Welltower 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), Welltower Inc reported revenue of $10.8B (+35.6% year on year) and net income of $961.8M (-1.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Resident fees and services | $8.5B | $6.0B | $4.8B | $4.4B |
| Rental income | $2.0B | $1.6B | $1.6B | $1.5B |
| Interest income | $246.2M | $256.2M | $168.4M | — |
| Other income | $170.9M | $137.5M | $159.8M | — |
| Total revenues | $10.8B | $8.0B | $6.6B | $5.9B |
| Property operating expenses | $6.5B | $4.8B | $3.9B | $3.6B |
| Depreciation and amortization | $2.1B | $1.6B | $1.4B | $1.3B |
| Interest expense | $652.0M | $574.3M | $607.8M | $529.5M |
| General and administrative expenses | $1.7B | $235.5M | $179.1M | $150.4M |
| Loss (gain) on derivatives and financial instruments, net | $22.4M | ($27.9M) | ($2.1M) | $8.3M |
| Loss (gain) on extinguishment of debt, net | $9.2M | $2.1M | $7.0K | $680.0K |
| Provision for loan losses, net | ($9.4M) | $10.1M | $9.8M | $10.3M |
| Impairment of assets | $121.3M | $92.8M | $36.1M | $17.5M |
| Other expenses | $201.2M | $117.5M | $108.3M | $101.7M |
| Total expenses | $11.3B | $7.5B | $6.3B | $5.7B |
| Income (loss) from continuing operations before income taxes and other items | ($480.0M) | $524.4M | $350.0M | $173.1M |
| Income tax (expense) benefit | $7.1M | ($2.7M) | ($6.4M) | ($7.2M) |
| Income (loss) from unconsolidated entities | ($14.3M) | ($496.0K) | ($53.4M) | ($21.3M) |
| Gain (loss) on real estate dispositions and acquisitions of controlling interests, net | $1.4B | $451.6M | — | — |
| Income (loss) from continuing operations | $961.8M | $972.9M | $358.1M | $160.6M |
| Net income | $961.8M | $972.9M | $358.1M | $160.6M |
| Less: Net income (loss) attributable to noncontrolling interests | $25.0M | $21.2M | $18.0M | $19.4M |
| Net income (loss) attributable to common stockholders | $936.8M | $951.7M | $340.1M | $141.2M |
| Basic (in shares) | 665.6M | 603.0M | 515.6M | 462.2M |
| Diluted (in shares) | 679.5M | 608.8M | 518.7M | 465.2M |
| Income (loss) from continuing operations (in USD per share) | $1.44 | $1.61 | $0.69 | $0.35 |
| Net income (loss) attributable to common stockholders (in USD per share) | $1.41 | $1.58 | $0.66 | $0.31 |
| Income (loss) from continuing operations (in USD per share) | $1.42 | $1.60 | $0.69 | $0.35 |
| Net income (loss) attributable to common stockholders (in USD per share) | $1.39 | $1.57 | $0.66 | $0.30 |
| Foreign currency translation gain (loss) | $677.0M | ($327.1M) | $223.9M | ($466.9M) |
| Derivative and financial instruments designated as hedges gain (loss) | ($605.9M) | $166.3M | ($245.1M) | $442.6M |
| Total other comprehensive income (loss) | $71.1M | ($160.7M) | ($21.2M) | ($24.3M) |
| Total comprehensive income (loss) | $1.0B | $812.1M | $337.0M | $136.3M |
| Less: Total comprehensive income (loss) attributable to noncontrolling interests | $24.0M | $10.1M | $27.6M | ($6.5M) |
| Total comprehensive income (loss) attributable to common stockholders | $1.0B | $802.0M | $309.3M | $142.8M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Resident fees and services | $3.0B | $2.8B | $2.1B | $2.0B |
