Filing Flows › American Healthcare REIT (AHR) › Q4 2025
American Healthcare REIT (AHR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
American Healthcare REIT (AHR) reported revenue of $604M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +5% from the quarter before. Operating margin was 18.5%, net earnings $10.8M (1.8% of revenue).
American Healthcare REIT, Q4 2025: revenue $604M (+11% year over year), operating margin 18.5%, net earnings $10.8M, operating cash flow $55.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $604M | +5% | +11% |
| Operating profit | $112M | +5% | +13% |
| Net earnings | $10.8M | -81% | — |
| Operating cash flow | $55.2M | -49% | -7% |
What changed
Revenue was $604.1M in Q4 2025, up 11% year over year and up 5% from the previous quarter. Integrated Senior Health Campuses was the largest line at 77% of revenue.
Operating profit was $111.6M, a 18.5% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 18% margin then. Total costs grew 11% against revenue growth of 11%. Net earnings were $10.8M. The effective tax rate was -28.3%.
Operating cash flow was $55.2M (down 7% year over year), 504% of net earnings. Non-cash charges added back $55.3M of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items used $16.5M.
Questions
What was American Healthcare REIT's revenue in the fourth quarter 2025?
American Healthcare REIT (AHR) reported revenue of $604M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +5% from the quarter before.
Was American Healthcare REIT profitable in the fourth quarter 2025?
Operating profit was $112M (18.5% of revenue) and net earnings $10.8M.