Ventas (VTR) financial statements
Ventas reported revenue of $5.8B in fiscal 2025, up 6.0% a year over 9 years.
Net income was $251M and the operating margin 3.5%, against 15.1% in 2016.
Free cash flow was $1.3B, and the company returned $860M in dividends.
The diluted share count rose 33% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ventas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4B | $3.6B | $3.7B | $3.9B | $3.8B | $3.8B | $4.1B | $4.5B | $4.9B | $5.8B |
| Selling, general and admin | $127M | $135M | $146M | $159M | $130M | $130M | $145M | $149M | $163M | $177M |
| Operating income | $519M | $585M | $385M | $359M | $81M | -$162M | -$94M | -$116M | -$8M | $204M |
| Interest expense | $420M | $448M | $442M | $452M | $470M | $440M | $468M | $574M | $603M | $612M |
| Pre-tax income | $519M | $585M | $385M | $359M | $81M | -$162M | -$94M | -$116M | -$8M | $204M |
| Income tax | -$31M | -$60M | -$40M | -$56M | -$97M | $5M | -$17M | -$10M | -$38M | -$14M |
| Net income | $649M | $1.4B | $409M | $433M | $439M | $49M | -$47M | -$41M | $81M | $251M |
| EPS (diluted) | $1.86 | $3.78 | $1.14 | $1.17 | $1.17 | $0.13 | -$0.12 | -$0.10 | $0.19 | $0.54 |
| Diluted shares | 348M | 359M | 359M | 370M | 377M | 386M | 403M | 406M | 416M | 463M |
| Operating margin | 15.1% | 16.4% | 10.3% | 9.3% | 2.1% | -4.2% | -2.3% | -2.6% | -0.2% | 3.5% |
| Net margin | 18.9% | 38.0% | 10.9% | 11.2% | 11.6% | 1.3% | -1.1% | -0.9% | 1.6% | 4.3% |
Balance sheet
Fiscal years, from Ventas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $287M | $81M | $72M | $106M | $413M | $150M | $123M | $509M | $898M | $741M |
| Receivables | — | — | — | — | — | — | — | $76M | $108M | $100M |
| Goodwill | $1.0B | $1.0B | $1.1B | $1.1B | $1.1B | $1.0B | $1.0B | $1.0B | $1.0B | $1.0B |
| Total assets | $23.2B | $24.0B | $22.6B | $24.7B | $23.9B | $24.7B | $24.2B | $24.7B | $26.2B | $27.6B |
| Total liabilities | $12.4B | $12.9B | $12.1B | $13.9B | $13.4B | $13.5B | $13.7B | $14.9B | $15.0B | $14.6B |
| Shareholders' equity | $10.5B | $10.9B | $10.2B | $10.4B | $10.2B | $10.9B | $10.2B | $9.5B | $10.8B | $12.5B |
| Net debt | -$287M | -$81M | -$72M | -$106M | -$413M | -$150M | -$123M | -$509M | -$898M | -$741M |
Cash flow
Fiscal years, from Ventas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B | $1.0B | $1.1B | $1.1B | $1.3B | $1.6B |
| Capital spending | $117M | $133M | $132M | $157M | $148M | $185M | $222M | $259M | $282M | $364M |
| Free cash flow | $1.2B | $1.3B | $1.2B | $1.3B | $1.3B | $841M | $898M | $860M | $1.0B | $1.3B |
| Stock-based compensation | $21M | $27M | $30M | $34M | $21M | $32M | $31M | $31M | $31M | $39M |
| Dividends paid | $1.0B | $827M | $1.1B | $1.2B | $929M | $687M | $720M | $724M | $740M | $860M |
| Net borrowing | $893M | $1.1B | $2.5B | $3.6B | $168M | $1.8B | $1.1B | $2.1B | $1.9B | $1.1B |
| Free cash flow margin | 35.9% | 36.3% | 33.4% | 33.1% | 34.3% | 22.0% | 21.7% | 19.1% | 21.3% | 22.0% |
| Dividends per share | $2.94 | $2.31 | $3.14 | $3.13 | $2.47 | $1.78 | $1.79 | $1.78 | $1.78 | $1.86 |
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Open VTR in InvestinglyQuestions
What was Ventas's revenue in 2025?
$5.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Ventas generate?
$1.3B in fiscal 2025 (operating cash flow minus capital spending).
From Ventas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.