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Welltower Inc (WELL) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · Health Care REITs · DATA UPDATED 2026-07-12

Welltower Inc (WELL) operates in the Health Care REITs industry and is headquartered in Toledo, United States with about 712 employees. Its market capitalization is roughly $178 billion. In the fiscal year ended 2025-12-31, WELL reported $10.7B in revenue and $937M in net income.

Welltower Inc., an S&P 500 company, is positioned at the center of the silver economy, focusing on rental housing for aging seniors across the United States, United Kingdom, and Canada.

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WELL Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$11.6B	$10.7B	$7.9B	$6.5B	$5.8B	$4.7B	$4.6B	$5.1B	$4.7B	$4.3B	$4.3B	$3.8B	$3.3B	$2.9B	$1.8B	$1.3B	$571M	$523M	$526M	$429M	$288M
Gross Profit	$4.5B	$4.2B	$3.0B	$2.5B	$2.2B	$1.9B	$2.0B	$2.4B	$2.2B	$2.2B	$2.4B	$2.2B	$1.9B	$1.7B	$1.2B	$927M	$494M	$481M	$484M	$396M	$287M
Gross Margin %	38.9%	39.2%	38.5%	39.1%	38.4%	41.1%	43.4%	47.3%	47.9%	51.5%	55.9%	57.8%	57.9%	58.1%	68.4%	71.2%	86.4%	91.9%	91.9%	92.2%	99.6%
Operating Income (EBIT)	$535M	$355M	$1.1B	$940M	$746M	$763M	$727M	$1.2B	$1.2B	$1.1B	$1.3B	$1.2B	$945M	$694M	$601M	$461M	$244M	$267M	$292M	$234M	$178M
Operating Margin %	4.6%	3.3%	14.6%	14.5%	12.9%	16.2%	15.9%	24.3%	24.9%	25.8%	30.8%	32.4%	28.3%	24.1%	33.4%	35.4%	42.7%	51.0%	55.5%	54.6%	61.9%
Net Income	$1.4B	$937M	$952M	$340M	$141M	$336M	$979M	$1.2B	$805M	$523M	$1.1B	$884M	$512M	$145M	$297M	$218M	$129M	$193M	$283M	$138M	$103M
Net Margin %	12.2%	8.8%	12.1%	5.2%	2.4%	7.1%	21.3%	24.2%	17.2%	12.2%	25.4%	23.0%	15.3%	5.0%	16.5%	16.7%	22.5%	36.9%	53.8%	32.2%	35.6%
EBITDA	$2.6B	$2.3B	$2.8B	$2.4B	$2.0B	$1.7B	$1.5B	$2.1B	$1.9B	$1.7B	$2.1B	$2.0B	$1.7B	$1.4B	$1.1B	$841M	$387M	$422M	$449M	$394M	$279M
Earnings Per Share (EPS)	$2.00	$1.38	$1.56	$0.66	$0.30	$0.79	$2.35	$3.05	$2.15	$1.42	$2.99	$2.53	$1.66	$0.52	$1.32	$1.25	$1.00	$1.69	$3.00	$1.74	$1.66
Shares Outstanding (M)	726M	680M	609M	519M	465M	427M	417M	404M	375M	369M	360M	349M	308M	279M	226M	174M	128M	115M	94M	79M	62M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WELL Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$3.3B	$3.1B	$2.6B	$2.5B	$2.4B	$2.2B	$2.0B	$1.8B
Gross Profit	$1.2B	$1.2B	$1.1B	$1.0B	$926M	$810M	$798M	$681M
Gross Margin %	37.8%	38.3%	40.0%	39.8%	38.8%	36.5%	39.7%	38.0%
Operating Income (EBIT)	$558M	($944M)	$477M	$443M	$379M	$281M	$312M	$239M
Operating Margin %	16.9%	-30.1%	18.1%	17.6%	15.8%	12.7%	15.5%	13.3%
Net Income	$729M	$96M	$281M	$302M	$258M	$120M	$450M	$255M
