Welltower Inc. (WELL) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 3.35B | 3.13B | 2.63B | 2.52B | 2.39B | 2.22B | 2.01B | 1.79B | 1.83B | 1.72B | 1.63B | 1.58B | 1.55B | 1.51B | 1.47B | 1.41B | 1.39B | 1.3B | 1.23B | 1.13B |
| Revenue Growth % | 40.33% | 41.24% | 30.68% | 40.35% | 30.48% | 29.18% | 23.64% | 13.35% | 17.94% | 13.82% | 10.76% | 12.29% | 11.69% | 16.45% | 19.05% | 24.2% | 32.87% | 16.06% | 19.43% | -4.05% |
| Property Operating Expenses | 2.06B | 1.93B | 1.58B | 1.51B | 1.46B | 1.41B | 1.21B | 1.11B | 1.1B | 1.04B | 995.27M | 958.67M | 957.75M | 938.84M | 912.18M | 854.08M | 853.67M | 785.18M | 729.4M | 642.66M |
| Net Operating Income (NOI) | 1.3B | 1.2B | 1.05B | 1B | 926.2M | 809.93M | 798.36M | 681.44M | 733.68M | 681.87M | 631.26M | 622.93M | 594.4M | 570.48M | 556.3M | 554.47M | 536.05M | 510.89M | 504.06M | 491.4M |
| NOI Margin % | 38.68% | 38.3% | 39.99% | 39.8% | 38.78% | 36.5% | 39.7% | 38.01% | 40.08% | 39.69% | 38.81% | 39.39% | 38.3% | 37.8% | 37.88% | 39.36% | 38.57% | 39.42% | 40.87% | 43.33% |
| Operating Expenses | 757.82M | 2.14B | 574.02M | 558.1M | 547.62M | 528.87M | 485.87M | 442.77M | 420.19M | 427.57M | 389.48M | 388.69M | 384.26M | 394.07M | 389M | 347.01M | 340.99M | 317.57M | 299.74M | 278.52M |
| G&A Expenses | 67.47M | 1.56B | 63.12M | 64.17M | 63.76M | 48.71M | 77.9M | 55.56M | 53.32M | 44.33M | 46.11M | 44.29M | 44.37M | 41.32M | 34.81M | 36.55M | 37.71M | 33.11M | 32.26M | 31.44M |
| EBITDA | 1.16B | -336.85M | 1B | 951.68M | 878.22M | 765.68M | 731.47M | 635.73M | 692.45M | 646.58M | 591.83M | 586.31M | 558.96M | 525.79M | 529.81M | 523.21M | 504.32M | 481.52M | 476.06M | 457.96M |
| EBITDA Margin % | 34.65% | -10.75% | 38.08% | 37.82% | 36.77% | 34.5% | 36.37% | 35.46% | 37.83% | 37.64% | 36.39% | 37.07% | 36.01% | 34.84% | 36.08% | 37.14% | 36.29% | 37.15% | 38.6% | 40.38% |
| Depreciation & Amortization | 622.75M | 606.88M | 523.67M | 508.35M | 499.64M | 484.62M | 418.99M | 397.06M | 378.96M | 392.28M | 350.04M | 352.07M | 348.82M | 349.38M | 362.51M | 315.75M | 309.26M | 288.21M | 271.73M | 245.08M |
| D&A / Revenue % | 18.58% | 19.36% | 19.93% | 20.2% | 20.92% | 21.84% | 20.83% | 22.15% | 20.7% | 22.83% | 21.52% | 22.26% | 22.47% | 23.15% | 24.69% | 22.42% | 22.25% | 22.24% | 22.03% | 21.61% |
| Operating Income | 538.68M | -943.73M | 476.99M | 443.33M | 378.58M | 281.07M | 312.48M | 238.67M | 313.48M | 254.3M | 241.78M | 234.24M | 210.14M | 176.41M | 167.3M | 207.45M | 195.06M | 193.32M | 204.33M | 212.89M |
| Operating Margin % | 16.07% | -30.11% | 18.15% | 17.62% | 15.85% | 12.67% | 15.54% | 13.31% | 17.12% | 14.8% | 14.86% | 14.81% | 13.54% | 11.69% | 11.39% | 14.73% | 14.04% | 14.92% | 16.57% | 18.77% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | 0.63x | -5.23x | 2.81x | 3.11x | 2.37x | 1.71x | 2.32x | 1.68x | 1.96x | 1.57x | 1.46x | 2.00x | 1.26x | 1.05x | 1.04x | 1.86x | 1.42x | 1.56x | 1.74x | 1.06x |
| Non-Operating Income | 417.99M | 122.54M | 21.83M | 3.96M | 34.91M | 17.36M | -10.43M | 14.81M | 25.26M | 12.26M | 13.02M | -70.44M | 27.73M | 29.23M | 21.38M | -29.62M | 22.65M | 2.72M | -9.35M | 83.7M |
