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Ventas (VTR) Financials

Ventas logo
$81.61 -0.54 (-0.66%)
Closing price 03:59 PM Eastern
Extended Trading
$82.83 +1.22 (+1.49%)
As of 06:05 PM Eastern
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Annual Income Statements for Ventas

Annual Income Statements for Ventas

This table shows Ventas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 418 649 1,356 409 433 439 49 -47 -41 81 251
Consolidated Net Income / (Loss)		 419 651 1,361 416 439 441 57 -41 -30 88 262
Net Income / (Loss) Continuing Operations		 390 652 1,361 416 439 441 57 -49 -92 31 262
Total Pre-Tax Income 		352 519 585 385 359 81 -162 -94 -116 -8.00 204
Total Revenue		 2,919 3,444 3,574 3,746 3,873 3,326 3,388 3,662 3,924 4,321 5,834
Net Interest Income / (Expense)		 -366 -419 6.03 25 0.00 -470 -425 -468 -574 -603 0.00
Total Interest Income		 1.05 0.88 6.03 25 0.00 0.00 15 0.00 0.00 0.00 0.00
Total Interest Expense		 367 420 0.00 0.00 0.00 470 440 468 574 603 0.00
Total Non-Interest Income		 3,285 3,443 3,568 3,721 3,873 3,795 3,813 4,129 4,498 4,924 5,834
Other Service Charges		 1,853 - 0.00 - 2,174 7.61 - 3.64 11 28 21
Other Non-Interest Income		 1,346 3,345 3,568 3,721 1,699 3,788 3,813 4,126 4,486 4,896 5,813
Provision for Credit Losses		 - - - 0.00 0.00 24 -9.08 20 -20 -0.17 0.00
Total Non-Interest Expense		 2,568 2,925 2,989 3,361 3,513 3,221 3,990 3,736 4,060 4,330 5,630
Net Occupancy & Equipment Expense		 1,384 1,435 1,486 1,691 1,811 1,940 2,088 2,283 2,561 2,827 3,420
Other Operating Expenses		 146 144 584 661 610 131 167 224 97 228 820
Depreciation Expense		 894 899 888 920 1,046 1,110 1,197 1,198 1,392 1,253 1,379
Restructuring Charge		 103 25 11 31 15 30 47 31 15 20 10
Other Special Charges		 14 2.78 21 58 42 11 59 0.58 -6.10 0.69 0.17
Income Tax Expense		 -39 -31 -60 -40 -56 -97 4.83 -17 -9.54 -38 -14
Other Gains / (Losses), net		 -1.42 103 717 -8.79 26 264 224 29 14 1.56 43
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.38 2.26 4.64 6.51 6.28 2.04 7.55 6.52 11 7.20 10
Basic Earnings per Share		 $1.26 $1.88 $3.82 $1.15 $1.18 $1.18 $0.13 ($0.12) ($0.10) $0.20 $0.55
Weighted Average Basic Shares Outstanding		 330.31M 344.70M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M 474.97M
Diluted Earnings per Share		 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 ($0.12) ($0.10) $0.19 $0.54
Weighted Average Diluted Shares Outstanding		 334.01M 348.39M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M 474.97M
Weighted Average Basic & Diluted Shares Outstanding		 331.60M 345.30M 355.10M 356.10M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M 474.97M
Cash Dividends to Common per Share		 $3.04 $2.97 $3.12 $3.16 $3.17 $2.14 $1.80 $1.80 $1.80 $1.80 $1.92

