Welltower (WELL) financial statements
Welltower reported revenue of $8.5B in fiscal 2025, up 7.9% a year over 9 years.
Net income was $937M.
Free cash flow was $1.8B, and the company returned $1.9B in dividends.
The diluted share count rose 89% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Welltower's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.3B | $4.3B | $4.7B | $5.1B | $4.6B | $3.2B | $4.2B | $4.8B | $6.0B | $8.5B |
| Cost of revenue | — | $2.1B | $2.4B | $2.7B | $2.6B | $2.8B | $3.6B | $3.9B | $4.8B | $6.5B |
| Gross profit | — | $2.2B | $2.3B | $2.4B | $2.0B | $423M | $615M | $806M | $1.2B | $2.0B |
| Selling, general and admin | $155M | $122M | $126M | $127M | $128M | $127M | $150M | $179M | $235M | $1.7B |
| Operating income | — | $300M | $423M | $543M | -$32M | -$1.4B | -$1.5B | -$1.5B | -$1.4B | -$2.9B |
| Interest expense | $521M | $485M | $527M | $556M | $514M | $490M | $530M | $608M | — | — |
| Pre-tax income | $709M | $300M | $423M | $543M | -$32M | $171M | $173M | $350M | $524M | — |
| Income tax | -$19M | $20M | $9M | $3M | $10M | $9M | $7M | $6M | $3M | -$7M |
| Net income | $1.0B | $464M | $758M | $1.2B | $979M | $336M | $141M | $340M | $952M | $937M |
| EPS (diluted) | $2.81 | $1.26 | $2.02 | $3.05 | $2.33 | $0.78 | $0.30 | $0.66 | $1.57 | $1.39 |
| Diluted shares | 360M | 369M | 375M | 404M | 417M | 427M | 465M | 519M | 609M | 680M |
| Gross margin | — | 51.7% | 48.2% | 47.5% | 43.6% | 13.2% | 14.7% | 17.0% | 19.9% | 23.2% |
| Operating margin | — | 6.9% | 9.0% | 10.6% | -0.7% | -43.0% | -36.3% | -32.3% | -23.9% | -33.9% |
| Net margin | 23.6% | 10.7% | 16.1% | 24.1% | 21.3% | 10.5% | 3.4% | 7.2% | 15.8% | 11.1% |
Balance sheet
Fiscal years, from Welltower's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $607M | $244M | $215M | $285M | $1.5B | $269M | $632M | $2.0B | $3.5B | $5.0B |
| Goodwill | $68M | $68M | $68M | $68M | $68M | $68M | $68M | $68M | $149M | $346M |
| Total assets | $28.9B | $27.9B | $30.3B | $33.4B | $32.5B | $34.9B | $37.9B | $44.0B | $51.0B | $67.3B |
| Total liabilities | $13.2B | $12.6B | $14.3B | $16.4B | $15.3B | $15.9B | $16.5B | $17.6B | $18.5B | $24.1B |
| Shareholders' equity | $14.8B | $14.4B | $14.6B | $15.5B | $16.0B | $17.6B | $20.3B | $25.4B | $32.0B | $42.1B |
| Net debt | -$607M | -$244M | -$215M | -$285M | -$1.5B | -$269M | -$632M | -$2.0B | -$3.5B | -$5.0B |
Cash flow
Fiscal years, from Welltower's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.4B | $1.6B | $1.5B | $1.4B | $1.3B | $1.3B | $1.6B | $2.3B | $2.9B |
| Capital spending | $219M | $250M | $266M | $329M | $245M | $283M | $476M | $518M | $858M | $1.1B |
| Free cash flow | $1.4B | $1.2B | $1.3B | $1.2B | $1.1B | $993M | $853M | $1.1B | $1.4B | $1.8B |
| Stock-based compensation | $29M | $19M | $28M | $25M | $28M | $18M | $26M | $37M | $76M | $1.6B |
| Dividends paid | $1.2B | $1.3B | $1.3B | $1.4B | $1.1B | $1.0B | $1.1B | $1.3B | $1.5B | $1.9B |
| Share buybacks (net) | — | — | $0 | $0 | -$8M | $0 | $0 | — | — | — |
| Free cash flow margin | 33.2% | 27.4% | 28.0% | 23.6% | 24.3% | 31.0% | 20.4% | 22.8% | 23.2% | 21.7% |
| Dividends per share | $3.42 | $3.46 | $3.46 | $3.48 | $2.68 | $2.43 | $2.43 | $2.43 | $2.54 | $2.76 |
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Open WELL in InvestinglyQuestions
What was Welltower's revenue in 2025?
$8.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Welltower generate?
$1.8B in fiscal 2025 (operating cash flow minus capital spending).
From Welltower's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.