WELL · XBRL financial data
Welltower financial statements, every fiscal year
The same tables from 6 filings, lined up. Matched by XBRL tag: renamed lines keep their history.
How these numbers work
- Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
- Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
- * marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
- 0 means a filing states zero; a dash (—) means no filing states that number.
- “year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
- Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
- Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
- Shares outstanding come from each filing's cover page, as of the date printed there.
- Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.
Income statement
CSVFiscal years (WELL's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Revenue | 4,606 | 4,742 | 5,861 | 6,638 | 7,991 | 10,838 |
| Revenue from contracts with customers | — | 3,197 | 4,174 | 4,754 | 6,027 | 8,453 |
| Cost of goods and services sold | 2,598 | 2,775 | 3,559 | 3,948 | 4,830 | 6,488 |
| Selling, general and administrative | 128 | 127 | 150 | 179 | 235 | 1,748 |
| Interest expense | 514 | 490 | 530 | 608 | — | — |
| Other income (expense) | (70) | (42) | (102) | (108) | — | — |
| Income tax expense (benefit) | 10 | 9 | 7 | 6 | 3 | (7) |
| Earnings per share, basic USD per share | 2.36 | 0.79 | 0.31 | 0.66 | 1.58 | 1.41 |
| Earnings per share, diluted USD per share | 2.33 | 0.78 | 0.30 | 0.66 | 1.57 | 1.39 |
| Weighted average shares, basic millions of shares | 415 | 425 | 462 | 516 | 603 | 666 |
| Weighted average shares, diluted millions of shares | 417 | 427 | 465 | 519 | 609 | 680 |
Balance sheet
CSVFiscal years (WELL's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 1,545 | 269 | 632 | 1,994 | 3,507 | 5,034 |
| Goodwill | 68 | 68 | 68 | 68 | 149 | 346 |
| Total assets | 32,484 | 34,910 | 37,893 | 44,012 | 51,044 | 67,303 |
| Total liabilities | 15,259 | 15,912 | 16,499 | 17,640 | 18,472 | 24,100 |
| Retained earnings | 8,328 | 8,664 | 8,805 | 9,145 | 10,097 | 11,034 |
| Total stockholders' equity | 15,973 | 17,636 | 20,295 | 25,404 | 31,956 | 42,129 |
| Total liabilities and equity | 32,484 | 34,910 | 37,893 | 44,012 | 51,044 | 67,303 |
| Common shares outstanding (cover page) millions of shares | 417 | 447 | 491 | 569 | 641 | 698 |
Cash flows
CSVFiscal years (WELL's year ends in late December)
| In millions of dollars | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 |
|---|---|---|---|---|---|---|
| Stock-based compensation | 28 | 18 | 26 | 37 | 76 | 1,557 |
| Net cash from operating activities | 1,365 | 1,275 | 1,329 | 1,602 | 2,256 | 2,882 |
| Net cash from investing activities | 2,348 | (4,516) | (3,704) | (5,708) | (5,515) | (10,513) |
| Proceeds from issuing common stock | 595 | 2,348 | — | — | — | — |
| Proceeds from issuing equity | 595 | 2,348 | 3,668 | 6,010 | 7,416 | 8,901 |
| Share repurchases | 8 | 0 | 0 | — | — | — |
| Dividends paid | 1,119 | 1,036 | 1,132 | 1,261 | 1,545 | 1,878 |
| Net cash from financing activities | (2,081) | 1,568 | 2,761 | 5,449 | 4,905 | 9,000 |
| Net change in cash | 1,635 | (1,674) | 376 | 1,354 | 1,635 | 1,498 |
Compare with peers
SIC 6798 and related industry codes, similar size. Each row is the latest quarter reported.
How peers are chosen
- SIC 6798 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
- Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
- * marks a quarter worked out from the filing totals: for a 10-Q, the year-to-date total less the earlier one.
- A cell reading “not reported” means the filings give no figure for that quarter alone.
| Company | Cash ($M) | Revenue, quarter ($M) | Operating cash flow, quarter ($M) | Shares outstanding | Quarter |
|---|---|---|---|---|---|
| Welltower | 2,275 | 3,121 | 1,003* | 733.6M | 10-QSep 30, 2026 |
| American Tower | 1,872 | 203 | 1,393* | 463.8M | 10-QSep 30, 2026 |
| Prologis | 2,273 | 2,388 | not reported | 950.5M | 10-QSep 30, 2026 |
| Equinix | 2,362 | 2,571 | 1,243* | 99.0M | 10-QSep 30, 2026 |
| Blackstone Real Estate Income Trust | 1,405 | 1,861 | 740* | 3.5B | 10-QJun 30, 2026 |
| Digital Realty Trust | 803 | 1,902 | not reported | 378.3M | 10-QSep 30, 2026 |
| Realty Income | 369 | 1,622 | 926* | 951.0M | 10-QSep 30, 2026 |
| Simon Property Group | 1,019 | 1,791 | 1,196* | not reported | 10-QJun 30, 2026 |
| Crown Castle | 1,042 | 1,008 | 531* | 425.5M | 10-QJun 30, 2026 |
Not investment advice. Not affiliated with the U.S. SEC.