| Rental income | $459.7M | $453.8M | $499.5M | $483.0M |
| Interest income | $77.4M | $70.9M | $67.2M | $62.1M |
| Other income | $22.6M | $46.2M | $57.6M | $32.1M |
| Total revenues | $3.5B | $3.4B | $2.7B | $2.5B |
| Property operating expenses | $2.2B | $2.1B | $1.6B | $1.5B |
| Depreciation and amortization | $737.8M | $622.8M | $509.8M | $495.0M |
| Interest expense | $181.9M | $192.7M | $162.1M | $141.2M |
| General and administrative expenses | $67.5M | $67.5M | $63.1M | $64.2M |
| Loss (gain) on derivatives and financial instruments, net | $0 | $0 | $31.7M | ($409.0K) |
| Loss (gain) on extinguishment of debt, net | $2.0M | $727.0K | $0 | $0 |
| Provision for loan losses, net | $2.2M | $1.6M | $1.1M | ($1.1M) |
| Impairment of assets | $25.8M | $4.8M | $3.1M | $19.9M |
| Other expenses | $56.9M | $61.1M | $44.7M | $16.6M |
| Total expenses | $3.2B | $3.0B | $2.4B | $2.3B |
| Income (loss) from continuing operations before income taxes and other items | $320.4M | $345.2M | $293.1M | $298.2M |
| Income tax (expense) benefit | $62.0M | ($11.6M) | ($2.3M) | ($1.1M) |
| Income (loss) from unconsolidated entities | ($18.0M) | ($1.7M) | ($12.6M) | ($7.4M) |
| Gain (loss) on real estate dispositions and acquisitions of controlling interests, net | $98.5M | $420.4M | $4.0M | $14.8M |
| Income (loss) from continuing operations | $463.0M | $752.3M | $282.2M | $304.6M |
| Less: Net income (loss) attributable to noncontrolling interests | $18.0M | $23.7M | $1.6M | $2.7M |
| Net income (loss) attributable to common stockholders | $445.0M | $728.7M | $280.6M | $301.9M |
| Basic (in shares) | 709.7M | 699.8M | 672.4M | 656.6M |
| Diluted (in shares) | 738.0M | 726.3M | 685.4M | 668.1M |
| Income (loss) from continuing operations (in dollars per share) | $0.65 | $1.07 | $0.42 | $0.46 |
| Net income (loss) attributable to common stockholders (in dollars per share) | $0.63 | $1.04 | $0.42 | $0.46 |
| Income (loss) from continuing operations (in dollars per share) | $0.63 | $1.04 | $0.41 | $0.46 |
| Net income (loss) attributable to common stockholders (in dollars per share) | $0.61 | $1.02 | $0.41 | $0.45 |
| Dividends declared and paid per common share (in dollars per share) | $0.74 | $0.74 | $0.74 | $0.67 |
| Net income (loss) | $463.0M | $752.3M | $282.2M | $304.6M |
| Foreign currency translation gain (loss) | ($11.8M) | ($379.2M) | ($207.0M) | $560.4M |
| Derivative and financial instruments designated as hedges gain (loss) | ($70.0M) | $322.0M | $154.5M | ($413.8M) |
| Total other comprehensive income (loss) | ($81.7M) | ($57.2M) | ($52.6M) | $146.6M |
| Total comprehensive income (loss) | $381.2M | $695.1M | $229.6M | $451.2M |
| Less: Total comprehensive income (loss) attributable to noncontrolling interests | $15.4M | $21.3M | $483.0K | $5.7M |
| Total comprehensive income (loss) attributable to common stockholders | $365.8M | $673.8M | $229.1M | $445.5M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land and land improvements | $6.7B | $5.3B | $4.7B | $4.2B |
| Buildings and improvements | $52.1B | $42.2B | $37.8B | $33.7B |
| Acquired lease intangibles | $2.8B | $2.5B | $2.2B | $1.9B |
