Welltower Inc. stock research
FY2025 Q4
Welltower (WELL) Gross Margin — Quarter Ended Dec 31, 2025
Revenue, gross profit, and cost of revenue all increased compared to the prior quarter and the same quarter last year. The gross margin improved versus both periods, reflecting a larger increase in gross profit relative to revenue.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue, gross profit, and cost of revenue all increased compared to the prior quarter and the same quarter last year. The gross margin improved versus both periods, reflecting a larger increase in gross profit relative to revenue.
- Gross profit increased at a faster pace than revenue, resulting in a higher gross margin. This outperformance was consistent compared to both the preceding quarter and the year-ago quarter.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were higher, and gross margin strengthened. Versus the same quarter one year earlier, all metrics were higher and gross margin improved markedly.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
24.3%
Gross profit
$622.1M
Revenue
$2.6B
Cost of revenue
$1.9B
Quarter-over-quarter change
+0.8 pts
Year-over-year change
+4.3 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 |
|---|---|---|---|---|
| Mar 31, 2025 | $1.9B | $402.1M | $1.5B | 21.6% |
| Jun 30, 2025 | $2.0B | $456.3M | $1.5B | 23.2% |
| Sep 30, 2025 | $2.1B | $484.3M | $1.6B | 23.5% |
| Dec 31, 2025 | $2.6B | $622.1M | $1.9B | 24.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+0.8 pts
Year-over-year change
Dec 31, 2024
+4.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit increased at a faster pace than revenue, resulting in a higher gross margin. This outperformance was consistent compared to both the preceding quarter and the year-ago quarter.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were higher, and gross margin strengthened. Versus the same quarter one year earlier, all metrics were higher and gross margin improved markedly.
Monitor the trend of cost of revenue as a proportion of revenue, as any change could affect future gross margins.