Revenue growth decelerated to -11.6% YoY in 2026Q2, while operating margin improved to 11.9% and net income turned positive at $23.3M, but trailing twelve-month net margin remains -8.4%.
Brookdale Senior Living Inc. (BKD) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 |
|---|
| Sales/Revenue | 2.95B | 3.12B | 2.98B | 2.87B | 2.74B | 2.75B | 3.02B | 4.06B | 3.52B | 3.86B | 4.24B | 4.24B | 3.34B | 2.55B | 2.44B | 2.46B | 2.21B | 2.02B | 1.93B | 1.84B | 1.31B | 213.05M | 660.87M | 222.58M | 123.94M |
| Revenue Growth % | -5.4% | 4.77% | 4.02% | 4.46% | -0.04% | -9.17% | -25.48% | 15.22% | -8.68% | -9.04% | 0.05% | 26.73% | 31.32% | 4.19% | -0.58% | 11.05% | 9.4% | 4.93% | 4.83% | 40.41% | 514.85% | -67.76% | 196.91% | 79.6% | - |
| Cost of Goods Sold | 2.02B | 2.48B | 2.18B | 2.12B | 2.23B | 2.26B | 2.32B | 3.18B | 2.45B | 2.6B | 2.8B | 2.79B | 2.21B | 1.67B | 1.63B | 1.51B | 1.44B | 1.3B | 1.26B | 1.17B | 819.8M | 493.89M | 769.66M | 0 | 0 |
| COGS % of Revenue | - | 79.36% | 72.93% | 74.03% | 81.28% | 82.21% | 76.83% | 78.39% | 69.67% | 67.48% | 66.03% | 65.82% | 66.11% | 65.67% | 66.74% | 61.38% | 64.97% | 64.37% | 65.18% | 63.66% | 62.58% | 231.82% | 116.46% | - | - |
| Gross Profit | 222.35M | 645.02M | 807.43M | 744.71M | 513.94M | 488.58M | 700.64M | 876.54M | 1.07B | 1.25B | 1.44B | 1.45B | 1.13B | 874.21M | 812.8M | 949.35M | 775.33M | 720.79M | 671.27M | 668.36M | 490.11M | 296.69M | 660.87M | 222.58M | 123.94M |
| Gross Margin % | 7.54% | 20.64% | 27.07% | 25.97% | 18.72% | 17.79% | 23.18% | 21.61% | 30.33% | 32.52% | 33.97% | 34.18% | 33.89% | 34.33% | 33.26% | 38.62% | 35.03% | 35.63% | 34.82% | 36.34% | 37.42% | 139.26% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -20.11% | 8.42% | 44.9% | 5.19% | -30.27% | -20.07% | -17.92% | -14.83% | -12.93% | -0.58% | 27.82% | 29.62% | 7.56% | -14.38% | 22.44% | 7.57% | 7.38% | 0.44% | 36.37% | 65.19% | -55.11% | 196.91% | 79.6% | - |
| Operating Expenses | 558.97M | 627.86M | 760.9M | 726.3M | 556.63M | 705.52M | 798.33M | 921.04M | 1.66B | 1.52B | 1.47B | 1.61B | 1.22B | 742.92M | 734.98M | 844.26M | 696.26M | 680.94M | 911.42M | 709.57M | 534.8M | 320.92M | 611.11M | 202.34M | 124.23M |
| OpEx % of Revenue | - | 20.09% | 25.51% | 25.33% | 20.28% | 25.69% | 26.41% | 22.7% | 47.2% | 39.52% | 34.7% | 38.08% | 36.43% | 29.18% | 30.08% | 34.35% | 31.46% | 33.66% | 47.27% | 38.58% | 40.83% | 150.63% | 92.47% | 90.91% | 100.24% |
| Selling, General & Admin | 130.43M | 349.89M | 386.63M | 384.52M | 333.89M | 359.27M | 449.85M | 488.95M | 562.77M | 617.74M | 636.84M | 629.61M | 524.65M | 446.78M | 439.35M | 423.19M | 402.61M | 406.96M | 415.19M | 409.64M | 346.68M | 271.04M | 43.64M | 16M | 12.14M |
