Welltower Inc.
WELL- Exchange
- NYSE
- Industry
- Real Estate Investment Trusts
- SEC CIK
- 0000766704
In the last 90 days, Welltower Inc. insiders filed 1 open-market purchase and 0 sales; 1,608 institutions reported holding it in 13F filings for Q2 2026, worth $160.7B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 28, 2026, 12:33 PM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 10, 2026 | Feb 11, 2025 | Jan 22, 2024 | Feb 15, 2023 | Jan 11, 2022 |
| Revenue | $10.8B | $7.99B | $6.64B | $5.86B | $4.74B |
| Cost of revenue | $6.49B | $4.83B | $3.95B | $3.56B | $2.77B |
| Selling, general and administrative | $1.75B | $235.5M | $179.1M | $150.4M | $126.7M |
| Interest expense | – | – | $607.8M | $529.5M | $489.9M |
| Income tax | -$7.12M | $2.70M | $6.36M | $7.25M | $8.71M |
| Net income | $961.8M | $972.9M | $358.1M | $160.6M | $374.5M |
| EPS, basic | $1.41 | $1.58 | $0.66 | $0.31 | $0.79 |
| EPS, diluted | $1.39 | $1.57 | $0.66 | $0.30 | $0.78 |
| Weighted shares, basic | 665.6M | 603.0M | 515.6M | 462.2M | 425.0M |
| Weighted shares, diluted | 679.5M | 608.8M | 518.7M | 465.2M | 426.8M |
| Margins and growth | |||||
| Net margin | 8.9% | 12.2% | 5.4% | 2.7% | 7.9% |
| Revenue growth, year over year | +35.6% | +20.4% | +13.3% | +23.6% | +3.0% |
| Net income growth, year over year | −1.1% | +171.6% | +123.0% | −57.1% | −64.0% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022! | FY2021! |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 10, 2026 | Feb 11, 2025 | Jan 22, 2024 | Feb 15, 2023 | Jan 11, 2022 |
| Cash and equivalents | $5.03B | $3.51B | $1.99B | $631.7M | $269.3M |
| Goodwill | $346.3M | $149.2M | $68.3M | $68.3M | $68.3M |
| Intangible assets | $908.7M | $665.9M | $514.8M | $461.4M | $503.4M |
| Total assets | $67.3B | $51.0B | $44.0B | $37.9B | $34.9B |
| Long-term debt | $19.2B | $15.5B | $15.7B | $14.7B | $13.9B |
| Total liabilities | $24.1B | $18.5B | $17.6B | $16.5B | $15.9B |
| Shareholders' equity | $42.9B | $32.3B | $26.1B | $21.0B | $18.6B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 10, 2026 | Feb 11, 2025 | Jan 22, 2024 | Feb 15, 2023 | Jan 11, 2022 |
| Operating cash flow | $2.88B | $2.26B | $1.60B | $1.33B | $1.28B |
| Capital expenditures | $1.05B | $857.5M | $517.7M | $476.0M | $282.6M |
| Free cash flow | $1.83B | $1.40B | $1.08B | $852.7M | $992.7M |
| Depreciation and amortization | $2.08B | $1.63B | $1.40B | $1.31B | $1.04B |
| Stock-based compensation | $1.56B | $75.8M | $37.2M | $26.1M | $17.8M |
| Dividends paid | $1.88B | $1.55B | $1.26B | $1.13B | $1.04B |
| Share buybacks | – | – | – | $0 | $0 |
| Investing cash flow | -$10.5B | -$5.51B | -$5.71B | -$3.70B | -$4.52B |
| Financing cash flow | $9.00B | $4.91B | $5.45B | $2.76B | $1.57B |
| Net change in cash | $1.50B | $1.64B | $1.35B | $375.5M | -$1.67B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 14.4% | 0.9% | 0.6% | 0.4% | 0.4% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 23, 2026 | 733.6M | +6.9% | SEC |
| Jul 24, 2026 | 720.7M | +7.8% | SEC |
| Apr 24, 2026 | 705.9M | +7.9% | SEC |
| Feb 6, 2026 | 697.8M | +8.8% | SEC |
| Oct 24, 2025 | 686.3M | +10.2% | SEC |
| Jul 25, 2025 | 668.8M | +9.8% | SEC |
| Apr 25, 2025 | 654.0M | +9.4% | SEC |
| Feb 7, 2025 | 641.3M | +12.7% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
- A column marked ! failed an accounting identity (gross profit = revenue − cost of revenue, or assets = liabilities + equity, within 1%). Its numbers are shown as filed.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.