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Welltower (WELL) Financials

Welltower logo
$215.77 +3.16 (+1.49%)
As of 03:35 PM Eastern
This is a fair market value price provided by Massive. Learn more.
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Annual Income Statements for Welltower

Annual Income Statements for Welltower

This table shows Welltower's 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		 818 1,012 464 758 1,232 979 336 141 340 952 937
Consolidated Net Income / (Loss)		 889 1,082 541 830 1,330 1,039 374 161 358 973 962
Net Income / (Loss) Continuing Operations		 608 1,082 541 830 1,330 1,039 374 161 358 973 962
Total Pre-Tax Income 		636 709 300 423 543 -32 171 173 350 524 -480
Total Revenue		 3,368 4,281 3,832 4,700 4,566 4,092 4,252 5,861 6,638 7,991 10,838
Net Interest Income / (Expense)		 -408 98 -485 0.00 -556 -514 -352 151 168 256 246
Total Interest Income		 84 98 0.00 0.00 0.00 0.00 138 151 168 256 246
Loans and Leases Interest Income		 - - - - - - 138 151 168 256 246
Total Interest Expense		 492 0.00 485 0.00 556 514 490 0.00 0.00 0.00 0.00
Total Non-Interest Income		 3,776 4,183 4,317 4,700 5,121 4,606 4,605 5,710 6,470 7,735 10,592
Service Charges on Deposit Accounts		 2,158 2,505 - - - - - 4,174 4,754 6,027 8,453
Other Service Charges		 19 30 - - - - 33 85 160 138 171
Other Non-Interest Income		 1,599 1,649 4,317 4,700 5,121 4,606 4,572 1,452 1,556 1,570 1,968
Provision for Credit Losses		 0.00 - 63 0.00 19 94 7.27 10 9.81 10 -9.42
Total Non-Interest Expense		 2,790 3,572 3,469 4,277 4,004 4,018 4,074 5,677 6,278 7,457 11,327
Net Occupancy & Equipment Expense		 1,622 1,877 - 2,433 2,690 - 2,775 3,559 3,948 4,830 6,488
Other Operating Expenses		 194 167 2,384 239 179 2,797 168 782 895 927 2,602
Depreciation Expense		 826 901 922 950 1,027 1,038 1,038 1,310 1,401 1,632 2,085
Impairment Charge		 2.22 37 124 116 28 136 51 18 36 93 121
Other Special Charges		 35 546 40 539 80 47 43 9.01 -2.11 -26 32
Income Tax Expense		 6.45 -19 20 8.67 2.96 9.97 8.71 7.25 6.36 2.70 -7.12
Other Gains / (Losses), net		 -22 354 261 415 790 1,080 212 -5.25 14 451 1,435
Net Income / (Loss) Attributable to Noncontrolling Interest		 4.80 4.27 18 25 98 60 38 19 18 21 25
Basic Earnings per Share		 $2.35 $2.83 $1.26 $2.03 $3.07 $2.36 $0.79 $0.31 $0.66 $1.58 $1.41
Weighted Average Basic Shares Outstanding		 348.24M 358.28M 367.24M 373.62M 401.85M 415.45M 424.98M 462.19M 515.63M 602.98M 665.64M
Diluted Earnings per Share		 $2.34 $2.81 $1.26 $2.02 $3.05 $2.33 $0.78 $0.30 $0.66 $1.57 $1.39
Weighted Average Diluted Shares Outstanding		 349.42M 360.23M 369.00M 375.25M 403.81M 417.39M 426.84M 465.16M 518.70M 608.75M 679.52M
Weighted Average Basic & Diluted Shares Outstanding		 348.20M 357.70M 367.90M 373.50M 410.33M 417.38M 447.28M 490.64M 568.88M 641.31M 697.75M
Cash Dividends to Common per Share		 $3.30 $3.44 $3.48 $3.48 $3.48 $2.70 $2.44 $2.44 $2.44 $2.56 $2.82

