Income StatementBalance SheetCash FlowSegments
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Welltower Income Statement

Revenue, expenses, and profitability over time

Welltower generated $11.8B in trailing twelve-month revenue, up 0.4% year-over-year. Net income was $1.5B with a 12.38% net margin. Diluted EPS is $2.01, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$11.8BGross Profit (TTM)$4.7BNet Income (TTM)$1.5BEps Diluted (TTM)$2.01
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$150.08B
P/E Ratio103.02
ROE3.75%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other general expense—$304.1M———$410.0M
Stock-Based Compensation Expense (Pre-tax)—$17.5M———$18.8M
Compensation and benefits$2.7B$831.9M$873.8M$903.2M$1.2B$1.3B
Depreciation and amortization$480.4M$485.9M$495.0M$509.8M$594.2M$622.8M
Adjustment for Amortization—$14.2M———$9.7M
Total Lease Cost—$27.4M———$46.1M
Impairment of Goodwill and Purchased Intangible Assets—$52.4M———$4.8M
Stock-based compensation expense—$17.5M———$18.8M
Other expenses—$14.1M———$61.1M
Selling, general and administrative$48.7M$63.8M$64.2M$63.1M$1.6B$67.5M
Amortization of Right-of-Use Assets—$1.2M———$4.6M
Total operating expenses$2.1B$2.2B$2.3B$2.4B$4.5B$3.0B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Undistributed Earnings Allocated to Participating Securities (Basic)-$465.0K-$950.0K-$915.0K-$1.1M-$4.3M-$12.9M
Basic earnings per share$0.20$0.40$0.46$0.42$0.13$1.04
Diluted earnings per share$0.20$0.40$0.45$0.41$0.13$1.02
Continuing operations (in dollars per share)—$0.40———$1.07
Continuing operations (in dollars per share)—$0.39———$1.04
Dividends Per Share Declared—$0.67———$0.74
Pro Forma Diluted EPS—$0.23————
Weighted average number diluted shares outstanding adjustment—10.4M———26.4M
Weighted-average shares, basic—643.4M656.6M672.4M—699.8M
Weighted-average shares, diluted—10.4M11.5M13M—726.3M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest and Fee Income on Loans and Leases—$62.5M———$70.9M
Total revenue$2.3B$2.4B$2.5B$2.7B$3.2B$3.4B
Operating Lease Payment Income$338.0M$440.7M$440.7M$440.7M$440.7M—
Operating Lease Variable Income$52.6M$57.6M$54.3M$56.0M$37.4M$19.6M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders—$258.0M———$728.7M
Net income attributable to noncontrolling interests$3.8M-$691.0K$2.7M$1.6M$21.3M$23.7M
Net income$123.8M$257.3M$304.6M$282.2M$117.8M$752.3M
Income from continuing operations$123.8M$257.3M$304.6M$282.2M$117.8M$752.3M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Income Taxes—$11.3M———$20.1M
Income Tax at U.S. Statutory Rate51217250.000.050.050.050.05—
State and Local Income Taxes, Net994250.000.000.000.000.00—
Income tax expense$9.6M$11.3M$1.1M$2.3M-$14.7M$11.6M
Tax Reconciliation - Tax Exempt Income0.050.060.060.060.06—
Deferred Income Tax Expense (Benefit)-$1.6M-$12.4M-$12.4M-$12.4M-$12.4M—

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments—$1.3M-$7.4M-$12.6M—-$1.7M
Gain (loss) on extinguishment of debt$0.0-$6.2M$0.0$0.0-$3.1M-$727.0K
Equity Method Investment Impairment$0.0$0.0$0.0$0.0$0.0—
Interest Expense, Borrowings$154.5M$145.0M$141.2M$162.1M$203.8M$192.7M
Distributions of earnings from equity method investees—$4.2M———$3.1M
Interest Costs Capitalized$14.2M$11.5M$8.7M$6.1M$7.5M$8.4M
Finance Lease Interest Expense—$1.2M———$6.5M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$841.5M$960.7M$1.0B$1.1B$1.2B$1.3B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$109.2M$198.7M$298.2M$293.1M—$345.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
