VTR · Ventas, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.66B | - | $1.49B | $1.42B | $1.36B | - | $1.24B | $1.20B | $1.20B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $62.75M | - | $40.39M | $42.86M | $53.15M | - | $35.09M | $37.73M | $48.74M | - |
| Total Operating Expenses | $1.62B | - | $1.44B | $1.38B | $1.32B | - | $1.22B | $1.22B | $1.21B | - |
| D&A | $382.47M | - | $357.17M | $347.72M | $321.52M | - | $304.27M | $339.85M | $300.25M | - |
| Operating Income | $35.41M | - | $44.44M | $42.66M | $40.94M | - | $19.10M | ($19.08M) | ($7.50M) | - |
| Interest Expense | $156.14M | - | $158.12M | $150.30M | $149.36M | - | $150.44M | $149.26M | $149.93M | - |
| Income Tax | ($15.94M) | - | ($6.34M) | $3.87M | ($10.56M) | - | $3.00M | $7.77M | ($3.00M) | - |
| Net Income | $55.91M | - | $66.05M | $68.26M | $46.87M | - | $19.24M | $19.39M | ($14.31M) | - |
| EPS - Basic | $0.12 | - | $0.14 | $0.15 | $0.11 | - | $0.05 | $0.05 | ($0.04) | - |
| EPS - Diluted | $0.11 | - | $0.14 | $0.15 | $0.10 | - | $0.05 | $0.05 | ($0.04) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $183.61M | $741.07M | $188.62M | $614.20M | $182.34M | $897.85M | $1.10B | $557.08M | $632.44M | $508.79M |
| Accounts Receivable | $105.34M | $99.87M | $92.46M | $72.40M | $85.66M | $108.14M | - | - | - | $76.09M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $27.69B | $27.59B | $26.93B | $26.47B | $26.03B | $26.19B | $25.35B | $24.53B | $24.67B | $24.73B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | $13.01B | - | - | - | $13.52B | - | - | - | $13.49B |
| Total Liabilities | $14.11B | $14.63B | $14.15B | $14.55B | $14.17B | $15.05B | $15.19B | $14.55B | $14.93B | $14.88B |
| Stockholders' Equity | $13.12B | $12.53B | $12.36B | $11.53B | $11.47B | $10.77B | $9.76B | $9.62B | $9.40B | $9.49B |
| Retained Earnings | ($7.73B) | ($7.53B) | ($7.37B) | ($7.21B) | ($7.06B) | ($6.89B) | ($6.75B) | ($6.58B) | ($6.41B) | ($6.21B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $394.61M | - | - | - | $321.14M | - | - | - | $266.45M | - |
| Investing Cash Flow | ($1.07B) | - | - | - | ($883.74M) | - | - | - | ($144.59M) | - |
| Financing Cash Flow | $89.96M | - | - | - | ($149.14M) | - | - | - | $4.82M | - |
| CapEx | - | - | - | - | - | - | - | - | $170.22M | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | $96.23M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 2.1% | - | 3.0% | 3.0% | 3.0% | - | 1.5% | -1.6% | -0.6% | - |
| EBITDA margin | 25.2% | - | 27.0% | 27.5% | 26.7% | - | 26.2% | 26.7% | 24.4% | - |
| Net margin | 3.4% | - | 4.4% | 4.8% | 3.5% | - | 1.6% | 1.6% | -1.2% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | 8.0% | - |
| FCF / Net income | - | - | - | - | - | - | - | - | -6.72 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 3.8% | - | 2.7% | 3.0% | 3.9% | - | 2.8% | 3.1% | 4.1% | - |
| Effective tax rate | -39.9% | - | -10.6% | 5.4% | -29.1% | - | 13.5% | 28.6% | - | - |
| Return on assets | 0.2% | - | 0.2% | 0.3% | 0.2% | - | 0.1% | 0.1% | -0.1% | - |
| Return on equity | 0.4% | - | 0.5% | 0.6% | 0.4% | - | 0.2% | 0.2% | -0.2% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | 1.04 | - | - | - | 1.26 | - | - | - | 1.42 |