Quarterly Income Statements for Welltower

This table shows Welltower's 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		 127 84 127 255 450 120 258 302 281 96 729
Consolidated Net Income / (Loss)		 135 88 132 261 457 124 257 305 282 118 752
Net Income / (Loss) Continuing Operations		 135 88 132 261 457 124 257 305 282 118 752
Total Pre-Tax Income 		72 87 141 90 184 109 199 298 293 -1,270 345
Total Revenue		 3,165 400 1,860 1,825 1,917 2,671 2,423 2,548 2,524 3,343 3,159
Net Interest Income / (Expense)		 -114 360 53 63 -139 491 0.00 62 -162 284 -193
Total Interest Income		 42 51 53 63 0.00 71 0.00 62 0.00 122 0.00
Total Interest Expense		 157 -309 0.00 0.00 139 -420 0.00 0.00 162 -162 193
Long-Term Debt Interest Expense		 157 - - - 139 - - - 162 - 193
Total Non-Interest Income		 3,279 40 1,807 1,761 2,056 2,180 2,423 2,486 2,686 3,059 3,352
Service Charges on Deposit Accounts		 - - - - 1,512 - 1,865 - 2,061 - 2,781
Other Service Charges		 35 32 29 32 114 32 97 32 125 -21 117
Other Non-Interest Income		 3,246 -2,458 1,778 1,729 430 -2,367 462 2,454 499 -3,312 454
Provision for Credit Losses		 4.06 2.52 1.01 5.16 4.19 -0.25 -2.01 -1.11 1.09 -7.38 1.63
Total Non-Interest Expense		 3,016 382 1,718 1,729 1,729 2,553 2,226 2,251 2,229 4,620 2,812
Other Operating Expenses		 2,669 -2,855 1,312 1,349 1,311 -2,764 223 1,737 1,685 -2,505 2,184
Depreciation Expense		 339 381 366 382 404 480 486 495 510 594 623
Impairment Charge		 7.39 15 43 2.39 23 24 52 20 3.08 46 4.83
Other Special Charges		 - - -3.05 -4.12 -9.49 -18 2.95 -0.41 32 -2.57 0.73
Income Tax Expense		 4.58 -4.77 6.19 1.10 -4.71 0.11 -5.52 1.05 2.34 -4.99 12
Other Gains / (Losses), net		 -4.03 67 -3.08 171 268 287 53 7.46 -8.59 1,383 419
Net Income / (Loss) Attributable to Noncontrolling Interest		 7.25 4.53 4.49 5.96 6.95 3.78 -0.69 2.73 1.63 21 24
Basic Earnings per Share		 $0.50 ($0.10) $0.22 $0.42 $0.74 $0.20 $0.40 $0.46 $0.42 $0.13 $1.04
Weighted Average Basic Shares Outstanding		 521.85M 515.63M 574.05M 600.55M 611.29M 602.98M 643.39M 656.59M 672.41M 665.64M 699.84M
Diluted Earnings per Share		 $0.50 ($0.09) $0.22 $0.42 $0.73 $0.20 $0.40 $0.45 $0.41 $0.13 $1.02
Weighted Average Diluted Shares Outstanding		 525.14M 518.70M 577.53M 604.56M 618.31M 608.75M 653.80M 668.14M 685.40M 679.52M 726.26M
Weighted Average Basic & Diluted Shares Outstanding		 535.97M 568.88M 597.92M 609.15M 622.69M 641.31M 653.95M 668.83M 686.33M 697.75M 705.91M
Cash Dividends to Common per Share		 $0.61 - $0.61 $0.61 $0.67 - $0.67 $0.67 $0.74 - $0.74

Annual Cash Flow Statements for Welltower

This table details how cash moves in and out of Welltower's 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		 -131 185 -298 6.83 70 1,635 -1,674 376 1,354 1,635 1,498
Net Cash From Operating Activities		 1,383 1,639 1,434 1,584 1,536 1,365 1,275 1,329 1,602 2,256 2,882
Net Cash From Continuing Operating Activities		 1,383 1,639 1,434 1,584 1,536 1,365 1,275 1,329 1,602 2,256 2,882
Net Income / (Loss) Continuing Operations		 889 1,082 541 830 1,330 1,039 374 161 358 973 962
Consolidated Net Income / (Loss)		 889 1,082 541 830 1,330 1,039 374 161 358 973 962
Provision For Loan Losses		 0.00 10 63 - 19 94 7.27 10 9.81 10 -9.42
Depreciation Expense		 826 901 938 950 1,027 1,038 1,038 1,310 1,401 1,632 2,085
Amortization Expense		 9.01 9.14 0.36 20 16 11 16 27 42 48 54
Non-Cash Adjustments to Reconcile Net Income		 -333 -360 -158 -292 -764 -786 -115 -39 -133 -364 72
Changes in Operating Assets and Liabilities, net		 -8.49 -3.74 50 77 -92 -32 -45 -141 -76 -42 -281
Net Cash From Investing Activities		 -3,502 -183 155 -2,386 -2,049 2,348 -4,516 -3,704 -5,708 -5,515 -10,513
Net Cash From Continuing Investing Activities		 -3,502 -183 155 -2,386 -2,049 2,348 -4,516 -3,704 -5,708 -5,515 -10,513
Purchase of Property, Leasehold Improvements and Equipment		 -432 -622 -483 -427 -652 -446 -701 -1,108 -1,533 -1,685 -1,488
Purchase of Investment Securities		 -4,148 -2,372 -1,065 -3,742 -4,376 -1,555 -5,504 -3,063 -4,493 -4,475 -15,179
Sale of Property, Leasehold Improvements and Equipment		 824 2,350 1,378 1,542 2,651 4,300 1,070 199 97 337 5,658
Sale and/or Maturity of Investments		 263 478 338 360 344 66 638 298 271 367 530
Other Investing Activities, net		 -8.67 -17 -13 -120 -15 -17 -19 -30 -51 -58 -34
Net Cash From Financing Activities		 1,997 -1,251 -1,914 818 577 -2,081 1,568 2,761 5,449 4,905 9,000
Net Cash From Continuing Financing Activities		 1,997 -1,251 -1,914 818 577 -2,081 1,568 2,761 5,449 4,905 9,000
Issuance of Debt		 1,680 964 323 3,298 4,759 1,651 2,052 1,153 1,397 1,213 4,366
Issuance of Common Equity		 1,756 534 622 790 1,056 595 2,348 3,668 6,010 7,416 8,901
Repayment of Debt		 -297 -1,430 -1,149 -1,820 -3,620 -2,849 -1,731 -782 -742 -1,848 -1,756
Payment of Dividends		 -1,210 -1,299 -1,326 -1,459 -1,401 -1,119 -1,036 -1,132 -1,261 -1,545 -1,878
Other Financing Activities, Net		 69 -20 -96 9.52 -217 -351 -65 -146 44 -330 -633
Effect of Exchange Rate Changes		 -8.58 -20 27 -9.02 5.31 3.45 -1.01 -11 11 -12 129
Cash Interest Paid		 493 542 488 501 575 508 493 532 629 593 580
Cash Income Taxes Paid		 12 8.01 10 2.25 14 14 -4.81 3.44 7.68 8.42 23

