Welltower Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.84B | $7.99B | $6.64B | $5.86B | $4.74B | $4.61B | $5.12B | $4.70B |
| Seniors Housing Operating | $8.49B | $6.04B | $4.77B | $4.25B | $3.21B | $3.08B | $3.46B | $3.24B |
| Triple-net | $1.20B | $788.8M | $1.04B | $931.5M | $890.6M | $801.3M | $972.6M | $901.0M |
| Outpatient Medical | $781.9M | $802.1M | $751.2M | $678.8M | $635.3M | $720.0M | $687.8M | $556.8M |
| Non-segment/Corporate | $370.0M | $364.8M | $69.9M | $4.9M | $3.0M | $2.8M | $4.0M | $2.3M |
| Cost of Revenue | $6.49B | $4.83B | $3.95B | $3.56B | $2.77B | $2.60B | $2.69B | $2.43B |
| Gross Profit | $4.35B | $3.16B | $2.69B | $2.30B | $1.97B | $2.01B | $2.43B | $2.27B |
| Gross Margin | 40.1% | 39.6% | 40.5% | 39.3% | 41.5% | 43.6% | 47.5% | 48.2% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $1.75B | $235.5M | $179.1M | $150.4M | $126.7M | $128.4M | $126.5M | $126.4M |
| Operating Income | $-480.0M | $524.4M | $957.9M | $702.6M | $660.6M | $482.8M | $1.10B | $950.1M |
| Operating Margin | -4.4% | 6.6% | 14.4% | 12.0% | 13.9% | 10.5% | 21.4% | 20.2% |
| Interest Expense | — | — | $607.8M | $529.5M | $489.9M | $514.4M | $555.6M | $526.6M |
| Pretax Income | — | $524.4M | $350.0M | $173.1M | $170.8M | $-31.6M | $542.9M | $423.5M |
| Income Tax Expense | $-7.1M | $2.7M | $6.4M | $7.2M | $8.7M | $10.0M | $3.0M | $8.7M |
| Net Income | $961.8M | $972.9M | $358.1M | $160.6M | $374.5M | $1.04B | $1.33B | $829.8M |
| Net Margin | 8.9% | 12.2% | 5.4% | 2.7% | 7.9% | 22.6% | 26.0% | 17.7% |
| EPS (Basic) | $1.41 | $1.58 | $0.66 | $0.31 | $0.79 | $2.36 | $3.07 | $2.03 |
| EPS (Diluted) | $1.39 | $1.57 | $0.66 | $0.30 | $0.78 | $2.33 | $3.05 | $2.02 |
| Shares Outstanding (Basic) | 665.6M | 603.0M | 515.6M | 462.2M | 425.0M | 415.5M | 401.8M | 373.6M |
| Shares Outstanding (Diluted) | 679.5M | 608.8M | 518.7M | 465.2M | 426.8M | 417.4M | 403.8M | 375.3M |
| Dividends Per Share | $2.82 | $2.56 | $2.44 | $2.44 | $2.44 | $2.70 | $3.48 | $3.48 |