Provision for Income Taxes	10.04	-7.12	2.7	6.36	7.25	8.71
Net Income	1,408	936.85	951.68	340.09	141.21	336.14
Minority Interest in Earnings	49.34	24.99	21.18	18.05	19.35	38.34
Net Income to Common	1,408	936.85	951.68	340.09	141.21	336.14
Net Income Growth	30.03%	-1.56%	179.83%	140.84%	-57.99%	-65.66%
Shares Outstanding (Basic)	680	666	603	516	462	425
Shares Outstanding (Diluted)	697	680	609	519	465	427
Shares Change (YoY)	11.11%	11.63%	17.36%	11.51%	8.98%	2.27%
EPS (Basic)	2.06	1.41	1.58	0.66	0.31	0.88
EPS (Diluted)	2.02	1.39	1.57	0.66	0.30	0.88
EPS Growth	16.09%	-11.46%	137.88%	120.00%	-65.91%	-62.23%
Shares Outstanding	704.69	696.51	635.29	564.24	490.37	447.24
Free Cash Flow	1,426	1,360	512.86	18.55	190.46	555.42
Free Cash Flow Growth	4.86%	165.16%	2665.49%	-90.26%	-65.71%	-38.35%
Free Cash Flow Per Share	2.04	2.00	0.84	0.04	0.41	1.30
Dividends Per Share	2.960	2.890	2.620	2.440	2.440	2.440
Dividend Growth	2.42%	10.30%	7.38%	-	-	-
Gross Margin	39.82%	40.14%	39.56%	40.53%	39.28%	41.49%
Operating Margin	3.36%	1.88%	13.43%	14.40%	12.14%	14.83%
Profit Margin	12.38%	8.87%	12.17%	5.40%	2.74%	7.90%
FCF Margin	12.12%	12.55%	6.42%	0.28%	3.25%	11.71%
EBITDA	2,669	2,345	2,753	2,400	2,050	1,760
EBITDA Margin	22.68%	21.64%	34.45%	36.15%	34.98%	37.11%
EBIT	395.65	203.58	1,073	955.78	711.6	703.14
EBIT Margin	3.36%	1.88%	13.43%	14.40%	12.14%	14.83%
Effective Tax Rate	0.68%	-0.75%	0.28%	1.75%	4.32%	2.27%

Updated Apr 29, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q