OCI Foreign Currency Gain (Loss) Arising During Period, Net of Tax-$460.1M$168.5M$560.4M-$207.0M$155.0M-$379.2M
Adjustment to members’ interest from change in ownership in Welltower OP$0.0$0.0$0.0$0.0$0.0$0.0
Amortization of above and below Market Leases-$385.0K-$385.0K-$424.0K-$419.0K-$1.5M-$213.0K
Business Acquisition Purchase Price Allocation Net Cash Invested$2.4B$2.4B$1.3B$1.5B$10.3B$1.5B
Business Acquisitions Pro Forma Net Income Loss—$151.6K————
Business Acquisitions Pro Forma Revenue—$2.9M————
Cash Acquired From Acquisition—$4.5M$46.0K$691.0K—$2.3M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$101.2M———-$390.2M
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months—————-$2.6M
Comprehensive Income Excluding Redeemable Noncontrolling Interest$0.0$306.3M$446.9M$230.2M$41.8M$683.6M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$308.1M———$673.8M
Less: comprehensive income attributable to noncontrolling interest—-$629.0K———$21.3M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$307.5M———$695.1M
Construction in progress additions$192.2M$131.6M$125.1M$105.8M$107.7M$103.7M
Construction In Progress Conversions$382.4M$307.4M$467.3M$304.7M$194.7M$78.0M
Redemption of OP Units and DownREIT Units (in shares)0554.7K2.3K3K1M395.6K
Cost Of Property Repairs And Maintenance$60.6M$64.6M$65.7M$71.8M$80.6M$82.6M
Depreciation Amortization Related to in Place Lease Intangibles and Lease Commissions$117.1M$109.0M$101.5M$95.7M$141.2M$161.5M
Derivative, Gain (Loss) on Derivative, Net—$3.2M———$0.0
Development Projects Placed Into Service$382.4M$307.3M$467.4M$304.7M$194.7M$78.0M
Non-cash consideration$0.0$205.3M$110.1M-$24.5M—$113.4M
Dispositions And Other$292.5M$1.9B$1.9B$1.9B$1.9B—
Dividends, Common Stock, Cash—$431.0M———$520.3M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$19.8M———-$53.5M
Changes in unrecognized tax benefits0.000.000.000.000.00—
Expansion Projects$0.0$106.0K-$106.0K$0.0$0.0$0.0
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation-$810.0K$311.0K$698.0K-$233.0K$0.0-$22.0K
Provision for loan losses, net$0.0-$2.0M-$1.1M$1.1M-$7.4M$1.6M
Food$73.0M$71.8M$77.4M$80.6M$101.0M$102.5M
Foreign Currency Accumulated Depreciation Reconciliation$7.8M$26.3M$26.3M$26.3M$26.3M—
Foreign Currency Real Estate Reconciliation-$82.3M$160.8M$160.8M$160.8M$160.8M—
Gain (Loss) on Disposition of Real Estate and Asset Acquisitions, Sale Of Other Assets And Liabilities-$48.5M$50.9M$50.9M$50.9M$50.9M—
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net$8.2M$51.8M$14.9M$4.0M$1.4B$420.4M
Gain (Loss) on Disposition of Real Estate and Asset Acquisitions, Non Cash Consideration$108.6M$245.5M$245.5M$245.5M$245.5M—
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net—$51.8M$14.9M$4.0M$1.3B$445.8M
Net other assets/(liabilities) disposed-$194.0M-$468.0K$803.0K$494.0K—$21.1M
Goodwill Additions$21.8M$48.6M$2.3M-$268.0K$88.7M$2.1M
Foreign Currency Translation and Other Adjustments—————-$5.5M
Purchase Price Adjustments—$12.4M$12.4M$12.4M$12.4M—
Gross Proceeds From Issuance Or Sale Of Equity$2.2B$2.2B$2.0B$3.1B$2.1B$1.6B
Income (Loss) from Continuing Operations, Pre Tax Book, before Equity Method Investments, Income Taxes, Noncontrolling Interest$131.1M-$120.0M-$120.0M-$120.0M-$120.0M—
Changes in unrecognized tax benefits$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount$51.8M$53.2M$53.2M$53.2M$53.2M—
