WELL · Welltower 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 | $3.35B | - | $2.69B | $2.55B | $2.42B | - | $2.06B | $1.82B | $1.86B | - |
| Cost of Revenue | $2.06B | - | $1.58B | $1.51B | $1.46B | - | $1.21B | $1.11B | $1.10B | - |
| Gross Profit | $1.30B | - | $1.11B | $1.03B | $960.70M | - | $842.96M | $713.59M | $762.83M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $67.47M | - | $63.12M | $64.17M | $63.76M | - | $77.90M | $55.56M | $53.32M | - |
| Total Operating Expenses | $3.01B | - | $2.39B | $2.25B | $2.22B | - | $1.87B | $1.73B | $1.72B | - |
| D&A | $622.75M | - | $509.81M | $495.04M | $485.87M | - | $403.78M | $382.05M | $365.86M | - |
| Operating Income | $345.24M | - | $293.11M | $298.21M | $198.71M | - | $183.87M | $90.43M | $140.90M | - |
| Interest Expense | - | - | - | - | - | - | $139.05M | $133.42M | $147.32M | - |
| Income Tax | $11.63M | - | $2.33M | $1.05M | ($5.52M) | - | ($4.71M) | $1.10M | $6.19M | - |
| Net Income | $728.67M | - | $280.56M | $301.89M | $257.96M | - | $449.85M | $254.71M | $127.15M | - |
| EPS - Basic | $1.04 | - | $0.42 | $0.46 | $0.40 | - | $0.74 | $0.42 | $0.22 | - |
| EPS - Diluted | $1.02 | - | $0.41 | $0.45 | $0.40 | - | $0.73 | $0.42 | $0.22 | - |
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 | $4.70B | $5.03B | $6.81B | $4.41B | $3.50B | $3.51B | $3.56B | $2.78B | $2.39B | $1.99B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $67.22B | $67.30B | $59.50B | $55.83B | $53.29B | $51.04B | $48.95B | $45.53B | $44.55B | $44.01B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $17.93B | $19.20B | $16.85B | $15.97B | $15.72B | $15.50B | $15.76B | $13.94B | $14.21B | $15.74B |
| Total Liabilities | $22.29B | $24.10B | $20.19B | $19.29B | $18.71B | $18.47B | $17.89B | $15.85B | $16.01B | $17.64B |
| Stockholders' Equity | $43.79B | $42.13B | $38.76B | $35.90B | $33.96B | $31.96B | $30.33B | $28.98B | $27.55B | $25.40B |
| Retained Earnings | $11.76B | $11.03B | $10.94B | $10.66B | $10.35B | $10.10B | $9.98B | $9.53B | $9.27B | $9.15B |
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 | $670.01M | - | - | - | $598.96M | - | - | - | $406.81M | - |
| Investing Cash Flow | ($807.19M) | - | - | - | ($2.03B) | - | - | - | ($580.93M) | - |
| Financing Cash Flow | ($199.54M) | - | - | - | $1.31B | - | - | - | $578.57M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
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 | 38.7% | - | 41.3% | 40.6% | 39.6% | - | 41.0% | 39.1% | 41.0% | - |
| Operating margin | 10.3% | - | 10.9% | 11.7% | 8.2% | - | 8.9% | 5.0% | 7.6% | - |
| EBITDA margin | 28.9% | - | 29.9% | 31.1% | 28.3% | - | 28.6% | 25.9% | 27.2% | - |
| Net margin | 21.7% | - | 10.4% | 11.8% | 10.6% | - | 21.9% | 14.0% | 6.8% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 2.0% | - | 2.4% | 2.5% | 2.6% | - | 3.8% | 3.0% | 2.9% | - |
| Effective tax rate | 1.6% | - | 0.8% | 0.3% | -2.2% | - | -1.1% | 0.4% | 4.6% | - |
| Return on assets | 1.1% | - | 0.5% | 0.5% | 0.5% | - | 0.9% | 0.6% | 0.3% | - |
| Return on equity | 1.7% | - | 0.7% | 0.8% | 0.8% | - | 1.5% | 0.9% | 0.5% | - |