Net Margin %	22.0%	3.1%	10.7%	12.0%	10.8%	5.4%	22.4%	14.2%
EBITDA	$1.2B	($459M)	$979M	$948M	$843M	$748M	$742M	$621M
Earnings Per Share (EPS)	$1.00	$0.14	$0.41	$0.45	$0.39	$0.19	$0.73	$0.42
Shares Outstanding (M)	726M	710M	685M	668M	654M	634M	618M	605M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WELL Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$3.0B	$2.9B	$2.3B	$1.6B	$1.3B	$1.3B	$1.4B	$1.5B	$1.6B	$1.4B	$1.6B	$1.4B	$1.1B	$988M	$818M	$588M	$365M	$381M	$336M	$264M	$216M
Capital Expenditures (CapEx)	$411M	$34M	$58M	$51M	$30M	$19M	$17M	$15M	$8M	$13M	$17M	$9M	$7M	$7M	$10M	$4.9B	$2.1B	$640M	$1.1B	$631M	$429M
Free Cash Flow (FCF)	$2.5B	$2.8B	$2.2B	$1.6B	$1.3B	$1.3B	$1.3B	$1.5B	$1.6B	$1.4B	$1.6B	$1.4B	$1.1B	$982M	$808M	($4.3B)	($1.7B)	($259M)	($737M)	($367M)	($213M)
FCF Margin %	21.9%	26.7%	28.0%	23.9%	22.5%	26.7%	29.4%	29.8%	33.7%	33.1%	38.1%	35.5%	33.9%	34.1%	44.9%	-332.6%	-302.8%	-49.5%	-139.9%	-85.5%	-73.8%
Dividends Paid	$2.0B	$1.9B	$1.5B	$1.3B	$1.1B	$1.0B	$1.1B	$1.4B	$1.3B	$1.3B	$1.3B	$1.2B	$1.0B	$906M	$722M	$544M	$370M	$334M	$277M	$208M	$200M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WELL Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$670M	$654M	$858M	$770M	$599M	$559M	$685M	$605M
Capital Expenditures (CapEx)	$388M	$7M	$6M	$9M	$12M	$14M	$16M	$14M
Free Cash Flow (FCF)	$282M	$647M	$852M	$761M	$587M	$545M	$669M	$591M
FCF Margin %	8.5%	20.6%	32.4%	30.3%	24.6%	24.6%	33.3%	33.0%
Dividends Paid	$520M	$510M	$497M	$439M	$432M	$418M	$409M	$366M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WELL Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$67.2B	$67.3B	$51.0B	$44.0B	$37.9B	$34.9B	$32.5B	$33.4B	$30.3B	$27.9B	$28.9B	$29.0B	$25.0B	$23.1B	$19.5B	$14.9B	$9.5B	$6.4B	$6.2B	$5.2B	$4.3B
Cash & Cash Equivalents	$4.7B	$5.0B	$3.5B	$2.0B	$632M	$269M	$1.5B	$285M	$215M	$244M	$419M	$361M	$474M	$159M	$1.0B	$163M	$132M	$35M	$23M	$30M	$36M
Total Liabilities	$22.3B	$24.1B	$18.5B	$17.6B	$16.5B	$15.9B	$15.3B	$16.4B	$14.3B	$12.6B	$13.2B	$13.7B	$11.5B	$11.3B	$9.0B	$7.6B	$4.7B	$2.6B	$3.0B	$2.8B	$2.3B
Total Debt (Short + Long-Term)	$17.9B	$19.2B	$15.5B	$17.5B	$27.4B	$14.1B	$14.2B	$14.9B	$13.3B	$11.7B	$12.4B	$13.0B	$21.6B	$10.7B	$8.5B	$7.6B	$4.5B	$2.4B	$2.8B	$2.6B	$2.1B
Total Shareholders' Equity	$43.8B	$42.1B	$32.0B	$25.4B	$21.4B	$17.6B	$17.2B	$15.5B	$14.6B	$14.4B	$14.8B	$14.6B	$13.6B	$11.4B	$10.3B	$7.1B	$4.6B	$3.8B	$3.2B	$2.4B	$2.0B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive WELL viewer.

Other Companies in Health Care REITs

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DOC · Healthpeak Properties — $15 billion

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