Revenue growth accelerated to 22.0% in 2026Q1, though NOI margins have experienced pressure, declining from a 42.6% peak in 2024Q1 to 39.6% in the most recent quarter.
| 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'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 6.13B | 5.83B | 4.92B | 4.5B | 4.13B | 3.83B | 3.8B | 3.87B | 3.75B | 3.57B | 3.44B | 3.29B | 3.08B | 2.81B | 2.49B | 1.76B | 1.02B | 931.58M | 929.77M | 771.79M | 418.45M | 324.72M | 232.91M | 205M | 196.7M | 204.58M | 242.32M | 233.25M | 149.93M | 3.12B | 2.58B |
| Revenue Growth % | 20.67% | 18.47% | 9.48% | 8.93% | 7.87% | 0.86% | -2% | 3.39% | 4.8% | 3.79% | 4.78% | 6.85% | 9.46% | 13.07% | 40.81% | 73.57% | 9.16% | 0.19% | 20.47% | 84.44% | 28.87% | 39.42% | 13.61% | 4.22% | -3.85% | -15.57% | 3.89% | 55.57% | -95.19% | 20.88% | 10.92% |
| Property Operating Expenses | 6.39B | 6.18B | 2.83B | 2.56B | 2.28B | 2.09B | 1.94B | 1.81B | 1.69B | 1.49B | 1.44B | 1.41B | 1.21B | 1.12B | 979.23M | 678.64M | 325.47M | 302.81M | 306.94M | 198.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | -261.17M | -344.22M | 2.1B | 1.94B | 1.85B | 1.74B | 1.86B | 2.06B | 2.05B | 2.09B | 2B | 1.88B | 1.86B | 1.69B | 1.51B | 1.09B | 691.4M | 628.76M | 622.82M | 573.67M | 418.45M | 324.72M | 232.91M | 205M | 196.7M | 204.58M | 242.32M | 233.25M | 149.93M | 3.12B | 2.58B |
| NOI Margin % | -4.26% | -5.9% | 42.59% | 43.06% | 44.71% | 45.44% | 48.89% | 53.25% | 54.85% | 58.41% | 58.12% | 57.09% | 60.59% | 60.22% | 60.6% | 61.55% | 67.99% | 67.49% | 66.99% | 74.33% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | -1.08B | -1.17B | 1.42B | 1.52B | 1.36B | 1.32B | 1.26B | 1.2B | 1.07B | 1.02B | 1.03B | 1.02B | 948.66M | 837.07M | 824.78M | 365.13M | 265.22M | 244.49M | 274.35M | 246.12M | 154.55M | 100.61M | 68.5M | 66.64M | 69.49M | 63.27M | 64.03M | 100.66M | 37.97M | 2.79B | 2.53B |
| G&A Expenses | 187M | 177.4M | 162.99M | 148.88M | 144.87M | 129.76M | 130.16M | 158.73M | 151.98M | 135.49M | 126.88M | 128.03M | 121.75M | 115.11M | 98.8M | 74.54M | 49.83M | 38.83M | 40.65M | 36.42M | 26.14M | 23.1M | 16.92M | 12.72M | 9.76M | 10.24M | 9.69M | 7.77M | 5.7M | 0 | 1.49B |
| EBITDA | 2.25B | 2.21B | 1.96B | 1.83B | 1.69B | 1.64B | 1.72B | 1.93B | 3.66B | 3.12B | 3B | 1.81B | 1.7B | 1.59B | 1.42B | 510.87M | 266.92M | 415.73M | 381M | 363.82M | 245.07M | 188.22M | 141.44M | 159.19M | 171.07M | 185.09M | 366.12M | 177.93M | 141.01M | 451.07M | 147.54M |
| EBITDA Margin % | 36.74% | 37.81% | 39.89% | 40.7% | 41.04% | 42.75% | 45.37% | 49.74% | 97.74% | 87.27% | 87.1% | 55.19% | 55.4% | 56.54% | 57.07% | 28.94% | 26.25% | 44.63% | 40.98% | 47.14% | 58.57% | 57.96% | 60.73% | 77.65% | 86.97% | 90.47% | 151.09% | 76.29% | 94.05% | 14.48% | 5.72% |
| Depreciation & Amortization | 1.43B | 1.38B | 1.28B | 1.41B | 1.21B | 1.22B | 1.13B | 1.07B | 2.8B | 2.5B | 2.44B | 979.11M | 828.15M | 753.14M | 724.83M | 459.7M | 214.71M | 207.61M | 235.72M | 237.5M | 119.65M | 88M | 54.34M | 39.51M | 41.25M | 40.37M | 43.6M | 42.8M | 29.05M | 123.86M | 99.53M |
| D&A / Revenue % | 23.36% | 23.64% | 26.06% | 31.46% | 29.32% | 31.74% | 29.79% | 27.59% | 74.76% | 69.86% | 70.93% | 29.79% | 26.93% | 26.8% | 29.16% | 26.05% | 21.11% | 22.29% | 25.35% | 30.77% | 28.59% | 27.1% | 23.33% | 19.27% | 20.97% | 19.73% | 17.99% | 18.35% | 19.37% | 3.98% | 3.86% |
