Company file · VTR
Ventas
United Kingdom was Ventas' fastest-growing region in FY2025, up 131.7%
Revenue rose 18.5% to $5.8B in FY2025, from $4.9B in FY2024. Net income rose 196.0% to $262M. United States was the largest region, at 89% of revenue.
Key facts
Ventas (NYSE: VTR) reported revenue of $5.8B for fiscal 2025, the year ended Dec 31, 2025, up 18.5% from fiscal 2024. Net income was $262M, up 196.0%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.8B, up 23.0% from the same quarter a year earlier, and net income was $67M. The largest piece by region was United States, at 89% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 6, 2026
Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By region, FY2025
Source: 10-K FY2025, XBRL breakdown
By region in FY2025: United States (89%), Canada (9%) and United Kingdom (1%), as shares of total revenue. Total revenue was $5.8B.
Source: 10-K FY2025
By segment, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Ventas 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 18.5% in FY2025 to $5.8B, from $4.9B a year earlier. 10-K, FY2025
- Net income rose 196.0% in FY2025 to $262M, from $88M. 10-K, FY2025
- Operating cash flow rose 23.8% in FY2025 to $1.6B. 10-K, FY2025
- Total debt fell 3.8% in FY2025 to $13.0B. 10-K, FY2025
The bear case
- Diluted shares rose 11.1% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $67M, down 2.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Triple Net Leased Properties revenue fell 3.3% in FY2025 to $602M. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Ventas is in the health care REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.
Ventas reports 3 segments: Senior Living Operations, Outpatient Medical and Research Portfolio and Triple Net Leased Properties.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the health care REITs industry. They are not a summary of Ventas’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Interest ratesHigher rates raise borrowing costs and can lower property values.
- Occupancy and rentsVacancies, tenant defaults and weaker rents reduce income.
- Property marketsLocal supply, demand and values vary by market and property type.
- Capital and developmentAcquisitions and developments need financing and may not earn what was planned.
- Regulation and taxesProperty, zoning and tax rules, including the rules for REIT status, affect results.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $4.5B | $4.9B | $5.8B |
| Net income | −$30M | $88M | $262M |
| Operating cash flow | $1.1B | $1.3B | $1.6B |
| Cash & equivalents (year end) | $509M | $898M | $741M |
| Total debt (year end) | $13.5B | $13.5B | $13.0B |
| Diluted shares | 406M | 416M | 463M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income including the share that belongs to minority owners of subsidiaries.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Risk factors (Item 1A)
- The cash flow statement
- Debt-to-equity ratio
- Net debt and net cash
- Segment reporting
- Operating income vs. net income
- Cash conversion
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Net income here includes the share that belongs to minority owners of subsidiaries, the figure the company's tagged data carries for the whole business.
- The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 |
| 10-Q | Apr 28, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 1, 2026 | May 13, 2026 |
| 10-K | Feb 6, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Ventas
How does Ventas make money?
Ventas's revenue was $5.8B in fiscal 2025. By region in FY2025: United States (89%), Canada (9%) and United Kingdom (1%), as shares of total revenue. Total revenue was $5.8B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What was Ventas's revenue in fiscal 2025?
$5.8B of revenue for the fiscal year ended Dec 31, 2025, up 18.5% from $4.9B in fiscal 2024. Fiscal 2023 was $4.5B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
Is Ventas profitable?
Ventas reported net income of $262M for fiscal 2025, up 196.0% from $88M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $67M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.
What did Ventas report in its latest quarterly filing?
Revenue was $1.8B in the quarter ended Sep 30, 2026, up 23.0% from $1.5B a year earlier. Net income was $67M, down 2.1% from $69M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
What are the main risks Ventas faces?
Ventas's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 6, 2026. Risks that are common among companies in the health care REITs industry include Interest rates; occupancy and rents; property markets; capital and development; regulation and taxes. The first: Higher rates raise borrowing costs and can lower property values. Source: 10-K, Item 1A Risk Factors.
Where do these Ventas numbers come from?
From Ventas's own SEC filings: the 10-K for fiscal 2025 (filed Feb 6, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Ventas
- Citadel Advisors: 1,434,026 shares, reported value $127.3M at Jun 30, 2026 (+162.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 646,394 shares, reported value $57.4M at Jun 30, 2026 (−83.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 617,761 shares, reported value $54.9M at Jun 30, 2026 (−23.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Point72 Asset Management: 398,597 shares, reported value $35.4M at Jun 30, 2026 (+233.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 96,750 shares, reported value $8.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in VTR
- The editor holds no position in Ventas (VTR). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell VTR from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 6, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold VTR, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| VentasVTR | FY2025 | $5.8B | +18.5% | $262M |
| WelltowerWELL | FY2025 | $10.8B | +35.6% | $962M |
| Healthpeak PropertiesDOC | FY2025 | $2.8B | +4.5% | $71M |
| PrologisPLD | FY2025 | $8.8B | +7.2% | $3.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.