| SG&A % of Revenue | - | 11.2% | 12.96% | 13.41% | 12.16% | 13.08% | 14.88% | 12.05% | 15.98% | 16.02% | 15.02% | 14.86% | 15.69% | 17.55% | 17.98% | 17.22% | 18.19% | 20.12% | 21.53% | 22.27% | 26.47% | 127.22% | 6.6% | 7.19% | 9.79% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 277.97M | 374.27M | 341.78M | 222.74M | 346.25M | 348.48M | 432.09M | 1.1B | 906.13M | 834.22M | 984.05M | 693.43M | 296.15M | 0 | 421.07M | 293.65M | 273.98M | 496.23M | 299.93M | 188.13M | 49.88M | 567.47M | 186.34M | 112.09M |
| Operating Income | 207.95M | 17.17M | 46.53M | 18.41M | -42.69M | -216.94M | -97.69M | -44.5M | -594.25M | -270.05M | -31.08M | -165.21M | -84.91M | 131.29M | 121.17M | 90.18M | 79.07M | 39.85M | -240.14M | -22.21M | -44.69M | 49.76M | -37.64M | 20.24M | -298K |
| Operating Margin % | 7.05% | 0.55% | 1.56% | 0.64% | -1.56% | -7.9% | -3.23% | -1.1% | -16.88% | -7% | -0.73% | -3.9% | -2.54% | 5.16% | 4.96% | 3.67% | 3.57% | 1.97% | -12.46% | -1.21% | -3.41% | 23.36% | -5.7% | 9.1% | -0.24% |
| Operating Income Growth % | - | -63.1% | 152.7% | 143.13% | 80.32% | -122.06% | -119.54% | 92.51% | -120.06% | -768.79% | 81.19% | -94.58% | -164.67% | 8.35% | 34.36% | 14.05% | 98.4% | 116.6% | -981.38% | 50.31% | -189.82% | 232.19% | -285.94% | 6893.29% | - |
| EBITDA | 513.85M | 387.47M | 414.04M | 368.82M | 311.2M | 128.13M | 267.96M | 339.2M | -138.63M | 224.71M | 498.72M | 560.8M | 448.69M | 400.05M | 373.45M | 358.69M | 380.37M | 311.79M | 36.06M | 284.78M | 148.5M | 68.78M | 41.85M | 42.72M | 10.93M |
| EBITDA Margin % | 17.42% | 12.4% | 13.88% | 12.86% | 11.34% | 4.67% | 8.86% | 8.36% | -3.94% | 5.83% | 11.76% | 13.23% | 13.42% | 15.71% | 15.28% | 14.59% | 17.19% | 15.41% | 1.87% | 15.48% | 11.34% | 32.28% | 6.33% | 19.19% | 8.82% |
| EBITDA Growth % | 37.18% | -6.42% | 12.26% | 18.51% | 142.89% | -52.19% | -21% | 344.68% | -161.69% | -54.94% | -11.07% | 24.99% | 12.16% | 7.12% | 4.12% | -5.7% | 22% | 764.66% | -87.34% | 91.78% | 115.9% | 64.33% | -2.03% | 290.82% | - |
| D&A (Non-Cash Add-back) | 305.9M | 370.3M | 367.51M | 350.41M | 353.89M | 345.06M | 365.65M | 383.7M | 455.62M | 494.76M | 529.8M | 726.01M | 533.59M | 268.76M | 252.28M | 268.51M | 301.3M | 271.94M | 276.2M | 306.99M | 193.19M | 19.02M | 79.5M | 22.48M | 11.23M |
| EBIT | 54.95M | -11.59M | 63.02M | 26.58M | -33.97M | 80.16M | -102.54M | -22.42M | 57.65M | 154.01M | 282.74M | 85.68M | 71.49M | 158.68M | 121.17M | 119.48M | 65.39M | 29.69M | 8.98M | -22.21M | -26.59M | -9.26M | -37.64M | 20.24M | -298K |
| Net Interest Income | -64.66M | -240.73M | -224.12M | -208.58M | -199M | -186.34M | -203.98M | -238.48M | -270.42M | -321.53M | -382.68M | -387.16M | -246.84M | -136.06M | -142.77M | 3.54M | -143.48M | 2.35M | -217.62M | 7.52M | 6.81M | 1.59M | 2.15M | 0 | 0 |