Quarterly Cash Flow Statements for Welltower

This table details how cash moves in and out of Welltower's 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		 388 -611 402 385 921 -73 -101 913 2,417 -1,731 -390
Net Cash From Operating Activities		 439 371 407 605 685 559 599 770 858 654 670
Net Cash From Continuing Operating Activities		 439 371 407 605 685 559 599 770 858 654 670
Net Income / (Loss) Continuing Operations		 135 88 132 261 457 124 257 305 282 118 752
Consolidated Net Income / (Loss)		 135 88 132 261 457 124 257 305 282 118 752
Provision For Loan Losses		 4.06 2.52 1.01 5.16 4.19 -0.25 -2.01 -1.11 1.09 -7.38 1.63
Depreciation Expense		 339 381 366 382 404 480 486 495 510 594 623
Amortization Expense		 11 12 13 15 15 4.21 14 13 14 13 9.46
Non-Cash Adjustments to Reconcile Net Income		 -70 -17 -33 -110 -257 36 -20 -14 10 95 -467
Changes in Operating Assets and Liabilities, net		 20 -96 -72 53 62 -85 -136 -28 41 -158 -249
Net Cash From Investing Activities		 -1,237 -3,144 -581 -1,279 -1,449 -2,205 -2,028 -1,399 -1,630 -5,455 -807
Net Cash From Continuing Investing Activities		 -1,237 -3,144 -581 -1,279 -1,449 -2,205 -2,028 -1,399 -1,630 -5,455 -807
Purchase of Property, Leasehold Improvements and Equipment		 -386 -468 -364 -392 -415 -514 -367 -345 -358 -418 -375
Purchase of Investment Securities		 -962 -2,728 -295 -1,076 -1,170 -1,934 -2,118 -1,186 -1,564 -10,310 -2,878
Sale of Property, Leasehold Improvements and Equipment		 82 13 45 85 16 191 318 93 111 5,136 1,718
Sale and/or Maturity of Investments		 43 53 47 119 135 66 151 48 187 144 736
Other Investing Activities, net		 -14 -15 -14 -14 -16 -14 -12 -8.65 -6.15 -7.48 -8.45
Net Cash From Financing Activities		 1,209 2,138 579 1,059 1,678 1,590 1,308 1,418 3,240 3,033 -200
Net Cash From Continuing Financing Activities		 1,209 2,138 579 1,059 1,678 1,590 1,308 1,418 3,240 3,033 -200
Issuance of Debt		 8.26 3.75 1.38 1.49 1,016 194 0.00 1,359 995 2,012 20
Issuance of Common Equity		 1,931 2,745 2,416 1,604 1,242 2,153 1,992 1,975 2,870 2,063 1,545
Repayment of Debt		 -338 -303 -1,483 -101 -122 -142 -134 -1,433 -68 -120 -1,204
Payment of Dividends		 -319 -338 -352 -366 -409 -418 -432 -439 -497 -510 -520
Other Financing Activities, Net		 -74 30 -4.28 -79 -49 -198 -118 -44 -59 -413 -40
Effect of Exchange Rate Changes		 -23 26 -2.19 -0.46 7.70 -17 20 124 -51 37 -54
Cash Interest Paid		 148 206 149 131 110 202 129 123 121 206 216
Cash Income Taxes Paid		 2.94 3.59 3.26 5.87 -0.74 0.03 11 7.58 3.46 0.43 20