| Return on invested capital | 0.6% | - | 0.5% | 0.6% | 0.4% | - | 0.4% | 0.2% | 0.3% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 0.41 | 0.46 | 0.43 | 0.44 | 0.46 | 0.49 | 0.52 | 0.48 | 0.52 | 0.62 |
| Debt / Assets | 0.27 | 0.29 | 0.28 | 0.29 | 0.30 | 0.30 | 0.32 | 0.31 | 0.32 | 0.36 |
| Debt / EBITDA | 18.53 | - | 20.99 | 20.13 | 22.97 | - | 26.83 | 29.50 | 28.03 | - |
| Interest coverage | - | - | - | - | - | - | 1.3x | 0.7x | 1.0x | - |
| Equity multiplier | 1.53 | 1.60 | 1.54 | 1.56 | 1.57 | 1.60 | 1.61 | 1.57 | 1.62 | 1.73 |
| Liabilities / Assets | 0.33 | 0.36 | 0.34 | 0.35 | 0.35 | 0.36 | 0.37 | 0.35 | 0.36 | 0.40 |
| Efficiency | ||||||||||
| Asset turnover | 0.05 | - | 0.05 | 0.05 | 0.05 | - | 0.04 | 0.04 | 0.04 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 193.8x | - | 434.5x | 341.6x | 383.0x | - | 175.4x | 248.2x | 424.7x | - |
| P / B | 3.3x | - | 3.2x | 2.9x | 2.9x | - | 2.6x | 2.2x | 2.0x | - |
| P / S | 42.8x | - | 45.5x | 40.3x | 41.3x | - | 38.5x | 34.5x | 29.0x | - |
| EV / EBITDA | 162.0x | - | 164.6x | 144.1x | 164.2x | - | 155.5x | 157.0x | 129.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 38.3% | - | 30.6% | 39.6% | 30.3% | - | 23.7% | 9.6% | 19.2% | - |
| Revenue CAGR (3y) | 29.0% | - | 22.1% | 20.1% | 20.2% | - | 18.4% | 16.9% | 20.9% | - |
| Revenue CAGR (5y) | 26.1% | - | 21.0% | 16.5% | 14.0% | - | 10.2% | 6.7% | 7.9% | - |
| Gross profit growth (YoY) | 35.0% | - | 31.5% | 44.8% | 25.9% | - | 26.4% | 1.0% | 26.5% | - |
| Operating income growth (YoY) | 73.7% | - | 59.4% | 229.8% | 41.0% | - | 154.5% | -40.6% | 270.8% | - |
| Net income growth (YoY) | 182.5% | - | -37.6% | 18.5% | 102.9% | - | 252.9% | 147.2% | 395.3% | - |
| EPS growth (YoY) | 155.0% | - | -43.8% | 7.1% | 81.8% | - | 204.2% | 110.0% | 340.0% | - |
| EPS CAGR (3y) | 173.2% | - | - | 31.0% | 41.9% | - | 20.2% | 91.3% | 9.0% | - |
| EPS CAGR (5y) | 43.1% | - | -11.8% | 1.4% | -11.8% | - | -12.8% | 4.3% | -20.9% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 29.0% | 31.8% | 27.8% | 23.9% | 23.3% | 25.8% | 32.2% | 36.7% | 34.7% | 25.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.79B totalTriple Net$1.20B · 42.9%
Senior Housing Operating$810.03M · 29.0%
Outpatient Medical$781.93M · 28.0%
Geographic
$8.45B totalUS$5.90B · 69.8%
GB$1.89B · 22.3%
CA$668.34M · 7.9%
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing WELLTOWER INC. against the 5 most active filers in the same SIC group.
Dividends
$2.96/share trailing 12 months · +10.4% YoY
| Ex-date | Per share |
|---|---|
| May 13, 2026 | $0.7400 |
| Feb 25, 2026 | $0.7400 |
| Nov 10, 2025 | $0.7400 |
| Aug 12, 2025 | $0.7400 |
| May 14, 2025 | $0.6700 |
| Feb 25, 2025 | $0.6700 |
| Nov 13, 2024 | $0.6700 |
| Aug 12, 2024 | $0.6700 |
| May 10, 2024 | $0.6100 |
| Feb 22, 2024 | $0.6100 |
| Nov 13, 2023 | $0.6100 |
| Aug 14, 2023 | $0.6100 |
| May 15, 2023 | $0.6100 |
| Feb 27, 2023 | $0.6100 |
| Nov 17, 2022 | $0.6100 |
| Aug 22, 2022 | $0.6100 |
| May 23, 2022 | $0.6100 |
| Feb 28, 2022 | $0.6100 |
| Nov 15, 2021 | $0.6100 |
| Aug 11, 2021 | $0.6100 |
| May 10, 2021 | $0.6100 |
| Feb 19, 2021 | $0.6100 |
| Nov 9, 2020 | $0.6100 |
| Aug 17, 2020 | $0.6100 |