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Welltower (WELL) FY2025 results: revenue $10.8 billion, up 35.6% on the year

Welltower Inc. (WELL) reported revenue of $10.8 billion for fiscal 2025, the year ended 31 December 2025, up 35.6% on the year before. Net income was $937 million, down 1.6%, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$10.8 billion
+35.6% on the year
FY2018FY2025
Operating margin
-4.4%
6.6% a year earlier
FY2018FY2025
Net income
$937 million
-1.6% on the year
FY2018FY2025
Diluted EPS
$1.39
-11.5% 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: 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.
  • Special incentive compensation excluded: A special incentive plan compensation item of $1,489,426 thousand was excluded from normalized FFO. General and administrative expenses were $1,557,378 thousand, against $48,707 thousand a year earlier.
  • Gross investments reached $13.9 billion: Pro rata gross investments were $13.9 billion, including $1.2 billion of loan funding and $112 million of development funding. Five development projects were placed in service for $173 million.
Read the Q4 FY2025 earnings call summary

From this 10-K

Welltower is a REIT whose portfolio is rental housing for aging seniors, in the United States, the United Kingdom and Canada. It holds more than 2,500 seniors and wellness housing communities, and describes itself as positioned at the centre of the silver economy and at the intersection of housing and hospitality. It is an umbrella partnership REIT: substantially all the business runs through Welltower OP LLC, which Welltower Inc. controls day to day and owned about 98.378 percent of at the end of 2025.

Welltower Inc., the 10-K for 2025

Welltower is a REIT whose portfolio is rental housing for aging seniors, in the United States, the United Kingdom and Canada. It holds more than 2,500 seniors and wellness housing communities, and describes itself as positioned at the centre of the silver economy and at the intersection of housing and hospitality. It is an umbrella partnership REIT: substantially all the business runs through Welltower OP LLC, which Welltower Inc. controls day to day and owned about 98.378 percent of at the end of 2025.

Three segments

Seniors Housing Operating, Triple-net, and Outpatient Medical.

Seniors Housing Operating

The properties cover wellness housing, independent living and independent supportive living, continuing care retirement communities, assisted living, Alzheimer's and dementia care, and care homes with or without nursing in the UK. Some are stand-alone properties providing one level of service, some are combination properties with several, and some are campuses covering a wide range. They can be held in joint ventures with operating partners, and may use the structure authorised by the REIT Investment Diversification and Empowerment Act of 2007, known as a RIDEA structure.

The filing defines each type. Wellness housing is age-restricted or age-targeted multi-unit housing with self-contained units for older adults, usually 55 and over, who can care for themselves, and generally does not include services such as meals. Independent living adds central dining, meals, housekeeping, linen service, transport and social and recreational activities. Assisted living is state-regulated rental property that adds supportive care from trained staff for residents who need help with the activities of daily living. Continuing care retirement communities combine detached homes with independent living, assisted living and long-term or post-acute care on one campus, so a resident does not have to move as their health needs change; payment can be by entrance fee, condominium fee or rent, often with a monthly maintenance charge covering the unit, meals and some health services.

Triple-net

The same kinds of property, plus long-term and post-acute care, but leased out rather than operated. Under a triple-net master lease the tenant pays all operating costs, utilities, property taxes, insurance and maintenance, and any obligations under certain ground leases, and the leases often oblige the tenant to fund a minimum amount of capital expenditure as well. Contractual terms generally run 10 to 20 years, with one or more renewal options of five to 15 years. Some leases carry purchase options, and the filing flags that exercising a portion of those could mean disposing of properties for less than full market value. Welltower invests in this segment primarily through acquisitions, development and joint venture partnerships.

What the company says drives it

Two named internal systems. A Data Science platform, which it says powers its approach to capital allocation, and the Welltower Business System, which it calls its end-to-end platform and credits for its operating results. Its stated aspiration is long-term compounding of per share growth for existing investors, reached by investing predominantly across seniors housing, wellness housing and post-acute care communities while diversifying by property type, relationship and geography.

Where the debt sits

All debt, including credit facilities, senior notes and secured debt, is incurred by Welltower OP or its subsidiaries. Welltower Inc. has fully and unconditionally guaranteed all existing and future senior unsecured notes, and issues equity from time to time, the net proceeds of which it is obliged to contribute to Welltower OP as additional capital. Welltower Inc. has no material assets or liabilities other than its investment in Welltower OP.

From Welltower's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 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
Revenue10,8387,9916,638+35.6%
Cost of revenue6,4884,8303,948+34.3%
Gross profit4,3503,1612,690+37.6%
Gross margin40.1%39.6%40.5%
Selling, general and administrative1,748235179+642.5%
Operating income-480524350
Operating margin-4.4%6.6%5.3%
Interest expensen/an/a608
Pre-tax incomen/a524350
Income tax-7.12.76.4
Effective tax raten/a0.5%1.8%
Net income937952340-1.6%
Net margin8.6%11.9%5.1%
Diluted EPS$1.39$1.57$0.66-11.5%
$ 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 flow2,8822,2561,602+27.7%
Capital expenditure1,050858518+22.5%
Free cash flow1,8311,3991,084+30.9%
Free cash flow margin16.9%17.5%16.3%
Cash from investing-10,513-5,515-5,708
Cash from financing9,0004,9055,449+83.5%
Depreciation and amortisation2,0851,6321,401+27.7%
Share-based compensation1,55775.837.2+1,953.2%
Dividends paid1,8771,5461,260+21.4%
Dividend per share$2.82$2.56$2.44+10.2%
Diluted shares, weighted680m609m519m+11.6%
Shares outstanding at period end697m635m564m+9.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity42,12931,95625,404+31.8%
Non-controlling interest810360677+125.0%
Redeemable equity263256291+2.7%
Debt19,19715,50015,736+23.9%
Other liabilities4,9032,9711,905+65.0%
Total liabilities and equity67,30351,04444,012+31.9%
Goodwill34614968.3+132.1%
Intangible assets909666515+36.5%
Cash and equivalents5,0343,5071,994+43.5%
Other assets61,01446,72341,435+30.6%
Total assets67,30351,04444,012+31.9%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.