Healthpeak Properties (DOC) financial statements
Healthpeak Properties reported revenue of $604M in fiscal 2025, down 13.1% a year over 9 years.
Net income was $71M and the operating margin -331.8%, against 11.5% in 2016.
Free cash flow was $357M, and the company returned $849M in dividends and $97M in net buybacks.
The diluted share count rose 49% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Healthpeak Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $524M | $144M | $144M | $436M | $471M | $495M | $527M | $568M | $604M |
| Cost of revenue | $738M | $666M | $379M | $405M | $783M | $773M | $863M | $902M | $1.1B | — |
| Gross profit | $1.4B | -$142M | -$234M | -$261M | -$346M | -$302M | -$368M | -$375M | -$506M | — |
| Selling, general and admin | $104M | $89M | $97M | $93M | $93M | $98M | $131M | $95M | $97M | $90M |
| Operating income | $245M | -$1.2B | -$1.0B | -$1.0B | -$1.3B | -$1.3B | -$1.4B | -$1.4B | -$2.1B | -$2.0B |
| Interest expense | $464M | $308M | $261M | $218M | $218M | $158M | $173M | $200M | $280M | $305M |
| Pre-tax income | $11M | $410M | $839M | $176M | $218M | $128M | $507M | $315M | $273M | $284M |
| Income tax | $4M | -$1M | -$4M | -$5M | -$9M | -$3M | -$4M | -$10M | $4M | $9M |
| Net income | $628M | $414M | $1.1B | $46M | $414M | $506M | $500M | $306M | $243M | $71M |
| EPS (diluted) | $1.34 | $0.88 | $2.24 | $0.09 | $0.77 | $0.93 | $0.92 | $0.56 | $0.36 | $0.10 |
| Diluted shares | 467M | 469M | 475M | 489M | 531M | 539M | 539M | 547M | 676M | 696M |
| Gross margin | 65.3% | -27.1% | -162.6% | -180.8% | -79.3% | -64.1% | -74.4% | -71.0% | -89.1% | — |
| Operating margin | 11.5% | -238.0% | -699.7% | -711.1% | -291.6% | -268.9% | -281.7% | -271.5% | -368.9% | -331.8% |
| Net margin | 29.5% | 79.0% | 735.8% | 31.5% | 94.7% | 107.3% | 101.1% | 58.0% | 42.8% | 11.8% |
Balance sheet
Fiscal years, from Healthpeak Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $95M | $55M | $54M | $80M | $44M | $158M | $72M | $118M | $120M | $467M |
| Goodwill | $42M | $47M | $47M | $17M | $18M | $18M | $18M | $18M | $69M | $69M |
| Total assets | $15.8B | $14.1B | $12.7B | $14.0B | $15.9B | $15.3B | $15.8B | $15.7B | $19.9B | $20.3B |
| Total liabilities | $9.8B | $8.5B | $6.2B | $7.4B | $8.6B | $8.1B | $8.5B | $8.8B | $10.9B | $12.0B |
| Shareholders' equity | $5.5B | $5.3B | $5.9B | $6.1B | $6.7B | $6.5B | $6.7B | $6.4B | $8.4B | $7.5B |
| Net debt | -$95M | -$55M | -$54M | -$80M | -$44M | -$158M | -$72M | -$118M | -$120M | -$467M |
Cash flow
Fiscal years, from Healthpeak Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $847M | $849M | $846M | $758M | $795M | $900M | $956M | $1.1B | $1.3B |
| Capital spending | $459M | $472M | $561M | $677M | $789M | $760M | $962M | $775M | $737M | $895M |
| Free cash flow | $755M | $375M | $288M | $169M | -$30M | $36M | -$62M | $182M | $334M | $357M |
| Stock-based compensation | $23M | $14M | $17M | $18M | $17M | $18M | $26M | $14M | $16M | $14M |
| Dividends paid | $980M | $695M | $697M | $720M | $787M | $650M | $648M | $657M | $795M | $849M |
| Share buybacks (net) | -$9M | -$5M | -$3M | -$5M | -$11M | -$13M | -$68M | -$7M | -$191M | -$97M |
| Free cash flow margin | 35.5% | 71.6% | 199.6% | 117.0% | -7.0% | 7.5% | -12.5% | 34.4% | 58.7% | 59.1% |
| Dividends per share | $2.10 | $1.48 | $1.47 | $1.47 | $1.48 | $1.21 | $1.20 | $1.20 | $1.18 | $1.22 |
Questions
What was Healthpeak Properties's revenue in 2025?
$604M in fiscal 2025, from its 10-K filing.
How much free cash flow does Healthpeak Properties generate?
$357M in fiscal 2025 (operating cash flow minus capital spending).
From Healthpeak Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.