| Real property held for sale, net of accumulated depreciation | $1.5B | $51.9M | $372.9M | $133.1M |
| Construction in progress | $738.9M | $1.2B | $1.3B | $1.0B |
| Less accumulated depreciation and amortization | ($10.4B) | ($10.6B) | ($9.3B) | ($8.1B) |
| Net real property owned | $53.4B | $40.7B | $37.1B | $32.9B |
| Right of use assets, net | $2.2B | $1.2B | $351.0M | $323.9M |
| Investments in sales-type leases, net | $498.0M | $172.3M | — | — |
| Real estate loans receivable, net of credit allowance | $1.8B | $1.8B | $1.4B | $890.8M |
| Net real estate investments | $57.9B | $43.9B | $38.8B | $34.1B |
| Investments in unconsolidated entities | $1.8B | $1.8B | $1.6B | $1.5B |
| Cash and cash equivalents | $5.0B | $3.5B | $2.0B | $631.7M |
| Restricted cash | $175.9M | $204.9M | $82.4M | $90.6M |
| Receivables and other assets | $2.4B | $1.7B | $1.0B | $1.1B |
| Total other assets | $9.4B | $7.2B | $5.2B | $3.8B |
| Total assets | $67.3B | $51.0B | $44.0B | $37.9B |
| Unsecured credit facility and commercial paper | $0 | $0 | $0 | $0 |
| Senior unsecured notes | $16.4B | $13.2B | $13.6B | $12.4B |
| Secured debt | $2.8B | $2.3B | $2.2B | $2.1B |
| Lease liabilities | $2.2B | $1.3B | $383.2M | $415.8M |
| Accrued expenses and other liabilities | $2.7B | $1.7B | $1.5B | $1.5B |
| Total liabilities | $24.1B | $18.5B | $17.6B | $16.5B |
| Redeemable noncontrolling interests | $263.2M | $256.2M | $290.6M | $384.4M |
| Common stock | $696.6M | $637.0M | $565.9M | $491.9M |
| Capital in excess of par value | $50.9B | $40.0B | $32.7B | $26.7B |
| Treasury stock | ($14.4M) | ($114.2M) | ($111.6M) | ($111.0M) |
| Cumulative net income | $11.0B | $10.1B | $9.1B | $8.8B |
| Cumulative dividends | ($20.2B) | ($18.3B) | ($16.8B) | ($15.5B) |
| Accumulated other comprehensive income (loss) | ($287.6M) | ($359.8M) | ($163.2M) | ($119.7M) |
| Total Welltower Inc. stockholders’ equity | $42.1B | $32.0B | $25.4B | $20.3B |
| Noncontrolling interests | $810.2M | $360.2M | $676.7M | $714.7M |
| Total equity | $42.9B | $32.3B | $26.1B | $21.0B |
| Total liabilities and equity | $67.3B | $51.0B | $44.0B | $37.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land and land improvements | $7.2B | $6.7B | $5.1B | $5.8B |
| Buildings and improvements | $58.0B | $52.9B | $42.5B | $46.6B |
| Acquired lease intangibles | $3.2B | $2.9B | $2.2B | $2.8B |
| Real property held for sale, net of accumulated depreciation | $374.5M | $749.4M | $5.1B | $108.9M |
| Construction in progress | $848.3M | $764.2M | $511.6M | $712.1M |
| Less accumulated depreciation and amortization | ($11.5B) | ($10.8B) | ($10.1B) | ($11.7B) |
| Net real property owned | $58.1B | $53.2B | $45.3B | $44.3B |
| Right of use assets, net | $2.0B | $2.0B | $1.3B | $1.3B |
| Investments in sales-type leases, net | $0 | $57.8M | $0 | $0 |
| Real estate loans receivable, net of credit allowance | $3.0B | $2.6B | $1.8B | $1.8B |
| Net real estate investments | $63.0B | $57.8B | $48.4B | $47.4B |
| Investments in unconsolidated entities | $2.0B | $2.0B | $1.8B | $2.0B |
| Cash and cash equivalents | $2.0B | $4.7B | $6.8B | $4.4B |