Quarterly Income Statements for Ventas

This table shows Ventas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -71 -91 -14 19 19 57 47 68 66 70 56
Consolidated Net Income / (Loss)		 -70 -85 -13 21 21 59 48 71 69 73 59
Net Income / (Loss) Continuing Operations		 -70 -147 -13 21 21 1.72 48 71 67 74 59
Total Pre-Tax Income 		-77 -113 -7.50 -19 19 -0.51 41 43 44 76 35
Total Revenue		 1,150 718 1,200 1,201 1,086 684 1,358 1,421 1,331 1,724 1,657
Net Interest Income / (Expense)		 2.75 -450 6.78 4.83 -150 -623 0.00 5.87 -158 149 0.00
Total Interest Income		 2.75 -3.79 6.78 4.83 0.00 -20 0.00 5.87 0.00 -8.95 0.00
Total Interest Expense		 0.00 446 0.00 0.00 150 603 0.00 0.00 158 -158 0.00
Total Non-Interest Income		 1,147 1,168 1,193 1,196 1,236 1,307 1,358 1,415 1,489 1,575 1,657
Service Charges on Deposit Accounts		 - - - - - - 969 - 1,089 - 1,293
Other Service Charges		 - - - - 858 - 3.08 - 8.68 - 6.91
Other Non-Interest Income		 1,147 -1,109 1,193 1,196 378 -2,111 386 1,415 392 2,651 357
Total Non-Interest Expense		 1,227 852 1,207 1,220 1,067 685 1,317 1,378 1,286 1,648 1,622
Net Occupancy & Equipment Expense		 658 669 689 682 715 743 786 827 870 937 1,003
Other Operating Expenses		 181 -278 214 187 39 -359 204 193 54 371 229
Depreciation Expense		 370 435 300 340 304 309 322 348 357 353 382
Restructuring Charge		 7.13 3.64 4.68 2.89 8.58 4.23 5.98 4.63 5.47 -6.01 6.66
Other Special Charges		 10 8.61 -1.08 8.55 0.00 -11 0.00 5.84 0.12 -7.20 0.45
Income Tax Expense		 -1.66 4.70 -3.00 7.77 3.00 -46 -11 3.87 -6.35 -1.12 -16
Other Gains / (Losses), net		 5.59 -29 -8.04 48 4.63 -43 -3.14 33 17 -3.13 7.70
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.57 6.10 1.77 1.78 1.75 1.89 1.49 3.20 2.66 2.79 3.13
Basic Earnings per Share		 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.14 $0.11 $0.15 $0.14 $0.15 $0.12
Weighted Average Basic Shares Outstanding		 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M 469.73M 474.97M 486.17M
Diluted Earnings per Share		 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.13 $0.10 $0.15 $0.14 $0.15 $0.11
Weighted Average Diluted Shares Outstanding		 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M 469.73M 474.97M 486.17M
Weighted Average Basic & Diluted Shares Outstanding		 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M 469.73M 474.97M 486.17M
Cash Dividends to Common per Share		 $0.45 - $0.45 $0.45 - - $0.48 $0.48 - - $0.52

Annual Cash Flow Statements for Ventas

This table details how cash moves in and out of Ventas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -1.80 237 -180 -56 13 304 -256 -23 391 398 -174
Net Cash From Operating Activities		 1,399 1,355 1,429 1,381 1,438 1,450 1,026 1,120 1,120 1,330 1,647
Net Cash From Continuing Operating Activities		 1,399 1,355 1,429 1,381 1,438 1,450 1,026 1,120 1,120 1,330 1,647
Net Income / (Loss) Continuing Operations		 419 651 1,361 416 439 441 57 -41 -30 88 262
Consolidated Net Income / (Loss)		 419 651 1,361 416 439 441 57 -41 -30 88 262
Provision For Loan Losses		 - - - 0.00 0.00 24 -9.08 20 -20 -0.17 0.00
Depreciation Expense		 974 899 888 920 1,046 1,110 1,197 1,198 1,392 1,253 1,379
Amortization Expense		 -19 -9.98 -4.48 -12 15 -20 -71 -51 -37 -24 -6.92
Non-Cash Adjustments to Reconcile Net Income		 -35 -138 -762 113 -22 -227 -104 35 -131 -31 -36
Changes in Operating Assets and Liabilities, net		 60 -48 -53 -56 -40 122 -44 -41 -54 44 49
Net Cash From Investing Activities		 -2,424 -1,214 -937 324 -1,585 154 -724 -859 -185 -2,377 -2,694
Net Cash From Continuing Investing Activities		 -2,424 -1,214 -937 324 -1,585 154 -724 -859 -185 -2,377 -2,694
Purchase of Property, Leasehold Improvements and Equipment		 -107 -117 -133 -132 -157 -148 -185 -222 -259 -282 -364
Purchase of Investment Securities		 -2,999 -1,722 -1,773 -873 -2,624 -861 -1,747 -793 -523 -2,443 -2,631
Divestitures		 - - - - - - 0.00 0.00 50 0.00 0.00
Sale and/or Maturity of Investments		 678 625 969 1,272 1,195 1,164 1,208 128 462 340 267
Other Investing Activities, net		 4.00 0.00 - 57 0.17 0.00 0.00 28 86 8.37 34
Net Cash From Financing Activities		 1,023 97 -671 -1,762 161 -1,300 -558 -284 -544 1,445 874
Net Cash From Continuing Financing Activities		 1,023 97 -671 -1,762 161 -1,300 -558 -284 -544 1,445 874
Issuance of Debt		 3,913 858 1,496 2,871 3,013 733 1,409 1,053 2,113 1,906 1,124
Issuance of Common Equity		 491 1,287 74 0.00 942 55 617 0.00 108 1,965 2,344
Repayment of Debt		 -2,159 -1,022 -1,369 -3,466 -2,628 -1,134 -1,830 -575 -1,973 -1,621 -1,780
Payment of Dividends		 -1,019 -1,034 -833 -1,135 -1,167 -936 -694 -727 -730 -747 -866
Other Financing Activities, Net		 -203 8.30 -39 -33 0.62 -19 -61 -35 -62 -58 52
Cash Interest Paid		 392 395 410 407 411 430 402 468 560 591 590

