WELL
$227.71+0.34%
as of close, Oct 2, 2026
☾ AH $227.71 +0.34%
WELL financial statements
The full income statement, balance sheet, and cash-flow statement for Welltower Inc. (WELL), 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.
Shares outstanding (point-in-time)
2024-06 609.1M2024-09 622.7M2024-12 641.3M2025-03 654.0M2025-06 668.8M2025-09 686.3M2025-12 697.8M2026-03 705.9M2026-06 720.7M+18.3% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | 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 | |
| 10.8B+35.6% | 7.99B+20.4% | 6.64B+13.3% | 5.86B+23.6% | 4.74B+3.0% | ||
| Lease income | 1.97B+25.3% | 1.57B+0.9% | 1.56B+7.2% | 1.45B+5.6% | 1.37B-4.8% | |
| Cost of revenue | 6.49B+34.3% | 4.83B+22.4% | 3.95B+10.9% | 3.56B+28.3% | 2.77B+6.8% | |
| Selling, general & administrative | 1.75B+642.5% | 235M+31.5% | 179M+19.1% | 150M+18.7% | 127M-1.3% | |
| Provision for credit losses | — | — | — | — | 7.27M-92.3% | |
| Interest expense | — | — | 608M+14.8% | 530M+8.1% | 490M-4.8% | |
| Other non-operating income | — | — | -108M-6.6% | -102M-143.6% | -41.7M+40.7% | |
| Equity-method income | -14.3M-2782.5% | -496K+99.1% | -53.4M-151.0% | -21.3M+7.2% | -22.9M-183.7% | |
| Pre-tax income | — | 524M+49.8% | 350M+102.3% | 173M+1.4% | 171M+641.2% | |
| Income tax | -7.12M-363.6% | 2.70M-57.6% | 6.36M-12.2% | 7.25M-16.8% | 8.71M-12.6% | |
| 962M-1.1% | 973M+171.6% | 358M+123.0% | 161M-57.1% | 374M-64.0% | ||
| Net income to non-controlling interest | 25.0M+18.0% | 21.2M+17.4% | 18.0M-6.8% | 19.4M-49.5% | 38.3M-36.1% | |
| Net income to common | 937M-1.6% | 952M+179.8% | 340M+140.8% | 141M-58.0% | 336M-65.7% | |
| $1.39-11.5% | $1.57+137.9% | $0.66+120.0% | $0.30-61.5% | $0.78-66.5% | ||
| EPS (basic) | $1.41-10.8% | $1.58+139.4% | $0.66+112.9% | $0.31-60.8% | $0.79-66.5% | |
| Weighted-avg shares (basic) | 666M+10.4% | 603M+16.9% | 516M+11.6% | 462M+8.8% | 425M+2.3% | |
| Weighted-avg shares (diluted) | 680M+11.6% | 609M+17.4% | 519M+11.5% | 465M+9.0% | 427M+2.3% | |
| Dividends per share | $2.82+10.2% | $2.56+4.9% | $2.44+0.0% | $2.44+0.0% | $2.44-9.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 5.03B+43.5% | 3.51B+75.9% | 1.99B+215.6% | 632M+134.6% | 269M-82.6% | |
| 67.3B+31.9% | 51.0B+16.0% | 44.0B+16.1% | 37.9B+8.5% | 34.9B+7.5% | ||
| Goodwill | 346M+132.1% | 149M+118.4% | 68.3M+0.0% | 68.3M+0.0% | 68.3M+0.0% | |
| Intangible assets | 909M+36.5% | 666M+29.4% | 515M+11.6% | 461M-8.3% | 503M+56.1% | |
| 24.1B+30.5% | 18.5B+4.7% | 17.6B+6.9% | 16.5B+3.7% | 15.9B+4.3% | ||
| Long-term debt | 19.2B+23.9% | 15.5B-1.5% | 15.7B+6.9% | 14.7B+5.8% | 13.9B+484.9% | |
| Operating lease liability (total) | 1.64B+42.8% | 1.15B+278.9% | 304M+0.4% | 302M-30.4% | 434M+39.6% | |
| Finance lease liability (total) | 540M+400.0% | 108M+35.6% | 79.7M-29.8% | 113M+1.6% | 112M+4.3% | |
| 42.1B+31.8% | 32.0B+25.8% | 25.4B+25.2% | 20.3B+15.1% | 17.6B+10.4% | ||
| Common stock | 697M+9.4% | 637M+12.6% | 566M+15.0% | 492M+9.7% | 449M+7.1% | |
| Additional paid-in capital | 50.9B+27.2% | 40.0B+22.2% | 32.7B+22.4% | 26.7B+15.6% | 23.1B+11.1% | |
| Retained earnings | 11.0B+9.3% | 10.1B+10.4% | 9.15B+3.9% | 8.80B+1.6% | 8.66B+4.0% | |
| Treasury stock | 14.4M-87.4% | 114M+2.3% | 112M+0.5% | 111M+3.0% | 108M+3.1% | |
