Real Estate · Health Care REITs
Welltower: revenue, profit and dividends
In fiscal 2025, Welltower had revenue of $10.8B, up 10.9% a year on average since 2015, and net income of $937M (8.6% of revenue). It paid a dividend of $2.82 a share. It has 94% more shares than in 2015.
Revenue, fiscal 2025
average annual revenue growth since 2015 · +35.6% vs 2024
- Ticker
- WELL · NYSE
- Sector
- Real Estate
- Sub-industry
- Health Care REITs
- Headquarters
- Toledo, Ohio
- Founded
- 1970
- In the S&P 500 since
- January 30, 2009
- Latest fiscal year
- 2025, ended December 31, 2025
- SEC filer
- Welltower Inc. · CIK 0000766704
Revenue and net income
Revenue went from $505M in 2008 to $10.8B in 2025.
Diluted earnings per share
Diluted EPS went from $2.76 in 2008 to $1.39 in 2025. Ten-year growth: −5.1% a year.
Dividends per share
Raised 2 years in a row, every year from 2024 to 2025. Ten-year growth: −1.6% a year.
Shares outstanding
94.5% more shares in 2025 than in 2015 (349M → 680M): new shares outweighed buybacks.
Operating cash flow, capex and free cash flow
Free cash flow (operating cash flow minus capital expenditure) was $1.83B in 2025, 16.9% of revenue.
The chart data could not be loaded. The table below has the same figures.
Year by year
| Fiscal year | Revenue | Net income | Net margin | Diluted EPS | Dividend | Shares | Operating cash flow | Capex | Free cash flow |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $10.8B | $937M | 8.6% | $1.39 | $2.82 | 680M | $2.88B | $1.05B | $1.83B |
| 2024 | $7.99B | $952M | 11.9% | $1.57 | $2.56 | 609M | $2.26B | $858M | $1.4B |
| 2023 | $6.64B | $340M | 5.1% | $0.66 | $2.44 | 519M | $1.6B | $518M | $1.08B |
| 2022 | $5.86B | $141M | 2.4% | $0.30 | $2.44 | 465M | $1.33B | $476M | $853M |
| 2021 | $4.74B | $336M | 7.1% | $0.78 | $2.44 | 427M | $1.28B | $283M | $993M |
| 2020 | $4.61B | $979M | 21.3% | $2.33 | $2.70 | 417M | $1.36B | $245M | $1.12B |
| 2019 | $5.12B | $1.23B | 24.1% | $3.05 | $3.48 | 404M | $1.54B | $329M | $1.21B |
| 2018 | $4.7B | $758M | 16.1% | $2.02 | $3.48 | 375M | $1.58B | $266M | $1.32B |
| 2017 | $4.32B | $464M | 10.7% | $1.26 | $3.48 | 369M | $1.43B | $250M | $1.18B |
| 2016 | $4.28B | $1.01B | 23.6% | $2.81 | $3.44 | 360M | $1.64B | $219M | $1.42B |
| 2015 | $3.86B | $818M | 21.2% | $2.34 | $3.30 | 349M | $1.38B | $188M | $1.19B |
| 2014 | $3.34B | $447M | 13.4% | $1.45 | $3.18 | 308M | $1.14B | $133M | $1.01B |
| 2013 | $2.88B | $78.7M | 2.7% | $0.28 | $3.06 | 279M | $988M | $136M | $853M |
| 2012 | $1.81B | $222M | 12.3% | $0.98 | $2.96 | 226M | $818M | $135M | $683M |
| 2011 | $1.31B | $157M | 12.0% | $0.90 | $2.83 | 174M | $588M | −$89.2M | $677M |
| 2010 | $579M | $107M | 18.5% | $0.83 | $2.74 | 128M | — | — | — |
| 2009 | $523M | $171M | 32.7% | $1.49 | $2.72 | 115M | — | — | — |
| 2008 | $505M | $260M | 51.6% | $2.76 | $2.70 | 94.3M | — | — | — |
Fiscal years, labelled by the year in which they end. US dollars; per-share figures and share counts adjusted for splits. —: not in the data.
About these figures
- REITs are usually judged by funds from operations (FFO), which is not in the filings data; their net income is after depreciation of the properties.
- Older years are as filed at the time and may predate later restatements, mergers or spin-offs. How the figures are made.
Other Health Care REITs companies
Source: SEC EDGAR (company filings), data as of November 8, 2026. Sectors, sub-industries, headquarters and index dates: Wikipedia, CC BY-SA 4.0.