Ventas, Inc. (VTR) Financial Statements
Industry: Real Estate Investment Trusts
In fiscal 2025, Ventas reported revenue of $5.83B, up 18.5% from $4.92B the year before. Net income was $251.4M (a 4.3% net margin), or $0.54 per diluted share. Gross margin was 3.5% and operating margin was -23.2%. Operating activities generated $1.65B of cash, leaving -$1.28B of free cash flow. At fiscal year end, Ventas held $27.59B in total assets against $14.63B in total liabilities, including $741.1M of cash and equivalents.
Open the full interactive Ventas financials → Quarterly statements, key ratios, valuation history and price charts.
Ventas Key Stats
| Share Price | $83.85 |
|---|---|
| Market Cap | $41.73B |
| P/E Ratio | 155.3 |
| Revenue YoY Growth | +18.5% |
| 52-Week Range | $65.83 – $99.93 |
| Shares Outstanding | 489.3 million (basic, 2026 Q2) |
Ventas Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $3.80B | $3.83B | $4.13B | $4.50B | $4.92B | $5.83B |
| Cost of Goods Sold | $3.71B | $3.99B | $4.22B | $4.61B | $4.93B | $5.63B |
| Gross Profit | $80.6M | -$162.4M | -$94.1M | -$115.6M | -$8.0M | $204.3M |
| Operating Income | -$1.16B | -$1.49B | -$1.44B | -$1.66B | -$1.42B | -$1.35B |
| Pre-Tax Income | $80.6M | -$162.4M | -$94.1M | -$115.6M | -$8.0M | $204.3M |
| Income Tax | -$96.5M | $4.8M | -$16.9M | -$9.5M | -$37.8M | -$14.2M |
| Net Income | $439.1M | $49.0M | -$47.4M | -$41.0M | $81.2M | $251.4M |
| Diluted EPS | $1.17 | $0.13 | -$0.12 | -$0.10 | $0.19 | $0.54 |
Ventas Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $1.49B | $1.57B | $1.66B | $1.73B |
| Net Income | $66.0M | $70.2M | $55.9M | $70.6M |
| Diluted EPS | $0.14 | $0.15 | $0.11 | $0.14 |
Ventas Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $413.3M | $149.7M | $122.6M | $508.8M | $897.9M | $741.1M |
| Total Assets | $23.93B | $24.72B | $24.16B | $24.73B | $26.19B | $27.59B |
| Total Long-Term Debt | $11.90B | $12.03B | $12.30B | $13.49B | $13.52B | $13.01B |
| Total Liabilities | $13.42B | $13.49B | $13.67B | $14.88B | $15.05B | $14.63B |
| Shareholders' Equity | $10.18B | $10.85B | $10.15B | $9.49B | $10.77B | $12.53B |
Ventas Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.45B | $1.03B | $1.12B | $1.12B | $1.33B | $1.65B |
| Cash From Investing | $154.3M | -$724.1M | -$859.2M | -$184.7M | -$2.38B | -$2.69B |
| Cash From Financing | -$1.30B | -$558.5M | -$283.9M | -$543.7M | $1.45B | $873.8M |
| Free Cash Flow | $842.9M | -$775.9M | $219.5M | $470.4M | -$1.20B | -$1.28B |
Figures from Ventas' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Ventas financials page for every line item.
Ventas Company Profile
| Ticker | VTR |
|---|---|
| Exchange | NYSE |
| Industry | Real Estate Investment Trusts |
| Headquarters | Chicago, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000740260 |
Frequently Asked Questions
What was Ventas' revenue in fiscal 2025?
Ventas (VTR) reported revenue of $5.83B for fiscal 2025.
What is Ventas' annual revenue history?
Ventas' annual revenue by fiscal year: 2020: $3.80B; 2021: $3.83B; 2022: $4.13B; 2023: $4.50B; 2024: $4.92B; 2025: $5.83B.
What was Ventas' net income in fiscal 2025?
Ventas reported net income of $251.4M for fiscal 2025.
What was Ventas' earnings per share (EPS) in fiscal 2025?
Ventas' diluted EPS was $0.54 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Ventas generate in fiscal 2025?
Ventas generated -$1.28B of free cash flow in fiscal 2025.
What was Ventas' revenue last quarter?
In its most recent reported quarter (2026 Q2), Ventas reported revenue of $1.73B.
How much debt does Ventas have?
Ventas reported $13.01B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Ventas are outstanding?
Ventas reported a weighted average of 489.3 million basic shares outstanding in 2026 Q2.
What is Ventas' market cap?
Based on its latest closing price, Ventas (VTR) has a market capitalization of about $41.73B.
When does Ventas' fiscal year end?
Ventas' fiscal year end, as registered with the SEC, is December 31.
Where is Ventas headquartered?
Ventas lists its business address in Chicago, Illinois in its SEC filings.