| Pretax Income | 763.96M | 112.78M | 284.52M | 305.67M | 251.75M | 123.87M | 452.09M | 261.77M | 137.82M | 83.67M | 139.31M | 112.01M | 31.68M | -2.29M | 604K | 98.74M | 70.76M | 68.25M | 195.28M | 43.54M |
| Pretax Margin % | 22.79% | 3.6% | 10.83% | 12.15% | 10.54% | 5.58% | 22.48% | 14.6% | 7.53% | 4.87% | 8.56% | 7.08% | 2.04% | -0.15% | 0.04% | 7.01% | 5.09% | 5.27% | 15.83% | 3.84% |
| Income Tax | 11.63M | -4.99M | 2.33M | 1.05M | -5.52M | 114K | -4.71M | 1.1M | 6.19M | -4.77M | 4.58M | 3.5M | 3.04M | -4.09M | 3.26M | 3.06M | 5.01M | 2.05M | 4.94M | -2.22M |
| Effective Tax Rate % | 1.52% | -4.42% | 0.82% | 0.34% | -2.19% | 0.09% | -1.04% | 0.42% | 4.49% | -5.7% | 3.29% | 3.13% | 9.61% | 178.52% | 539.24% | 3.1% | 7.08% | 3.01% | 2.53% | -5.1% |
| Net Income | 752.32M | 96.44M | 280.56M | 301.89M | 257.96M | 119.97M | 449.85M | 254.71M | 127.15M | 83.91M | 127.47M | 103.04M | 25.67M | -3.73M | -6.77M | 89.78M | 61.92M | 58.67M | 179.66M | 26.26M |
| Net Margin % | 22.44% | 3.08% | 10.68% | 12% | 10.8% | 5.41% | 22.37% | 14.21% | 6.95% | 4.88% | 7.84% | 6.51% | 1.65% | -0.25% | -0.46% | 6.37% | 4.46% | 4.53% | 14.57% | 2.32% |
| Net Income Growth % | 191.65% | -19.61% | -37.63% | 18.52% | 102.88% | 42.97% | 252.91% | 147.2% | 395.25% | 2350.83% | 1983.7% | 14.76% | -58.54% | -106.35% | -103.77% | 241.94% | -13.45% | -64.17% | -44.82% | -85.35% |
| Funds From Operations (FFO) | 1.38B | 703.32M | 804.23M | 810.23M | 757.6M | 604.59M | 868.84M | 651.78M | 506.11M | 476.19M | 477.51M | 455.11M | 374.5M | 345.65M | 355.75M | 405.54M | 371.19M | 346.88M | 451.39M | 271.33M |
| FFO Margin % | 41.02% | 22.44% | 30.6% | 32.2% | 31.72% | 27.24% | 43.2% | 36.36% | 27.65% | 27.72% | 29.36% | 28.78% | 24.13% | 22.9% | 24.23% | 28.79% | 26.71% | 26.76% | 36.6% | 23.93% |
| FFO Growth % | 81.51% | 16.33% | -7.44% | 24.31% | 49.69% | 26.96% | 81.95% | 43.21% | 35.14% | 37.76% | 34.23% | 12.23% | 0.89% | -0.35% | -21.19% | 49.46% | 16.1% | -15.31% | -22.63% | -39.42% |
| FFO per Share | 1.89 | 0.99 | 1.17 | 1.21 | 1.16 | 0.95 | 1.41 | 1.08 | 0.88 | 0.86 | 0.91 | 0.91 | 0.76 | 0.72 | 0.77 | 0.89 | 0.83 | 0.79 | 1.05 | 0.65 |
| FFO Payout Ratio % | 37.85% | 72.46% | 61.79% | 54.19% | 57.07% | 69.18% | 47.05% | 56.17% | 69.59% | 71.04% | 66.74% | 66.67% | 80.16% | 86.28% | 79.68% | 68.25% | 73.56% | 76.53% | 57.77% | 93.89% |
| EPS (Diluted) | 0.49 | 0.14 | 0.40 | 0.45 | 0.40 | 0.19 | 0.73 | 0.42 | 0.22 | 0.15 | 0.24 | 0.20 | 0.05 | -0.01 | -0.01 | 0.20 | 0.14 | 0.13 | 0.42 | 0.06 |
| EPS Growth % | 22.5% | -26.32% | -45.21% | 7.14% | 81.82% | 26.67% | 204.17% | 110% | 323.89% | - | 1743.84% | 0% | -62.93% | -105.92% | -103.48% | 230.58% | -17.65% | -66.67% | -45.45% | -85.6% |
| EPS (Basic) | 1.04 | 0.14 | 0.41 | 0.46 | 0.40 | 0.19 | 0.74 | 0.42 | 0.22 | 0.15 | 0.24 | 0.21 | 0.05 | -0.01 | -0.01 | 0.20 | 0.14 | 0.13 | 0.42 | 0.06 |
| Diluted Shares Outstanding | 726.25M | 710.17M | 685.4M | 668.14M | 653.79M | 634.26M | 618.31M | 604.56M | 577.53M | 552.38M | 525.14M | 501.97M | 494.49M | 483.31M | 463.37M | 457.08M | 449.8M | 438.72M | 429.98M | 419.31M |