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Financials · WELL

Welltower Inc. (WELL) financials

For the twelve months ended Sep 30, 2026, Welltower Inc. reported $13.79B of revenue and $1.67B of net income.

Revenue, TTM
$13.79B
Revenue growth, YoY
+39.2%
Net income, TTM
$1.67B
Net income growth, YoY
+73.5%
Net margin
12.1%
EPS, diluted, TTM
$2.30
EPS growth, YoY
+57.5%
Cash
$2.27B
Total debt
$18.15B
P/E
107.84
P/S
13.03
Market cap
$179.74B
Annual revenue$10.84B
FY2016FY2025
Annual net income$936.85M
FY2016FY2025

WELL revenue and earnings growth

WELL revenueQ3 2026$3.72B

Quarter YoY
+38.4%
QoQ
+4.8%
FY YoY
+35.6%
5Y CAGR
+18.7%
10Y CAGR
+10.9%

WELL revenue was $3.72B in fiscal Q3 2026 (ended Sep 30, 2026), up 38.4% from a year earlier and up 4.8% from the prior quarter. For the full fiscal 2025 it was $10.84B, up 35.6% from fiscal 2024. Compound annual growth was +18.7% over 5 years and +10.9% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WELL net incomeQ3 2026$396.59M

Quarter YoY
+41.4%
QoQ
-10.9%
FY YoY
-1.6%
5Y CAGR
-0.9%
10Y CAGR
+1.4%

WELL net income was $396.59M in fiscal Q3 2026 (ended Sep 30, 2026), up 41.4% from a year earlier and down 10.9% from the prior quarter. For the full fiscal 2025 it was $936.85M, down 1.6% from fiscal 2024. Compound annual growth was -0.9% over 5 years and +1.4% over 10 years. It rose in 5 of the last 10 fiscal years.

WELL EPSQ3 2026$0.54

Quarter YoY
+31.7%
QoQ
-11.5%
FY YoY
-11.5%
5Y CAGR
-9.8%
10Y CAGR
-5.1%

WELL diluted EPS was $0.54 in fiscal Q3 2026 (ended Sep 30, 2026), up 31.7% from a year earlier and down 11.5% from the prior quarter. For the full fiscal 2025 it was $1.39, down 11.5% from fiscal 2024. Compound annual growth was -9.8% over 5 years and -5.1% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$10.84B$7.99B$6.64B$5.86B$4.74B$4.61B$5.12B$4.70B$4.32B$4.28B
Cost of revenue$6.49B$4.83B$3.95B$3.56B$2.77B$2.60B$2.69B$2.43B$2.08B-
Gross profit$4.35B$3.16B$2.69B$2.30B$1.97B$2.01B$2.43B$2.27B$2.23B-
Selling, general and admin$1.75B$235.49M$179.09M$150.39M$126.73M$128.39M$126.55M$126.38M$122.01M$155.24M
Pre-tax income-$524.44M$350.05M$173.06M$170.75M-$31.55M$542.89M$423.49M$299.62M$709.25M
Income tax-$7.12M$2.70M$6.36M$7.25M$8.71M$9.97M$2.96M$8.67M$20.13M-$19.13M
Net income$936.85M$951.68M$340.09M$141.21M$336.14M$978.84M$1.23B$758.25M$463.60M$1.01B
EPS, basic$1.41$1.58$0.66$0.31$0.79$2.36$3.07$2.03$1.26$2.83
EPS, diluted$1.39$1.57$0.66$0.30$0.78$2.33$3.05$2.02$1.26$2.81
Diluted shares679.5M608.8M518.7M465.2M426.8M417.4M403.8M375.3M369.0M360.2M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$5.03B$3.71B$2.08B$722.29M$346.75M$2.02B$385.77M$316.13M$309.30M$607.22M
Goodwill$346.32M$149.22M$68.32M$68.32M$68.32M$68.32M$68.32M$68.32M$68.32M$68.32M
Total assets$67.30B$51.04B$44.01B$37.89B$34.91B$32.48B$33.38B$30.34B$27.94B$28.87B
Total debt$19.20B$15.50B$15.74B$14.71B$13.91B$2.38B$13.42B$12.19B$11.04B$11.73B
Total liabilities$24.10B$18.47B$17.64B$16.50B$15.91B$15.26B$16.40B$14.33B$12.64B$13.19B
Shareholders' equity$42.13B$32.32B$26.08B$21.01B$18.60B$16.88B$16.51B$15.59B$14.93B$15.28B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$2.88B$2.26B$1.60B$1.33B$1.28B$1.36B$1.54B$1.58B$1.43B$1.64B
Investing cash flow-$10.51B-$5.51B-$5.71B-$3.70B-$4.52B$2.35B-$2.05B-$2.39B$154.58M-$183.44M
Financing cash flow$9.00B$4.91B$5.45B$2.76B$1.57B-$2.08B$577.15M$818.37M-$1.91B-$1.25B
Dividends paid$1.88B$1.55B$1.26B$1.13B$1.04B$1.12B$1.40B$1.30B$1.28B$1.23B
Share repurchases---$0$0$7.66M$0$0--
Stock-based compensation$1.56B$75.82M$37.20M$26.15M$17.81M$28.32M$25.05M$27.65M$19.10M$28.87M
Depreciation and amortization$2.08B$1.63B$1.40B$1.31B$1.04B$1.04B$1.03B$950.46M$921.72M$901.24M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY35.6%20.4%13.3%23.6%3.0%-10.1%9.0%8.9%0.8%10.9%
Net income growth, YoY-1.6%179.8%140.8%-58.0%-65.7%-20.6%62.5%63.6%-54.2%23.7%
EPS growth, YoY-11.5%137.9%120.0%-61.5%-66.5%-23.6%51.0%60.3%-55.2%20.1%
Gross margin40.1%39.6%40.5%39.3%41.5%43.6%47.5%48.2%51.7%-
Net margin8.6%11.9%5.1%2.4%7.1%21.3%24.1%16.1%10.7%23.6%
Return on equity2.2%2.9%1.3%0.7%1.8%5.8%7.5%4.9%3.1%6.6%
Return on assets1.4%1.9%0.8%0.4%1.0%3.0%3.7%2.5%1.7%3.5%
Debt to equity0.460.480.600.700.750.140.810.780.740.77