| Operating Income | 820.68M | 826.81M | 681.23M | 415.51M | 483.85M | 421.43M | 591.44M | 857.88M | 861.09M | 622.09M | 556.79M | 834.72M | 875.84M | 835.8M | 693.64M | 51.17M | 52.22M | 208.12M | 145.28M | 126.32M | 125.42M | 100.22M | 87.1M | 119.68M | 129.82M | 144.72M | 322.51M | 135.13M | 111.96M | 327.2M | 48.01M |
| Operating Margin % | 13.38% | 14.17% | 13.83% | 9.24% | 11.72% | 11.01% | 15.58% | 22.15% | 22.99% | 17.41% | 16.17% | 25.4% | 28.48% | 29.74% | 27.91% | 2.9% | 5.13% | 22.34% | 15.63% | 16.37% | 29.97% | 30.86% | 37.39% | 58.38% | 66% | 70.74% | 133.09% | 57.94% | 74.68% | 10.5% | 1.86% |
| Interest Expense | 4M | 612.25M | 602.84M | 574.11M | 467.56M | 440.09M | 469.54M | 451.66M | 442.5M | 448.2M | 419.74M | 367.11M | 376.84M | 334.48M | 293.4M | 236.81M | 178.86M | 176.99M | 203.18M | 204.22M | 136.54M | 0 | 0 | 80.2M | 86.17M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.40x | 1.08x | 0.93x | 0.88x | 1.14x | 1.73x | 1.85x | 1.85x | 3.90x | 2.48x | 1.95x | 1.71x | 1.83x | 2.01x | 2.34x | 2.21x | 2.10x | 1.80x | 1.53x | 1.92x | - | - | 1.80x | 1.86x | - | - | - | - | - | - |
| Non-Operating Income | -199.48M | -32.8M | 27.82M | -118.76M | 74.15M | -80.04M | -222.75M | 23.23M | 127.09M | 195.98M | -65.16M | -248.34M | -185.52M | -122.37M | -209.29M | -13.41M | 29.97M | 13.06M | -19.03M | -21.3M | 0 | 0 | 0 | 0 | -30.23M | 0 | 0 | 0 | 0 | 0 | -81.1M |
| Pretax Income | 252.68M | 247.37M | 50.58M | -39.84M | -57.86M | 61.39M | 344.65M | 382.99M | 376.04M | 584.15M | 522.87M | 350.25M | 448.38M | 478.48M | 298.27M | 330.44M | 227.13M | 194.27M | 145.28M | 120.35M | 130.58M | 120.9M | 100.17M | 96.73M | 50.69M | 54.28M | -61.24M | 42.53M | 55.96M | 224.47M | 83.18M |
| Pretax Margin % | 4.12% | 4.24% | 1.03% | -0.89% | -1.4% | 1.6% | 9.08% | 9.89% | 10.04% | 16.34% | 15.18% | 10.66% | 14.58% | 17.03% | 12% | 18.72% | 22.34% | 20.85% | 15.63% | 15.59% | 31.21% | 37.23% | 43.01% | 47.19% | 25.77% | 26.53% | -25.27% | 18.24% | 37.32% | 7.2% | 3.23% |
| Income Tax | -19.53M | -14.15M | -37.77M | -9.54M | -16.93M | 4.83M | -96.53M | -56.31M | -39.95M | -59.8M | -31.34M | -39.28M | -8.73M | -11.83M | -6.28M | -31.14M | 5.2M | -1.72M | -15.88M | -28.04M | 132.47M | 93.53M | 43.52M | -22.91M | -2.2M | 2.69M | 243.75M | 91.3M | 21.15M | 89.34M | 35.17M |
| Effective Tax Rate % | -7.73% | -5.72% | -74.69% | 23.95% | 29.25% | 7.86% | -28.01% | -14.7% | -10.62% | -10.24% | -5.99% | -11.22% | -1.95% | -2.47% | -2.11% | -9.42% | 2.29% | -0.88% | -10.93% | -23.3% | 101.44% | 77.36% | 43.44% | -23.68% | -4.34% | 4.95% | -397.98% | 214.64% | 37.8% | 39.8% | 42.29% |
| Net Income | 260.43M | 251.38M | 81.15M | -40.97M | -47.45M | 49.01M | 439.15M | 433.02M | 409.47M | 1.36B | 649.23M | 417.84M | 475.77M | 453.51M | 362.8M | 364.49M | 246.17M | 266.5M | 226.29M | 282.32M | 131.43M | 130.58M | 120.9M | 162.75M | 65.71M | 50.57M | -65.45M | 42.53M | 26.76M | 130.93M | 48.01M |
