American Healthcare REIT (AHR) FY2025 results: revenue $2.3 billion, up 9.1% on the year
American Healthcare REIT, Inc. (AHR) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 December 2025, up 9.1% on the year before. Net income was $70 million, and diluted earnings per share $0.42. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 9 new.
- Revenue rose on resident fees: Total revenues were $2,260.1 million for 2025 against $2,070.7 million in 2024. Resident fees and services were $2,094.5 million against $1,883.8 million.
- Fourth-quarter growth by segment: Fourth-quarter same-store NOI growth was 14.0% in ISHC, 24.6% in SHOP, 2.2% in outpatient medical and 1.8% in triple-net leased properties.
- Full-year SHOP growth led segments: For 2025, same-store NOI grew 25.2% in SHOP and 18.4% in ISHC, against 2.1% in outpatient medical and 0.5% in triple-net leased properties.
- Move-ins add operating leverage: Management said that at higher occupancy levels it continues to gain operating leverage from each new move-in, according to COO Gabe Willhite.
- Debt and liquidity at year-end: At December 31, 2025 total consolidated indebtedness was $1.54 billion and total liquidity was about $1.14 billion, covering cash, line capacity and unsettled forward sales.
From this 10-K
American Healthcare REIT is a self-managed real estate investment trust (REIT), incorporated in Maryland, that acquires, owns and operates clinical healthcare real estate, focusing mainly on senior housing, skilled nursing facilities (SNFs), outpatient medical (OM) buildings and other healthcare-related facilities. It operates properties throughout the United States and in the United Kingdom and the Isle of Man. It conducts substantially all of its operations through its operating partnership, American Healthcare REIT Holdings, LP, of which it is the sole general partner, and its principal executive offices are in Irvine, California.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,260 | 2,071 | 1,867 | +9.1% | |
| Cost of revenue | 1,794 | 1,654 | 1,502 | +8.4% | |
| Gross profit | 467 | 417 | 364 | +12.0% | |
| Gross margin | 20.6% | 20.1% | 19.5% | ||
| Operating income | 415 | 364 | 307 | +14.2% | |
| Operating margin | 18.4% | 17.6% | 16.4% | ||
| Interest expense | 85.8 | 128 | 163 | -32.8% | |
| Pre-tax income | 48.6 | -33.9 | -76.2 | ||
| Income tax | -22.2 | 1.7 | 0.7 | ||
| Effective tax rate | -45.6% | n/a | n/a | ||
| Net income | 69.8 | -37.8 | -71.5 | ||
| Net margin | 3.1% | -1.8% | -3.8% | ||
| Diluted EPS | $0.42 | -$0.29 | -$1.08 |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 294 | 176 | 98.5 | +67.2% | |
| Cash from investing | -1,083 | -8.7 | 9.4 | ||
| Cash from financing | 817 | -135 | -129 | ||
| Depreciation and amortisation | 188 | 179 | 183 | +4.7% | |
| Share-based compensation | 14.6 | 9.9 | 5.5 | +48.1% | |
| Buybacks | 0.0 | 0.0 | 0.5 | ||
| Dividends paid | 164 | 121 | 76.3 | +35.3% | |
| Dividend per share | $1.00 | $1.00 | $1.00 | 0.0% | |
| Diluted shares, weighted | 167m | 131m | 66m | +27.7% | |
| Shares outstanding at period end | 186m | n/a | n/a |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,321 | 2,261 | 1,270 | +46.9% | |
| Non-controlling interest | 40.0 | 42.7 | 155 | -6.4% | |
| Debt | 1,517 | 1,671 | 2,526 | -9.2% | |
| Other liabilities | 549 | 514 | 626 | +6.9% | |
| Total liabilities and equity | 5,426 | 4,488 | 4,578 | +20.9% | |
| Goodwill | 235 | 235 | 3.3 | 0.0% | |
| Intangible assets | 253 | 161 | 180 | +56.8% | |
| Securities held for sale or to maturity | 92.1 | 91.3 | 86.9 | +1.0% | |
| Cash and equivalents | 115 | 76.7 | 43.4 | +49.7% | |
| Inventory | 18.8 | 19.5 | 19.5 | -3.3% | |
| Other assets | 4,712 | 3,904 | 4,244 | +20.7% | |
| Total assets | 5,426 | 4,488 | 4,578 | +20.9% |
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.