| Interest Income | 14.4M | 12.38M | 19.16M | 23.15M | 6.93M | 1.35M | 4.8M | 9.86M | 9.85M | 4.62M | 2.93M | 1.6M | 1.34M | 1.34M | 4.01M | 3.54M | 2.24M | 2.35M | 7.62M | 7.52M | 6.81M | 637K | 2.15M | 0 | 0 |
| Interest Expense | 74.65M | 253.11M | 243.29M | 231.72M | 205.93M | 187.69M | 208.78M | 248.34M | 280.27M | 326.15M | 385.62M | 388.76M | 248.19M | 137.4M | 146.78M | 0 | 145.72M | 0 | 225.24M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -186.62M | -281.86M | -243.88M | -198.7M | -197.21M | 109.41M | 184.99M | -226.26M | 16.44M | -318.08M | -368.18M | -385.16M | -245.83M | -133.12M | -186.12M | -156.01M | -159.4M | -139.03M | -444.65M | -222.43M | -101.21M | -2.91M | -59.81M | -22.75M | 10.99M |
| Pretax Income | -36.81M | -264.7M | -197.35M | -180.29M | -239.9M | -107.53M | 87.3M | -270.76M | -577.81M | -588.12M | -399.26M | -550.36M | -330.73M | -1.83M | -64.95M | -65.83M | -80.33M | -99.18M | -459.97M | -263.63M | -145.91M | -67.53M | -10.06M | -2.51M | 10.69M |
| Pretax Margin % | -1.25% | -8.47% | -6.62% | -6.29% | -8.74% | -3.92% | 2.89% | -6.67% | -16.41% | -15.25% | -9.42% | -12.99% | -9.89% | -0.07% | -2.66% | -2.68% | -3.63% | -4.9% | -23.86% | -14.33% | -11.14% | -31.7% | -1.52% | -1.13% | 8.63% |
| Income Tax | 7.12M | -1.95M | 4.65M | 8.78M | -1.56M | -8.16M | 5.35M | -2.27M | -49.46M | -16.52M | 5.38M | -92.21M | -181.31M | 1.76M | 2.04M | 2.34M | -31.43M | -32.93M | -86.73M | -101.26M | -38.49M | 150K | 3.92M | 139K | 4.5M |
| Effective Tax Rate % | -19.34% | 0.74% | -2.35% | -4.87% | 0.65% | 7.59% | 6.13% | 0.84% | 8.56% | 2.81% | -1.35% | 16.75% | 54.82% | -96.06% | -3.15% | -3.55% | 39.13% | 33.2% | 18.86% | 38.41% | 26.38% | -0.22% | -38.99% | -5.54% | 42.12% |
| Net Income | -37.49M | -262.69M | -201.94M | -189.01M | -238.43M | -99.29M | 82.02M | -267.93M | -528.26M | -571.42M | -404.4M | -457.48M | -148.99M | -3.58M | -65.64M | -68.17M | -48.9M | -66.25M | -373.24M | -161.98M | -108.09M | -67.43M | -9.79M | -8.96M | 3.41M |
| Net Margin % | -1.27% | -8.41% | -6.77% | -6.59% | -8.69% | -3.62% | 2.71% | -6.6% | -15% | -14.82% | -9.54% | -10.8% | -4.46% | -0.14% | -2.69% | -2.77% | -2.21% | -3.28% | -19.36% | -8.81% | -8.25% | -31.65% | -1.48% | -4.03% | 2.75% |
| Net Income Growth % | 87.77% | -30.09% | -6.84% | 20.73% | -140.13% | -221.06% | 130.61% | 49.28% | 7.55% | -41.3% | 11.6% | -207.05% | -4057.09% | 94.54% | 3.71% | -39.41% | 26.19% | 82.25% | -130.43% | -49.86% | -60.29% | -588.51% | -9.27% | -362.92% | - |