| Net Margin % | 4.25% | 4.31% | 1.65% | -0.91% | -1.15% | 1.28% | 11.57% | 11.18% | 10.93% | 37.95% | 18.85% | 12.71% | 15.47% | 16.14% | 14.6% | 20.65% | 24.21% | 28.61% | 24.34% | 36.58% | 31.41% | 40.21% | 51.91% | 79.39% | 33.4% | 24.72% | -27.01% | 18.24% | 17.85% | 4.2% | 1.86% |
| Net Income Growth % | 82.97% | 209.76% | 298.06% | 13.64% | -196.81% | -88.84% | 1.42% | 5.75% | -69.81% | 108.93% | 55.38% | -12.17% | 4.91% | 25% | -0.46% | 48.07% | -7.63% | 17.77% | -19.85% | 114.8% | 0.65% | 8.01% | -25.72% | 147.7% | 29.94% | 177.26% | -253.88% | 58.96% | -79.56% | 172.75% | 422.42% |
| Funds From Operations (FFO) | 1.69B | 1.63B | 1.36B | 1.37B | 1.16B | 1.26B | 1.57B | 1.5B | 3.21B | 3.85B | 3.09B | 1.4B | 1.3B | 1.21B | 1.09B | 824.2M | 460.87M | 474.11M | 462.01M | 519.82M | 251.08M | 218.59M | 175.24M | 202.26M | 106.95M | 90.93M | -21.85M | 85.34M | 55.81M | 254.8M | 147.54M |
| FFO Margin % | 27.61% | 27.95% | 27.71% | 30.55% | 28.17% | 33.02% | 41.36% | 38.77% | 85.69% | 107.82% | 89.79% | 42.51% | 42.39% | 42.94% | 43.76% | 46.7% | 45.32% | 50.89% | 49.69% | 67.35% | 60% | 67.32% | 75.24% | 98.66% | 54.37% | 44.45% | -9.02% | 36.59% | 37.22% | 8.18% | 5.72% |
| FFO Growth % | 77.64% | 19.5% | -0.69% | 18.1% | -7.97% | -19.46% | 4.53% | -53.22% | -16.71% | 24.63% | 121.33% | 7.13% | 8.06% | 10.94% | 31.96% | 78.83% | -2.79% | 2.62% | -11.12% | 107.03% | 14.87% | 24.73% | -13.36% | 89.11% | 17.62% | 516.18% | -125.6% | 52.92% | -78.1% | 72.7% | 97.8% |
| FFO per Share | 3.48 | 3.52 | 3.28 | 3.39 | 3.12 | 3.27 | 4.17 | 4.06 | 8.93 | 10.75 | 8.87 | 4.18 | 4.40 | 4.09 | 3.69 | 3.57 | 2.92 | 3.10 | 3.30 | 4.23 | 2.40 | 2.28 | 2.08 | 2.53 | 1.52 | 1.31 | -0.32 | 1.26 | 0.81 | 3.62 | 2.09 |
| FFO Payout Ratio % | 39.04% | 52.75% | 54.26% | 52.66% | 61.92% | 54.34% | 59.17% | 77.1% | 35.12% | 21.47% | 33.15% | 71.83% | 67.15% | 66.48% | 66.98% | 63.22% | 72.92% | 68.4% | 65.93% | 54.39% | 63.96% | 57.57% | 59.08% | 39.67% | 46.87% | 71.78% | -194.21% | 31.04% | 0% | 0% | 0% |
| EPS (Diluted) | 0.54 | 0.54 | 0.19 | -0.10 | -0.13 | 0.13 | 1.17 | 1.17 | 1.14 | 3.78 | 1.86 | 1.25 | 1.60 | 1.54 | 1.23 | 1.58 | 1.56 | 1.74 | 1.62 | 2.25 | 1.25 | 1.36 | 1.43 | 2.03 | 0.93 | 0.73 | -0.96 | 0.63 | 0.39 | 1.86 | 0.68 |
| EPS Growth % | 65.17% | 184.21% | 290% | 23.08% | -200% | -88.89% | 0% | 2.63% | -69.84% | 103.23% | 48.8% | -21.88% | 3.9% | 25.2% | -22.15% | 1.28% | -10.34% | 7.41% | -28% | 80% | -8.09% | -4.9% | -29.56% | 118.28% | 27.4% | 176.04% | -252.38% | 61.54% | -79.03% | 173.53% | 423.81% |
| EPS (Basic) | - | 0.55 | 0.20 | -0.10 | -0.13 | 0.13 | 1.18 | 1.18 | 1.15 | 3.82 | 1.88 | 1.26 | 1.62 | 1.55 | 1.24 | 1.60 | 1.57 | 1.75 | 1.62 | 2.26 | 1.26 | 1.37 | 1.45 | 2.05 | 0.95 | 0.74 | -0.96 | 0.63 | 0.39 | 1.90 | 0.68 |
| Diluted Shares Outstanding | 486.71M | 462.62M | 416.37M | 405.67M | 373.37M | 386.3M | 376.5M | 369.89M | 359.3M | 358.57M | 348.39M | 334.01M | 296.68M | 295.11M | 294.49M | 230.79M | 157.66M | 152.76M | 139.91M | 123.01M | 104.73M | 95.78M | 84.35M | 80.09M | 70.29M | 69.36M | 68.13M | 67.99M | 68.61M | 70.36M | 70.7M |
SHOP segment operational volatility
According to the provided quarterly data, Ventas achieved a 22.0% year-over-year revenue growth in 2026Q1, signaling a robust acceleration from the 10.7% growth observed in 2023Q4, largely supported by the operational recovery within the Senior Housing Operating Portfolio segment across its core high-barrier coastal markets.