| Restricted cash | $132.0M | $115.5M | $134.1M | $113.8M |
| Receivables and other assets | $2.8B | $2.6B | $2.4B | $2.0B |
| Total other assets | $6.9B | $9.4B | $11.2B | $8.5B |
| Total assets | $69.9B | $67.2B | $59.5B | $55.8B |
| Unsecured credit facility and commercial paper | $0 | $0 | $0 | $0 |
| Senior unsecured notes | $14.3B | $15.2B | $14.4B | $13.4B |
| Secured debt | $3.4B | $2.8B | $2.5B | $2.5B |
| Lease liabilities | $2.0B | $2.1B | $1.3B | $1.3B |
| Accrued expenses and other liabilities | $2.5B | $2.3B | $2.0B | $2.0B |
| Total liabilities | $22.2B | $22.3B | $20.2B | $19.3B |
| Redeemable noncontrolling interests | $224.5M | $196.4M | $284.4M | $283.2M |
| Common stock | $719.1M | $704.9M | $684.2M | $665.2M |
| Capital in excess of par value | $55.2B | $52.4B | $47.1B | $43.9B |
| Treasury stock | ($26.0M) | ($22.9M) | ($14.3M) | ($13.9M) |
| Cumulative net income | $12.2B | $11.8B | $10.9B | $10.7B |
| Cumulative dividends | ($21.2B) | ($20.7B) | ($19.7B) | ($19.2B) |
| Accumulated other comprehensive income (loss) | ($421.6M) | ($342.5M) | ($217.4M) | ($166.0M) |
| Total Welltower Inc. stockholders’ equity | $46.4B | $43.8B | $38.8B | $35.9B |
| Noncontrolling interests | $1.0B | $939.2M | $271.2M | $362.6M |
| Total equity | $47.4B | $44.7B | $39.0B | $36.3B |
| Total liabilities and equity | $69.9B | $67.2B | $59.5B | $55.8B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $961.8M | $972.9M | $358.1M | $160.6M |
| Depreciation and amortization | $2.1B | $1.6B | $1.4B | $1.3B |
| Other amortization expenses | $56.4M | $47.8M | $42.6M | $28.2M |
| Provision for loan losses, net | ($9.4M) | $10.1M | $9.8M | $10.3M |
| Impairment of assets | $121.3M | $92.8M | $36.1M | $17.5M |
| Stock-based compensation expense | $1.6B | $75.8M | $37.2M | $26.1M |
| Loss (gain) on derivatives and financial instruments, net | $22.4M | ($27.9M) | ($2.1M) | $8.3M |
| Loss (gain) on extinguishment of debt, net | $9.2M | $2.1M | $7.0K | $680.0K |
| Loss (income) from unconsolidated entities | $14.3M | $496.0K | $53.4M | $21.3M |
| Rental income less than (in excess of) cash received | ($225.3M) | ($15.9M) | ($135.8M) | ($108.9M) |
| Amortization related to above (below) market leases, net | ($2.7M) | ($219.0K) | ($529.0K) | ($1.7M) |
| Loss (gain) on real estate dispositions and acquisitions of controlling interests, net | ($1.4B) | ($451.6M) | — | — |
| Proceeds from (payments on) interest rate swap settlements | $0 | ($59.6M) | — | — |
| Loss (gain) on loss of control of subsidiary | $0 | $0 | ($65.5M) | — |
| Distributions by unconsolidated entities | $21.9M | $19.5M | $11.6M | $12.5M |
| Increase (decrease) in accrued expenses and other liabilities | ($83.9M) | $26.5M | ($79.8M) | $50.9M |
| Decrease (increase) in receivables and other assets | ($196.9M) | ($68.6M) | $3.4M | ($191.4M) |
| Net cash provided from (used in) operating activities | $2.9B | $2.3B | $1.6B | $1.3B |
| Cash disbursed for acquisitions, net of cash acquired | ($13.9B) | ($3.5B) | ($3.6B) | ($2.3B) |
| Cash disbursed for capital improvements to existing properties | ($1.1B) | ($857.5M) | ($517.7M) | ($476.0M) |