Annual Balance Sheets for Welltower

This table presents Welltower's 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		 29,024 28,865 27,944 30,342 33,381 32,484 34,910 37,893 44,012 51,044 67,303
Cash and Due from Banks		 361 419 244 215 285 1,545 269 632 1,994 3,507 5,034
Restricted Cash		 62 188 66 101 101 476 77 91 82 205 176
Loans and Leases, Net of Allowance		 819 616 427 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 24,549 23,500 23,507 26,509 28,695 26,066 28,772 30,980 34,524 38,297 49,127
Intangible Assets		 1,351 1,403 1,502 1,581 1,617 1,500 1,790 1,945 2,166 2,549 2,846
Other Assets		 1,108 1,845 2,130 1,867 2,614 2,200 3,934 4,178 5,246 6,487 10,120
Total Liabilities & Shareholders' Equity		 29,024 28,865 27,944 30,342 33,381 32,484 34,910 37,893 44,012 51,044 67,303
Total Liabilities		 13,665 13,185 12,644 14,331 16,398 15,259 15,912 16,499 17,640 18,472 24,100
Short-Term Debt		 835 645 719 1,147 1,588 0.00 325 0.00 0.00 0.00 0.00
Long-Term Debt		 12,057 11,639 10,941 12,079 13,327 13,799 13,806 14,548 15,736 15,500 19,197
Other Long-Term Liabilities		 697 827 912 1,105 1,483 1,460 1,781 1,951 1,905 2,971 4,903
Redeemable Noncontrolling Interest		 183 398 375 424 476 343 401 384 291 256 263
Total Equity & Noncontrolling Interests		 15,176 15,281 14,925 15,587 16,507 16,882 18,597 21,010 26,081 32,316 42,940
Total Preferred & Common Equity		 14,591 14,806 14,423 14,632 15,540 15,973 17,636 20,295 25,404 31,956 42,129
Total Common Equity		 13,584 13,800 13,705 13,914 15,540 15,973 17,636 20,295 25,404 31,956 42,129
Common Stock		 16,833 17,363 18,035 18,809 20,601 21,242 23,582 27,235 33,308 40,654 51,595
Retained Earnings		 -3,120 -3,341 -4,155 -4,697 -4,870 -5,016 -5,717 -6,709 -7,629 -8,223 -9,164
Treasury Stock		 -44 -55 -65 -68 -79 -104 -108 -111 -112 -114 -14
Accumulated Other Comprehensive Income / (Loss)		 -88 -170 -111 -130 -112 -149 -121 -120 -163 -360 -288
Noncontrolling Interest		 585 475 502 954 966 909 961 715 677 360 810

Quarterly Balance Sheets for Welltower

This table presents Welltower's 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		 40,064 41,655 44,012 44,554 45,534 48,954 51,044 53,294 55,833 59,505 67,221
Cash and Due from Banks		 2,204 2,582 1,994 2,388 2,777 3,565 3,507 3,502 4,410 6,807 4,704
Restricted Cash		 95 105 82 90 87 219 205 108 114 134 116
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		 30,899 31,853 34,524 34,401 35,027 36,821 38,073 40,299 41,417 38,048 50,359
Intangible Assets		 1,950 1,962 2,166 2,159 2,192 2,269 2,549 2,688 2,775 2,190 2,854
Other Assets		 4,847 5,085 5,246 5,447 5,383 5,542 6,711 6,696 7,118 12,327 9,189
Total Liabilities & Shareholders' Equity		 40,064 41,655 44,012 44,554 45,534 48,954 51,044 53,294 55,833 59,505 67,221
Total Liabilities		 17,871 17,836 17,640 16,006 15,845 17,890 18,472 18,712 19,287 20,192 22,291
Short-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt		 15,991 15,834 15,736 14,205 13,936 15,764 15,500 15,724 15,971 16,852 17,934
Other Long-Term Liabilities		 1,880 2,002 1,905 1,801 1,910 2,126 2,971 2,988 3,316 3,340 4,358
Redeemable Noncontrolling Interest		 369 245 291 301 262 270 256 277 283 284 196
Total Equity & Noncontrolling Interests		 21,824 23,574 26,081 28,247 29,426 30,794 32,316 34,305 36,263 39,028 44,733
Total Preferred & Common Equity		 21,204 22,954 25,404 27,548 28,976 30,334 31,956 33,957 35,901 38,757 43,794
Total Common Equity		 21,204 22,954 25,404 27,548 28,976 30,334 31,956 33,957 35,901 38,757 43,794
Common Stock		 28,595 30,590 33,308 35,698 37,303 38,569 40,654 42,683 44,614 47,739 53,114
Retained Earnings		 -7,183 -7,374 -7,629 -7,854 -7,966 -7,925 -8,223 -8,396 -8,534 -8,751 -8,955
Treasury Stock		 -112 -112 -112 -115 -115 -115 -114 -20 -14 -14 -23
Accumulated Other Comprehensive Income / (Loss)		 -96 -149 -163 -181 -246 -195 -360 -310 -166 -217 -342
Noncontrolling Interest		 619 620 677 699 450 460 360 348 363 271 939