Quarterly Cash Flow Statements for Ventas

This table details how cash moves in and out of Ventas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 282 70 127 -71 549 -206 -712 428 -433 543 -584
Net Cash From Operating Activities		 286 279 266 336 354 374 321 475 379 472 395
Net Cash From Continuing Operating Activities		 286 279 266 336 354 374 321 475 379 472 395
Net Income / (Loss) Continuing Operations		 -70 -85 -13 21 21 59 48 71 69 73 59
Consolidated Net Income / (Loss)		 -70 -85 -13 21 21 59 48 71 69 73 59
Depreciation Expense		 370 435 300 340 304 309 322 348 357 353 382
Amortization Expense		 -8.42 -8.14 -6.35 -6.21 -6.29 -5.25 -2.20 -3.11 -3.22 1.61 4.77
Non-Cash Adjustments to Reconcile Net Income		 -4.27 -52 16 -27 3.53 -24 4.71 -21 -29 9.11 -5.51
Changes in Operating Assets and Liabilities, net		 -1.92 -11 -31 8.54 31 35 -51 80 -15 35 -46
Net Cash From Investing Activities		 -14 -43 -145 -267 -429 -1,536 -884 -204 -1,178 -429 -1,069
Net Cash From Continuing Investing Activities		 -14 -43 -145 -267 -429 -1,536 -884 -204 -1,178 -429 -1,069
Purchase of Investment Securities		 -197 -20 -187 -466 -476 -1,315 -900 -346 -1,191 -194 -1,123
Sale and/or Maturity of Investments		 183 161 42 199 46 52 16 141 14 96 54
Net Cash From Financing Activities		 9.79 -165 4.82 -140 624 956 -149 157 366 500 90
Net Cash From Continuing Financing Activities		 9.79 -165 4.82 -140 624 956 -149 157 366 500 90
Issuance of Debt		 653 -298 555 650 594 107 23 552 25 517 290
Issuance of Common Equity		 83 - 77 414 359 1,114 876 188 999 279 799
Repayment of Debt		 -537 320 -425 -981 -134 -81 -848 -355 -449 -121 -746
Repurchase of Common Equity		 -0.19 - -1.06 -1.02 - - -0.34 -1.35 -0.41 - -2.84
Payment of Dividends		 -182 -183 -184 -184 -188 -191 -201 -219 -220 -227 -232
Other Financing Activities, Net		 -7.96 -6.13 -18 -39 -6.36 5.10 -0.12 -8.19 11 50 -19
Cash Income Taxes Paid		 - - 0.47 - - - 4.00 3.00 1.37 - 3.16

