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Omega Healthcare Investors (OHI) FY2025 results: revenue $1.2 billion, up 13.2% on the year

Omega Healthcare Investors Inc. (OHI) reported revenue of $1.2 billion for fiscal 2025, the year ended 31 December 2025, up 13.2% on the year before. Net income was $590 million, up 45.2%, and diluted earnings per share $1.94. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2026.

Revenue
$1.2 billion
+13.2% on the year
FY2018FY2025
Operating margin
42.2%
38.3% a year earlier
FY2018FY2025
Net income
$590 million
+45.2% on the year
FY2018FY2025
Diluted EPS
$1.94
+25.2% 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: 1 raised, 3 new.

  • Q4 AFFO and FAD per share rose: Q4 AFFO was $250 million, or $0.80 per diluted share, against $0.74 a year earlier. FAD was $238 million, or $0.76 per diluted share, against $0.70.
  • FAD per share grew 8.4% in 2025: Management said $1.1 billion of 2025 new investments lifted FAD per share 8.4%, to $2.96 from $2.73 in 2024.
  • Q4 investments totaled $334 million: Q4 investments were $52 million of real estate acquisitions, $16 million of real estate loans and $266 million in unconsolidated entities.
  • Genesis kept paying after bankruptcy: Genesis filed Chapter 11 on July 9, 2025. Management said Genesis made all required payments through January 2026, including $13.0 million of Q4 rental income.
  • Indebtedness $4.3 billion at 4.2%: Year-end indebtedness was $4.3 billion: $3.8 billion of senior unsecured notes, $242.0 million on the revolver and $300.0 million on the 2028 Term Loan.
Read the Q4 FY2025 earnings call summary

From this 10-K

Omega Healthcare Investors invests in healthcare real estate in the United States, the United Kingdom and Canada, mainly skilled nursing and assisted living facilities run by third-party operators. It is a Maryland corporation, has been listed on the New York Stock Exchange since 1992, and has elected to be taxed as a real estate investment trust (REIT). It is structured as an umbrella partnership REIT, holding its assets and running its operations through OHI Healthcare Properties Limited Partnership, of which it owned approximately 95% of the units at December 31, 2025. It reports one segment.

Omega Healthcare Investors Inc., the 10-K for 2025

Omega Healthcare Investors invests in healthcare real estate in the United States, the United Kingdom and Canada, mainly skilled nursing and assisted living facilities run by third-party operators. It is a Maryland corporation, has been listed on the New York Stock Exchange since 1992, and has elected to be taxed as a real estate investment trust (REIT). It is structured as an umbrella partnership REIT, holding its assets and running its operations through OHI Healthcare Properties Limited Partnership, of which it owned approximately 95% of the units at December 31, 2025. It reports one segment.

Portfolio

As of December 31, 2025 its consolidated portfolio included 1,027 operating healthcare facilities run by 89 third-party operators or managers in 42 states, Washington, D.C., the U.K. and the Bailiwick of Jersey. Its owned real estate included 561 skilled nursing facilities, 339 assisted living facilities, 19 independent living facilities, 16 specialty facilities and one continuing care retirement community, and it also held real estate loans on 47 skilled nursing, 42 assisted living and two independent living facilities. It also has investments in unconsolidated entities that hold 65 skilled nursing facilities, 17 assisted living facilities, one continuing care retirement community and one specialty facility. Its assisted living category includes care homes in the U.K., and its specialty facilities include specialty hospitals, long-term acute care hospitals, inpatient rehabilitation facilities and behavioral health facilities.

How it invests

Substantially all of its leases are triple-net operating leases, under which the operator pays rent and all costs of running the facility and generally must fund a minimum amount of capital spending, and they typically run 5 to 15 years plus renewal options with annual rent escalators. It also makes mortgage and other real estate loans and some non-real estate loans to operators. In the fourth quarter of 2025 it began operating facilities through third-party managers under RIDEA structures, and it made a commitment to fund its first investment in Canada, a real estate loan to an operator of long-term care facilities. When it judges investments it looks at an operator's management and creditworthiness, a facility's cash flow, location and occupancy, and its mix of private, Medicare and Medicaid patients.

People

As of February 1, 2026 it had 69 employees, none of them under a collective bargaining agreement.

From Omega Healthcare Investors' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 9 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
Revenue1,1901,051950+13.2%
Operating income502403156+24.7%
Operating margin42.2%38.3%16.4%
Interest expense215222236-3.0%
Pre-tax income624429255+45.6%
Income tax14.710.96.3+35.8%
Effective tax rate2.4%2.5%2.5%
Net income590406242+45.2%
Net margin49.6%38.6%25.5%
Diluted EPS$1.94$1.55$1.00+25.2%
$ 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 flow879749618+17.2%
Capital expenditure80.937.838.0+114.2%
Free cash flow798712580+12.1%
Free cash flow margin67.0%67.7%61.0%
Cash from investing-540-671-0.8
Cash from financing-83826.3-473
Depreciation and amortisation325305320+6.8%
Share-based compensation44.236.735.1+20.4%
Dividends paid780685644+13.9%
Dividend per share$2.68$2.68$2.680.0%
Diluted shares, weighted305m270m250m+12.8%
Shares outstanding at period end296m279m245m+5.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,1814,5373,575+14.2%
Non-controlling interest259194188+33.5%
Debt4,2564,8395,067-12.0%
Other liabilities353328288+7.4%
Total liabilities and equity10,0499,8989,117+1.5%
Goodwill645644644+0.1%
Intangible assets27.228.10.7-3.2%
Loans1,3811,4281,212-3.3%
Cash and equivalents27.0518443-94.8%
Other assets7,9697,2806,818+9.5%
Total assets10,0499,8989,117+1.5%

10-K for the year ended 31 December 2025, filed 9 February 2026: the filing.