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Welltower WELL Net Operating Income

Net Operating Income at other companies

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Simon Property GroupSPG
$1.21B+16.6%
National Health Investors logo
National Health InvestorsNHI
$75.27M+3.9%
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Cousins PropertiesCUZ
$2.31M+62.0%
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Cousins PropertiesCUZ
$177.75M+8.5%
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Heartland ExpressHTLD
-$4.82M+65.2%
Healthpeak Properties logo
Healthpeak PropertiesDOC
$150.11M-6.8%

Segments

By segment

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Seniors Housing Operating$872.89M+62.4%
Triple-net$192.55M-27.4%
Outpatient Medical$41.52M-72.1%

Other financials

Income statement

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Revenue$3.4B+38.3%
Gross profit$1.3B+35.0%
Net income$752.3M+192%
EPS (diluted)$0.61+35.6%

Balance sheet

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Cash & equivalents$4.7B+34.3%
Total debt$2.1B+59.5%
Total equity$43.8B+29.0%
Total assets$67.2B+26.1%

Cash flow

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Operating cash flow$670.0M+11.9%
CapEx$269.8M+12.3%
Free cash flow$400.2M+11.6%

Valuation

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Market cap$177.94B+71.9%
Enterprise value$175.29B+74.5%

Profitability

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Gross margin39.8%+0.6pp
Net margin12.4%-0.5pp
FCF margin15.9%-1.4pp

Returns & leverage

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Return on equity3.7%+0.2pp
Debt / equity0×0.0×

Where this comes from

Reported directly by Welltower in its filing.

Tagged under the XBRL concept well:NetOperatingIncome.

The official record: Welltower’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Welltower's net operating income?
Welltower (WELL) reported net operating income of $1.3B in Q1 2026.
How has Welltower's net operating income changed year-over-year?
Welltower's net operating income increased by 35.0% year-over-year, from $960.7M to $1.3B.
What is the long-term trend for Welltower's net operating income?
Over 4 years (2021 to 2025), Welltower's net operating income has grown at a 21.9% compound annual growth rate (CAGR), from $1.97B to $4.35B.
What does net operating income mean?
A key performance indicator for real estate companies representing property-level revenue minus property-level operating expenses. It excludes corporate-level expenses, interest, taxes, and depreciation to isolate the core profitability of the real estate portfolio.