Increase (Decrease) in Other Operating Assets—$30.9M$44.2M$68.7M$53.0M$56.6M
Other liabilities—-$105.1M———-$192.3M
Exchangeable Notes (in shares)—4.4M5.1M6.3M—8.5M
Unvested restricted shares and units (in shares)—3M3.1M3.3M—5.6M
Incremental Common Shares Attributable To Redeemable Units—2.5M2.7M2.6M—11.5M
Add - Incremental shares under stock-based compensation plans (in shares)—559K———799K
Employee stock purchase program (in shares)—20K19K19K—16K
Interest capitalized—$11.5M———$8.4M
Interest Paid, Excluding Capitalized Interest, Operating Activity—$129.0M———$216.4M
Issuance Of Common Stock Shares16.9M16.6M13.2M19M12.4M8.2M
Line of Credit Facility, Average Outstanding Amount$0.0$0.0$157.5M$0.0$47.7M$3.0K
Line of Credit Facility, Interest Rate During Period0.000.000.050.000.000.04
Line of Credit Facility, Maximum Month-end Outstanding Amount$0.0$0.0$600.0M$0.0$1.3B$0.0
Loan Balance Change, Foreign Currency Translation-$3.7M$13.8M$13.8M$13.8M$13.8M—
Management fees$16.4M$20.0M———$25.9M
Noncontrolling Interest, Change in Redemption Value$8.4M$7.9M$7.9M$7.9M$7.9M—
Changes in noncontrolling interests—-$129.7M-$21.8M-$95.7M—$72.1M
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Collections of Principal$21.2M$16.8M$16.8M$16.8M$16.8M—
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, New Mortgage Loan$128.3M$72.3M$72.3M$72.3M$72.3M—
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Other Deduction$3.9M$217.0M$217.0M$217.0M$217.0M—
Mortgage Loans On Real Estate Total Additions$149.6M$90.0M$90.0M$90.0M$90.0M—
Mortgage Loans On Real Estate Total Deductions$26.6M$230.8M$230.8M$230.8M$230.8M—
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$1.6B$1.3B$1.4B$3.2B$3.0B-$199.5M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$2.2B-$2.0B-$1.4B-$1.6B-$5.5B-$807.2M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$559.2M$599.0M$770.0M$858.4M$654.3M$670.0M
Net Operating Income$841.5M$960.7M$1.0B$1.1B$1.2B$1.3B
Noncontrolling Interest, Decrease (Increase) from Redemptions or Purchase of Interests—-$215.1M-$215.1M-$215.1M-$215.1M—
Number of housing communities—625.00625.00625.00625.00—
Number of operating segments—————3.00
Number of properties, reclassified from sales-type lease to operating lease—————2.00
Number of reportable segments—————3.00
Lease income — operating leases—$461.6M———$453.8M
Other comprehensive income (loss)—$50.2M———-$57.2M
Other comprehensive income (loss)-$165.1M$50.1M$144.2M-$51.6M—-$56.3M
Other Depreciation and Amortization$480.4M$485.9M$495.0M$509.8M$594.2M$622.8M
Membership and other income—$34.5M———$46.2M
Payments for Capital Improvements$318.8M$240.4M$232.9M$263.1M$314.0M$269.8M
Cash disbursed for construction in progress$195.4M$126.2M$112.4M$95.4M$103.8M$104.8M
Payments for hedge—$839.8K$839.8K$839.8K$839.8K$47.2M
Payments for (Proceeds from) Hedge, Investing Activities-$9.4M-$37.8M$40.0M$0.0$685.0K$47.2M
Payments for (Proceeds from) Loans Receivable$0.0-$80.7M-$41.1M$350.3M$240.5M$644.8M
Payment for (Proceeds from) Other Investing Activity—$59.2M———$4.2M
Payments of Dividends—$432.4M———$520.5M
Payments of Ordinary Dividends, Common Stock—$431.0M———$520.3M
Payments of Financing Costs$0.0$471.0K$291.0K-$176.0K$108.0K$15.4M
Payments To Acquire Interest In Joint Venture$45.6M$50.5M$211.9M$39.9M$197.7M$381.3M
Advances on loans receivable$19.9M$19.7M$20.6M$396.4M$254.7M$1.4B
Payments to Acquire Other Real Estate$1.9B$2.0B$947.9M$1.1B$9.9B$1.1B
Cash disbursed for acquisitions—$2.0B$947.9M$1.1B—$1.1B