Annual Balance Sheets for Ventas

This table presents Ventas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 22,262 23,167 23,955 22,585 24,692 23,929 24,718 24,158 24,725 26,187 27,592
Cash and Due from Banks		 53 287 81 72 106 413 150 123 509 898 741
Restricted Cash		 78 81 107 59 40 38 47 48 55 59 45
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 22,366 18,674 18,730 24,552 26,672 26,585 28,211 28,458 29,798 31,494 33,835
Goodwill		 1,047 1,033 1,035 1,051 1,051 1,052 1,046 1,044 1,045 1,045 1,046
Intangible Assets		 -2,833 1,511 1,548 -4,880 -5,784 -6,647 -6,981 -7,918 -8,729 -9,537 -10,363
Other Assets		 1,550 1,582 2,453 1,731 2,607 2,488 2,245 2,403 2,048 2,228 2,287
Total Liabilities & Shareholders' Equity		 22,262 23,167 23,955 22,585 24,692 23,929 24,718 24,158 24,725 26,187 27,592
Total Liabilities		 12,440 12,437 12,864 12,125 13,873 13,416 13,492 13,672 14,878 15,047 14,631
Accrued Interest Payable		 81 84 94 100 111 111 107 111 117 143 143
Other Short-Term Payables		 779 908 1,183 1,086 1,146 1,133 1,090 1,032 1,042 1,152 1,241
Long-Term Debt		 11,207 11,127 11,276 10,734 12,159 11,895 12,028 12,297 13,491 13,523 13,011
Other Long-Term Liabilities		 373 318 310 205 457 276 267 233 228 229 236
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 197 201 158 188 274 235 280 265 303 310 375
Total Equity & Noncontrolling Interests		 9,625 10,529 10,932 10,272 10,545 10,278 10,946 10,222 9,544 10,830 12,586
Total Preferred & Common Equity		 9,564 10,460 10,866 10,216 10,446 10,180 10,854 10,153 9,488 10,771 12,527
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 9,564 10,460 10,866 10,216 10,446 10,180 10,854 10,153 9,488 10,771 12,527
Common Stock		 11,686 13,006 13,142 13,166 14,150 14,265 15,599 15,640 15,751 17,717 20,095
Retained Earnings		 -2,112 -2,488 -2,241 -2,930 -3,669 -4,030 -4,680 -5,449 -6,214 -6,887 -7,528
Treasury Stock		 -2.57 -0.05 -0.04 0.00 -0.13 0.00 0.00 -0.54 -14 -25 -0.03
Accumulated Other Comprehensive Income / (Loss)		 -7.57 -58 -35 -20 -35 -54 -65 -37 -36 -34 -40
Noncontrolling Interest		 61 69 66 56 100 98 91 69 56 58 59

Quarterly Balance Sheets for Ventas

This table presents Ventas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 25,071 24,967 24,725 24,673 24,530 25,347 26,187 26,032 26,475 26,926 27,687
Cash and Due from Banks		 139 434 509 632 557 1,105 898 182 614 189 184
Restricted Cash		 72 58 55 56 58 61 59 64 63 54 18
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 30,069 29,821 29,798 29,775 29,947 30,266 31,494 32,142 32,559 33,410 34,778
Goodwill		 1,045 1,045 1,045 1,045 1,045 1,046 1,045 1,045 1,046 1,046 1,046
Intangible Assets		 -8,294 -8,509 -8,729 -8,959 -9,193 -9,427 -9,537 -9,756 -10,012 -10,131 -10,576
Other Assets		 2,041 2,118 2,048 2,123 2,116 2,297 2,228 2,355 2,205 2,358 2,237
Total Liabilities & Shareholders' Equity		 25,071 24,967 24,725 24,673 24,530 25,347 26,187 26,032 26,475 26,926 27,687
Total Liabilities		 14,771 14,827 14,878 14,929 14,551 15,189 15,047 14,166 14,554 14,152 14,110
Accrued Interest Payable		 113 120 117 123 122 114 143 107 130 113 114
Other Short-Term Payables		 1,070 1,090 1,042 1,020 1,003 1,149 1,152 1,126 1,132 1,226 1,242
Long-Term Debt		 13,355 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056 12,572 12,518
Other Long-Term Liabilities		 234 229 228 230 251 257 229 232 235 241 236
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 272 265 303 285 311 330 310 340 329 350 395
Total Equity & Noncontrolling Interests		 10,028 9,874 9,544 9,459 9,668 9,829 10,830 11,526 11,592 12,424 13,182
Total Preferred & Common Equity		 9,968 9,818 9,488 9,403 9,619 9,759 10,771 11,470 11,529 12,362 13,125
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 9,968 9,818 9,488 9,403 9,619 9,759 10,771 11,470 11,529 12,362 13,125
Common Stock		 15,685 15,779 15,751 15,858 16,239 16,571 17,717 18,601 18,815 19,812 20,890
Retained Earnings		 -5,688 -5,941 -6,214 -6,410 -6,577 -6,748 -6,887 -7,058 -7,209 -7,369 -7,727
Treasury Stock		 -14 -14 -14 -25 -25 -25 -25 -41 -43 -43 0.00
Accumulated Other Comprehensive Income / (Loss)		 -15 -6.18 -36 -20 -17 -38 -34 -32 -34 -38 -38
Noncontrolling Interest		 60 57 56 56 48 70 58 57 63 62 57