The consistent double-digit revenue growth suggests that the company is successfully capturing increased demand in its senior housing assets. This trajectory appears to be driven by both occupancy gains and pricing power, though investors should monitor whether this momentum can be sustained without further margin compression from rising labor costs.
As reported in financial statements, FFO per share reached $0.90 in 2026Q1, representing a 16.7% increase from the prior year, which highlights the divergence between cash-generative performance and GAAP net income, the latter of which remains heavily impacted by non-cash depreciation charges inherent to the REIT structure.
The steady climb in FFO per share suggests that the underlying business is generating sufficient cash flow to support dividend obligations and potential reinvestment. The disconnect between GAAP net income and FFO underscores the necessity of focusing on operational cash metrics rather than accounting earnings when evaluating the company's true dividend safety.
Based on Ventas's reported figures, the NOI margin fluctuated to 39.6% in 2026Q1, down from the 42.6% peak seen in 2024Q1, reflecting the inherent operational leverage and cost pressures associated with managing the variable-cost structure of the Senior Housing Operating Portfolio segment during periods of labor market tightness.
The contraction in NOI margins suggests that while revenue is growing, the cost of delivering care is rising at a faster pace, likely due to wage inflation or agency staffing requirements. This trend warrants further investigation into whether management can implement sufficient operational efficiencies to stabilize margins as occupancy levels continue to normalize.
Data from 2025Q4 reveals a significant negative NOI of -$2.1B, which appears to be an accounting anomaly or a one-time impairment charge that obscures the underlying property-level profitability, necessitating a cautious approach when interpreting the company's long-term margin trends and overall cash flow stability.
This extreme volatility in reported NOI suggests that investors must look past headline figures to understand the recurring cash-generating capacity of the portfolio. Such distortions may indicate that the company's reported GAAP metrics are not reflective of the actual economic performance of its healthcare real estate assets.
Quick answers to the most common questions about buying VTR stock.
For fiscal year 2025, Ventas, Inc. (VTR) reported total revenue of $5.83B. This represents a 126.3% increase compared to $2.58B in 1996.
Ventas, Inc. (VTR) is profitable, generating $251.4M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
Ventas, Inc. (VTR) reported an operating income of $826.8M, resulting in an operating profit margin of 14.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ventas, Inc. (VTR) generated $-344.2M in gross profit for the year, representing a gross profit margin of -5.9%. This demonstrates the company's core pricing power and production efficiency.