| Debt / Assets | - | 0.47 | - | - | - | 0.52 | - | - | - | 0.55 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 0.2x | - | 0.3x | 0.3x | 0.3x | - | 0.1x | -0.1x | -0.1x | - |
| Equity multiplier | 2.11 | 2.20 | 2.18 | 2.30 | 2.27 | 2.43 | 2.60 | 2.55 | 2.62 | 2.61 |
| Liabilities / Assets | 0.51 | 0.53 | 0.53 | 0.55 | 0.54 | 0.57 | 0.60 | 0.59 | 0.61 | 0.60 |
| Efficiency | ||||||||||
| Asset turnover | 0.06 | - | 0.06 | 0.05 | 0.05 | - | 0.05 | 0.05 | 0.05 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 23d | - | 23d | 19d | 23d | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 743.5x | - | 499.9x | 421.0x | 687.6x | - | 1282.6x | 1025.2x | - | - |
| P / B | 3.0x | - | 2.6x | 2.5x | 2.7x | - | 2.8x | 2.2x | 1.9x | - |
| P / S | 24.0x | - | 21.8x | 20.4x | 22.6x | - | 21.8x | 17.6x | 14.8x | - |
| EV / EBITDA | 94.8x | - | 80.3x | 72.7x | 84.2x | - | 79.8x | 64.1x | 58.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 22.0% | - | 20.4% | 18.3% | 13.2% | - | 7.5% | 8.6% | 11.4% | - |
| Revenue CAGR (3y) | 15.4% | - | 12.8% | 11.6% | 10.1% | - | 8.2% | 9.3% | 9.6% | - |
| Revenue CAGR (5y) | 12.7% | - | 10.1% | 8.5% | 6.1% | - | 4.7% | 4.8% | 4.9% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -13.5% | - | 132.7% | - | - | - | - | - | - | - |
| Net income growth (YoY) | 19.3% | - | 243.2% | 252.1% | - | - | - | -81.3% | - | - |
| EPS growth (YoY) | 10.0% | - | 180.0% | 200.0% | - | - | - | -80.8% | - | - |
| EPS CAGR (3y) | 40.1% | - | - | - | 0.0% | - | -32.1% | -39.9% | - | - |
| EPS CAGR (5y) | - | - | 36.1% | - | -39.8% | - | -26.3% | -38.7% | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | -21.1% | - |
| Book value growth (YoY) | 14.4% | 16.3% | 26.7% | 19.9% | 22.0% | 13.5% | -0.6% | -3.5% | -5.9% | -6.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$5.78B totalSenior Living Operations$4.28B · 74.0%
Outpatient Medical And Research Portfolio$897.90M · 15.5%
Triple Net Leased Properties$601.58M · 10.4%
Product / service
$4.31B totalResident Feesand Services$4.28B · 99.2%
Third Party Capital Management$17.55M · 0.4%
Management Service$15.70M · 0.4%
Geographic
$5.83B totalUS$5.21B · 89.3%
CA$552.92M · 9.5%
GB$71.23M · 1.2%
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing Ventas against the 5 most active filers in the same SIC group.
Dividends
$1.96/share trailing 12 months · +7.1% YoY
| Ex-date | Per share |
|---|---|
| Mar 31, 2026 | $0.5200 |
| Dec 31, 2025 | $0.4800 |
| Sep 30, 2025 | $0.4800 |
| Jun 30, 2025 | $0.4800 |
| Mar 31, 2025 | $0.4800 |
| Dec 31, 2024 | $0.4500 |
| Oct 1, 2024 | $0.4500 |
| Jul 1, 2024 | $0.4500 |
| Mar 28, 2024 | $0.4500 |
| Dec 29, 2023 | $0.4500 |
| Sep 29, 2023 | $0.4500 |
| Jun 30, 2023 | $0.4500 |
| Mar 31, 2023 | $0.4500 |
| Dec 30, 2022 | $0.4500 |
| Sep 30, 2022 | $0.4500 |
| Jun 30, 2022 | $0.4500 |
| Mar 31, 2022 | $0.4500 |
| Dec 31, 2021 | $0.4500 |
| Sep 30, 2021 | $0.4500 |
| Jun 30, 2021 | $0.4500 |
| Mar 31, 2021 | $0.4500 |
| Dec 31, 2020 | $0.4500 |
| Sep 30, 2020 | $0.4500 |
| Jun 30, 2020 | $0.4500 |