Ventas Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Ventas Inc reported revenue of $5.8B (+18.5% year on year) and net income of $261.5M (+196.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total rental income | $1.5B | $1.5B | $1.5B | $1.4B |
| Revenue from contracts with customers | $4.3B | $3.4B | $3.0B | $2.7B |
| Income from loans and investments | $22.6M | $9.1M | $23.0M | $48.2M |
| Interest and other income | $21.0M | $28.1M | $11.4M | $3.6M |
| Total revenues | $5.8B | $4.9B | $4.5B | $4.1B |
| Interest | $612.2M | $602.8M | $574.1M | $467.6M |
| Depreciation and amortization | $1.4B | $1.3B | $1.4B | $1.2B |
| Property-level operating expenses | $3.4B | $2.8B | $2.6B | $2.3B |
| Third-party capital management expenses | $6.6M | $6.5M | $6.1M | $6.2M |
| General, administrative and professional fees | $177.4M | $163.0M | $148.9M | $144.9M |
| Loss (gain) on extinguishment of debt, net | $172.0K | $687.0K | ($6.1M) | $581.0K |
| Transaction, transition and restructuring costs | $10.1M | $20.4M | $15.2M | $51.6M |
| Reversal of allowance on loans receivable and investments, net | $0 | ($166.0K) | ($20.3M) | $19.8M |
| Gain on foreclosure of real estate | $0 | $0 | ($29.1M) | — |
| Shareholder relations matters | $0 | $15.8M | $0 | — |
| Other expense (income) | $30.7M | $49.6M | ($23.0M) | $58.3M |
| Total expenses | $5.6B | $4.9B | $4.6B | $4.2B |
| Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | $204.3M | ($8.0M) | ($115.6M) | ($94.1M) |
| Income from unconsolidated entities | $4.5M | $1.6M | $13.6M | $28.5M |
| Gain on real estate dispositions | $38.6M | $57.0M | $62.1M | $7.8M |
| Income tax benefit | $14.2M | $37.8M | $9.5M | $16.9M |
| Net income (loss) | $261.5M | $88.4M | ($30.3M) | ($40.9M) |
| Net income attributable to noncontrolling interests | $10.1M | $7.2M | $10.7M | $6.5M |
| Net income (loss) attributable to common stockholders | $251.4M | $81.2M | ($41.0M) | ($47.4M) |
| Net (loss) income attributable to common stockholders (USD per share) | $0.55 | $0.20 | -$0.10 | -$0.12 |
| (Loss) income from continuing operations (USD per share) | $0.57 | $0.21 | -$0.08 | -$0.10 |
| Net (loss) income attributable to common stockholders (USD per share) | $0.54 | $0.19 | -$0.10 | -$0.12 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental income | $353.5M | $353.2M | $386.3M | $373.5M |
| Resident fees and services | $1.4B | $1.3B | $1.1B | — |
| Other revenues | $4.2M | $4.4M | $4.5M | $1.0B |
| Income from loans and investments | $6.6M | $4.1M | $5.5M | $4.4M |
| Interest and other income | $1.8M | $2.5M | $4.2M | $5.9M |
| Total revenues | $1.7B | $1.7B | $1.5B | $1.4B |
| Interest | $160.0M | $156.1M | $158.1M | $150.3M |
| Depreciation and amortization | $407.7M | $382.5M | $357.2M | $347.7M |
| Property-level operating expenses | $1.0B | $1.0B | $868.4M | $825.3M |
| Third-party capital management expenses | $1.7M | $1.8M | $1.5M | $1.6M |
| General, administrative and professional fees | $47.0M | $62.7M | $40.4M | $42.9M |
| Loss on extinguishment of debt, net | $83.0K | $449.0K | $119.0K | $0 |
| Transaction, transition and restructuring costs | $13.5M | $6.7M | $5.5M | $4.6M |
| Other expense | $4.5M | $9.7M | $13.4M | $5.8M |
| Total expenses | $1.7B | $1.6B | $1.4B | $1.4B |
| Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests | $54.2M | $35.4M | $44.4M | $42.7M |
| Loss from unconsolidated entities | ($7.8M) | ($7.3M) | $16.6M | ($1.1M) |
| Gain on real estate dispositions | $176.0K | $15.0M | $1.3M | $33.8M |
| Income tax benefit | $25.6M | $15.9M | $6.3M | ($3.9M) |
| Net income | $72.2M | $59.0M | $68.7M | $71.5M |
| Net income attributable to noncontrolling interests | $1.7M | $3.1M | $2.7M | $3.2M |
| Net income attributable to common stockholders | $70.6M | $55.9M | $66.0M | $68.3M |
| (Loss) income from continuing (in usd per share) | $0.15 | $0.12 | $0.15 | $0.16 |
| Net (loss) income attributable to common stockholders (in usd per share) | $0.14 | $0.12 | $0.14 | $0.15 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land and improvements | $3.0B | $2.8B | $2.6B | $2.4B |
| Buildings and improvements | $30.9B | $28.7B | $27.2B | $26.0B |
| Construction in progress | $358.8M | $336.2M | $368.1M | $310.5M |
| Acquired lease intangibles | $1.7B | $1.6B | $1.4B | $1.3B |
| Operating lease assets | $295.8M | $308.0M | $312.1M | $310.3M |
| Gross real estate investment | $36.2B | $33.7B | $31.9B | $30.4B |
| Accumulated depreciation and amortization | ($12.0B) | ($11.1B) | ($10.2B) | ($9.3B) |
| Net real estate property | $24.1B | $22.6B | $21.7B | $21.2B |
| Secured loans receivable and investments, net | $143.9M | $144.9M | $28.0M | $537.1M |
| Investments in unconsolidated real estate entities | $617.6M | $626.1M | $598.2M | $579.9M |
| Net real estate investments | $24.9B | $23.4B | $22.4B | $22.3B |
| Cash and cash equivalents | $741.1M | $897.9M | $508.8M | $122.6M |
| Escrow deposits and restricted cash (1) | $45.1M | — | — | — |
| Goodwill | $1.0B | $1.0B | $1.0B | $1.0B |
| Assets held for sale | $43.0M | $18.6M | $56.5M | $44.9M |
| Deferred income tax assets, net | $2.8M | $1.9M | $1.8M | $10.5M |
| Other assets | $825.5M | $792.7M | $683.4M | $609.8M |
| Total assets | $27.6B | $26.2B | $24.7B | $24.2B |
| Senior notes payable and other debt | $13.0B | $13.5B | $13.5B | $12.3B |
| Accrued interest payable | $143.1M | $143.3M | $117.4M | $110.5M |
| Operating lease liabilities | $208.6M | $218.0M | $194.7M | $190.4M |
| Accounts payable and other liabilities | $1.2B | $1.2B | $1.0B | $1.0B |
| Liabilities related to assets held for sale | $4.0M | $2.7M | $9.2M | $6.5M |
| Deferred income tax liabilities | $23.4M | $8.2M | $24.5M | $35.6M |
| Total liabilities | $14.6B | $15.0B | $14.9B | $13.7B |
| Redeemable OP unitholder and noncontrolling interests | $375.2M | $310.2M | $302.6M | $264.6M |
| Preferred stock, $1.00 par value; 10,000 shares authorized, unissued | 0 | 0 | 0 | 0 |
| Common stock, $0.25 par value; 1,200,000 shares authorized, 474,926 and 437,085 shares outstanding at December 31, 2025 and 2024, respectively | 118.7M | 109.1M | 100.6M | 99.9M |
| Capital in excess of par value | $20.0B | $17.6B | $15.7B | $15.5B |
| Accumulated other comprehensive loss | ($39.9M) | ($33.5M) | ($35.8M) | ($36.8M) |
| Retained earnings (deficit) | ($7.5B) | ($6.9B) | ($6.2B) | ($5.4B) |
| Treasury stock, 0 and 4 shares issued at December 31, 2025 and 2024, respectively | -34.0K | -25.2M | -13.8M | -536.0K |
| Total Ventas stockholders’ equity | $12.5B | $10.8B | $9.5B | $10.2B |
| Noncontrolling interests | $58.6M | $58.3M | $56.3M | $68.7M |