Annual Metrics And Ratios for Ventas

This table displays calculated financial ratios and metrics derived from Ventas' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.26 $1.88 $3.82 $1.15 $1.18 $1.18 $0.13 ($0.12) ($0.10) $0.20 $0.55
Adjusted Weighted Average Basic Shares Outstanding		 330.31M 344.70M 355.33M 356.27M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M 474.97M
Adjusted Diluted Earnings per Share		 $1.25 $1.86 $3.78 $1.14 $1.17 $1.17 $0.13 ($0.12) ($0.10) $0.19 $0.54
Adjusted Weighted Average Diluted Shares Outstanding		 334.01M 348.39M 358.57M 359.30M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M 474.97M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 336.07M 354.62M 356.20M 356.65M 372.86M 374.66M 399.50M 399.99M 804.92M 437.14M 474.97M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Ventas

This table displays calculated financial ratios and metrics derived from Ventas' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 474,965,224.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 474,965,224.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.12
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.85% 3.41% 26.42% 8.55% 7.52% -4.75% 13.18% 18.31% 22.56% - 22.01%
EBITDA Growth		 0.22% 17.92% 1.27% -14.87% 11.19% 3.03% 25.76% 23.10% 25.64% - 17.32%
EBIT Growth		 -1,432.79% -110.38% -164.46% -125.49% 124.96% 99.49% 650.73% 324.02% 132.67% - -13.50%
NOPAT Growth		 -1,415.05% -35.95% -136.64% -118.45% 129.94% 99.55% 1,080.65% 390.33% 215.49% - -0.29%
Net Income Growth		 -2,370.94% -95.27% -166.31% -79.85% 130.18% 169.32% 485.61% 237.59% 227.24% - 22.11%
EPS Growth		 0.00% -100.00% -200.00% -80.77% 127.78% 159.09% 350.00% 200.00% 180.00% - 10.00%
Operating Cash Flow Growth		 -4.71% 4.43% 9.73% 7.71% 23.60% 33.88% 20.53% 41.52% 7.05% - 22.88%
Free Cash Flow Firm Growth		 -209.50% -253.73% -173.47% 232.27% 58.36% -109.00% -90.95% -466.24% -418.21% - -21.30%
Invested Capital Growth		 2.73% 2.44% 2.79% -2.12% 1.27% 5.68% 5.44% 7.87% 6.37% - 6.22%
Revenue Q/Q Growth		 3.93% -37.53% 39.26% 0.09% 2.94% -44.66% 98.48% 4.63% -6.34% - -3.90%
EBITDA Q/Q Growth		 -22.82% 3.06% 210.22% 9.82% 0.81% -4.51% 18.96% 7.50% 2.87% - -1.85%
EBIT Q/Q Growth		 -202.74% -73.56% 98.92% -156.15% 200.59% -103.52% 6,174.33% 4.19% 4.17% - -53.58%
NOPAT Q/Q Growth		 -174.26% -47.02% 93.36% -154.39% 220.49% -102.21% 14,582.00% -24.69% 30.93% - -33.66%
Net Income Q/Q Growth		 -166.21% -21.79% 85.20% 268.80% -0.81% 179.71% -17.66% 47.78% -3.85% - -19.11%
EPS Q/Q Growth		 -169.23% -22.22% 81.82% 225.00% 0.00% 160.00% -23.08% 50.00% -6.67% - -26.67%
Operating Cash Flow Q/Q Growth		 -8.24% -2.47% -4.53% 26.06% 5.30% 5.65% -14.05% 48.01% -20.36% - -16.34%
Free Cash Flow Firm Q/Q Growth		 -84.61% 6.79% -0.54% 176.45% -158.11% -367.88% 8.14% -46.63% 17.77% - -19.80%
Invested Capital Q/Q Growth		 -0.54% -0.81% -0.17% -0.62% 2.91% 3.51% -0.38% 1.67% 1.47% - 0.47%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 24.80% 40.92% 23.87% 26.19% 25.65% 44.26% 26.53% 27.26% 29.93% - 25.51%
EBIT Margin		 -6.67% -18.54% -0.62% -1.59% 1.55% -0.10% 3.01% 3.00% 3.34% - 2.14%
Profit (Net Income) Margin		 -6.05% -11.79% -1.05% 1.76% 1.70% 8.58% 3.56% 5.03% 5.16% - 3.56%
Tax Burden Percent		 90.56% 75.01% 167.16% -110.92% 109.94% -11,560.43% 118.11% 167.52% 154.62% - 166.74%
Interest Burden Percent		 100.09% 84.78% 100.91% 100.22% 99.71% 75.37% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 15.72% 0.00% -25.79% 9.08% -14.28% - -45.00%
Return on Invested Capital (ROIC)		 -0.79% -1.87% -0.08% -0.20% 0.24% -0.01% 0.71% 0.53% 0.77% - 0.75%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.91% -1.92% -0.14% 0.06% 0.28% 0.43% 0.69% 0.78% 0.90% - 0.81%
