Welltower (WELL) Q4 FY2025 earnings: revenue $3.2 billion, up 41.3% on the year

Welltower Inc. (WELL) reported revenue of $3.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 41.3% on the same quarter a year earlier. Net income was $96 million, down 19.6% on the year, and diluted earnings per share $0.14. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$3.2 billion

+41.3% on the year · +18.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-39.9%

4.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$96 million

-19.6% on the year · -65.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.14

-26.3% on the year · -65.9% on the quarter

Q1 FY2024Q4 FY2025

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

What management said

Guidance figures: 11 new.

Normalized FFO rose 28.3% in quarter: Normalized FFO attributable to common stockholders was $1.45 per diluted share, against $1.13 a year earlier. Full-year normalized FFO was $5.29 per diluted share, up 22.5%.
Seniors Housing Operating NOI up 20.4%: Total same-store NOI rose 15.0% to $643,341 thousand. Seniors Housing Operating was $469,183 thousand, up from $389,654 thousand a year earlier.
Occupancy up 400 bps, RevPOR up 4.7%: Same-store SHO revenue rose 9.6% year over year in the fourth quarter. Average occupied units were 88,533 per month, against 84,620 a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,181	2,686	2,251	+18.4%	+41.3%
Cost of revenue	1,934	1,577	1,409	+22.6%	+37.2%
Gross profit	1,247	1,109	842	+12.5%	+48.2%
Gross margin	39.2%	41.3%	37.4%
Selling, general and administrative	1,557	63.1	48.7	+2,367.2%	+3,097.4%
Operating income	-1,270	293	109
Operating margin	-39.9%	10.9%	4.9%
Pre-tax income	n/a	293	109
Income tax	-5.0	2.3	0.1
Effective tax rate	n/a	0.8%	0.1%
Net income	96.4	281	120	-65.6%	-19.6%
Net margin	3.0%	10.4%	5.3%
Diluted EPS	$0.14	$0.41	$0.19	-65.9%	-26.3%

$ 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	654	858	559	-23.8%	+17.0%
Capital expenditure	314	263	319	+19.4%	-1.5%
Free cash flow	340	595	240	-42.8%	+41.6%
Free cash flow margin	10.7%	22.2%	10.7%
Cash from investing	-5,455	-1,630	-2,205
Cash from financing	3,033	3,240	1,590	-6.4%	+90.7%
Depreciation and amortisation	594	510	480	+16.5%	+23.7%
Share-based compensation	1,508	15.6	13.5	+9,577.8%	+11,062.5%
Dividends paid	510	497	418	+2.5%	+21.8%
Dividend per share	n/a	$0.74	n/a
Diluted shares, weighted	710m	685m	634m	+3.6%	+12.0%
Shares outstanding at period end	697m	684m	635m	+1.8%	+9.6%

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	42,129	38,757	31,956	+8.7%	+31.8%
Non-controlling interest	810	271	360	+198.8%	+125.0%
Redeemable equity	263	n/a	256		+2.7%
Debt	19,197	16,852	15,500	+13.9%	+23.9%
Other liabilities	4,903	3,624	2,971	+35.3%	+65.0%
Total liabilities and equity	67,303	59,505	51,044	+13.1%	+31.9%
Goodwill	346	206	149	+68.4%	+132.1%
Intangible assets	909	384	666	+136.7%	+36.5%
Cash and equivalents	5,034	6,807	3,507	-26.0%	+43.5%
Other assets	61,014	52,109	46,723	+17.1%	+30.6%
Total assets	67,303	59,505	51,044	+13.1%	+31.9%

Questions

What was Welltower's revenue in Q4 FY2025?

Welltower (WELL) reported revenue of $3.2 billion for Q4 FY2025, the quarter ended 31 December 2025, up 41.3% on the same quarter a year earlier.

How much did Welltower earn in Q4 FY2025?

Net income for Q4 FY2025 was $96 million, down 19.6% on the year, and diluted earnings per share $0.14.

When did Welltower report Q4 FY2025 results?

Welltower filed its 10-K for the year that ended with the quarter on 12 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	1,309	1,396	1,473	1,474	1,519	1,561	1,665	1,662	1,750	1,860	1,825	2,056	2,251	2,423	2,548	2,686	3,181	3,352	3,545	3,716
Cost of revenue	785	854	854	912	939	958	959	995	1,036	1,097	1,111	1,213	1,409	1,462	1,515	1,577	1,934	2,055	2,150	2,246
Gross profit	524	542	618	562	580	603	707	667	714	763	714	843	842	961	1,034	1,109	1,247	1,297	1,394	1,470
Gross margin	40%	39%	42%	38%	38%	39%	42%	40%	41%	41%	39%	41%	37%	40%	41%	41%	39%	39%	39%	40%
SG&A	33.1	37.7	36.6	34.8	41.3	44.4	44.3	46.1	44.3	53.3	55.6	77.9	48.7	63.8	64.2	63.1	1,557	67.5	67.5	67.2
Operating income	68.7	50.7	109	6.2	6.8	38.0	152	72.2	87.5	141	90.4	184	109	199	298	293	-1,270	345	320	338
Operating margin	5%	4%	7%	0%	0%	2%	9%	4%	5%	8%	5%	9%	5%	8%	12%	11%	-40%	10%	9%	9%
Interest expense	122	122	128	140	140	144	152	157	155	147	133	139	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	68.7	50.7	109	6.2	6.8	38.0	152	72.2	87.5	141	90.4	184	109	199	298	293	n/a	345	320	338
Tax rate	3%	10%	3%	52%	-60%	8%	2%	6%	-5%	4%	1%	-3%	0%	-3%	0%	1%	n/a	3%	-19%	2%
Net income	58.7	61.9	89.8	-6.8	-3.7	25.7	103	127	83.9	127	255	450	120	258	302	281	96.4	729	445	397
Net margin	4%	4%	6%	-0%	-0%	2%	6%	8%	5%	7%	14%	22%	5%	11%	12%	10%	3%	22%	13%	11%
Diluted EPS	$0.13	$0.14	$0.20	-$0.01	-$0.01	$0.05	$0.20	$0.24	$0.15	$0.22	$0.42	$0.73	$0.19	$0.40	$0.45	$0.41	$0.14	$1.02	$0.61	$0.54
Operating cash flow	283	325	395	356	253	376	416	439	371	407	605	685	559	599	770	858	654	670	1,004	1,003
Capital expenditure	117	90.2	110	116	160	91.3	114	129	184	133	165	241	319	240	233	263	314	270	319	348
Free cash flow	166	234	285	240	93.2	285	303	310	187	274	440	444	240	359	537	595	340	400	684	655
Dividends paid	265	274	278	283	298	302	301	319	338	353	366	409	418	431	439	497	510	520	527	615
Shares outstanding	447m	454m	463m	473m	491m	496m	508m	532m	564m	591m	608m	618m	635m	652m	665m	684m	697m	705m	719m	732m
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 12 February 2026: the filing.