| Total equity | $12.6B | $10.8B | $9.5B | $10.2B |
| Total liabilities and equity | $27.6B | $26.2B | $24.7B | $24.2B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land and improvements | $3.3B | $3.1B | $2.9B | $2.8B |
| Buildings and improvements | $33.3B | $31.7B | $30.5B | $29.7B |
| Construction in progress | $253.9M | $361.4M | $346.0M | $306.0M |
| Acquired lease intangibles | $1.9B | $1.8B | $1.7B | $1.6B |
| Operating lease assets | $316.7M | $293.8M | $299.5M | $302.4M |
| Gross real estate investments | $39.1B | $37.2B | $35.7B | $34.7B |
| Accumulated depreciation and amortization | ($12.6B) | ($12.3B) | ($11.8B) | ($11.6B) |
| Net real estate property | $26.5B | $24.9B | $23.9B | $23.2B |
| Secured loans receivable and investments, net | $436.4M | $137.4M | $182.5M | $183.7M |
| Investments in unconsolidated real estate entities | $590.6M | $611.3M | $653.3M | $626.6M |
| Net real estate investments | $27.5B | $25.6B | $24.8B | $24.0B |
| Cash and cash equivalents | $199.0M | $183.6M | $188.6M | $614.2M |
| Escrow deposits and restricted cash | $24.9M | $17.7M | $53.9M | $62.6M |
| Goodwill | $1.0B | $1.0B | $1.0B | $1.0B |
| Assets held for sale | $28.7M | $13.5M | $70.1M | $50.1M |
| Deferred income tax assets, net | $3.1M | $2.7M | $2.3M | $2.2M |
| Other assets | $834.4M | $817.0M | $804.5M | $733.9M |
| Total assets | $29.7B | $27.7B | $26.9B | $26.5B |
| Senior notes payable and other debt | $12.7B | $12.5B | $12.6B | $13.1B |
| Accrued interest payable | $142.5M | $113.6M | $113.3M | $130.4M |
| Operating lease liabilities | $231.2M | $207.7M | $216.1M | $217.4M |
| Accounts payable and other liabilities | $1.3B | $1.2B | $1.2B | $1.1B |
| Liabilities related to assets held for sale | $2.6M | $1.5M | $3.7M | $3.4M |
| Deferred income tax liabilities | $30.7M | $26.7M | $20.9M | $14.0M |
| Total liabilities | $14.4B | $14.1B | $14.2B | $14.6B |
| Redeemable OP unitholder and noncontrolling interests | $509.1M | $394.6M | $350.0M | $328.7M |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $128.2M | $121.5M | $116.9M | $113.2M |
| Capital in excess of par value | $22.5B | $20.8B | $19.7B | $18.7B |
| Accumulated other comprehensive loss | ($31.5M) | ($38.1M) | ($37.8M) | ($33.8M) |
| Retained earnings (deficit) | ($7.9B) | ($7.7B) | ($7.4B) | ($7.2B) |
| Treasury stock | $0 | $0 | ($43.2M) | ($43.2M) |
| Total Ventas stockholders’ equity | $14.6B | $13.1B | $12.4B | $11.5B |
| Noncontrolling interests | $53.2M | $57.0M | $61.8M | $63.1M |
| Total equity | $14.7B | $13.2B | $12.4B | $11.6B |
| Total liabilities and equity | $29.7B | $27.7B | $26.9B | $26.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $261.5M | $88.4M | ($30.3M) | ($40.9M) |
| Depreciation and amortization | $1.4B | $1.3B | $1.4B | $1.2B |
| Amortization of deferred revenue and lease intangibles, net | ($39.3M) | ($54.2M) | ($59.6M) | ($63.5M) |
| Other non-cash amortization | $32.3M | $30.1M | $22.4M | $13.0M |
| (Reversal of) allowance on loans receivable and investments, net | $0 | ($166.0K) | ($20.3M) | $19.8M |
| Stock-based compensation | $38.7M | $31.0M | $31.0M | $30.7M |
| Straight-lining of rental income | ($48.9M) | ($5.1M) | ($7.6M) | ($11.1M) |
| Loss (gain) on extinguishment of debt, net | $172.0K | $687.0K | ($6.1M) | $581.0K |
