Welltower Inc. (WELL) Financial Statements
Industry: Real Estate Investment Trusts
In fiscal 2025, Welltower reported revenue of $10.84B, up 35.6% from $7.99B the year before. Net income was $936.8M (a 8.6% net margin), or $1.39 per diluted share. Gross margin was 40.1% and operating margin was 4.8%. Operating activities generated $2.88B of cash. At fiscal year end, Welltower held $67.30B in total assets against $24.10B in total liabilities, including $5.03B of cash and equivalents.
Open the full interactive Welltower financials → Quarterly statements, key ratios, valuation history and price charts.
Welltower Key Stats
| Share Price | $230.14 |
|---|---|
| Market Cap | $169.83B |
| P/E Ratio | 165.6 |
| Dividend Yield | 1.21% |
| Revenue YoY Growth | +35.6% |
| 52-Week Range | $164.43 – $251.12 |
| Shares Outstanding | 709.7 million (basic, 2026 Q2) |
Welltower Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $4.61B | $4.74B | $5.86B | $6.64B | $7.99B | $10.84B |
| Cost of Goods Sold | $2.60B | $2.77B | $3.56B | $3.95B | $4.83B | $6.49B |
| Gross Profit | $2.01B | $1.97B | $2.30B | $2.69B | $3.16B | $4.35B |
| Operating Income | $841.3M | $803.3M | $841.1M | $1.11B | $1.29B | $516.6M |
| Pre-Tax Income | -$31.6M | $170.8M | $173.1M | $350.0M | $524.4M | $929.7M |
| Income Tax | $10.0M | $8.7M | $7.2M | $6.4M | $2.7M | -$7.1M |
| Net Income | $978.8M | $336.1M | $141.2M | $340.1M | $951.7M | $936.8M |
| Diluted EPS | $2.33 | $0.78 | $0.30 | $0.66 | $1.57 | $1.39 |
Welltower Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.69B | $3.18B | $3.35B | $3.54B |
| Net Income | $280.6M | $96.4M | $728.7M | $445.0M |
| Diluted EPS | $0.41 | $0.14 | $1.02 | $0.61 |
Welltower Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.55B | $269.3M | $631.7M | $1.99B | $3.51B | $5.03B |
| Total Assets | $32.48B | $34.91B | $37.89B | $44.01B | $51.04B | $67.30B |
| Total Long-Term Debt | $13.89B | $13.91B | $14.71B | $15.74B | $15.50B | $19.20B |
| Total Liabilities | $15.26B | $15.91B | $16.50B | $17.64B | $18.47B | $24.10B |
| Shareholders' Equity | $15.97B | $17.64B | $20.29B | $25.40B | $31.96B | $42.13B |
Welltower Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.36B | $1.28B | $1.33B | $1.60B | $2.26B | $2.88B |
| Cash From Investing | $2.35B | -$4.52B | -$3.70B | -$5.71B | -$5.51B | -$10.51B |
| Cash From Financing | -$2.08B | $1.57B | $2.76B | $5.45B | $4.91B | $9.00B |
| Dividends Paid | — | — | $1.13B | $1.26B | $1.55B | $1.88B |
Figures from Welltower's 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 Welltower financials page for every line item.
Welltower Company Profile
| Ticker | WELL |
|---|---|
| Exchange | NYSE |
| Industry | Real Estate Investment Trusts |
| Headquarters | Toledo, Ohio |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000766704 |
Frequently Asked Questions
What was Welltower's revenue in fiscal 2025?
Welltower (WELL) reported revenue of $10.84B for fiscal 2025.
What is Welltower's annual revenue history?
Welltower's annual revenue by fiscal year: 2020: $4.61B; 2021: $4.74B; 2022: $5.86B; 2023: $6.64B; 2024: $7.99B; 2025: $10.84B.
What was Welltower's net income in fiscal 2025?
Welltower reported net income of $936.8M for fiscal 2025.
What was Welltower's earnings per share (EPS) in fiscal 2025?
Welltower's diluted EPS was $1.39 for fiscal 2025 (adjusted for any later stock splits).
What was Welltower's revenue last quarter?
In its most recent reported quarter (2026 Q2), Welltower reported revenue of $3.54B.
How much debt does Welltower have?
Welltower reported $19.20B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Welltower are outstanding?
Welltower reported a weighted average of 709.7 million basic shares outstanding in 2026 Q2.
What is Welltower's market cap?
Based on its latest closing price, Welltower (WELL) has a market capitalization of about $169.83B.
When does Welltower's fiscal year end?
Welltower's fiscal year end, as registered with the SEC, is December 31.
Where is Welltower headquartered?
Welltower lists its business address in Toledo, Ohio in its SEC filings.