Annual Metrics And Ratios for Welltower

This table displays calculated financial ratios and metrics derived from Welltower's 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
DEI Shares Outstanding		 - - - - - - - - - - 686,328,043.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 686,328,043.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.40
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		 $2.35 $2.83 $1.26 $2.03 $3.07 $2.36 $0.79 $0.31 $0.66 $1.58 $1.41
Adjusted Weighted Average Basic Shares Outstanding		 348.24M 358.28M 367.24M 373.62M 401.85M 415.45M 424.98M 462.19M 515.63M 602.98M 665.64M
Adjusted Diluted Earnings per Share		 $2.34 $2.81 $1.26 $2.02 $3.05 $2.33 $0.78 $0.30 $0.66 $1.57 $1.39
Adjusted Weighted Average Diluted Shares Outstanding		 349.42M 360.23M 369.00M 375.25M 403.81M 417.39M 426.84M 465.16M 518.70M 608.75M 679.52M
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		 355.14M 362.56M 371.67M 386.36M 410.33M 417.38M 447.28M 490.64M 568.88M 641.31M 697.75M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Welltower

This table displays calculated financial ratios and metrics derived from Welltower's 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		 - - - - - - - - - 686,328,043.00 697,752,530.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 686,328,043.00 697,752,530.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.17 1.08
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 137.20% -79.06% 9.72% 11.78% -39.44% 568.46% 30.29% 39.64% 31.67% - 30.38%
EBITDA Growth		 31.64% 17.07% 33.60% -4.51% 21.91% 47.91% 34.33% 65.45% 35.48% - 39.97%
EBIT Growth		 999.22% 1,277.73% 262.72% -44.46% 27.27% 675.69% 41.03% 229.76% 59.41% - 73.74%
NOPAT Growth		 977.12% 748.41% 276.99% -43.85% 178.74% 18.32% 51.60% 232.65% 54.20% - 63.35%
Net Income Growth		 5,178.10% 4,818.80% 359.70% 145.12% 239.07% 39.93% 95.44% 16.86% -38.23% - 192.43%
EPS Growth		 5,100.00% -200.00% 340.00% 110.00% 46.00% 322.22% 81.82% 7.14% -43.84% - 155.00%
Operating Cash Flow Growth		 23.33% 46.22% 8.18% 45.45% 56.01% 50.93% 47.23% 27.19% 25.31% - 11.86%
Free Cash Flow Firm Growth		 -8.51% -116.71% -116.37% -71.30% -73.50% 3.57% -21.24% -60.65% -29.49% - -66.34%
Invested Capital Growth		 11.51% 17.15% 16.95% 14.25% 18.09% 14.17% 17.67% 20.39% 19.94% - 24.96%
Revenue Q/Q Growth		 109.14% -87.38% 18.03% -1.22% 13.31% 39.34% -9.27% 5.17% -0.97% - -5.50%
EBITDA Q/Q Growth		 -1.96% -17.59% 7.73% -6.80% 25.16% -0.02% 15.86% 15.50% 1.27% - 247.39%
EBIT Q/Q Growth		 -5.17% -89.46% 57.61% -38.62% 117.32% -35.76% 68.22% 50.08% -1.71% - 127.18%
NOPAT Q/Q Growth		 -54.55% 36.33% 42.89% -36.58% 125.63% -42.13% 87.14% 45.51% -2.15% - 137.52%
Net Income Q/Q Growth		 26.69% -34.35% 48.84% 98.03% 75.24% -72.91% 107.89% 18.41% -7.36% - 538.82%
EPS Q/Q Growth		 150.00% -118.00% 29.41% 90.91% 73.81% -72.60% 100.00% 12.50% -8.89% - 684.62%
Operating Cash Flow Q/Q Growth		 5.48% -15.61% 9.80% 48.82% 13.14% -18.36% 7.11% 28.56% 11.47% - 2.40%
Free Cash Flow Firm Q/Q Growth		 -28.77% -50.82% 0.15% 11.67% -30.42% 16.17% -25.48% -16.97% -5.24% - 19.67%
Invested Capital Q/Q Growth		 3.85% 6.19% 1.53% 2.04% 7.34% 2.66% 4.65% 4.40% 6.95% - 0.74%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 15.63% 102.00% 30.18% 28.48% 31.45% 22.57% 28.82% 31.65% 32.36% - 30.94%
EBIT Margin		 4.57% 3.81% 8.05% 5.00% 9.59% 4.42% 8.20% 11.70% 11.61% - 10.93%
Profit (Net Income) Margin		 4.26% 22.14% 7.69% 15.41% 23.83% 4.63% 10.62% 11.95% 11.18% - 23.81%
Tax Burden Percent		 186.51% 101.12% 93.42% 288.25% 248.44% 113.28% 129.47% 102.15% 96.27% - 217.91%
Interest Burden Percent		 50.00% 574.36% 102.22% 106.88% 100.00% 92.48% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 6.35% -5.45% 4.39% 1.22% -2.56% 0.10% -2.78% 0.35% 0.80% - 3.37%