| Gain on real estate dispositions | ($38.6M) | ($57.0M) | ($62.1M) | ($7.8M) |
| Income tax benefit | ($24.1M) | ($43.5M) | ($15.3M) | ($21.3M) |
| Income from unconsolidated entities | ($4.5M) | ($1.6M) | ($13.6M) | ($28.5M) |
| Gain on foreclosure of real estate | $0 | $0 | ($29.1M) | — |
| Distributions from unconsolidated entities | $29.0M | $18.3M | $16.1M | $19.8M |
| Other | $11.7M | $25.8M | ($44.5M) | $52.5M |
| Increase in other assets | ($30.7M) | ($117.4M) | ($48.4M) | ($52.9M) |
| (Decrease) increase in accrued interest payable | ($922.0K) | $27.2M | $1.3M | $4.9M |
| Increase (decrease) in accounts payable and other liabilities | $81.0M | $134.0M | ($6.4M) | $7.2M |
| Net cash provided by operating activities | $1.6B | $1.3B | $1.1B | $1.1B |
| Net investment in real estate property | ($2.3B) | ($1.9B) | ($6.5M) | ($446.6M) |
| Investment in loans receivable | ($935.0K) | ($125.4M) | ($2.8M) | ($30.7M) |
| Proceeds from real estate disposals | $213.2M | $329.1M | $399.5M | $112.9M |
| Proceeds from loans receivable | $48.8M | $6.9M | $44.6M | $890.0K |
| Proceeds from sale of interest in unconsolidated entities | $0 | $0 | $50.1M | — |
| Net cash assumed in foreclosure of real estate | $0 | $0 | $11.6M | — |
| Development project expenditures | ($280.8M) | ($322.2M) | ($383.6M) | ($231.9M) |
| Capital expenditures | ($363.9M) | ($281.6M) | ($259.4M) | ($222.1M) |
| Distributions from unconsolidated entities | $33.7M | $8.4M | $74.7M | $28.3M |
| Investment in unconsolidated entities | ($55.8M) | ($69.8M) | ($130.5M) | ($83.7M) |
| Insurance proceeds for property damage claims | $5.0M | $3.5M | $17.6M | $13.7M |
| Net cash used in investing activities | ($2.7B) | ($2.4B) | ($184.7M) | ($859.2M) |
| Net change in borrowings under revolving credit facilities | ($6.8M) | ($7.1M) | ($12.4M) | ($27.2M) |
| Net change in borrowings under commercial paper program | $0 | $0 | ($402.4M) | $122.4M |
| Proceeds from debt | $1.1B | $1.9B | $2.5B | $957.8M |
| Repayment of debt | ($1.8B) | ($1.6B) | ($2.0B) | ($575.4M) |
| Purchase of noncontrolling interests | ($2.1M) | ($11.1M) | ($110.0K) | ($170.0K) |
| Payment of deferred financing costs | ($14.5M) | ($35.9M) | ($41.8M) | ($8.8M) |
| Issuance of common stock, net | $2.3B | $2.0B | $108.5M | $0 |
| Cash distribution to common stockholders | ($860.1M) | ($740.3M) | ($723.6M) | ($720.3M) |
| Cash distribution to redeemable OP unitholders | ($6.3M) | ($6.5M) | ($6.2M) | ($6.3M) |
| Cash issued for redemption of OP Units | ($2.3M) | ($2.4M) | ($1.1M) | ($1.5M) |
| Contributions from noncontrolling interests | $80.0K | $3.7M | $20.2M | $5.4M |
| Distributions to noncontrolling interests | ($16.4M) | ($22.3M) | ($32.0M) | ($32.3M) |
| Proceeds from stock option exercises | $110.9M | $26.1M | $1.7M | $8.7M |
| Other | ($23.2M) | ($16.0M) | ($8.9M) | ($6.2M) |
| Net cash provided by (used in) financing activities | $873.8M | $1.4B | ($543.7M) | ($283.9M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $131.3M | $59.0M | $188.5M | $119.8M |
| Depreciation and amortization | $790.2M | $382.5M | $1.0B | $669.2M |
| Amortization of deferred revenue and lease intangibles, net | ($9.3M) | ($4.6M) | ($31.0M) | ($19.4M) |
| Other non-cash amortization | $17.2M | $9.4M | $22.5M | $14.1M |
| Stock-based compensation | $30.2M | $24.8M | $32.4M | $26.5M |