| Net Income (Continuing) | -37.53M | -262.75M | -201.99M | -189.07M | -238.34M | -99.36M | 81.94M | -268.49M | -528.35M | -571.61M | -404.64M | -458.15M | -149.43M | -3.58M | -65.64M | -68.17M | -48.9M | -66.25M | -373.24M | -161.98M | -107.42M | -24.46M | -9.43M | -1.36M | 3.41M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.73M | 0 | 0 |
| Minority Interest | 1.34M | 1.38M | 1.43M | 1.49M | 1.55M | 2.22M | 2.29M | 2.37M | -490K | -437K | -250K | -161K | 517K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.6M | 36K | 31.4M | 155.58M | 0 |
| EPS (Diluted) | -0.16 | -1.11 | -0.89 | -0.84 | -1.25 | -0.54 | 0.44 | -1.44 | -2.82 | -3.07 | -2.18 | -2.48 | -1.01 | -0.03 | -0.54 | -0.56 | -0.41 | -0.60 | -3.67 | -1.60 | -1.34 | -1.11 | -0.51 | -0.15 | 0.06 |
| EPS Growth % | 87.87% | -24.72% | -5.95% | 32.8% | -131.48% | -222.73% | 130.56% | 48.94% | 8.14% | -40.83% | 12.1% | -145.54% | -3382.76% | 94.63% | 3.57% | -36.59% | 31.67% | 83.65% | -129.38% | -19.4% | -20.72% | -117.65% | -240% | -367.86% | - |
| EPS (Basic) | - | -1.11 | -0.89 | -0.84 | -1.25 | -0.54 | 0.45 | -1.44 | -2.82 | -3.07 | -2.18 | -2.48 | -1.01 | -0.03 | -0.54 | -0.56 | -0.41 | -0.60 | -3.67 | -1.60 | -1.34 | -1.79 | -0.51 | -0.15 | 0.06 |
| Diluted Shares Outstanding | 239.14M | 234.33M | 227.53M | 225.21M | 190.46M | 184.97M | 184.39M | 185.91M | 187.47M | 186.16M | 185.65M | 184.33M | 148.19M | 123.67M | 121.99M | 121.16M | 120.01M | 111.29M | 101.67M | 101.51M | 80.84M | 60.88M | 19.2M | 60.88M | 60.88M |
| Basic Shares Outstanding | 239.14M | 234.33M | 227.53M | 225.21M | 190.46M | 184.97M | 183.5M | 185.91M | 187.33M | 186.16M | 185.65M | 184.33M | 148.19M | 123.67M | 121.99M | 121.16M | 120.01M | 111.29M | 101.67M | 101.51M | 80.84M | 37.64M | 19.2M | 60.88M | 60.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BKD stock.
For fiscal year 2025, Brookdale Senior Living Inc. (BKD) reported total revenue of $3.12B. This represents a 2421.4% increase compared to $123.9M in 2001.
Brookdale Senior Living Inc. (BKD) reported a net loss of $262.7M for the fiscal year ending 2025.
Brookdale Senior Living Inc. (BKD) reported an operating income of $17.2M, resulting in an operating profit margin of 0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookdale Senior Living Inc. (BKD) generated $645.0M in gross profit for the year, representing a gross profit margin of 20.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative net margins
Metrics are mathematically derived from official filings.
Revenue Growth Stalls Amid Portfolio Shifts
Brookdale's revenue growth decelerated sharply to -11.6% YoY in 2026Q2, following a 4.8% increase in the prior year, suggesting portfolio optimization may be shrinking the top line.
