Healthpeak Properties, Inc. stock research
FY2025 Q3
Healthpeak Properties (DOC) Gross Margin & Quarterly History
Explore Healthpeak Properties, Inc. (DOC) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased, but cost of revenue rose faster, causing gross profit to decline further into negative territory and gross margin to weaken sequentially. Compared with the same quarter last year, revenue was higher, cost of revenue was lower, gross loss narrowed, and gross margin improved.
- The strongest observable margin driver was the relationship between revenue and cost of revenue: revenue growth did not keep pace with cost growth in the current quarter, pressuring gross margin. This driver is tied directly to the reported cost-of-revenue level.
- Sequentially, gross margin weakened as the increase in cost of revenue outpaced the increase in revenue. Year-over-year, gross margin improved because cost of revenue declined while revenue increased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-94.0%
Gross profit
-$141.5M
Revenue
$150.5M
Cost of revenue
$291.9M
Quarter-over-quarter change
-8.5 pts
Year-over-year change
+2.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $146.0M | -$131.1M | $277.0M | -89.8% |
| Mar 31, 2025 | $148.9M | -$124.2M | $273.1M | -83.4% |
| Jun 30, 2025 | $148.9M | -$127.3M | $276.2M | -85.5% |
| Sep 30, 2025 | $150.5M | -$141.5M | $291.9M | -94.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-8.5 pts
Year-over-year change
Sep 30, 2024
+2.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver was the relationship between revenue and cost of revenue: revenue growth did not keep pace with cost growth in the current quarter, pressuring gross margin. This driver is tied directly to the reported cost-of-revenue level.
Sequentially, gross margin weakened as the increase in cost of revenue outpaced the increase in revenue. Year-over-year, gross margin improved because cost of revenue declined while revenue increased.
Monitor the trajectory of cost of revenue relative to revenue, as the sequential divergence widened.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Healthpeak Properties, Inc. (DOC) | -94.0% |