| Straight-lining of rental income | ($14.1M) | ($6.7M) | ($38.8M) | ($12.5M) |
| Gain on real estate loan investments | ($11.0K) | ($13.0K) | — | — |
| Loss on extinguishment of debt, net | $532.0K | $449.0K | $119.0K | $0 |
| Gain on real estate dispositions | ($15.2M) | ($15.0M) | ($35.3M) | ($34.0M) |
| Income tax benefit | ($48.3M) | ($19.2M) | ($22.0M) | ($13.0M) |
| Loss from unconsolidated entities | $15.2M | $7.3M | ($12.2M) | $4.4M |
| Distributions from unconsolidated entities | $18.3M | $4.4M | $21.7M | $15.0M |
| Other | $3.6M | ($1.6M) | $8.4M | ($2.8M) |
| Decrease in other assets | $13.3M | $10.7M | ($14.5M) | $51.5M |
| Decrease in accrued interest payable | ($1.4M) | ($29.2M) | ($30.6M) | ($13.9M) |
| Increase (decrease) in accounts payable and other liabilities | $19.8M | ($27.6M) | $59.3M | ($8.6M) |
| Net cash provided by operating activities | $951.2M | $394.6M | $1.2B | $796.5M |
| Net investment in real estate property | ($2.4B) | ($971.5M) | ($2.0B) | ($960.7M) |
| Investment in loans receivable | ($301.5M) | ($115.0K) | ($866.0K) | ($581.0K) |
| Proceeds from real estate disposals | $52.6M | $47.1M | $158.8M | $149.0M |
| Proceeds from loans receivable | $7.1M | $6.8M | $9.4M | $7.8M |
| Redevelopment and development project expenditures | ($149.7M) | ($72.4M) | ($184.4M) | ($125.5M) |
| Other capital expenditures | ($174.8M) | ($73.0M) | ($226.2M) | ($134.0M) |
| Distributions from unconsolidated entities | $11.2M | — | $0 | — |
| Investment in unconsolidated entities | ($18.4M) | ($5.9M) | ($40.2M) | ($24.9M) |
| Insurance proceeds for property damage claims | $2.9M | $556.0K | $2.9M | $652.0K |
| Net cash used in investing activities | ($3.0B) | ($1.1B) | ($2.3B) | ($1.1B) |
| Net change in borrowings under revolving credit facilities | $0 | $0 | ($6.8M) | ($5.4M) |
| Net change in borrowings under commercial paper program | $265.0M | $65.0M | — | — |
| Proceeds from debt | $891.7M | $289.5M | $606.9M | $587.2M |
| Repayment of debt | ($1.7B) | ($810.7M) | ($1.7B) | ($1.2B) |
| Payment of deferred financing costs | ($7.3M) | ($7.3M) | ($9.6M) | ($8.9M) |
| Issuance of common stock, net | $2.5B | $799.3M | $2.1B | $1.1B |
| Cash distributions to common stockholders | ($483.5M) | ($230.2M) | ($634.4M) | ($416.0M) |
| Cash distributions to redeemable OP unitholders | ($3.3M) | ($1.6M) | ($4.7M) | ($3.1M) |
| Cash issued for redemption of OP Units | ($2.8M) | ($2.8M) | ($2.1M) | ($1.7M) |
| Contributions from noncontrolling interests | $1.2M | $15.0K | $80.0K | $80.0K |
| Distributions to noncontrolling interests | ($8.2M) | ($3.7M) | ($11.3M) | ($6.1M) |
| Proceeds from stock option exercises | $13.8M | $13.3M | $45.7M | $26.1M |
| Other | ($28.4M) | ($20.8M) | ($20.3M) | ($19.5M) |
| Net cash provided by financing activities | $1.5B | $90.0M | $373.9M | $7.8M |
| Net decrease in cash, cash equivalents and restricted cash | ($560.6M) | ($583.9M) | ($716.7M) | ($283.9M) |
| Effect of foreign currency translation | ($1.8M) | ($912.0K) | $2.0M | $3.4M |
| Cash, cash equivalents and restricted cash at beginning of period | $786.1M | $786.1M | $957.2M | $957.2M |
| Cash, cash equivalents and restricted cash at end of period | $223.8M | $201.3M | $242.6M | $676.8M |
Ventas Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.