Welltower (WELL) Financials

Welltower Inc. (NYSE: WELL) has shown notable financial trends over the last four years, highlighted by its quarterly results up to Q2 2025. Below is an analysis of key financial metrics and trends derived from cash flow statements, income statements, and balance sheets.

• Increasing Net Income: The company's consolidated net income has grown from $28.6 million in Q1 2023 to $304.6 million in Q2 2025, showing a strong upward trajectory in profitability.
• Strong Operating Cash Flow: Net cash from continuing operating activities rose significantly, reaching $770 million in Q2 2025, underscoring Welltower’s ability to generate strong cash flows from its operations.
• Revenue Growth: Total revenue has increased from $1.56 billion in Q1 2023 to $2.55 billion in Q2 2025, driven primarily by growth in non-interest income.
• Steady Dividend Payments: Cash dividends per common share have consistently been $0.61-$0.67 across recent quarters, reflecting a stable return policy for shareholders.
• Equity Growth: Total common equity grew from around $20.4 billion in Q1 2023 to $35.9 billion in Q2 2025, indicating retained earnings and equity issuance supporting growth.
• Consistent Depreciation Expense: Depreciation has been steady at about $340-$495 million per quarter, consistent with Welltower's significant property and equipment assets.
• Stable Long-Term Debt: Long-term debt remains relatively consistent around $14-$16 billion, suggesting controlled leverage despite expansion efforts.
• Investment Activities: Net cash flows from investing activities have consistently been negative, averaging around -$1.4 billion to -$2 billion, reflecting ongoing capital expenditure and investments.
• High Operating Expenses: Other operating expenses remain substantial, exceeding $1.7 billion per quarter, which could pressure margins if not controlled efficiently.
• Non-Cash Adjustments & Charges Volatility: Significant swings in non-cash adjustments and impairment charges appear, with items like impairment charges reaching $52 million in Q1 2025, potentially indicating asset revaluation or risk exposure.

Summary: Over the last four years, Welltower has demonstrated solid revenue and net income growth with strong operating cash flow generation. The company continues to invest heavily in property and equipment, supported by equity and manageable debt levels. While operating expenses remain high, consistent dividends and increasing equity suggest shareholder value creation. Investors should watch for how the company manages non-cash impairments and controls operating costs going forward.