Source: XBRL data Welltower Inc. files with the SEC, latest filing dated Oct 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WELL peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
WELL$13.79B+39.2%$1.67B12.1%$179.74B
PLD$8.95B+6.7%$3.71B41.5%$120.67B
EQIX$10.06B+11.1%$1.65B16.4%$100.25B
AMT$11.01B+5.3%$3.31B30.1%$87.55B
SPG$7.15B+16.2%$4.51B63.0%$73.91B
DLR$6.34B+12.6%$1.38B21.7%$65.90B
PSA$5.03B+5.2%$1.90B37.8%$63.05B
O$6.21B+10.8%$1.36B21.8%$56.15B
VMRK$3.13B+2.8%$875.36M28.0%$51.59B

WELL FAQ

8 questions
  • What is WELL revenue?
    Welltower Inc. (WELL) reported $13.79B of revenue for the twelve months ended Sep 30, 2026. That is up 39.2% from the year before. Revenue for fiscal 2025 was $10.84B.
  • Is WELL profitable?
    Yes. Welltower Inc. earned $1.67B in net income for the twelve months ended Sep 30, 2026, a net margin of 12.1%.
  • How much cash and debt does WELL have?
    Welltower Inc. reported $2.27B in cash and cash equivalents and $18.15B of debt on its most recent balance sheet in SEC filings.
  • How fast is WELL revenue growing?
    Welltower Inc.'s revenue changed +35.6% in fiscal 2025, to $10.84B. Its compound annual growth rate was +18.7% over 5 years and +10.9% over 10 years.
  • What is WELL gross margin?
    Welltower Inc.'s gross profit was $5.41B on $13.79B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 39.2%.
  • What is WELL earnings per share?
    Diluted earnings per share were $2.30 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did WELL last report financial results?
    The latest statements here come from Welltower Inc.'s 10-Q filed on Oct 27, 2026, covering the period ended Sep 30, 2026.
  • Where does this WELL financial data come from?
    Quantisnow builds these statements from the structured XBRL data Welltower Inc. files with the SEC. It is provided for information only and is not investment advice.