Welltower (WELL) 10-K Summary — Year Ended Dec 31, 2025
Welltower reported a significant increase in annual revenue, with net income and operating cash flow also rising. The company's business focuses on real estate investment in healthcare infrastructure.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Welltower reported a significant increase in annual revenue, with net income and operating cash flow also rising. The company's business focuses on real estate investment in healthcare infrastructure.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$8.5B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$961.8M
Net income reported for the year.
Operating cash flow
$2.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $4.2B | +30.5% |
| Dec 31, 2023 | $4.8B | +13.9% |
| Dec 31, 2024 | $6B | +26.8% |
| Dec 31, 2025 | $8.5B | +40.2% |
Business overview
Welltower is a real estate investment trust that invests in healthcare-related properties, including senior housing, outpatient medical facilities, and skilled nursing facilities. The company generates revenue primarily through leasing and operating these properties.
Financial performance
Revenue increased sharply over the most recent period compared to prior years. Net income and operating cash flow were both reported as positive for the annual period.
Material risks
The filing identifies risks related to the real estate and healthcare industries, including changes in government reimbursement programs, regulatory compliance, and operational challenges from tenant defaults or property vacancies. Market conditions and interest rate fluctuations may also affect the company's financial results.
Liquidity and capital
The filing discusses sources and uses of cash, indicating that the company manages liquidity through operational cash flow, debt financing, and property transactions.
What to watch
Readers should monitor changes in revenue trends and the sustainability of revenue growth in the next filing.