The latest quarter's revenue of $718.6M represents a notable decline from the $812.9M reported in 2025Q2, indicating that divestitures or occupancy challenges are outweighing rate increases. While the company has been executing on portfolio optimization, the resulting revenue contraction may signal a strategic pivot toward profitability over scale. Investors should monitor whether this trend stabilizes as the portfolio becomes more focused.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 27.4% in 2025Q3 to -1.2% in 2025Q4, then recovered to 3.3% in 2026Q1, reflecting erratic cost recognition and persistent labor cost pressures.
The dramatic fluctuations in gross margin, including a negative print in 2025Q4, suggest that the company's cost structure is highly sensitive to one-time items or accounting adjustments, possibly related to lease or labor costs. The recent 3.3% gross margin in 2026Q1 is far below the 27-29% levels seen in early 2025, implying that the underlying cost environment has deteriorated. This volatility complicates the assessment of Brookdale's true pricing power and cost control.
Operating Leverage Remains Elusive
Despite revenue of $718.6M in 2026Q2, operating income of $85.2M (11.9% margin) appears to benefit from a low SG&A base, yet net income of $23.3M is the first positive quarter in the series.
The 2026Q2 operating margin of 11.9% is a significant improvement from the negative margins seen in 2025Q3, but this may be driven by cost reductions rather than scalable revenue growth. The SG&A of $47.1M in 2026Q2 is roughly half of the $99-107M range seen in 2025, suggesting aggressive overhead cuts. However, the sustainability of this leverage is questionable given the revenue decline and the need for continued investment in labor and facilities.
Earnings Quality Clouded by Non-Cash Items
Brookdale's net income turned positive at $23.3M in 2026Q2, but the trailing twelve-month net margin remains deeply negative at -8.4%, indicating that one-time gains or tax benefits may have driven the quarter.
The positive EPS of $0.10 in 2026Q2 contrasts sharply with the losses in prior quarters, and the absence of a clear explanation in the data suggests that non-operating items could be at play. The persistent negative net margins over the past year, despite revenue above $700M, highlight the company's struggle to achieve sustainable profitability. Investors should scrutinize the composition of net income to determine if this is a genuine inflection or a temporary reprieve.
Labor and Lease Costs Dominate Cost Structure
With gross margins averaging around 26% in 2025 but collapsing to near zero in late 2025 and early 2026, Brookdale's cost structure appears heavily burdened by labor and lease expenses.
The data shows that COGS, which likely includes labor and facility costs, has been volatile, with a spike in 2025Q4 that drove gross profit negative. This suggests that the company faces significant fixed costs that cannot be easily adjusted when revenue softens. The reliance on contract labor and triple-net leases, as noted in the company intelligence, likely contributes to this rigidity, making margin recovery dependent on occupancy gains and rate increases.
2025Q3 Marks a Turning Point in Cost Pressures
The 2025Q3 quarter saw a dramatic shift to a -14.7% net margin and -6.9% operating margin, coinciding with a spike in COGS to $565.0M, signaling a structural cost inflection.
Prior to 2025Q3, Brookdale's gross margins were relatively stable in the 26-29% range, but the subsequent quarters show a breakdown in that stability, with gross margins falling to -1.2% and 3.3%. This inflection appears to be driven by a combination of wage inflation and occupancy softness, which may have been exacerbated by the company's portfolio actions. The lasting impact is that Brookdale's cost structure may have permanently shifted, requiring a higher occupancy threshold to achieve breakeven.
What Could Invalidate the Base Case
The recent positive net income in 2026Q2 may be a one-off, as the trailing twelve-month net margin remains -8.4%, and revenue is declining, suggesting the turnaround is not yet durable.
Short-sellers could argue that the 2026Q2 profitability is unsustainable, given the sharp revenue decline and the reliance on cost cuts rather than organic growth. The gross margin volatility, including a negative quarter in 2025Q4, indicates that the cost structure is fragile and could easily revert to losses if labor costs rise or occupancy stalls. Additionally, the company's high leverage and negative ROE of -308.1% suggest that the balance sheet remains a significant risk, potentially forcing asset sales or dilutive financing that could impair shareholder value.