| Accumulated other comprehensive income | -288M+20.1% | -360M-120.5% | -163M-36.3% | -120M+1.3% | -121M+18.3% | |
| Non-controlling interest | 810M+125.0% | 360M-46.8% | 677M-5.3% | 715M-25.6% | 961M+5.7% | |
| Total equity incl. non-controlling | 42.9B+32.9% | 32.3B+23.9% | 26.1B+24.1% | 21.0B+13.0% | 18.6B+10.2% | |
| Total liabilities & equity | 67.3B+31.9% | 51.0B+16.0% | 44.0B+16.1% | 37.9B+8.5% | 34.9B+7.5% | |
| Common shares issued | 697M+9.4% | 637M+12.6% | 566M+15.0% | 492M+9.6% | 449M+7.1% | |
| Common shares outstanding | 697M+9.6% | 635M+12.6% | 564M+15.0% | 491M+9.7% | 447M+7.1% | |
| Shares outstanding (cover) | 698M+8.8% | 641M+12.7% | 569M+15.9% | 491M+9.7% | 447M+7.2% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.88B+27.7% | 2.26B+40.9% | 1.60B+20.6% | 1.33B+4.2% | 1.28B-6.6% | ||
| Depreciation & amortization | 2.08B+27.7% | 1.63B+16.5% | 1.40B+6.9% | 1.31B+26.3% | 1.04B-0.1% | |
| Share-based compensation | 1.56B+1953.2% | 75.8M+103.8% | 37.2M+42.3% | 26.1M+46.8% | 17.8M-37.1% | |
| Deferred income taxes | -49.6M-661.4% | -6.52M-163.2% | -2.48M+77.6% | -11.0M-643.1% | -1.49M-6.9% | |
| -10.5B-90.6% | -5.51B+3.4% | -5.71B-54.1% | -3.70B+18.0% | -4.52B-292.4% | ||
| Capital expenditure | 1.05B+22.5% | 858M+65.7% | 518M+8.8% | 476M+68.4% | 283M+15.3% | |
| Free cash flow | 1.83B+30.9% | 1.40B+29.0% | 1.08B+27.1% | 853M-14.1% | 993M-11.3% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from sale of PP&E | 5.66B+1581.4% | 337M+247.9% | 96.7M-51.5% | 199M-81.4% | 1.07B-75.1% | |
| Other investing activities | 73.8M+20.9% | 61.0M-39.1% | 100M+1.7% | 98.5M+270.2% | 26.6M+444.2% | |
| 9.00B+83.5% | 4.91B-10.0% | 5.45B+97.3% | 2.76B+76.1% | 1.57B+175.3% | ||
| Long-term debt issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00-100.0% | 2.35B+294.4% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00-100.0% | |
| Dividends paid | 1.88B+21.4% | 1.55B+22.8% | 1.26B+11.2% | 1.13B+9.3% | 1.04B-7.4% | |
| Other financing activities | -14.4M+78.0% | -65.3M-397.6% | -13.1M-74.3% | -7.53M+18.3% | -9.22M+59.0% | |
| FX effect on cash | 129M+1204.3% | -11.7M-206.3% | 11.0M+203.7% | -10.6M-953.8% | -1.01M-129.2% | |
| Net change in cash | 1.50B-8.4% | 1.64B+20.8% | 1.35B+260.5% | 376M+122.4% | -1.67B-202.4% | |
| Interest paid | 580M-2.3% | 593M-5.7% | 629M+18.2% | 532M+7.9% | 493M-3.1% | |
| Income taxes paid | 22.8M+170.5% | 8.41M+9.5% | 7.68M+123.6% | 3.44M+171.4% | -4.81M-135.2% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 130B+60.2% | 80.8B+67.2% | 48.3B+56.0% | 31.0B-19.3% | 38.4B+42.2% | |
| P/E | 134.6×+62.1% | 83.1×-53.3% | 178.0×+29.3% | 137.7×+34.4% | 102.4×+294.6% | |
| P/S | 11.9×+18.1% | 10.1×+34.1% | 7.5×+37.6% | 5.5×-32.3% | 8.1×+38.2% | |
| P/B | 3.1×+21.5% | 2.5×+20.1% | 2.1×+30.3% | 1.6×-25.7% | 2.2×+28.8% | |
| P/FCF | 70.7×+22.4% | 57.8×+18.4% | 48.8×+45.9% | 33.5×-13.4% | 38.6×+60.4% | |
| Earnings yield | 0.74%-38.3% | 1.2%+114.3% | 0.56%-22.7% | 0.73%-25.6% | 0.98%-74.7% | |
| FCF yield | 1.4%-18.3% | 1.7%-15.6% | 2.0%-31.4% | 3.0%+15.5% | 2.6%-37.7% | |
| Dividend yield | 1.5%-25.2% | 2.0%-24.9% | 2.7%-27.3% | 3.7%+30.8% | 2.8%-31.9% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: WELL’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 WELL filings on SEC EDGAR → Not investment advice.