Return on Invested Capital (ROIC)		 0.43% 3.93% 1.20% 0.77% 1.16% 0.72% 1.55% 2.25% 2.21% - 2.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.87% 3.90% 1.20% 1.95% 2.86% 0.82% 1.90% 2.30% 2.16% - 4.65%
Return on Net Nonoperating Assets (RNNOA)		 0.61% 2.47% 0.70% 1.13% 1.65% 0.43% 0.90% 1.04% 1.00% - 1.97%
Return on Equity (ROE)		 1.04% 6.40% 1.90% 1.89% 2.81% 1.16% 2.45% 3.29% 3.21% - 4.13%
Cash Return on Invested Capital (CROIC)		 -10.19% -14.92% -14.51% -12.36% -15.43% -12.07% -14.96% -16.84% -16.38% - -22.60%
Operating Return on Assets (OROA)		 0.88% 0.62% 1.20% 0.74% 1.08% 0.74% 1.43% 2.14% 2.12% - 2.10%
Return on Assets (ROA)		 0.82% 3.59% 1.14% 2.29% 2.69% 0.78% 1.86% 2.19% 2.04% - 4.57%
Return on Common Equity (ROCE)		 0.99% 6.12% 1.82% 1.83% 2.73% 1.13% 2.39% 3.22% 3.15% - 4.04%
Return on Equity Simple (ROE_SIMPLE)		 1.18% 0.00% 1.67% 2.12% 3.09% 0.00% 3.24% 3.18% 2.50% - 3.33%
Net Operating Profit after Tax (NOPAT)		 68 92 132 84 189 109 204 297 291 - 334
NOPAT Margin		 2.14% 23.09% 7.70% 4.94% 9.84% 4.09% 8.43% 11.66% 11.52% - 10.56%
Net Nonoperating Expense Percent (NNEP)		 -0.43% 0.03% 0.00% -1.18% -1.70% -0.09% -0.35% -0.05% 0.05% - -2.49%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 95.31% 95.56% 91.89% 94.69% 90.19% 95.59% 91.88% 88.34% 88.34% - 89.02%
Earnings before Interest and Taxes (EBIT)		 144 15 138 85 184 118 199 298 293 - 345
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 495 408 517 482 603 603 698 807 817 - 977
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.80 1.86 1.80 2.14 2.57 2.46 2.89 2.80 3.07 - 3.15
Price to Tangible Book Value (P/TBV)		 1.98 2.03 1.95 2.32 2.79 2.67 3.14 3.03 3.26 - 3.37
Price to Revenue (P/Rev)		 5.44 7.11 8.01 9.74 15.26 9.82 11.49 10.84 12.05 - 11.92
Price to Earnings (P/E)		 164.09 138.83 112.08 104.47 85.18 82.46 90.77 88.99 124.06 - 98.01
Dividend Yield		 3.82% 2.77% 2.64% 2.35% 1.95% 2.03% 1.71% 1.74% 1.54% - 1.46%
Earnings Yield		 0.61% 0.72% 0.89% 0.96% 1.17% 1.21% 1.10% 1.12% 0.81% - 1.02%
Enterprise Value to Invested Capital (EV/IC)		 1.40 1.47 1.46 1.69 1.94 1.89 2.21 2.14 2.31 - 2.42
Enterprise Value to Revenue (EV/Rev)		 7.28 9.32 10.06 11.60 17.74 11.37 12.97 12.14 13.11 - 13.15
Enterprise Value to EBITDA (EV/EBITDA)		 31.97 34.49 32.35 38.81 45.15 41.23 46.59 41.69 44.46 - 78.55
Enterprise Value to EBIT (EV/EBIT)		 166.21 176.66 138.29 193.02 215.15 173.29 190.63 142.56 144.13 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 211.33 179.94 140.30 192.13 179.66 174.19 187.72 140.94 143.81 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 37.34 38.61 38.11 40.49 43.86 40.28 45.33 43.10 46.51 - 51.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.66 0.60 0.50 0.47 0.51 0.48 0.45 0.44 0.43 - 0.40
Long-Term Debt to Equity		 0.66 0.60 0.50 0.47 0.51 0.48 0.45 0.44 0.43 - 0.40
Financial Leverage		 0.70 0.63 0.58 0.58 0.58 0.53 0.47 0.45 0.46 - 0.42
Leverage Ratio		 1.79 1.71 1.66 1.65 1.65 1.61 1.55 1.53 1.54 - 1.52
Compound Leverage Factor		 0.89 9.85 1.69 1.76 1.65 1.49 1.55 1.53 1.54 - 1.52
Debt to Total Capital		 39.93% 37.37% 33.23% 31.94% 33.66% 32.24% 31.26% 30.41% 30.01% - 28.53%
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		 39.93% 37.37% 33.23% 31.94% 33.66% 32.24% 31.26% 30.41% 30.01% - 28.53%
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		 2.18% 2.30% 2.34% 1.63% 1.56% 1.28% 1.24% 1.23% 0.99% - 1.81%
Common Equity to Total Capital		 57.89% 60.33% 64.44% 66.42% 64.78% 66.47% 67.50% 68.36% 69.01% - 69.67%
Debt to EBITDA		 9.13 8.77 7.39 7.33 7.85 7.03 6.60 5.91 5.78 - 9.26
Net Debt to EBITDA		 7.58 7.62 6.10 5.83 5.96 5.35 5.08 4.24 3.40 - 6.77
Long-Term Debt to EBITDA		 9.13 8.77 7.39 7.33 7.85 7.03 6.60 5.91 5.78 - 9.26
Debt to NOPAT		 60.36 45.79 32.03 36.30 31.22 29.71 26.59 19.99 18.70 - -76.82
Net Debt to NOPAT		 50.12 39.74 26.45 28.84 23.73 22.60 20.49 14.33 11.00 - -56.18
