Welltower achieved a 40.3% year-over-year revenue increase in 2026Q1 while maintaining stable NOI margins between 36.5% and 40.1% over the last ten quarters.
| 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 | 11.63B | 10.67B | 7.85B | 6.48B | 5.78B | 4.71B | 4.59B | 5.1B | 4.67B | 4.3B | 4.25B | 3.84B | 3.34B | 2.88B | 1.8B | 1.3B | 571.33M | 523.29M | 526.41M | 429.49M | 288.24M | 281.85M | 226.09M | 170.14M | 130.45M | 107.78M | 117.1M | 129.4M | 98M | 73.3M | 54.4M |
| Revenue Growth % | 38.27% | 35.82% | 21.23% | 12.16% | 22.65% | 2.68% | -10.08% | 9.19% | 8.65% | 1.12% | 10.68% | 15.15% | 15.96% | 59.83% | 38.24% | 127.87% | 9.18% | -0.59% | 22.57% | 49% | 2.27% | 24.66% | 32.89% | 30.43% | 21.04% | -7.96% | -9.51% | 32.04% | 33.7% | 34.74% | 756.48% |
| Property Operating Expenses | 7.08B | 6.49B | 4.83B | 3.95B | 3.56B | 2.77B | 2.6B | 2.69B | 2.43B | 2.08B | 1.88B | 1.62B | 1.4B | 1.21B | 567.99M | 375.06M | 77.79M | 42.5M | 42.63M | 33.41M | 1.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 4.55B | 4.18B | 3.02B | 2.53B | 2.22B | 1.93B | 1.99B | 2.41B | 2.24B | 2.22B | 2.37B | 2.22B | 1.93B | 1.67B | 1.23B | 926.82M | 493.54M | 480.79M | 483.77M | 396.08M | 287.2M | 281.85M | 226.09M | 170.14M | 130.45M | 107.78M | 117.1M | 129.4M | 98M | 73.3M | 54.4M |
| NOI Margin % | 39.12% | 39.18% | 38.5% | 39.06% | 38.39% | 41.09% | 43.36% | 47.26% | 47.91% | 51.53% | 55.85% | 57.77% | 57.93% | 58.05% | 68.44% | 71.19% | 86.38% | 91.88% | 91.9% | 92.22% | 99.64% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 4.03B | 3.82B | 1.88B | 1.59B | 1.47B | 1.17B | 1.26B | 1.17B | 1.08B | 1.11B | 1.07B | 973.66M | 987.07M | 976.23M | 630.57M | 465.69M | 249.47M | 213.64M | 191.65M | 161.7M | 108.75M | 101.16M | 94.53M | 58.79M | 43.05M | 32.1M | -22.35M | -18.8M | -11M | -6M | 9.09M |
| G&A Expenses | 1.75B | 1.75B | 235.49M | 179.09M | 150.39M | 126.73M | 128.39M | 126.55M | 126.38M | 122.01M | 155.24M | 147.42M | 142.94M | 108.32M | 97.34M | 77.2M | 54.63M | 49.69M | 47.19M | 37.47M | 25.92M | 17.25M | 16.59M | 11.48M | 9.66M | 8.08M | 7.41M | 7.4M | 6.1M | 4.9M | 0 |
| EBITDA | 2.78B | 2.49B | 2.83B | 2.38B | 2.08B | 1.82B | 1.78B | 2.28B | 2.13B | 2.05B | 2.22B | 2.08B | 1.8B | 1.58B | 1.15B | 899.08M | 460.92M | 447.48M | 470.01M | 393.07M | 279.11M | 270.49M | 288.09M | 168.18M | 131.68M | 109.12M | 164.66M | 168.3M | 120.6M | 85.6M | 47.77M |
| EBITDA Margin % | 23.88% | 23.38% | 35.97% | 36.8% | 36.06% | 38.57% | 38.75% | 44.73% | 45.63% | 47.62% | 52.17% | 54.16% | 53.87% | 54.79% | 63.91% | 69.06% | 80.68% | 85.51% | 89.29% | 91.52% | 96.83% | 95.97% | 127.42% | 98.85% | 100.94% | 101.25% | 140.62% | 130.06% | 123.06% | 116.78% | 87.81% |
| Depreciation & Amortization | 2.26B | 2.14B | 1.68B | 1.44B | 1.34B | 1.05B | 1.05B | 1.04B | 970.07M | 938.6M | 910.39M | 835.25M | 851.84M | 882.52M | 548.93M | 437.95M | 216.86M | 180.34M | 177.88M | 158.69M | 100.65M | 89.8M | 156.52M | 56.83M | 44.28M | 33.44M | 25.22M | 20.1M | 11.6M | 6.3M | 2.46M |
