Healthpeak Properties (DOC) Q4 FY2025 earnings: revenue $719 million, up 3.1% on the year

Healthpeak Properties, Inc. (DOC) reported revenue of $719 million for Q4 FY2025, the quarter ended 31 December 2025, up 3.1% on the same quarter a year earlier. Net income was $114 million, up 2406.4% on the year, and diluted earnings per share $0.16. The figures are the company's own, from the 10-K it filed with the SEC on 3 February 2026.

Revenue

$719 million

+3.1% on the year · +1.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

8.1%

4.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$114 million

+2,406.4% on the year

Q1 FY2024Q4 FY2025

Diluted EPS

$0.16

+1,500.0% on the year

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 1 kept.

Same-store cash NOI grew 3.9%: Total merger-combined same-store cash (adjusted) NOI grew 3.9% in Q4 and 4.0% for full-year 2025, with Outpatient Medical, Lab and Life Plan as the three reported segments.
Outpatient Medical and Lab same-store growth: Outpatient Medical same-store cash NOI grew 4.1% in Q4 and 3.9% for 2025. Lab was down 0.3% in Q4 and up 1.5% for 2025. Outpatient Medical was 54.1% and Lab 33.9% of Q4 same-store NOI.
Life Plan same-store growth accelerated: Life Plan same-store cash NOI grew 16.7% year over year and 15.4% sequentially in Q4, and 12.6% for full-year 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	719	706	698	+1.9%	+3.1%
Cost of revenue	n/a	292	277
Gross profit	n/a	414	421
Gross margin	n/a	58.6%	60.3%
Operating income	58.6	52.6	29.9	+11.5%	+96.4%
Operating margin	8.1%	7.4%	4.3%
Interest expense	80.6	76.8	70.5	+5.0%	+14.4%
Pre-tax income	125	65.2	-3.2	+91.8%
Income tax	6.0	-1.2	-14.0
Effective tax rate	4.8%	-1.8%	n/a
Net income	114	-117	4.5		+2,406.4%
Net margin	15.8%	-16.6%	0.7%
Diluted EPS	$0.16	-$0.17	$0.01		+1,500.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	294	315	284	-6.6%	+3.7%
Capital expenditure	217	223	198	-2.8%	+9.3%
Free cash flow	77.5	92.2	85.4	-16.0%	-9.2%
Free cash flow margin	10.8%	13.1%	12.2%
Cash from investing	-406	-188	-234
Cash from financing	490	-130	-107
Depreciation and amortisation	262	262	274	-0.1%	-4.5%
Share-based compensation	4.0	4.0	3.6	-1.1%	+10.9%
Buybacks	0.1	0.0	0.3	+411.8%	-73.3%
Dividends paid	212	212	210	-0.0%	+1.0%
Dividend per share	n/a	$0.30	n/a
Diluted shares, weighted	695m	695m	700m	+0.0%	-0.7%
Shares outstanding at period end	695m	695m	699m	+0.0%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	7,500	7,597	8,401	-1.3%	-10.7%
Non-controlling interest	643	640	654	+0.4%	-1.7%
Redeemable equity	160	27.8	2.6	+473.8%	+6,014.2%
Debt	9,848	9,132	8,716	+7.8%	+13.0%
Other liabilities	2,186	2,186	2,165	+0.0%	+1.0%
Total liabilities and equity	20,336	19,582	19,938	+3.8%	+2.0%
Goodwill	68.5	68.5	68.5	0.0%	0.0%
Intangible assets	655	611	817	+7.2%	-19.9%
Loans	606	674	717	-10.0%	-15.5%
Cash and equivalents	467	91.0	120	+413.5%	+290.1%
Other assets	18,539	18,139	18,215	+2.2%	+1.8%
Total assets	20,336	19,582	19,938	+3.8%	+2.0%

Questions

What was Healthpeak Properties' revenue in Q4 FY2025?

Healthpeak Properties (DOC) reported revenue of $719 million for Q4 FY2025, the quarter ended 31 December 2025, up 3.1% on the same quarter a year earlier.

How much did Healthpeak Properties earn in Q4 FY2025?

Net income for Q4 FY2025 was $114 million, up 2406.4% on the year, and diluted earnings per share $0.16.

When did Healthpeak Properties report Q4 FY2025 results?

Healthpeak Properties filed its 10-K for the year that ended with the quarter on 3 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	483	498	518	520	524	526	545	556	554	607	696	700	698	703	694	706	719	753	772	821
Cost of revenue	199	207	215	220	220	223	222	233	224	244	274	280	277	273	276	292	n/a	n/a	n/a	n/a
Gross profit	284	291	303	300	304	303	324	324	329	363	422	420	421	430	418	414	n/a	n/a	n/a	n/a
Gross margin	59%	58%	58%	58%	58%	58%	59%	58%	59%	60%	61%	60%	60%	61%	60%	59%	n/a	n/a	n/a	n/a
Operating income	24.1	51.5	55.0	54.2	11.0	50.6	47.8	65.9	57.4	-59.3	29.3	35.2	29.9	60.4	42.7	52.6	58.6	5.6	32.6	25.6
Operating margin	5%	10%	11%	10%	2%	10%	9%	12%	10%	-10%	4%	5%	4%	9%	6%	7%	8%	1%	4%	3%
Interest expense	36.6	37.6	41.9	44.1	49.4	48.0	49.1	50.5	52.8	60.9	74.9	74.1	70.5	72.7	75.1	76.8	80.6	87.3	92.3	83.9
Pre-tax income	25.5	73.7	68.2	356	9.4	133	54.6	67.3	60.0	22.5	155	98.5	-3.2	54.3	39.7	65.2	125	196	59.3	34.2
Tax rate	-7%	1%	-1%	-1%	-7%	0%	2%	1%	-20%	61%	2%	2%	n/a	4%	6%	-2%	5%	0%	-2%	4%
Net income	28.8	71.6	68.3	354	6.5	119	51.9	64.2	70.9	6.7	146	85.9	4.5	42.8	31.7	-117	114	194	52.8	17.3
Net margin	6%	14%	13%	68%	1%	23%	10%	12%	13%	1%	21%	12%	1%	6%	5%	-17%	16%	26%	7%	2%
Diluted EPS	$0.05	$0.13	$0.13	$0.65	$0.01	$0.22	$0.09	$0.12	$0.13	$0.01	$0.21	$0.12	$0.01	$0.06	$0.05	-$0.17	$0.16	$0.28	$0.08	$0.02
Operating cash flow	224	194	255	244	207	174	298	253	231	153	316	318	284	279	363	315	294	261	361	354
Capital expenditure	180	178	188	250	245	205	189	188	149	107	122	170	198	166	158	223	217	142	157	145
Free cash flow	43.9	15.9	67.4	-6.8	-37.9	-31.0	109	64.9	82.5	45.5	194	148	85.4	113	205	92.2	77.5	119	204	210
Buybacks	0.3	11.4	0.3	56.0	0.2	6.5	0.0	0.0	0.0	102	68.2	20.1	0.3	25.0	72.1	0.0	0.1	1.4	100	0.1
Dividends paid	162	163	162	162	161	165	164	164	164	164	211	210	210	213	212	212	212	212	210	210
Shares outstanding	539m	540m	540m	538m	547m	547m	547m	547m	547m	704m	700m	699m	699m	699m	695m	695m	695m	695m	689m	690m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 3 February 2026: the filing.