| Cash disbursed for construction in progress | ($437.7M) | ($827.9M) | ($1.0B) | ($631.7M) |
| Capitalized interest | ($33.8M) | ($58.1M) | ($50.7M) | ($30.5M) |
| Investment in loans receivable | ($691.3M) | ($623.5M) | ($490.7M) | ($156.0M) |
| Principal collected on loans receivable | $222.3M | $294.4M | $90.2M | $196.3M |
| Other investments, net of payments | ($73.8M) | ($61.0M) | ($100.1M) | ($98.5M) |
| Contributions to unconsolidated entities | ($500.0M) | ($264.6M) | ($343.5M) | ($502.2M) |
| Distributions by unconsolidated entities | $310.4M | $52.4M | $149.8M | $37.6M |
| Net proceeds from net investment hedge settlements | ($2.9M) | $20.1M | — | — |
| Proceeds from sales of real property | $5.7B | $336.5M | $96.7M | $199.5M |
| Net cash provided from (used in) investing activities | ($10.5B) | ($5.5B) | ($5.7B) | ($3.7B) |
| Net increase (decrease) under unsecured credit facility and commercial paper | $0 | $0 | $0 | $324.9M |
| Net carrying value included in senior unsecured notes | $4.4B | $1.0B | $1.0B | $1.0B |
| Payments to extinguish senior unsecured notes | ($1.3B) | ($1.4B) | $0 | $0 |
| Net proceeds from the issuance of secured debt | $4.9M | $197.9M | $385.1M | $113.2M |
| Payments on secured debt | ($411.2M) | ($498.0M) | ($741.9M) | ($457.2M) |
| Net proceeds from the issuance of common stock | $8.9B | $7.4B | $6.0B | $3.7B |
| Payments for deferred financing costs and prepayment penalties | ($694.0K) | ($23.4M) | ($7.2M) | ($5.1M) |
| Contributions by noncontrolling interests | $22.1M | $59.6M | $280.7M | $138.7M |
| Distributions to noncontrolling interests | ($640.1M) | ($301.0M) | ($216.3M) | ($272.4M) |
| Cash distributions to stockholders | ($1.9B) | ($1.5B) | ($1.3B) | ($1.1B) |
| Other financing activities | ($14.4M) | ($65.3M) | ($13.1M) | ($7.5M) |
| Net cash provided from (used in) financing activities | $9.0B | $4.9B | $5.4B | $2.8B |
| Effect of foreign currency translation on cash and cash equivalents and restricted cash | $129.4M | ($11.7M) | $11.0M | ($10.6M) |
| Increase (decrease) in cash, cash equivalents and restricted cash | $1.5B | $1.6B | $1.4B | $375.5M |
| Cash, cash equivalents and restricted cash at beginning of period | $3.7B | $2.1B | $722.3M | $346.8M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $1.2B | $752.3M | $844.1M | $561.9M |
| Depreciation and amortization | $1.4B | $622.8M | $1.5B | $980.9M |
| Other amortization expenses | $20.8M | $9.7M | $42.2M | $27.9M |
| Provision for loan losses, net | $3.8M | $1.6M | ($2.0M) | ($3.1M) |
| Impairment of assets | $30.6M | $4.8M | $75.4M | $72.3M |
| Stock-based compensation expense | $35.4M | $18.8M | $48.3M | $32.8M |
| Loss (gain) on derivatives and financial instruments, net | $0 | $0 | $28.1M | ($3.6M) |
| Loss (gain) on extinguishment of debt, net | $2.7M | $727.0K | $6.2M | $6.2M |
| Loss (income) from unconsolidated entities | $19.7M | $1.7M | $18.7M | $6.1M |
| Rental income less than (in excess of) cash received | ($165.4M) | ($76.0M) | ($147.9M) | ($92.6M) |
| Amortization related to above (below) market leases, net | ($441.0K) | ($213.0K) | ($1.2M) | ($809.0K) |
