Filing Flows › Ventas (VTR) › Q2 2025
Ventas (VTR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Ventas (VTR) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +18% from a year earlier and +5% from the quarter before. Operating margin was 3.0%, net earnings $68.3M (4.8% of revenue).
Ventas, Q2 2025: revenue $1.4B (+18% year over year), operating margin 3.0%, net earnings $68.3M, operating cash flow $475M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +5% | +18% |
| Operating profit | $42.7M | +4% | — |
| Net earnings | $68.3M | +46% | +252% |
| Operating cash flow | $475M | +48% | +42% |
| Free cash flow | $408M | +55% | +60% |
What changed
Revenue was $1.4B in Q2 2025, up 18% year over year and up 5% from the previous quarter.
Operating profit was $0.04B, a 3.0% margin (up 4.6 points year over year). Total costs grew 13% against revenue growth of 18%. The fastest-growing cost line was General & admin (+14%). Net earnings were $0.07B, up 252% year over year. The effective tax rate was 5.1%. Non-operating items added $0.03B, 43% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.48B (up 42% year over year), 665% of net income including minority interests. Non-cash charges added back $0.35B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.07B left free cash flow of $0.41B.
Questions
What was Ventas' revenue in the second quarter 2025?
Ventas (VTR) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +18% from a year earlier and +5% from the quarter before.
Was Ventas profitable in the second quarter 2025?
Operating profit was $42.7M (3.0% of revenue) and net earnings $68.3M.
Source: Ventas 10-Q on SEC EDGAR.