Welltower
Financial Performance
Welltower Revenue & Financials
Revenue
$10.8B (FY2025)
Market Cap
$83B
Net Income
$961.8M
Employees
712
What is Welltower's revenue?
Welltower had $10.8B in revenue for fiscal year 2025, up 35.6% from 2024. Net income was $961.8M.
- Latest revenue
- $10.8B (FY2025)
- Year-over-year
- +35.6%
- Growth rate (CAGR)
- 10.9% over 9 years
- Peak revenue
- $10.8B (FY2025)
- Years of data
- 10
- Employees
- 712
- How much profit does Welltower make?
- Welltower reported net income of $961.8M for fiscal year 2025. sec.gov
- How many employees does Welltower have?
- Welltower has about 712 employees.
Financial Analysis
Welltower's FY2025 total revenues rose about 36% to $10.838 billion from $7.991 billion in FY2024, driven by acquisitions and rising occupancy and rates in the SHO portfolio. Net income attributable to common stockholders was $936.8 million. Growth continued in 2026: second-quarter revenue was about $3.54 billion, normalized FFO was $1.60 per diluted share (up 25% year over year), and same-store NOI in the SHO portfolio grew 20.5%. The board raised the quarterly dividend 15% to $0.85 per share with the Q2 2026 results.
Revenue Trend Analysis
YoY Change
+35.6%
9-Year CAGR
+10.9%
Peak Year
2025
Trend
Consistent Growth
Welltower has 10 full fiscal year figures on this page, compounding at +10.9% annually over 9 years. The most recent year saw a 35.6% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $10.8B. 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 | $10.8B | $961.8M | +35.6% | Welltower Inc. Form 10-K for FY2025 (SEC EDGAR) Fiscal year ended 2025-12-31. Net income shown is total net income; net income attributable to common stockholders was $936.8 million. |
| FY2024 | $8B | $972.9M | +20.4% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2024-12-31. |
| FY2023 | $6.6B | $358.1M | +13.3% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2023-12-31. |
| FY2022 | $5.9B | $160.6M | +23.6% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2022-12-31. |
| FY2021 | $4.7B | $374.5M | +3.0% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2021-12-31. |
| FY2020 | $4.6B | $1B | -10.1% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2020-12-31. |
| FY2019 | $5.1B | $1.3B | +9.0% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2019-12-31. |
| FY2018 | $4.7B | $829.8M | +8.9% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2018-12-31. |
| FY2017 | $4.3B | $540.6M | +0.8% | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2017-12-31. |
| FY2016 | $4.3B | $1.1B | — | Welltower Inc. Form 10-K (SEC EDGAR) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Welltower 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. 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 | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.9B | $67.3B | $24.1B | $42.1B | Form 10-K |
| FY2024ended Dec 31, 2024 | $2.3B | $51B | $18.5B | $32B | Form 10-K |
| FY2023ended Dec 31, 2023 | $1.6B | $44B | $17.6B | $25.4B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.3B | $37.9B | $16.5B | $20.3B | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.3B | $34.9B | $15.9B | $17.6B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.4B | $32.5B | $15.3B | $16B | Form 10-K |
| FY2019ended Dec 31, 2019 | $1.5B | $33.4B | $16.4B | $15.5B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.6B | $30.3B | $14.3B | $14.6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.4B | $27.9B | $12.6B | $14.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.6B | $28.9B | $13.2B | $14.8B | Form 10-K |
Keep researching Welltower
Welltower Revenue and Financial FAQ
What was Welltower's total revenue in fiscal year 2025?
In FY2025, Welltower generated $10.838 billion in total revenues, up substantially from previous years due to accelerating seniors housing occupancy, rental pricing growth, and portfolio acquisitions.
What is Normalized Funds From Operations (FFO) and how did it perform?
Normalized FFO is the primary cash earnings metric for REITs; Welltower posted double-digit per-share FFO growth in 2025, driven by surging Seniors Housing Operating same-store NOI.
What is Same-Store Net Operating Income (SSNOI) growth for Welltower?
Welltower's Seniors Housing Operating portfolio delivered industry-leading same-store NOI growth exceeding 15% annually post-pandemic, powered by occupancy gains and 6%–8% annual rent increases.
How did Welltower finance its $14 billion October 2025 acquisition package?
Welltower funded the transactions through a combination of the $7.2 billion outpatient medical sale proceeds, highly accretive ATM equity offerings, cash on hand, and assumed low-cost corporate debt.
What is Welltower's credit rating and debt maturity profile?
Welltower maintains an investment-grade balance sheet with ratings of BBB+ from S&P and Baa1 from Moody's, with minimal near-term floating-rate debt exposure and over $6 billion in liquidity.
What is Welltower's dividend distribution track record?
Welltower pays a consistent quarterly cash dividend to shareholders, supported by a healthy FFO payout ratio that allows substantial retained cash flow for development reinvestment.
How did inflation affect Welltower's operating expenses?
While agency nursing wages surged during the pandemic, operating margins expanded as operator labor stabilized and senior housing room rates outpaced general inflation.
What percentage of Welltower's net operating income comes from seniors housing?
Following its strategic portfolio repositioning, seniors housing generates over 85% of Welltower's total net operating income, solidifying its status as the world's largest pure-play senior living REIT.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Welltower Revenue & Financials." CorpDigest, https://corpdigest.com/company/welltower/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>Welltower reported $10.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/welltower/financials" target="_blank" rel="noopener">CorpDigest — Welltower financials</a></div>Related Financial Audits
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