Long-Term Debt to NOPAT		 60.36 45.79 32.03 36.30 31.22 29.71 26.59 19.99 18.70 - -76.82
Noncontrolling Interest Sharing Ratio		 4.86% 4.33% 4.28% 3.28% 2.90% 2.69% 2.57% 2.05% 1.83% - 2.21%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -4,027 -6,073 -6,064 -5,357 -6,986 -5,856 -7,349 -8,596 -9,046 - -12,223
Operating Cash Flow to CapEx		 144.58% 81.42% 127.35% 196.88% 171.87% 172.90% 1,225.51% 305.44% 347.23% - 0.00%
Free Cash Flow to Firm to Interest Expense		 -25.72 0.00 -41.16 -40.15 -50.24 0.00 0.00 0.00 -55.82 - -63.43
Operating Cash Flow to Interest Expense		 2.80 0.00 2.76 4.54 4.93 0.00 0.00 0.00 5.30 - 3.48
Operating Cash Flow Less CapEx to Interest Expense		 0.86 0.00 0.59 2.23 2.06 0.00 0.00 0.00 3.77 - 10.45
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.19 0.16 0.15 0.15 0.11 0.17 0.17 0.18 0.18 - 0.19
Fixed Asset Turnover		 0.24 0.20 0.19 0.19 0.15 0.22 0.23 0.24 0.26 - 0.26
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 39,653 42,107 42,753 43,624 46,828 48,073 50,306 52,517 56,165 - 62,863
Invested Capital Turnover		 0.20 0.17 0.16 0.16 0.12 0.18 0.18 0.19 0.19 - 0.20
Increase / (Decrease) in Invested Capital		 4,094 6,165 6,196 5,440 7,175 5,966 7,553 8,893 9,337 - 12,557
Enterprise Value (EV)		 55,436 61,841 62,216 73,761 90,698 90,883 110,994 112,625 129,612 - 152,203
Market Capitalization		 41,424 47,214 49,489 61,977 77,989 78,478 98,255 100,532 119,145 - 137,953
Book Value per Share		 $44.25 $47.40 $47.99 $48.46 $49.80 $51.32 $52.95 $54.90 $57.95 - $62.76
Tangible Book Value per Share		 $40.34 $43.36 $44.11 $44.68 $45.96 $47.23 $48.76 $50.65 $54.67 - $58.67
Total Capital		 39,653 42,107 42,753 43,624 46,828 48,073 50,306 52,517 56,165 - 62,863
Total Debt		 15,834 15,736 14,205 13,936 15,764 15,500 15,724 15,971 16,852 - 17,934
Total Long-Term Debt		 15,834 15,736 14,205 13,936 15,764 15,500 15,724 15,971 16,852 - 17,934
Net Debt		 13,148 13,659 11,727 11,072 11,979 11,789 12,114 11,448 9,912 - 13,114
Capital Expenditures (CapEx)		 304 455 319 308 399 323 49 252 247 - -1,343
Net Nonoperating Expense (NNE)		 -67 3.79 0.16 -177 -268 -15 -53 -7.46 8.59 - -419
Net Nonoperating Obligations (NNO)		 15,834 15,736 14,205 13,936 15,764 15,500 15,724 15,971 16,852 - 17,934
Total Depreciation and Amortization (D&A)		 350 392 379 397 419 485 500 508 524 - 632
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.24 ($0.10) $0.22 $0.42 $0.74 $0.20 $0.40 $0.46 $0.42 $0.13 $1.04
Adjusted Weighted Average Basic Shares Outstanding		 521.85M 515.63M 574.05M 600.55M 611.29M 602.98M 643.39M 656.59M 672.41M 665.64M 699.84M
Adjusted Diluted Earnings per Share		 $0.24 ($0.09) $0.22 $0.42 $0.73 $0.20 $0.40 $0.45 $0.41 $0.13 $1.02
Adjusted Weighted Average Diluted Shares Outstanding		 525.14M 518.70M 577.53M 604.56M 618.31M 608.75M 653.80M 668.14M 685.40M 679.52M 726.26M
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		 535.97M 568.88M 597.92M 609.15M 622.69M 641.31M 653.95M 668.83M 686.33M 697.75M 705.91M
Normalized Net Operating Profit after Tax (NOPAT)		 75 72 173 88 138 115 178 317 325 - 339
Normalized NOPAT Margin		 2.36% 17.95% 10.12% 5.18% 7.22% 4.30% 7.34% 12.42% 12.89% - 10.73%
Pre Tax Income Margin		 2.28% 21.89% 8.23% 5.35% 9.59% 4.09% 8.20% 11.70% 11.61% - 10.93%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.92 0.00 0.94 0.63 1.32 0.00 0.00 0.00 1.81 - 1.79
NOPAT to Interest Expense		 0.43 0.00 0.89 0.63 1.36 0.00 0.00 0.00 1.79 - 1.73
EBIT Less CapEx to Interest Expense		 -1.02 0.00 -1.23 -1.67 -1.54 0.00 0.00 0.00 0.28 - 8.76
NOPAT Less CapEx to Interest Expense		 -1.51 0.00 -1.27 -1.68 -1.51 0.00 0.00 0.00 0.27 - 8.70
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 449.55% 351.98% 284.64% 223.45% 156.30% 158.84% 147.97% 148.67% 184.60% - 134.95%
Augmented Payout Ratio		 449.55% 351.98% 284.64% 223.45% 156.30% 158.84% 147.97% 148.67% 184.60% - 134.95%