| D&A / Revenue % | 19.45% | 20.05% | 21.39% | 22.28% | 23.15% | 22.36% | 22.89% | 20.45% | 20.77% | 21.83% | 21.41% | 21.74% | 25.54% | 30.68% | 30.5% | 33.64% | 37.96% | 34.46% | 33.79% | 36.95% | 34.92% | 31.86% | 69.23% | 33.4% | 33.94% | 31.03% | 21.53% | 15.53% | 11.84% | 8.59% | 4.52% |
| Operating Income | 515.28M | 355.17M | 1.15B | 940.45M | 746.22M | 763.36M | 727.45M | 1.24B | 1.16B | 1.11B | 1.31B | 1.25B | 945.24M | 693.5M | 601.22M | 461.13M | 244.06M | 267.14M | 292.12M | 234.38M | 178.45M | 180.69M | 131.57M | 111.35M | 87.4M | 75.68M | 139.45M | 148.2M | 109M | 79.3M | 45.31M |
| Operating Margin % | 4.43% | 3.33% | 14.59% | 14.52% | 12.92% | 16.21% | 15.86% | 24.27% | 24.86% | 25.78% | 30.76% | 32.42% | 28.34% | 24.11% | 33.41% | 35.42% | 42.72% | 51.05% | 55.49% | 54.57% | 61.91% | 64.11% | 58.19% | 65.45% | 67% | 70.22% | 119.08% | 114.53% | 111.22% | 108.19% | 83.29% |
| Interest Expense | 4M | 651.96M | 574.26M | 607.85M | 529.52M | 489.85M | 514.39M | 555.56M | 526.59M | 484.62M | 521.35M | 492.17M | 481.04M | 458.36M | 361.56M | 290.98M | 133.98M | 96.86M | 130.15M | 131.27M | 88.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.26x | 1.91x | 1.58x | 1.33x | 1.35x | 0.94x | 1.98x | 1.80x | 1.62x | 2.36x | 2.29x | 1.80x | 1.22x | 1.51x | 1.39x | 1.27x | 2.50x | 2.08x | 1.79x | 2.02x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 566.32M | 183.24M | 46.99M | -17.44M | 43.64M | 102.75M | 244.61M | 139.6M | 211.15M | 324.25M | 77.23M | 116.92M | 79.99M | 132.9M | 53.74M | 57.95M | 73.59M | 25.11M | 21.3M | -1.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 1.47B | 954.72M | 975.56M | 364.5M | 167.81M | 383.19M | 1.05B | 1.33B | 838.42M | 216.49M | 698.9M | 614.61M | 356.79M | 94.06M | 188.39M | 117.97M | 43.17M | 145.18M | 140.67M | 104.19M | 90.07M | 180.69M | 131.57M | 111.35M | 87.4M | 75.68M | 139.45M | 148.2M | 109M | 79.3M | 45.31M |
| Pretax Margin % | 12.61% | 8.95% | 12.42% | 5.63% | 2.91% | 8.14% | 22.87% | 26.14% | 17.95% | 5.04% | 16.44% | 16% | 10.7% | 3.27% | 10.47% | 9.06% | 7.56% | 27.74% | 26.72% | 24.26% | 31.25% | 64.11% | 58.19% | 65.45% | 67% | 70.22% | 119.08% | 114.53% | 111.22% | 108.19% | 83.29% |
| Income Tax | 10.04M | -7.12M | 2.7M | 6.36M | 7.25M | 8.71M | 9.97M | 2.96M | 8.67M | 20.13M | -19.13M | 6.45M | -1.27M | 7.49M | 7.61M | 1.39M | 364K | 168K | 1.31M | 188K | 82K | 101.53M | 46.69M | 44.87M | 32.9M | 24.83M | 80.93M | 72.6M | 46.7M | 32.8M | 14.63M |
| Effective Tax Rate % | 0.68% | -0.75% | 0.28% | 1.75% | 4.32% | 2.27% | 0.95% | 0.22% | 1.03% | 9.3% | -2.74% | 1.05% | -0.36% | 7.96% | 4.04% | 1.18% | 0.84% | 0.12% | 0.93% | 0.18% | 0.09% | 56.19% | 35.49% | 40.3% | 37.64% | 32.8% | 58.04% | 48.99% | 42.84% | 41.36% | 32.3% |
| Net Income | 1.43B | 936.85M | 951.68M | 340.09M | 141.21M | 336.14M | 978.84M | 1.23B | 804.95M | 522.77M | 1.08B | 883.75M | 512.15M | 145.05M | 297.25M | 217.61M | 128.53M | 193.27M | 283.3M | 138.35M | 102.75M | 84.29M | 85.37M | 82.74M | 67.66M | 60.55M | 68.06M | 75.6M | 62.3M | 46.5M | 30.68M |
