Ventas
Financial Performance
Ventas Revenue & Financials
Revenue
$5.8B (FY2025)
Net Income
$251.4M
What is Ventas's revenue?
Ventas had $5.8B in revenue for fiscal year 2025, up 18.5% from 2024. Net income was $251.4M.
- Latest revenue
- $5.8B (FY2025)
- Year-over-year
- +18.5%
- Growth rate (CAGR)
- 6% over 9 years
- Peak revenue
- $5.8B (FY2025)
- Years of data
- 10
- How much profit does Ventas make?
- Ventas reported net income of $251.4M for fiscal year 2025. sec.gov
Financial Analysis
FY2025 total revenues were $5.83 billion, up 18.5% from $4.92 billion in FY2024, and normalized FFO was $3.48 per share, up 9.1%. Net income attributable to common stockholders rose to $251.4 million from $81.2 million. In Q2 2026 revenue grew 21.7% year over year to $1.73 billion and normalized FFO was $0.97 per share; management raised 2026 normalized FFO guidance to $3.85-$3.90 and its 2026 investment target to $4.5 billion. Q3 2026 results are scheduled for October 27, 2026.
Revenue Trend Analysis
YoY Change
+18.5%
9-Year CAGR
+6%
Peak Year
2025
Trend
Consistent Growth
Ventas has 10 full fiscal year figures on this page, compounding at +6% annually over 9 years. The most recent year saw a 18.5% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $5.8B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $5.8B | $251.4M | +18.5% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-06) Fiscal year ended 2025-12-31. Net income attributable to common stockholders. |
| FY2024 | $4.9B | $88.4M | +9.5% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-06) Fiscal year ended 2024-12-31. Net income shown is total net income; net income attributable to common stockholders was $81.2 million. |
| FY2023 | $4.5B | -$30.3M | +8.9% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2026-02-06) Fiscal year ended 2023-12-31. |
| FY2022 | $4.1B | -$40.9M | +7.9% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2025-02-13) Fiscal year ended 2022-12-31. |
| FY2021 | $3.8B | $56.6M | +0.9% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2024-02-15) Fiscal year ended 2021-12-31. |
| FY2020 | $3.8B | $441.2M | -2.0% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2023-02-10) Fiscal year ended 2020-12-31. |
| FY2019 | $3.9B | $439.3M | +3.4% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2022-02-18) Fiscal year ended 2019-12-31. |
| FY2018 | $3.7B | $416M | +4.8% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2021-02-23) Fiscal year ended 2018-12-31. |
| FY2017 | $3.6B | $1.4B | +3.8% | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2020-02-24) Fiscal year ended 2017-12-31. |
| FY2016 | $3.4B | $651.5M | — | Ventas, Inc. annual report (Form 10-K, SEC EDGAR, filed 2019-02-08) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Ventas balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $1.6B | — | $27.6B | $14.6B | $12.5B | — | Form 10-K |
| FY2024ended Dec 31, 2024 | $1.3B | — | $26.2B | $15B | $10.8B | — | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.1B | — | $24.7B | $14.9B | $9.5B | — | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.1B | — | $24.2B | $13.7B | $10.2B | — | Form 10-K |
| FY2021ended Dec 31, 2021 | $1B | — | $24.7B | $13.5B | $10.9B | — | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.5B | — | $23.9B | $13.4B | $10.2B | — | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.4B | $156.7M | $24.7B | $13.9B | $10.4B | $1.3B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.4B | $131.9M | $22.6B | $12.1B | $10.2B | $1.2B | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.4B | $132.6M | $24B | $12.9B | $10.9B | $1.3B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.4B | $117.5M | $23.2B | $12.4B | $10.5B | $1.2B | Form 10-K |
Keep researching Ventas
Ventas Revenue and Financial FAQ
What were Ventas's total revenue and normalized FFO for FY2025?
In FY2025, Ventas reported total revenues of $5.83 billion (up 18.5% year-over-year) and delivered normalized Funds From Operations (FFO) of $3.48 per share (up 9.1%), alongside net income of $251.4 million.
How did Ventas perform in the second quarter of 2026?
In Q2 2026, revenue surged 21.7% to $1.73 billion, normalized FFO reached $0.97 per share, and management raised full-year 2026 normalized FFO guidance to $3.85–$3.90 per share.
What was Ventas's SHOP same-store cash Net Operating Income (NOI) growth?
SHOP same-store cash NOI grew over 15% in 2025 (marking four consecutive years of double-digit expansion) and accelerated to 16.3% year-over-year in Q2 2026, driven by rising occupancy and pricing power.
What was Ventas's raised investment deployment target for 2026?
In July 2026, Ventas raised its full-year capital investment target from $2.5 billion to $4.5 billion after closing more than $3 billion in senior housing acquisitions across 66 communities in 18 states during the first half.
What is Ventas's regular quarterly dividend per share and payout yield?
Ventas pays a quarterly cash dividend of $0.48 per share ($1.92 annualized), delivering a dividend yield typically between 3.2% and 3.8%, supported by an FFO payout ratio near 50–55%.
What is Ventas's balance sheet debt and credit rating profile?
Ventas maintains an investment-grade balance sheet with net debt to adjusted pro forma EBITDA around 6.5x to 6.8x, holding strong investment-grade credit ratings of "Baa1" from Moody's and "BBB+" from S&P Global.
How does Ventas manage debt maturities across high-interest-rate environments?
Ventas actively staggers debt maturities, issuing long-term fixed-rate senior unsecured notes, retiring near-term floating-rate bank debt, and maintaining multi-billion-dollar undrawn credit facilities.
What is the occupancy rate trajectory across Ventas's senior housing portfolio?
Average SHOP community occupancy rose from pandemic lows of ~74% to approximately 86%–88%, with mature properties targeting 90%+ stabilized occupancy.
How much operating cash flow does Ventas generate annually?
Ventas generates over $1.5 billion to $1.8 billion in annual operating cash flow, reinvesting capital into property modernization and returning cash to shareholders.
What is the financial contribution of the university research life science portfolio?
The life science and innovation portfolio generates over $350 million in annual NOI, anchored by long-term leases with top-tier research universities, hospital systems, and blue-chip pharmaceutical tenants.
How does inflation affect Ventas's operating expenses versus revenues?
In SHOP, community resident rent increases of 6% to 9% have significantly outpaced operating cost inflation, while OM&R and NNN lease escalators protect commercial rental margins.
What are management's multi-year financial targets through 2027?
Management targets sustained compound normalized FFO growth above 8–10% annually, driven by expanding SHOP margins, opportunistic acquisition integration, and debt deleveraging.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Ventas Revenue & Financials." CorpDigest, https://corpdigest.com/company/ventas/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Ventas reported $5.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/ventas/financials" target="_blank" rel="noopener">CorpDigest — Ventas financials</a></div>Related Financial Audits
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