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)

2024-03 597.9M2024-06 609.1M2024-09 622.7M2024-12 641.3M2025-03 654.0M2025-06 668.8M2025-09 686.3M2025-12 697.8M2026-03 705.9M+18.1% 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.

PeriodRangeOrderChangeYoYQoQFiguresAs-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
	10.8B YoY+35.6%	7.99B YoY+20.4%	6.64B YoY+13.3%	5.86B YoY+23.6%	4.74B YoY+3.0%
Lease income	1.97B YoY+25.3%	1.57B YoY+0.9%	1.56B YoY+7.2%	1.45B YoY+5.6%	1.37B YoY-4.8%
Cost of revenue	6.49B YoY+34.3%	4.83B YoY+22.4%	3.95B YoY+10.9%	3.56B YoY+28.3%	2.77B YoY+6.8%
Selling, general & administrative	1.75B YoY+642.5%	235M YoY+31.5%	179M YoY+19.1%	150M YoY+18.7%	127M YoY-1.3%
Provision for credit losses	—	—	—	—	7.27M YoY-92.3%
Interest expense	—	—	608M YoY+14.8%	530M YoY+8.1%	490M YoY-4.8%
Other non-operating income	—	—	-108M YoY-6.6%	-102M YoY-143.6%	-41.7M YoY+40.7%
Equity-method income	-14.3M YoY-2782.5%	-496K YoY+99.1%	-53.4M YoY-151.0%	-21.3M YoY+7.2%	-22.9M YoY-183.7%
Pre-tax income	—	524M YoY+49.8%	350M YoY+102.3%	173M YoY+1.4%	171M YoY+641.2%
Income tax	-7.12M YoY-363.6%	2.70M YoY-57.6%	6.36M YoY-12.2%	7.25M YoY-16.8%	8.71M YoY-12.6%
	962M YoY-1.1%	973M YoY+171.6%	358M YoY+123.0%	161M YoY-57.1%	374M YoY-64.0%
Net income to non-controlling interest	25.0M YoY+18.0%	21.2M YoY+17.4%	18.0M YoY-6.8%	19.4M YoY-49.5%	38.3M YoY-36.1%
Net income to common	937M YoY-1.6%	952M YoY+179.8%	340M YoY+140.8%	141M YoY-58.0%	336M YoY-65.7%
	$1.39 YoY-11.5%	$1.57 YoY+137.9%	$0.66 YoY+120.0%	$0.30 YoY-61.5%	$0.78 YoY-66.5%
EPS (basic)	$1.41 YoY-10.8%	$1.58 YoY+139.4%	$0.66 YoY+112.9%	$0.31 YoY-60.8%	$0.79 YoY-66.5%
	666M YoY+10.4%	603M YoY+16.9%	516M YoY+11.6%	462M YoY+8.8%	425M YoY+2.3%
	680M YoY+11.6%	609M YoY+17.4%	519M YoY+11.5%	465M YoY+9.0%	427M YoY+2.3%
Dividends per share	$2.82 YoY+10.2%	$2.56 YoY+4.9%	$2.44 YoY+0.0%	$2.44 YoY+0.0%	$2.44 YoY-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 YoY+43.5%	3.51B YoY+75.9%	1.99B YoY+215.6%	632M YoY+134.6%	269M YoY-82.6%
	67.3B YoY+31.9%	51.0B YoY+16.0%	44.0B YoY+16.1%	37.9B YoY+8.5%	34.9B YoY+7.5%
Goodwill	346M YoY+132.1%	149M YoY+118.4%	68.3M YoY+0.0%	68.3M YoY+0.0%	68.3M YoY+0.0%
Intangible assets	909M YoY+36.5%	666M YoY+29.4%	515M YoY+11.6%	461M YoY-8.3%	503M YoY+56.1%
	24.1B YoY+30.5%	18.5B YoY+4.7%	17.6B YoY+6.9%	16.5B YoY+3.7%	15.9B YoY+4.3%
Long-term debt	19.2B YoY+23.9%	15.5B YoY-1.5%	15.7B YoY+6.9%	14.7B YoY+5.8%	13.9B YoY+484.9%
Operating lease liability (total)	1.64B YoY+42.8%	1.15B YoY+278.9%	304M YoY+0.4%	302M YoY-30.4%	434M YoY+39.6%
Finance lease liability (total)	540M YoY+400.0%	108M YoY+35.6%	79.7M YoY-29.8%	113M YoY+1.6%	112M YoY+4.3%
	42.1B YoY+31.8%	32.0B YoY+25.8%	25.4B YoY+25.2%	20.3B YoY+15.1%	17.6B YoY+10.4%
Common stock	697M YoY+9.4%	637M YoY+12.6%	566M YoY+15.0%	492M YoY+9.7%	449M YoY+7.1%
Additional paid-in capital	50.9B YoY+27.2%	40.0B YoY+22.2%	32.7B YoY+22.4%	26.7B YoY+15.6%	23.1B YoY+11.1%
Retained earnings	11.0B YoY+9.3%	10.1B YoY+10.4%	9.15B YoY+3.9%	8.80B YoY+1.6%	8.66B YoY+4.0%
Treasury stock	14.4M YoY-87.4%	114M YoY+2.3%	112M YoY+0.5%	111M YoY+3.0%	108M YoY+3.1%
