Welltower (WELL) FY2023 results: revenue $6.6 billion, up 13.3% on the year

Welltower Inc. (WELL) reported revenue of $6.6 billion for fiscal 2023, the year ended 31 December 2023, up 13.3% on the year before. Net income was $340 million, up 140.8%, and diluted earnings per share $0.66. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$6.6 billion

+13.3% on the year

FY2016FY2023

Operating margin

5.3%

3.0% a year earlier

FY2016FY2023

Net income

$340 million

+140.8% on the year

FY2016FY2023

Diluted EPS

$0.66

+120.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	6,638	5,861	4,742	+13.3%
Cost of revenue	3,948	3,559	2,775	+10.9%
Gross profit	2,690	2,302	1,968	+16.9%
Gross margin	40.5%	39.3%	41.5%
Selling, general and administrative	179	150	127	+19.1%
Operating income	350	173	171	+102.3%
Operating margin	5.3%	3.0%	3.6%
Interest expense	608	530	490	+14.8%
Pre-tax income	350	173	171	+102.3%
Income tax	6.4	7.2	8.7	-12.2%
Effective tax rate	1.8%	4.2%	5.1%
Net income	340	141	336	+140.8%
Net margin	5.1%	2.4%	7.1%
Diluted EPS	$0.66	$0.30	$0.78	+120.0%

$ million except per share.

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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,602	1,329	1,275	+20.6%
Capital expenditure	518	476	283	+8.8%
Free cash flow	1,084	853	993	+27.1%
Free cash flow margin	16.3%	14.5%	20.9%
Cash from investing	-5,708	-3,704	-4,516
Cash from financing	5,449	2,761	1,568	+97.3%
Depreciation and amortisation	1,401	1,310	1,038	+6.9%
Share-based compensation	37.2	26.1	17.8	+42.3%
Buybacks	n/a	0.0	0.0
Dividends paid	1,260	1,133	1,037	+11.2%
Dividend per share	$2.44	$2.44	$2.44	0.0%
Diluted shares, weighted	519m	465m	427m	+11.5%
Shares outstanding at period end	564m	491m	447m	+15.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	25,404	20,295	17,636	+25.2%
Non-controlling interest	677	715	961	-5.3%
Redeemable equity	291	384	401	-24.4%
Debt	15,736	14,714	14,131	+6.9%
Other liabilities	1,905	1,785	1,781	+6.7%
Total liabilities and equity	44,012	37,893	34,910	+16.1%
Goodwill	68.3	68.3	68.3	0.0%
Intangible assets	515	461	503	+11.6%
Cash and equivalents	1,994	632	269	+215.6%
Other assets	41,435	36,732	34,069	+12.8%
Total assets	44,012	37,893	34,910	+16.1%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.