Return on Net Nonoperating Assets (RNNOA)		 -1.12% -2.43% -0.18% 0.08% 0.37% 0.55% 0.83% 0.94% 1.03% - 0.80%
Return on Equity (ROE)		 -1.90% -4.30% -0.25% -0.13% 0.61% 0.54% 1.54% 1.47% 1.80% - 1.55%
Cash Return on Invested Capital (CROIC)		 -2.96% -2.76% -3.16% 1.49% -1.62% -5.54% -4.94% -6.95% -5.42% - -5.17%
Operating Return on Assets (OROA)		 -1.06% -2.98% -0.11% -0.27% 0.27% -0.02% 0.53% 0.55% 0.63% - 0.49%
Return on Assets (ROA)		 -0.96% -1.89% -0.18% 0.30% 0.29% 1.46% 0.63% 0.93% 0.98% - 0.81%
Return on Common Equity (ROCE)		 -1.84% -4.16% -0.25% -0.12% 0.59% 0.52% 1.49% 1.42% 1.74% - 1.50%
Return on Equity Simple (ROE_SIMPLE)		 0.11% 0.00% -0.66% -1.51% -0.56% 0.00% 1.30% 1.73% 2.00% - 2.07%
Net Operating Profit after Tax (NOPAT)		 -54 -79 -5.25 -13 16 -0.36 51 39 51 - 51
NOPAT Margin		 -4.68% -11.00% -0.44% -1.11% 1.30% -0.05% 3.79% 2.73% 3.82% - 3.10%
Net Nonoperating Expense Percent (NNEP)		 0.12% 0.04% 0.06% -0.26% -0.04% -0.44% 0.02% -0.25% -0.14% - -0.06%
SG&A Expenses to Revenue		 57.22% 93.19% 57.30% 56.77% 57.83% 108.56% 57.85% 58.20% 65.36% - 60.56%
Operating Expenses to Revenue		 106.68% 118.54% 100.63% 101.59% 98.46% 100.10% 96.99% 97.00% 96.66% - 97.86%
Earnings before Interest and Taxes (EBIT)		 -77 -133 -7.43 -19 19 -0.67 41 43 44 - 35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 285 294 286 315 317 303 360 387 398 - 423
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.67 2.04 1.86 2.14 2.70 2.29 2.62 2.47 2.57 - 2.96
Price to Tangible Book Value (P/TBV)		 0.95 1.13 1.01 1.16 1.45 1.28 1.49 1.39 1.48 - 1.71
Price to Revenue (P/Rev)		 4.20 4.94 4.20 4.82 6.04 5.71 6.71 6.06 6.43 - 6.33
Price to Earnings (P/E)		 3,390.83 0.00 0.00 0.00 0.00 304.31 211.18 149.05 133.64 - 149.15
Dividend Yield		 4.43% 3.74% 4.13% 3.54% 2.83% 3.06% 2.66% 2.95% 2.70% - 2.40%
Earnings Yield		 0.03% 0.00% 0.00% 0.00% 0.00% 0.33% 0.47% 0.67% 0.75% - 0.67%
Enterprise Value to Invested Capital (EV/IC)		 1.26 1.40 1.32 1.45 1.65 1.53 1.75 1.65 1.76 - 1.98
Enterprise Value to Revenue (EV/Rev)		 7.59 8.33 7.36 7.84 9.00 8.71 9.58 8.78 9.01 - 8.42
Enterprise Value to EBITDA (EV/EBITDA)		 43.04 26.35 45.92 53.48 59.58 30.82 33.14 30.18 30.75 - 31.49
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 1,062.67 404.30 349.63 - 259.62
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 500.26 272.58 239.39 - 236.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 26.70 29.17 26.87 28.68 31.75 28.30 31.00 27.08 28.77 - 30.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 95.90 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.32 1.37 1.39 1.32 1.35 1.21 1.07 1.10 0.98 - 0.92
Long-Term Debt to Equity		 1.32 1.37 1.39 1.32 1.35 1.21 1.07 1.10 0.98 - 0.92
Financial Leverage		 1.23 1.27 1.29 1.31 1.33 1.29 1.22 1.20 1.14 - 0.99
Leverage Ratio		 2.37 2.40 2.43 2.45 2.48 2.43 2.35 2.33 2.28 - 2.11
Compound Leverage Factor		 2.37 2.04 2.45 2.45 2.47 1.83 2.35 2.33 2.28 - 2.11
Debt to Total Capital		 56.90% 57.81% 58.18% 56.90% 57.37% 54.83% 51.70% 52.27% 49.60% - 47.97%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 56.90% 57.81% 58.18% 56.90% 57.37% 54.83% 51.70% 52.27% 49.60% - 47.97%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 1.37% 1.54% 1.46% 1.55% 1.68% 1.49% 1.61% 1.57% 1.62% - 1.73%
Common Equity to Total Capital		 41.73% 40.66% 40.36% 41.54% 40.96% 43.67% 46.69% 46.16% 48.77% - 50.30%
Debt to EBITDA		 19.48 10.88 20.26 21.04 20.77 11.07 9.81 9.55 8.68 - 7.64
Net Debt to EBITDA		 18.76 10.43 19.23 20.06 19.00 10.29 9.62 9.05 8.51 - 7.52
Long-Term Debt to EBITDA		 19.48 10.88 20.26 21.04 20.77 11.07 9.81 9.55 8.68 - 7.64
Debt to NOPAT		 -223.13 -166.75 -143.85 -87.00 -162.15 -2,415.95 148.08 86.23 67.56 - 57.34