| Net Margin % | 12.31% | 8.78% | 12.12% | 5.25% | 2.44% | 7.14% | 21.34% | 24.16% | 17.23% | 12.16% | 25.35% | 23.01% | 15.35% | 5.04% | 16.52% | 16.71% | 22.5% | 36.93% | 53.82% | 32.21% | 35.65% | 29.9% | 37.76% | 48.63% | 51.87% | 56.18% | 58.12% | 58.42% | 63.57% | 63.44% | 56.39% |
| Net Income Growth % | 32.21% | -1.56% | 179.83% | 140.84% | -57.99% | -65.66% | -20.58% | 53.11% | 53.98% | -51.5% | 21.96% | 72.56% | 253.09% | -51.2% | 36.6% | 69.31% | -33.5% | -31.78% | 104.76% | 34.65% | 21.91% | -1.27% | 3.18% | 22.29% | 11.74% | -11.03% | -9.98% | 21.35% | 33.98% | 51.59% | 124.98% |
| Funds From Operations (FFO) | 3.69B | 3.08B | 2.63B | 1.78B | 1.48B | 1.39B | 2.03B | 2.28B | 1.78B | 1.46B | 1.99B | 1.72B | 1.36B | 1.03B | 846.19M | 655.56M | 345.38M | 373.6M | 461.18M | 297.05M | 203.4M | 174.09M | 241.9M | 139.57M | 111.94M | 93.99M | 93.27M | 95.7M | 73.9M | 52.8M | 33.14M |
| FFO Margin % | 31.75% | 28.83% | 33.5% | 27.53% | 25.59% | 29.5% | 44.23% | 44.62% | 38% | 33.99% | 46.76% | 44.75% | 40.89% | 35.72% | 47.02% | 50.35% | 60.45% | 71.4% | 87.61% | 69.16% | 70.57% | 61.77% | 106.99% | 82.03% | 85.81% | 87.21% | 79.65% | 73.96% | 75.41% | 72.03% | 60.91% |
| FFO Growth % | 114.71% | 16.88% | 47.55% | 20.65% | 6.39% | -31.51% | -10.86% | 28.2% | 21.46% | -26.5% | 15.66% | 26.03% | 32.74% | 21.43% | 29.08% | 89.81% | -7.55% | -18.99% | 55.26% | 46.04% | 16.84% | -28.03% | 73.32% | 24.68% | 19.09% | 0.77% | -2.54% | 29.5% | 39.96% | 59.34% | 117.8% |
| FFO per Share | 5.08 | 4.53 | 4.32 | 3.44 | 3.18 | 3.25 | 4.86 | 5.64 | 4.73 | 3.96 | 5.52 | 4.92 | 4.43 | 3.69 | 3.74 | 3.76 | 2.69 | 3.26 | 4.89 | 3.74 | 3.28 | 3.19 | 4.64 | 3.16 | 3.00 | 3.03 | 3.26 | 3.37 | 2.85 | 2.41 | 2.35 |
| FFO Payout Ratio % | 53.24% | 61.06% | 58.73% | 70.69% | 76.55% | 74.56% | 55.17% | 61.55% | 75.99% | 90.71% | 65.33% | 70.4% | 75.89% | 88.2% | 85.38% | 83.02% | 107.19% | 89.36% | 60.03% | 70.06% | 98.24% | 88.54% | 56.11% | 79.59% | 86.78% | 90.72% | 86.12% | 80.67% | 82.14% | 86.74% | 85.79% |
| EPS (Diluted) | 1.97 | 1.39 | 1.57 | 0.66 | 0.30 | 0.78 | 2.33 | 3.05 | 2.02 | 1.26 | 2.81 | 2.34 | 1.43 | 0.10 | 0.48 | 0.90 | 0.83 | 1.49 | 2.81 | 1.43 | 1.31 | 1.15 | 1.39 | 1.60 | 1.48 | 1.52 | 1.91 | 2.21 | 2.24 | 2.12 | 2.18 |
| EPS Growth % | -14.94% | -11.46% | 137.88% | 120% | -61.54% | -66.52% | -23.61% | 50.99% | 60.32% | -55.16% | 20.09% | 63.64% | 1366.67% | -79.69% | -46.67% | 8.43% | -44.3% | -46.98% | 96.5% | 9.16% | 13.91% | -17.27% | -13.13% | 8.11% | -2.63% | -20.42% | -13.57% | -1.34% | 5.66% | -2.75% | 87.93% |
| EPS (Basic) | - | 1.41 | 1.58 | 0.66 | 0.31 | 0.79 | 2.36 | 3.07 | 2.03 | 1.26 | 2.83 | 2.35 | 1.44 | 0.10 | 0.48 | 0.90 | 0.84 | 1.50 | 2.83 | 1.44 | 1.32 | 1.16 | 1.41 | 1.62 | 1.50 | 1.54 | 1.92 | 2.23 | 2.27 | 2.15 | 2.18 |
| Diluted Shares Outstanding | 726.25M | 679.52M | 608.75M | 518.7M | 465.16M | 426.84M | 417.39M | 403.81M | 375.25M | 369M | 360.23M | 349.42M | 307.75M | 278.76M | 225.95M | 174.4M | 128.21M | 114.61M | 94.31M | 79.41M | 62.05M | 54.5M | 52.08M | 44.2M | 37.3M | 31.03M | 28.64M | 28.42M | 25.94M | 21.93M | 14.09M |
Labor cost inflation volatility