Financials Breakdown Chart

Key Financial Trends

WELL’s latest quarterly results (Q4 2025) show a stronger revenue platform and robust cash flow from operations, supported by meaningful financing activity and asset sales. Over the last four years, the company’s scale has expanded (Total Assets around $59B–$60B in 2025), with a solid equity base and continued access to capital markets. However, the quarter also included a large one-off gain alongside sizable non-interest expenses and a negative pre-tax result, which investors should view in the context of periodic accounting items and portfolio actions.

  • Total Revenue rising year over year: $3.343B in Q4 2025 vs about $2.671B in Q4 2024 (approx. +25%), reflecting stronger core rent/fees and non-interest contributions.
  • Net cash from continuing operating activities about $654.3M in Q4 2025, aligning with other recent quarters (healthy cash generation from operations).
  • Q4 2025 net income continuing operations about $117.8M (also positive in recent quarters), signaling ongoing profitability from operations.
  • Equity issuance of roughly $2.06B and net cash from financing activities around $3.03B in Q4 2025, indicating strong access to capital to fund portfolio actions and liquidity needs.
  • Sale and/or maturity of investments and related asset sales produced sizable cash inflows (e.g., Property-related sales ~ $5.14B in Q4 2025), boosting liquidity.
  • Total assets near $59.5B (Q3 2025) and Total equity around $39B, reflecting a substantial, well-collateralized portfolio and robust capitalization.
  • Other Gains / (Losses), net totaled about $1.38B in Q4 2025, a likely non-recurring item that investors should treat as a non-core swing factor rather than a repeatable revenue driver.
  • Total Pre-Tax Income was negative (~$1.27B) in Q4 2025 due to high non-interest expenses and other charges, signaling quarter-specific headwinds that offset some of the positive revenue/cash-flow trends.
  • Total Non-Interest Expense around $4.62B in Q4 2025, contributing to the pre-tax loss and indicating significant ongoing cost pressures within the period.
  • Net Change in Cash & Equivalents was negative (about -$1.73B) in Q4 2025, reflecting substantial investing and financing activity that reduced cash despite strong operating cash flow.
05/19/26 01:11 PM ETAI Generated. May Contain Errors.

Welltower Financials - Frequently Asked Questions

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

Welltower's net income appears to be on a downward trend, with a most recent value of $961.84 million in 2025, rising from $888.55 million in 2015. The previous period was $972.86 million in 2024. View Welltower's forecast to see where analysts expect Welltower to go next.

Over the last 10 years, Welltower's total revenue changed from $3.37 billion in 2015 to $10.84 billion in 2025, a change of 221.8%.

Welltower's total liabilities were at $24.10 billion at the end of 2025, a 30.5% increase from 2024, and a 76.4% increase since 2015.

In the past 10 years, Welltower's cash and equivalents has ranged from $215.38 million in 2018 to $5.03 billion in 2025, and is currently $5.03 billion as of their latest financial filing in 2025.


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