| Loss (gain) on real estate dispositions and acquisitions of controlling interests, net | ($518.9M) | ($420.4M) | ($70.7M) | ($66.6M) |
| Distributions by unconsolidated entities | $11.5M | $3.1M | $18.5M | $12.0M |
| Increase (decrease) in accrued expenses and other liabilities | ($191.7M) | ($192.3M) | $20.9M | ($89.1M) |
| Decrease (increase) in receivables and other assets | ($150.1M) | ($56.6M) | ($143.9M) | ($75.1M) |
| Net cash provided from (used in) operating activities | $1.7B | $670.0M | $2.2B | $1.4B |
| Cash disbursed for acquisitions, net of cash acquired | ($6.3B) | ($1.1B) | ($4.0B) | ($2.9B) |
| Cash disbursed for capital improvements to existing properties | ($589.1M) | ($269.8M) | ($736.3M) | ($473.2M) |
| Cash disbursed for construction in progress | ($166.9M) | ($104.8M) | ($334.0M) | ($238.6M) |
| Capitalized interest | ($17.3M) | ($8.4M) | ($26.3M) | ($20.2M) |
| Investment in loans receivable | ($1.9B) | ($1.4B) | ($436.6M) | ($40.2M) |
| Principal collected on loans receivable | $827.9M | $737.9M | $208.1M | $162.0M |
| Other investments, net of payments | ($16.1M) | ($4.2M) | ($89.1M) | ($65.2M) |
| Contributions to unconsolidated entities | ($517.4M) | ($381.3M) | ($302.4M) | ($262.4M) |
| Distributions by unconsolidated entities | $251.1M | $45.4M | $180.1M | $38.8M |
| Net proceeds from net investment hedge settlements | ($2.6M) | ($47.2M) | ($2.2M) | ($2.2M) |
| Proceeds from sales of real property | $2.4B | $1.7B | $522.1M | $410.8M |
| Net cash provided from (used in) investing activities | ($6.1B) | ($807.2M) | ($5.1B) | ($3.4B) |
| Net proceeds from issuance of senior unsecured notes | $75.6M | $19.8M | $2.4B | $1.4B |
| Payments to extinguish, exchange or redeem senior unsecured notes | ($2.3B) | ($1.2B) | ($1.3B) | ($1.3B) |
| Net proceeds from the issuance of secured debt | $324.4M | — | $0 | $0 |
| Payments on secured debt | ($70.1M) | ($20.6M) | ($336.2M) | ($317.5M) |
| Net proceeds from the issuance of common stock | $4.5B | $1.5B | $6.8B | $4.0B |
| Payments for deferred financing costs and prepayment penalties | ($39.8M) | ($15.4M) | ($586.0K) | ($762.0K) |
| Contributions by noncontrolling interests | $25.9M | $20.4M | $10.5M | $9.1M |
| Distributions to noncontrolling interests | ($74.1M) | ($35.0M) | ($217.7M) | ($158.0M) |
| Cash distributions to stockholders | ($1.0B) | ($520.5M) | ($1.4B) | ($871.4M) |
| Other financing activities | ($14.0M) | ($9.6M) | ($12.6M) | ($11.6M) |
| Net cash provided from (used in) financing activities | $1.3B | ($199.5M) | $6.0B | $2.7B |
| Effect of foreign currency translation on cash and cash equivalents and restricted cash | ($47.9M) | ($53.5M) | $92.2M | $143.7M |
| Increase (decrease) in cash, cash equivalents and restricted cash | ($3.1B) | ($390.2M) | $3.2B | $812.1M |
| Cash, cash equivalents and restricted cash at beginning of period | $5.2B | $5.2B | $3.7B | $3.7B |
| Cash, cash equivalents and restricted cash at end of period | $2.1B | $4.8B | $6.9B | $4.5B |
| Interest paid | $341.9M | $216.4M | $373.3M | $252.0M |
| Income taxes paid (received), net | $35.6M | $20.1M | $22.3M | $18.9M |
Welltower Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.