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CareTrust REIT (CTRE) FY2025 results: revenue $476 million, up 60.8% on the year

CareTrust REIT, Inc. (CTRE) reported revenue of $476 million for fiscal 2025, the year ended 31 December 2025, up 60.8% on the year before. Net income was $321 million, up 156.3%, and diluted earnings per share $1.57. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$476 million
+60.8% on the year
FY2018FY2025
Operating margin
56.7%
39.9% a year earlier
FY2018FY2025
Net income
$321 million
+156.3% on the year
FY2018FY2025
Diluted EPS
$1.57
+96.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 11 new, 1 kept.

  • Full-year net income per share rose: Net income attributable to CareTrust was $320.5 million for 2025, or $1.57 per diluted share, an increase of $0.77 or 96% over 2024.
  • Normalized FFO per share grew 17%: Normalized FFO for 2025 was $359.7 million, or $1.76 per diluted share, up $0.26 or 17% from the prior year.
  • Full-year investments reached $1.8 billion: Investment activity closed during 2025 totaled $1.8 billion at a blended stabilized yield of 8.6%.
  • Investment pipeline stands at $500 million: CFO described the investment pipeline as $500 million, following the deployment already made in 2026.
  • Rent collection held at 100%: Collection of contractual rent and interest was 100.0%, excluding properties sold during the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

CareTrust REIT is a self-administered real estate investment trust that owns, acquires, finances, develops and leases skilled nursing facilities, senior housing and other healthcare-related properties. At the end of 2025 it owned, directly or through consolidated joint ventures, 407 skilled nursing facilities, senior housing communities and other properties with 37,628 operational beds and units, in 32 states and the United Kingdom. California, the United Kingdom, Texas and Tennessee are where the most rental income comes from.

CareTrust REIT, Inc., the 10-K for 2025

CareTrust REIT is a self-administered real estate investment trust that owns, acquires, finances, develops and leases skilled nursing facilities, senior housing and other healthcare-related properties. At the end of 2025 it owned, directly or through consolidated joint ventures, 407 skilled nursing facilities, senior housing communities and other properties with 37,628 operational beds and units, in 32 states and the United Kingdom. California, the United Kingdom, Texas and Tennessee are where the most rental income comes from.

How it earns

Most of the business is leasing properties to healthcare operators on triple-net terms, under which the tenant pays the property taxes, insurance, maintenance and repair costs and capital expenditures. It also makes secured mortgage loans and mezzanine loans to healthcare operators and takes preferred equity investments. At the end of 2025 it held four preferred equity investments, 16 real estate secured loans receivable and five mezzanine loans receivable. It also invests alongside third party institutional investors in consolidated joint ventures, in which it typically puts up at least 90% of the total investment.

The operating platform

In the fourth quarter of 2025 it began using the structure allowed under the REIT Investment Diversification and Empowerment Act of 2007, known as RIDEA, to set up a senior housing operating portfolio it calls SHOP. Under it, the company owns the communities and their operations, pays independent third party managers a fee to run them, and takes part directly in their results. It completed its first SHOP acquisition in December 2025, and at the end of the year SHOP held three senior housing communities with 270 units in Texas.

The year's deals

On May 8, 2025 it closed its acquisition of Care REIT plc, a U.K. owner of care homes, through a court-sanctioned scheme of arrangement under which Care REIT stockholders received 108 pence in cash per share. It also bought substantially all of the assets of Impact Health Partners LLP, the investment manager of Care REIT. Across 2025 it acquired 165 properties with 11,306 beds and units: 27 skilled nursing properties on triple-net leases, 135 senior housing properties on triple-net leases, including the U.K. care homes, and the three SHOP communities. It sold five skilled nursing facilities and 19 senior housing communities in the same year.

The largest tenant

At the end of 2025 subsidiaries of Ensign leased 113 of its properties, with 12,218 operational beds, under triple-net master leases guaranteed by Ensign. The original Ensign leases have initial terms of more than 10 years with staggered expiration dates and no purchase options, and Ensign can extend each one for up to three five-year renewal terms. Rent under the Ensign master leases rises each year with the CPI, subject to caps. Those leases made up 23% of total annualized contractual rental income at the end of 2025. Ensign is itself a reporting company that files annual and quarterly reports with the SEC.

Structure and people

It has been taxed as a REIT since its taxable year ended December 31, 2014, and holds substantially all of its properties and assets through an operating partnership, CTR Partnership, in what is called an UPREIT structure. At December 31, 2025 it had 43 full-time employees, including its executive officers, none covered by a collective bargaining agreement.

From CareTrust REIT's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue476296218+60.8%
Operating income27011858.0+128.3%
Operating margin56.7%39.9%26.6%
Interest expense43.730.340.9+44.2%
Pre-tax income32512453.7+161.5%
Income tax5.00.00.0
Effective tax rate1.5%0.0%0.0%
Net income32112553.7+156.3%
Net margin67.3%42.2%24.7%
Diluted EPS$1.57$0.80$0.50+96.2%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow394244155+61.3%
Cash from investing-1,461-1,514-268
Cash from financing1,0511,189394-11.6%
Depreciation and amortisation92.956.851.2+63.5%
Share-based compensation11.96.15.2+94.1%
Dividends paid259172115+50.6%
Dividend per share$1.34$1.16$1.12+15.5%
Diluted shares, weighted204m155m106m+31.5%
Shares outstanding at period end223m187m130m+19.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,0352,9081,417+38.7%
Non-controlling interest5.52.71.9+103.2%
Redeemable equity18.218.20.0-0.5%
Debt894397596+125.3%
Other liabilities19511170.5+76.4%
Total liabilities and equity5,1483,4372,085+49.8%
Intangible assets48.83.5n/a+1,273.6%
Cash and equivalents198214294-7.4%
Other assets4,9023,2201,790+52.2%
Total assets5,1483,4372,085+49.8%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.