VTR financial statements

The full income statement, balance sheet, and cash-flow statement for Ventas Inc. (VTR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.83B YoY+18.5%	4.92B YoY+9.5%	4.50B YoY+8.9%	4.13B YoY+7.9%	3.83B YoY+0.9%
Selling, general & administrative	177M YoY+8.8%	163M YoY+9.5%	149M YoY+2.8%	145M YoY+11.6%	130M YoY-0.3%
General & administrative	177M YoY+8.8%	163M YoY+9.5%	149M YoY+2.8%	145M YoY+11.6%	130M YoY-0.3%
Provision for credit losses	0.00 YoY+100.0%	-166K YoY+99.2%	-20.3M YoY-202.6%	19.8M YoY+317.5%	-9.08M YoY-137.5%
Interest expense	612M YoY+1.6%	603M YoY+5.0%	574M YoY+22.8%	468M YoY+6.2%	440M YoY-6.3%
Interest & investment income	22.6M YoY+149.5%	9.06M YoY-60.5%	23.0M YoY-52.3%	48.2M YoY-35.8%	75.0M YoY-6.9%
Equity-method income	4.47M YoY+185.9%	1.56M YoY-88.5%	13.6M YoY-52.2%	28.5M YoY+473.1%	4.97M YoY+171.5%
Pre-tax income	204M YoY+2655.3%	-8.00M YoY+93.1%	-116M YoY-22.8%	-94.1M YoY+42.0%	-162M YoY-301.5%
Income tax	-14.2M YoY+62.5%	-37.8M YoY-296.0%	-9.54M YoY+43.6%	-16.9M YoY-450.7%	4.83M YoY+105.0%
	262M YoY+196.0%	88.4M YoY+391.6%	-30.3M YoY+26.0%	-40.9M YoY-172.4%	56.6M YoY-87.2%
Income from continuing operations	—	—	—	-40.9M YoY-172.4%	56.6M YoY-87.2%
Net income to non-controlling interest	10.1M YoY+40.8%	7.20M YoY-32.6%	10.7M YoY+63.8%	6.52M YoY-13.7%	7.55M YoY+270.9%
Net income to common	251M YoY+209.8%	81.2M YoY+298.1%	-41.0M YoY+13.6%	-47.4M YoY-196.8%	49.0M YoY-88.8%
	$0.54 YoY+184.2%	$0.19 YoY+290.0%	-$0.10 YoY+16.7%	-$0.12 YoY-192.3%	$0.13 YoY-88.9%
EPS (basic)	$0.55 YoY+175.0%	$0.20 YoY+300.0%	-$0.10 YoY+16.7%	-$0.12 YoY-192.3%	$0.13 YoY-89.0%
	455M YoY+10.5%	412M YoY+2.5%	402M YoY+0.6%	400M YoY+4.4%	383M YoY+2.5%
	463M YoY+11.1%	416M YoY+2.6%	406M YoY+0.5%	403M YoY+4.4%	386M YoY+2.6%
Dividends per share	$1.92 YoY+6.7%	$1.80 YoY+0.0%	$1.80 YoY+0.0%	$1.80 YoY+0.0%	$1.80 YoY-16.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	741M YoY-17.5%	898M YoY+76.5%	509M YoY+315.1%	123M YoY-18.1%	150M YoY-63.8%
Accounts receivable	99.9M YoY-7.6%	108M YoY+42.1%	76.1M	—	—
	27.6B YoY+5.4%	26.2B YoY+5.9%	24.7B YoY+2.3%	24.2B YoY-2.3%	24.7B YoY+3.3%
Operating lease right-of-use	296M YoY-4.0%	308M YoY-1.3%	312M YoY+0.6%	310M YoY-2.4%	318M YoY-8.2%
Goodwill	1.05B YoY+0.1%	1.04B YoY-0.0%	1.05B YoY+0.1%	1.04B YoY-0.2%	1.05B YoY-0.5%
Deferred tax assets	2.80M YoY+44.8%	1.93M YoY+10.1%	1.75M YoY-83.3%	10.5M YoY-5.9%	11.2M YoY+11.7%
	14.6B YoY-2.8%	15.0B YoY+1.1%	14.9B YoY+8.8%	13.7B YoY+1.3%	13.5B YoY+0.6%
Long-term debt	13.0B YoY-3.8%	13.5B YoY+0.2%	13.5B YoY+9.7%	12.3B YoY+2.2%	12.0B YoY+1.1%
Deferred tax liabilities	23.4M YoY+187.2%	8.15M YoY-66.7%	24.5M YoY-31.1%	35.6M YoY-40.0%	59.3M YoY-5.4%
	12.5B YoY+16.3%	10.8B YoY+13.5%	9.49B YoY-6.5%	10.2B YoY-6.5%	10.9B YoY+6.6%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	119M YoY+8.8%	109M YoY+8.4%	101M YoY+0.7%	99.9M YoY+0.1%	99.8M YoY+6.6%
Additional paid-in capital	20.0B YoY+13.5%	17.6B YoY+12.5%	15.7B YoY+0.7%	15.5B YoY+0.3%	15.5B YoY+9.4%
