Income StatementBalance SheetCash FlowSegments
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Welltower Cash Flow Statement

Operating, investing, and financing cash movements

Welltower generated $3.0B in operating cash flow over the trailing twelve months. After $1.1B in capital expenditures, free cash flow was $1.9B. Free cash flow increased 0.3% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$3.0BNet Cash From Investing (TTM)-$9.3BNet Cash From Financing (TTM)$7.5BCapital Expenditures (TTM)$1.1BDepreciation And Amortization Cf (TTM)$56.4MNet Change In Cash (TTM)$3.2B
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$150.08B
P/E Ratio103.02
ROE3.75%

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from minority shareholders—$3.6M———$20.4M
Dividends paid$418.2M$432.4M$439.1M$496.9M$509.6M$520.5M
Payments to Noncontrolling Interests—$113.9M———$35.0M
Proceeds from the issuance of debt—$0.0———$19.8M
Other, net—-$6.8M———-$9.6M
Repayments of Unsecured Debt—$0.0———$1.2B
Repayments of Secured Debt$141.8M$134.3M$183.2M$18.7M$75.0M$20.6M
Net cash from financing activities$1.6B$1.3B$1.4B$3.2B$3.0B-$199.5M
Proceeds from issuance of common stock$2.2B$2.0B$2.0B$2.9B$2.1B$1.5B
Payments of consent fees related to long-term debt—$471.0K———$15.4M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in other liabilities—-$105.1M$16.0M$110.0M-$104.8M-$192.3M
Loss on extinguishment of debt$0.0-$6.2M$0.0$0.0-$3.1M-$727.0K
Net Gain (Loss) on Derivatives$9.1M$3.2M$409.0K-$31.7M—$0.0
Net cash from operating activities$559.2M$599.0M$770.0M$858.4M$654.3M$670.0M
Net income$123.8M$257.3M$304.6M$282.2M$117.8M$752.3M
Amortization—$14.2M———$9.7M
Amortization of above and below Market Leases-$385.0K-$385.0K-$424.0K-$419.0K-$1.5M-$213.0K
Asset write-downs—$52.4M———$4.8M
Distributions of earnings from equity method investees—$4.2M———$3.1M
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net$8.2M$51.8M$14.9M$4.0M$1.4B$420.4M
Equity in earnings (losses) of equity method investees—$1.3M———-$1.7M
Increase (Decrease) in Other Operating Assets—$30.9M———$56.6M
Depreciation and amortization—$485.9M———$622.8M
Total provisions for credit losses—-$2.0M———$1.6M
Straight Line Rent—$43.9M$48.8M$55.3M$77.3M$76.0M
Stock-based compensation$13.5M$17.5M$15.3M$15.6M$1.5B$18.8M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$240.4M$358.6M$537.2M$595.3M$340.4M$400.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$16.8M$19.8M$123.8M-$51.5M$37.2M-$53.5M
Net increase (decrease) in cash$0.0-$101.2M$913.2M$2.4B—-$390.2M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest paid$202.4M$129.0M$123.0M$121.3M$206.3M$216.4M
Income Taxes Paid, Net—$11.3M———$20.1M
Cash paid for interest, net of amounts capitalized—$11.5M———$8.4M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Payments for Capital Improvements—$240.4M———$269.8M
Cash disbursed for construction in progress$195.4M$126.2M$112.4M$95.4M$103.8M$104.8M
Payment for (Proceeds from) Other Investing Activity—$59.2M———$4.2M
Payments to Acquire Interest in Joint Venture—$50.5M———$381.3M
Payments to Acquire Loans Receivable—$19.7M———$1.4B
Payments to Acquire Other Real Estate$1.9B$2.0B$947.9M$1.1B$9.9B$1.1B
Less: Receipts on loans receivable—$100.4M———$737.9M
Proceeds from disposals of property, plant and equipment—$317.7M———$1.7B
Hedge Investing Activities, Net-$9.4M-$37.8M$40.0M$0.0$685.0K$47.2M
Net cash from investing activities-$2.2B-$2.0B-$1.4B-$1.6B-$5.5B-$807.2M
Dividend Received from Consumer Healthcare JV—$12.4M———$45.4M