Company file · WELL

Welltower

United Kingdom was Welltower's fastest-growing region in FY2025, up 148.4%

Revenue rose 35.6% to $10.8B in FY2025, from $8.0B in FY2024. Net income fell 1.1% to $962M. United States was the largest region, at 73% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026) · Data pulled Oct 27, 2026

Key facts

Welltower (NYSE: WELL) closed fiscal 2025 on Dec 31, 2025 with revenue of $10.8B, up 35.6% from a year before; net income came to $962M, down 1.1%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $3.7B, up 38.4% on the same stretch of the prior year, and net income of $415M. Broken down by region, United States led with 73% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).

Revenue$10.8BFY2025 · +35.6% vs FY2024

Net income$962MFY2025 · −1.1% vs FY2024

Operating cash flow$2.9BFY2025 · +27.7% vs FY2024

Cash & equivalents$2.3Bat Sep 30, 2026 · −54.8% vs FY2025 end

Total debt$18.2Bat Sep 30, 2026 · −5.4% vs FY2025 end

Diluted shares680MFY2025 avg · +11.6% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026

How it makes money

By region, FY2025

LineAmountSharevs FY2024
United States$7.9B73%+20.9%
United Kingdom$2.2B20%+148.4%
Canada$734M7%+32.4%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: United States (73%), United Kingdom (20%) and Canada (7%), as shares of total revenue. Total revenue was $10.8B.

By region: three-year mixShare of the total each fiscal year

FY2023

83%9%8%

FY2024

82%11%

FY2025

73%20%

United StatesUnited KingdomCanada

Source: 10-K FY2025

By segment, FY2025

Senior Housing - Operating$8.5B78%+40.7%

Triple Net$1.2B11%+51.8%

Outpatient Medical$782M7%−2.5%

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

How the quarter compared with a year earlier

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

Revenue

$3.7B Q3 2026

$2.7B Q3 2025

38.4% increase

Net income

$415M Q3 2026

$282M Q3 2025

47.0% increase

Source: Welltower 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

By region

United States

$2.3B Q3 2026

$2.0B Q3 2025

10.7% increase

United Kingdom

$1.2B Q3 2026

$448M Q3 2025

158.4% increase

Canada

$295M Q3 2026

$193M Q3 2025

52.6% increase

Source: Welltower 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026

Cash & equivalents $2.3B at Sep 30, 2026, vs $5.0B at FY2025 end.
Total debt $18.2B at Sep 30, 2026, vs $19.2B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.7B vs $2.2B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 35.6% in FY2025 to $10.8B, from $8.0B a year earlier. 10-K, FY2025
Operating cash flow rose 27.7% in FY2025 to $2.9B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $3.7B, up 38.4% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $415M, up 47.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 1.1% in FY2025 to $962M, from $973M. 10-K, FY2025
Diluted shares rose 11.6% in FY2025, which spreads profit across more shares. 10-K, FY2025
Total debt rose 23.9% in FY2025 to $19.2B. 10-K, FY2025
Outpatient Medical revenue fell 2.5% in FY2025 to $782M. 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

Welltower is in the health care REITs industry, part of the real estate sector. The SEC files it under Real Estate Investment Trusts.

Welltower reports 3 segments: Senior Housing - Operating, Triple Net and Outpatient Medical.

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 Welltower’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	$6.6B	$8.0B	$10.8B
Net income	$358M	$973M	$962M
Operating cash flow	$1.6B	$2.3B	$2.9B
Cash & equivalents (year end)	$2.0B	$3.5B	$5.0B
Total debt (year end)	$15.7B	$15.5B	$19.2B
Diluted shares	519M	609M	680M

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: 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

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 27, 2026	Sep 30, 2026
10-Q	Jul 28, 2026	Jun 30, 2026
10-Q	Apr 29, 2026	Mar 31, 2026
DEF 14A	Apr 10, 2026	May 21, 2026
10-K	Feb 12, 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 Welltower

How does Welltower make money?

Fiscal 2025 revenue: $10.8B. By region in FY2025: United States (73%), United Kingdom (20%) and Canada (7%), as shares of total revenue. Total revenue was $10.8B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was Welltower's revenue in fiscal 2025?

$10.8B, up 35.6% from fiscal 2024 ($8.0B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $6.6B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is Welltower profitable?

Net income was $962M in fiscal 2025 (down 1.1%; fiscal 2024 was $973M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $415M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did Welltower report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $3.7B (up 38.4% from $2.7B) and net income $415M (up 47.0% from $282M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.

How much cash and debt does Welltower have?

As of Sep 30, 2026: $2.3B of cash and cash equivalents, $18.2B of total debt. Total debt here is long-term debt, at carrying value. Source: 10-Q filed Oct 27, 2026.

What are the main risks Welltower faces?

Welltower's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 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 Welltower numbers come from?

The 10-K filed Feb 12, 2026 (fiscal 2025) and the 10-Q filed Oct 27, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in WELL: The editor holds no position in Welltower (WELL). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell WELL 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: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WELL, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
WelltowerWELL	FY2025	$10.8B	+35.6%	$962M
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.