WelltowerWELLEarnings & Financial Report
Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. As of December 31, 2022, the company had investments in approximately 3,000 properties, all of which were in the United States, Canada, and the United Kingdom.
Revenue
$2.0B
Gross Profit
$456.3M
Operating Profit
$298.2M
Net Profit
$304.6M
Gross Margin
23.2%
Operating Margin
15.1%
Net Margin
15.5%
YoY Growth
41.4%
EPS
$0.45
Welltower Q2 FY2025 Financial Summary
Welltower reported revenue of $2.0B (up 41.4% YoY) for Q2 FY2025, with a net profit of $304.6M (up 16.9% YoY) (15.5% margin). Cost of goods sold was $1.5B, operating expenses totaled $158.1M.
Key Financial Metrics
| Total Revenue | $2.0B |
|---|---|
| Net Profit | $304.6M |
| Gross Margin | 23.2% |
| Operating Margin | 15.1% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
Welltower Q2 FY2025 revenue of $2.0B breaks down across 3 segments, led by Management Service at $1.4B (73.4% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Management Service | $1.4B | 73.4% |
| Triple Net | $273.8M | 13.9% |
| Outpatient Medical | $211.8M | 10.7% |
Welltower Annual Revenue by Year
Welltower annual revenue history includes year-by-year totals (for example, 2025 revenue was $8.5B).
| Year | Annual Revenue |
|---|---|
| 2025 | $8.5B |
| 2024 | $6.0B |
| 2023 | $4.8B |
| 2022 | $5.9B |
Welltower Quarterly Revenue & Net Profit History
Welltower results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $3.4B | +38.3% | $752.3M | 22.4% |
| Q4 FY2025 | $2.6B | +45.1% | $117.8M | 4.6% |
| Q3 FY2025 | $2.1B | +36.4% | $282.2M | 13.7% |
| Q2 FY2025 | $2.0B | +41.4% | $304.6M | 15.5% |
| Q1 FY2025 | $1.9B | +37.1% | $257.3M | 13.8% |
| Q4 FY2024 | $1.8B | +39.5% | $123.8M | 7.0% |
| Q3 FY2024 | $1.5B | +26.0% | $456.8M | 30.2% |
| Q2 FY2024 | $1.4B | +20.2% | $260.7M | 18.7% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.39B | $1.51B | $1.76B | $1.86B | $1.97B | $2.06B | $2.56B | $3.35B |
| YoY Growth | 20.2% | 26.0% | 39.5% | 37.1% | 41.4% | 36.4% | 45.1% | 38.3% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $45.53B | $48.95B | $51.04B | $53.29B | $55.83B | $59.50B | $67.30B | $67.22B |
| Liabilities | $15.85B | $17.89B | $18.47B | $18.71B | $19.29B | $20.19B | $24.10B | $22.29B |
| Equity | $28.98B | $30.33B | $31.96B | $33.96B | $35.90B | $38.76B | $42.13B | $44.73B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $605.4M | $685.0M | $559.2M | $599.0M | $770.0M | $858.4M | $654.3M |