As reported in recent financial statements, Welltower achieved a 40.3% year-over-year revenue growth in 2026Q1, signaling that the company's strategic pivot toward the Seniors Housing Operating Portfolio is successfully capturing significant upside from occupancy recovery and pricing power in supply-constrained urban healthcare markets.
The rapid revenue acceleration suggests that the company's data-driven site selection is effectively translating into higher resident fees. Investors should monitor whether this top-line momentum can be sustained without compromising the quality of the underlying operator relationships.
According to the provided quarterly data, FFO per share reached $1.89 in 2026Q1, representing a substantial increase from the $0.86 reported in 2023Q4, though the erratic quarterly growth rates suggest that integration costs from recent acquisitions may be creating temporary noise in the earnings profile.
While the FFO trajectory appears positive, the significant quarter-to-quarter fluctuations warrant further investigation into the consistency of cash flow generation. The reliance on equity-funded growth requires careful scrutiny to ensure that per-share accretion remains the primary driver of shareholder value.
Based on the company's reported figures, NOI margins have remained relatively stable, hovering between 36.5% and 40.1% over the last ten quarters, which indicates that Welltower is successfully managing property-level expenses even as it aggressively expands its operational footprint in the seniors housing sector.
The ability to maintain these margins suggests that the company is effectively offsetting labor inflation through disciplined rate management. However, the thin operating margins observed in the broader income statement imply that corporate overhead and depreciation continue to exert significant pressure on bottom-line profitability.
Financial data indicates that Welltower's transition to a SHOP-heavy model introduces significant operational exposure, as evidenced by the divergence between robust revenue growth and the more modest net income figures, which may reflect the inherent risks of managing healthcare labor and facility-level service delivery.
This shift effectively transforms the REIT into a hybrid healthcare operator, exposing shareholders to wage inflation and staffing shortages that are absent in traditional triple-net lease structures. Analysts should remain cautious regarding whether the current valuation adequately prices in these non-real estate operational risks.
Quick answers to the most common questions about buying WELL stock.
For fiscal year 2025, Welltower Inc. (WELL) reported total revenue of $10.67B. This represents a 19508.1% increase compared to $54.4M in 1996.
Welltower Inc. (WELL) is profitable, generating $936.8M in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
Welltower Inc. (WELL) reported an operating income of $355.2M, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Welltower Inc. (WELL) generated $4.18B in gross profit for the year, representing a gross profit margin of 39.2%. This demonstrates the company's core pricing power and production efficiency.