Net Debt to NOPAT		 -214.93 -159.78 -136.55 -82.94 -148.33 -2,244.93 145.21 81.76 66.25 - 56.42
Long-Term Debt to NOPAT		 -223.13 -166.75 -143.85 -87.00 -162.15 -2,415.95 148.08 86.23 67.56 - 57.34
Noncontrolling Interest Sharing Ratio		 3.13% 3.41% 3.33% 3.41% 3.55% 3.47% 3.41% 3.43% 3.54% - 3.33%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -680 -634 -637 487 -283 -1,325 -1,217 -1,784 -1,467 - -1,476
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -1.42 0.00 0.00 0.00 -2.20 0.00 0.00 -9.28 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.63 0.00 0.00 0.00 0.62 0.00 0.00 2.39 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.63 0.00 0.00 0.00 0.62 0.00 0.00 2.39 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.16 0.16 0.17 0.17 0.17 0.17 0.18 0.18 0.19 - 0.23
Fixed Asset Turnover		 0.13 0.13 0.14 0.14 0.15 0.14 0.14 0.15 0.16 - 0.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,528 23,338 23,299 23,154 23,827 24,662 24,568 24,977 25,345 - 26,095
Invested Capital Turnover		 0.17 0.17 0.18 0.18 0.18 0.18 0.19 0.20 0.20 - 0.24
Increase / (Decrease) in Invested Capital		 626 555 632 -501 299 1,324 1,268 1,823 1,518 - 1,528
Enterprise Value (EV)		 29,586 32,672 30,727 33,486 39,212 37,630 42,910 41,271 44,549 - 51,611
Market Capitalization		 16,368 19,385 17,520 20,567 26,310 24,696 30,058 28,499 31,808 - 38,843
Book Value per Share		 $24.40 $23.58 $11.61 $23.76 $23.62 $25.69 $26.24 $25.55 $27.20 - $27.63
Tangible Book Value per Share		 $42.95 $42.68 $21.39 $43.90 $43.91 $45.94 $46.16 $45.41 $47.19 - $47.70
Total Capital		 23,528 23,338 23,299 23,154 23,827 24,662 24,568 24,977 25,345 - 26,095
Total Debt		 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056 12,572 - 12,518
Total Long-Term Debt		 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056 12,572 - 12,518
Net Debt		 12,897 12,927 12,867 12,560 12,503 12,565 12,456 12,380 12,329 - 12,317
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Expense (NNE)		 16 5.66 7.29 -35 -4.90 -59 3.14 -33 -18 - -7.70
Net Nonoperating Obligations (NNO)		 13,388 13,491 13,555 13,175 13,669 13,523 12,702 13,056 12,572 - 12,518
Total Depreciation and Amortization (D&A)		 362 427 294 334 298 304 319 345 354 - 387
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.14 $0.11 $0.15 $0.14 $0.15 $0.12
Adjusted Weighted Average Basic Shares Outstanding		 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M 469.73M 474.97M 486.17M
Adjusted Diluted Earnings per Share		 ($0.18) ($0.22) ($0.04) $0.05 $0.05 $0.13 $0.10 $0.15 $0.14 $0.15 $0.11
Adjusted Weighted Average Diluted Shares Outstanding		 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M 469.73M 474.97M 486.17M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 804.76M 804.92M 809.55M 826.31M 419.35M 437.14M 451.30M 454.47M 469.73M 474.97M 486.17M
Normalized Net Operating Profit after Tax (NOPAT)		 -42 -70 -2.73 -5.36 27 -4.90 34 48 35 - 30
Normalized NOPAT Margin		 -3.63% -9.81% -0.23% -0.45% 2.16% -0.72% 2.49% 3.40% 2.63% - 1.80%
Pre Tax Income Margin		 -6.68% -15.72% -0.63% -1.59% 1.54% -0.07% 3.01% 3.00% 3.34% - 2.14%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -0.30 0.00 0.00 0.00 0.00 0.00 0.00 0.28 - 0.00
NOPAT to Interest Expense		 0.00 -0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.32 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 -0.30 0.00 0.00 0.00 0.00 0.00 0.00 0.28 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.32 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 6,602.19% -2,408.65% -1,184.15% -503.40% -1,341.00% 845.26% 511.17% 399.76% 335.69% - 329.76%
Augmented Payout Ratio		 6,602.19% -2,408.65% -1,184.15% -503.40% -1,341.00% 845.26% 511.17% 399.76% 335.69% - 329.76%