Retained earnings	-7.53B YoY-9.3%	-6.89B YoY-10.8%	-6.21B YoY-14.0%	-5.45B YoY-16.4%	-4.68B YoY-16.1%
Treasury stock	34.0K YoY-99.9%	25.2M YoY+82.8%	13.8M YoY+2467.9%	536K	0.00
Accumulated other comprehensive income	-39.9M YoY-18.9%	-33.5M YoY+6.2%	-35.8M YoY+2.8%	-36.8M YoY+43.0%	-64.5M YoY-18.7%
Non-controlling interest	58.6M YoY+0.4%	58.3M YoY+3.5%	56.3M YoY-18.0%	68.7M YoY-24.8%	91.4M YoY-6.8%
Total equity incl. non-controlling	12.6B YoY+16.2%	10.8B YoY+13.5%	9.54B YoY-6.6%	10.2B YoY-6.6%	10.9B YoY+6.5%
Total liabilities & equity	27.6B YoY+5.4%	26.2B YoY+5.9%	24.7B YoY+2.3%	24.2B YoY-2.3%	24.7B YoY+3.3%
	475M YoY+8.7%	437M YoY+8.6%	402M YoY+0.7%	400M YoY+0.1%	399M YoY+6.6%
	475M YoY+8.7%	437M YoY+8.6%	402M YoY+0.7%	400M	—
	475M YoY+8.7%	437M YoY+8.6%	402M YoY+0.6%	400M YoY+0.1%	399M YoY+6.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.65B YoY+23.8%	1.33B YoY+18.7%	1.12B YoY-0.0%	1.12B YoY+9.2%	1.03B YoY-29.2%
Depreciation & amortization	1.38B YoY+10.1%	1.25B YoY-10.0%	1.39B YoY+16.3%	1.20B YoY+0.0%	1.20B YoY+7.9%
Share-based compensation	38.7M YoY+25.0%	31.0M YoY+0.0%	31.0M YoY+0.9%	30.7M YoY-3.9%	32.0M YoY+48.8%
	-2.69B YoY-13.3%	-2.38B YoY-1187.3%	-185M YoY+78.5%	-859M YoY-18.7%	-724M YoY-569.3%
Capital expenditure	2.93B YoY+15.7%	2.53B YoY+289.5%	649M YoY-27.9%	901M YoY-50.0%	1.80B YoY+196.7%
Free cash flow	-1.28B YoY-6.8%	-1.20B YoY-355.1%	470M YoY+114.3%	219M YoY+128.3%	-776M YoY-192.1%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	874M YoY-39.5%	1.45B YoY+365.8%	-544M YoY-91.5%	-284M YoY+49.2%	-558M YoY+57.0%
Long-term debt issued	1.13B YoY-40.9%	1.91B YoY-24.3%	2.53B YoY+163.9%	958M YoY-37.6%	1.53B YoY+109.2%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	2.34B YoY+19.3%	1.96B YoY+1711.7%	108M	0.00 YoY-100.0%	617M YoY+1015.3%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	860M YoY+16.2%	740M YoY+2.3%	724M YoY+0.4%	720M YoY+4.9%	687M YoY-26.0%
Other financing activities	-23.2M YoY-45.4%	-16.0M YoY-79.2%	-8.91M YoY-43.7%	-6.20M YoY+1.7%	-6.30M YoY-27.7%
FX effect on cash	2.84M YoY+171.2%	-3.98M YoY-417.0%	1.26M YoY+143.8%	-2.87M YoY-298.3%	1.45M YoY+33.0%
Interest paid	580M YoY+0.7%	576M YoY+5.0%	548M YoY+17.2%	468M YoY+16.3%	402M YoY-6.4%
Income taxes paid	7.31M YoY+140.6%	3.04M	—	—	—
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	36.8B YoY+42.8%	25.7B YoY+28.4%	20.1B YoY+11.4%	18.0B YoY-11.8%	20.4B YoY+11.2%
P/E	140.5× YoY-51.8%	291.4× YoY-84.0%	1817.4×	—	361.1× YoY+767.0%
P/S	6.3× YoY+20.5%	5.2× YoY+14.3%	4.6× YoY+4.1%	4.4× YoY-17.7%	5.3× YoY+10.2%
P/B	2.9× YoY+22.8%	2.4× YoY+17.0%	2.0× YoY+17.5%	1.7× YoY-7.6%	1.9× YoY+4.2%
P/FCF	—	—	91.4×	—	—
	0.71% YoY+107.3%	0.34% YoY+523.7%	0.06%	—	0.28% YoY-88.5%
	—	—	1.1%	—	—
	2.5% YoY-18.8%	3.1% YoY-15.4%	3.6% YoY-9.6%	4.0% YoY+13.5%	3.5% YoY-19.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: VTR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all VTR filings on SEC EDGAR → Not investment advice.