Accumulated other comprehensive income	-288M YoY+20.1%	-360M YoY-120.5%	-163M YoY-36.3%	-120M YoY+1.3%	-121M YoY+18.3%
Non-controlling interest	810M YoY+125.0%	360M YoY-46.8%	677M YoY-5.3%	715M YoY-25.6%	961M YoY+5.7%
Total equity incl. non-controlling	42.9B YoY+32.9%	32.3B YoY+23.9%	26.1B YoY+24.1%	21.0B YoY+13.0%	18.6B YoY+10.2%
Total liabilities & equity	67.3B YoY+31.9%	51.0B YoY+16.0%	44.0B YoY+16.1%	37.9B YoY+8.5%	34.9B YoY+7.5%
	697M YoY+9.4%	637M YoY+12.6%	566M YoY+15.0%	492M YoY+9.6%	449M YoY+7.1%
	697M YoY+9.6%	635M YoY+12.6%	564M YoY+15.0%	491M YoY+9.7%	447M YoY+7.1%
	698M YoY+8.8%	641M YoY+12.7%	569M YoY+15.9%	491M YoY+9.7%	447M YoY+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 YoY+27.7%	2.26B YoY+40.9%	1.60B YoY+20.6%	1.33B YoY+4.2%	1.28B YoY-6.6%
Depreciation & amortization	2.08B YoY+27.7%	1.63B YoY+16.5%	1.40B YoY+6.9%	1.31B YoY+26.3%	1.04B YoY-0.1%
Share-based compensation	1.56B YoY+1953.2%	75.8M YoY+103.8%	37.2M YoY+42.3%	26.1M YoY+46.8%	17.8M YoY-37.1%
Deferred income taxes	-49.6M YoY-661.4%	-6.52M YoY-163.2%	-2.48M YoY+77.6%	-11.0M YoY-643.1%	-1.49M YoY-6.9%
	-10.5B YoY-90.6%	-5.51B YoY+3.4%	-5.71B YoY-54.1%	-3.70B YoY+18.0%	-4.52B YoY-292.4%
Capital expenditure	1.05B YoY+22.5%	858M YoY+65.7%	518M YoY+8.8%	476M YoY+68.4%	283M YoY+15.3%
Free cash flow	1.83B YoY+30.9%	1.40B YoY+29.0%	1.08B YoY+27.1%	853M YoY-14.1%	993M YoY-11.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	5.66B YoY+1581.4%	337M YoY+247.9%	96.7M YoY-51.5%	199M YoY-81.4%	1.07B YoY-75.1%
Other investing activities	73.8M YoY+20.9%	61.0M YoY-39.1%	100M YoY+1.7%	98.5M YoY+270.2%	26.6M YoY+444.2%
	9.00B YoY+83.5%	4.91B YoY-10.0%	5.45B YoY+97.3%	2.76B YoY+76.1%	1.57B YoY+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 YoY-100.0%	2.35B YoY+294.4%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Dividends paid	1.88B YoY+21.4%	1.55B YoY+22.8%	1.26B YoY+11.2%	1.13B YoY+9.3%	1.04B YoY-7.4%
Other financing activities	-14.4M YoY+78.0%	-65.3M YoY-397.6%	-13.1M YoY-74.3%	-7.53M YoY+18.3%	-9.22M YoY+59.0%
FX effect on cash	129M YoY+1204.3%	-11.7M YoY-206.3%	11.0M YoY+203.7%	-10.6M YoY-953.8%	-1.01M YoY-129.2%
Net change in cash	1.50B YoY-8.4%	1.64B YoY+20.8%	1.35B YoY+260.5%	376M YoY+122.4%	-1.67B YoY-202.4%
Interest paid	580M YoY-2.3%	593M YoY-5.7%	629M YoY+18.2%	532M YoY+7.9%	493M YoY-3.1%
Income taxes paid	22.8M YoY+170.5%	8.41M YoY+9.5%	7.68M YoY+123.6%	3.44M YoY+171.4%	-4.81M YoY-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 YoY+60.2%	80.8B YoY+67.2%	48.3B YoY+56.0%	31.0B YoY-19.3%	38.4B YoY+42.2%
P/E	134.6× YoY+62.1%	83.1× YoY-53.3%	178.0× YoY+29.3%	137.7× YoY+34.4%	102.4× YoY+294.6%
P/S	11.9× YoY+18.1%	10.1× YoY+34.1%	7.5× YoY+37.6%	5.5× YoY-32.3%	8.1× YoY+38.2%
P/B	3.1× YoY+21.5%	2.5× YoY+20.1%	2.1× YoY+30.3%	1.6× YoY-25.7%	2.2× YoY+28.8%
P/FCF	70.7× YoY+22.4%	57.8× YoY+18.4%	48.8× YoY+45.9%	33.5× YoY-13.4%	38.6× YoY+60.4%
	0.74% YoY-38.3%	1.2% YoY+114.3%	0.56% YoY-22.7%	0.73% YoY-25.6%	0.98% YoY-74.7%
	1.4% YoY-18.3%	1.7% YoY-15.6%	2.0% YoY-31.4%	3.0% YoY+15.5%	2.6% YoY-37.7%
	1.5% YoY-25.2%	2.0% YoY-24.9%	2.7% YoY-27.3%	3.7% YoY+30.8%	2.8% YoY-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.