Payments to Noncontrolling Interests—$113.9M———$35.0M
Less: Receipts on loans receivable$43.6M$100.4M$61.7M$46.1M$14.2M$737.9M
Proceeds from Equity Method Investment, Distribution, Return of Capital—$12.4M———$45.4M
Financing cash flows from financing leases$302.8K$45.5K$45.5K$45.5K$45.5K—
Net cash related to derivative contracts under collateral exchange arrangements$7.9M$36.7M————
Proceeds from Issuance of Common Stock—$2.0B$2.0B$2.9B—$1.5B
Proceeds From Issuance Of Unsecured Debt$253.8M$0.0$1.4B$994.8M$2.0B$19.8M
Proceeds from issuance of shares—$2.2B———$1.5B
Proceeds from Issuance or Sale of Equity, Net of Adjustments—$2.4B$2.4B$2.4B$2.4B—
Proceeds from revolver$0.0$0.0———$250.0K
Proceeds from Noncontrolling Interests—$3.6M———$20.4M
Financing — other—-$6.8M———-$9.6M
Expected sale proceeds—$134.1M$15.9M$7.2B—$1.0B
Dispositions of property, plant, and equipment$190.8M$317.7M$93.1M$111.3M$5.1B$1.7B
Cash proceeds from real estate dispositions—$317.7M$93.1M$111.3M—$1.7B
Cash received from option exercises$188.0K$1.2M$585.0K$170.0K$733.0K$332.0K
Profit Loss Excluding Redeemable Noncontrolling Interest$123.1M$256.2M$302.6M$281.8M$115.7M$739.9M
Total provisions for credit losses—-$2.0M———$1.6M
Provisions For Loan and Lease Losses Excluding Lease Hold Mortgage$1.5M-$3.0M-$3.0M-$3.0M-$3.0M—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Addition$1.2M$858.0K$858.0K$858.0K$858.0K—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Deduction$79.2M$617.3M$617.3M$617.3M$617.3M—
Total dispositions$379.4M$471.7M$187.6M$82.3M$4.4B$1.4B
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Improvements$214.4M$262.6M$262.6M$262.6M$262.6M—
Acquisitions and development$1.4B$4.6B$4.6B$4.6B$4.6B—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction$23.2M$30.3M$30.3M$30.3M$30.3M—
Property taxes$76.0M$86.1M$88.6M$88.8M$81.3M$83.7M
Redemption of OP Units and DownREIT Units—$0.0-$17.5M$0.0-$351.6M$0.0
Rental Income Related to Above Below Market Tenant Leases-$189.0K-$162.0K-$148.0K-$156.0K$485.0K$125.0K
Repayments of Lines of Credit—$0.0$0.0$0.0—$250.0K
Repayments of Secured Debt$141.8M$134.3M$183.2M$18.7M$75.0M$20.6M
Repayments of Unsecured Debt$0.0$0.0$1.3B$49.6M$45.1M$1.2B
Other additions$21.2M$17.7M$17.7M$17.7M$17.7M—
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Depreciation Expense$408.0M—————
Granted (in shares)—0000—
Number of additional shares authorized under the plan (in shares)——10M———
Amounts related to stock incentive plans, net of forfeitures$15.0M$11.4M$16.4M$15.2M$1.5B$14.0M
Option exercises (in dollars per share)—$72.06$4.92$0.38—$65.41
Stock Issued During Period Gross Proceeds Stock Options Exercised$188.0K$1.2M$585.0K$170.0K$733.0K$332.0K
Stock incentive plans, net of forfeitures (in shares)—75.6K17.8K4.6K—96.1K
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period1.2K16.4K6.5K2.1K10.5K5.1K
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment$2.2B$2.2B$2.0B$3.1B$2.1B$1.5B
Straight Line Rent—$43.9M$48.8M$55.3M$77.3M$76.0M
Undistributed Earnings (Loss) Available to Common Shareholders, Diluted$120.4M$258.9M$302.8M$281.6M$100.8M$741.6M
Utilities$88.3M$103.9M$91.0M$106.4M$111.7M$125.0M
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount$17.7M$27.5M$27.5M$27.5M$27.5M—
Gains (Losses) on Fair Value Hedges, Net of Tax$291.6M-$118.3M-$413.8M$154.5M-$228.2M$322.0M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$1.4B$1.5B$1.5B$1.6B$1.9B$2.1B