Ventas (VTR) Q4 FY2025 earnings: revenue $1.6 billion, up 21.7% on the year

Ventas, Inc. (VTR) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 21.7% on the same quarter a year earlier. Net income was $70 million, up 23.5% on the year, and diluted earnings per share $0.15. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue

$1.6 billion

+21.7% on the year · +5.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

4.9%

-0.0% a year earlier

Q1 FY2024Q4 FY2025

Net income

$70 million

+23.5% on the year · +6.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.15

+15.4% on the year · +7.1% on the quarter

Q1 FY2024Q4 FY2025

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

What management said

Guidance figures: 12 new.

Fourth-quarter Normalized FFO up 10%: Fourth-quarter Normalized FFO was $0.89 per share, up approximately 10%. Attributable Net Income was $0.15, against $0.13 in the fourth quarter of 2024.
NOI grew 16% for the year: Total Company NOI grew 16% for the full year and 15% in the fourth quarter. Total Company Same-Store Cash NOI grew 8% in both periods.
SHOP same-store NOI up over 15%: SHOP Same-Store Cash NOI grew over 15% for the year, led by 18% growth in the U.S. portfolio. The fourth quarter also grew over 15%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,566	1,489	1,287	+5.2%	+21.7%
Operating income	76.3	44.4	-0.5	+71.7%
Operating margin	4.9%	3.0%	-0.0%
Interest expense	154	158	153	-2.3%	+0.8%
Pre-tax income	76.3	44.4	-0.5	+71.7%
Income tax	-1.1	-6.3	-45.5
Effective tax rate	-1.5%	-14.3%	n/a
Net income	70.2	66.0	56.8	+6.3%	+23.5%
Net margin	4.5%	4.4%	4.4%
Diluted EPS	$0.15	$0.14	$0.13	+7.1%	+15.4%

$ 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	472	379	374	+24.6%	+26.2%
Capital expenditure	96.3	58.9	n/a	+63.6%
Free cash flow	375	320	n/a	+17.4%
Free cash flow margin	24.0%	21.5%	n/a
Cash from investing	-429	-1,178	-1,536
Cash from financing	500	366	956	+36.5%	-47.7%
Depreciation and amortisation	353	357	309	-1.2%	+14.2%
Share-based compensation	6.3	5.9	4.6	+7.0%	+36.0%
Dividends paid	226	218	189	+3.3%	+19.4%
Dividend per share	n/a	$0.48	n/a
Diluted shares, weighted	463m	463m	416m	-0.2%	+11.1%
Shares outstanding at period end	475m	469m	437m	+1.2%	+8.7%

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	12,527	12,362	10,771	+1.3%	+16.3%
Non-controlling interest	58.6	61.8	58.3	-5.3%	+0.4%
Redeemable equity	375	350	310	+7.2%	+20.9%
Debt	13,011	12,572	13,523	+3.5%	-3.8%
Other liabilities	1,620	1,580	1,525	+2.5%	+6.3%
Total liabilities and equity	27,592	26,926	26,187	+2.5%	+5.4%
Goodwill	1,046	1,046	1,045	+0.0%	+0.1%
Cash and equivalents	741	189	898	+292.9%	-17.5%
Receivables	99.9	92.5	108	+8.0%	-7.6%
Other assets	25,705	25,599	24,136	+0.4%	+6.5%
Total assets	27,592	26,926	26,187	+2.5%	+5.4%

Questions

What was Ventas' revenue in Q4 FY2025?

Ventas (VTR) reported revenue of $1.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 21.7% on the same quarter a year earlier.

How much did Ventas earn in Q4 FY2025?

Net income for Q4 FY2025 was $70 million, up 23.5% on the year, and diluted earnings per share $0.15.

When did Ventas report Q4 FY2025 results?

Ventas filed its 10-K for the year that ended with the quarter on 6 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	1,022	1,018	1,023	1,037	1,051	1,077	1,106	1,150	1,164	1,200	1,201	1,236	1,287	1,358	1,421	1,489	1,566	1,657	1,730	1,832
Operating income	-66.3	37.9	-43.9	-5.1	-83.1	11.5	62.6	-76.8	-113	-7.5	-19.1	19.1	-0.5	40.9	42.7	44.4	76.3	35.4	54.2	52.6
Operating margin	-6%	4%	-4%	-0%	-8%	1%	6%	-7%	-10%	-1%	-2%	2%	-0%	3%	3%	3%	5%	2%	3%	3%
Interest expense	110	111	114	119	123	128	143	148	155	150	149	150	153	149	150	158	154	156	160	161
Pre-tax income	-66.3	37.9	-43.9	-5.1	-83.1	11.5	62.6	-76.8	-113	-7.5	-19.1	19.1	-0.5	40.9	42.7	44.4	76.3	35.4	54.2	52.6
Tax rate	n/a	-12%	n/a	n/a	n/a	-24%	-16%	n/a	n/a	n/a	n/a	16%	n/a	-26%	9%	-14%	-1%	-45%	-47%	-37%
Net income	-40.9	38.7	-42.4	1.3	-45.0	17.5	103	-71.1	-90.8	-14.3	19.4	19.2	56.8	46.9	68.3	66.0	70.2	55.9	70.6	65.4
Net margin	-4%	4%	-4%	0%	-4%	2%	9%	-6%	-8%	-1%	2%	2%	4%	3%	5%	4%	4%	3%	4%	4%
Diluted EPS	-$0.11	$0.10	-$0.11	$0.00	-$0.11	$0.04	$0.26	-$0.18	-$0.22	-$0.04	$0.05	$0.05	$0.13	$0.10	$0.15	$0.14	$0.15	$0.11	$0.14	$0.13
Operating cash flow	266	275	278	300	267	243	312	286	279	266	336	354	374	321	475	379	472	395	557	490
Capital expenditure	375	418	143	160	180	113	129	163	245	170	80.1	74.7	n/a	58.4	67.2	58.9	96.3	72.4	77.2	64.6
Free cash flow	-109	-144	135	140	87.6	130	182	124	34.2	96.2	256	279	n/a	263	408	320	375	322	479	425
Dividends paid	180	180	180	180	180	181	180	181	181	183	182	186	189	199	217	218	226	230	253	267
Shares outstanding	399m	400m	400m	400m	400m	400m	401m	402m	402m	404m	413m	419m	437m	451m	454m	469m	475m	486m	513m	529m
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. 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 6 February 2026: the filing.