Filing Flows › Healthpeak Properties (DOC) › Q4 2025
Healthpeak Properties (DOC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 3, 2026
Healthpeak Properties (DOC) reported revenue of $719M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +2% from the quarter before. Operating margin was 8.1%, net earnings $114M (15.8% of revenue).
Healthpeak Properties, Q4 2025: revenue $719M (+3% year over year), operating margin 8.1%, net earnings $114M, operating cash flow $294M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $719M | +2% | +3% |
| Operating profit | $58.6M | +11% | +96% |
| Net earnings | $114M | — | 25× |
| Operating cash flow | $294M | -7% | +4% |
| Free cash flow | $77.5M | -16% | -9% |
What changed
Revenue was $719.4M in Q4 2025, up 3% year over year and up 2% from the previous quarter.
Operating profit was $58.6M, a 8.1% margin (up 3.9 points year over year). Of the extra revenue versus a year earlier, 134% reached operating profit, above the 4% margin then. Total costs fell 1% while revenue rose 3%. The fastest-growing cost line was Other operating costs (+74%). Net earnings were $114.0M, up 2406% year over year. The effective tax rate was 4.7%. Non-operating items added $69.2M, 54% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $294.1M (up 4% year over year), 241% of net income including minority interests. Non-cash charges added back $262.1M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items used $93.8M. Capital expenditures of $216.6M left free cash flow of $77.5M.
Questions
What was Healthpeak Properties' revenue in the fourth quarter 2025?
Healthpeak Properties (DOC) reported revenue of $719M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +2% from the quarter before.
Was Healthpeak Properties profitable in the fourth quarter 2025?
Operating profit was $58.6M (8.1% of revenue) and net earnings $114M.