Financials Breakdown Chart

Key Financial Trends

Ventas (NYSE: VTR) has shown improving profitability and liquidity over the last several quarters, but the business still carries a meaningful debt load and depends heavily on non-interest income and asset-related earnings.

  • Profitability has improved materially since early 2024. After a loss in Q1 2024, Ventas has posted positive net income in most quarters since then, including $55.9 million of common-share earnings in Q1 2026.
  • Operating cash flow remains solid. Q1 2026 operating cash flow was $394.6 million, down from Q4 2025 but still comfortably positive.
  • Revenue has stabilized at a higher level than the weak period in 2024. Q1 2026 revenue was $1.66 billion, above Q1 2025’s $1.36 billion and far better than the depressed Q4 2024 period.
  • Equity has grown year over year. Total common equity rose to $13.1 billion in Q1 2026 from $10.8 billion in Q4 2024, helped by common stock increases and retained earnings improvement.
  • Cash generation continues to support the dividend. Ventas paid $0.52 per share in dividends in Q1 2026 while still producing positive operating cash flow.
  • Depreciation and amortization are large non-cash expenses. This is typical for a real estate-focused business, but it also means reported earnings can be less reflective of underlying cash generation.
  • Asset base has continued to expand. Total assets increased to $27.7 billion in Q1 2026 from $26.2 billion at year-end 2024, reflecting ongoing investment in premises and equipment.
  • Share count has risen over time. Weighted average diluted shares increased from about 437 million in Q4 2024 to 486 million in Q1 2026, which can dilute per-share earnings growth.
  • Debt remains substantial. Long-term debt stood at $12.5 billion in Q1 2026, compared with only $13.2 billion in total equity and noncontrolling interests, leaving leverage notable.
  • Investing cash outflows are heavy. Q1 2026 investing activities used $1.07 billion of cash, driven largely by purchases of investment securities.
  • Cash declined sharply in Q1 2026. Cash and equivalents fell to $183.6 million from $897.9 million at year-end 2024, mainly because of investing activity and financing flows.
  • Margins remain under pressure from occupancy and operating costs. Q1 2026 net occupancy and equipment expense was still $1.0 billion, a major drag on profitability.

Bottom line: Ventas appears to be on a better earnings and cash flow trajectory than it was in 2024, but investors should keep an eye on leverage, share dilution, and the company’s large capital allocation needs. The story looks more stable now, yet the balance sheet and cash usage still warrant caution.

06/18/26 04:28 PM ETAI Generated. May Contain Errors.

Ventas Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ventas' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ventas' net income appears to be on a downward trend, with a most recent value of $261.52 million in 2025, falling from $419.22 million in 2015. The previous period was $88.35 million in 2024. Check out Ventas' forecast to explore projected trends and price targets.

Over the last 10 years, Ventas' total revenue changed from $2.92 billion in 2015 to $5.83 billion in 2025, a change of 99.8%.

Ventas' total liabilities were at $14.63 billion at the end of 2025, a 2.8% decrease from 2024, and a 17.6% increase since 2015.

In the past 10 years, Ventas' cash and equivalents has ranged from $53.02 million in 2015 to $897.85 million in 2024, and is currently $741.07 million as of their latest financial filing in 2025.


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Financial statements for NYSE:VTR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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