Filing Flows › Ventas (VTR) › Q3 2025
Ventas (VTR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Ventas (VTR) reported revenue of $1.5B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +5% from the quarter before. Operating margin was 3.0%, net earnings $66.0M (4.4% of revenue).
Ventas, Q3 2025: revenue $1.5B (+20% year over year), operating margin 3.0%, net earnings $66.0M, operating cash flow $379M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | +5% | +20% |
| Operating profit | $44.4M | +4% | +133% |
| Net earnings | $66.0M | -3% | +243% |
| Operating cash flow | $379M | -20% | +7% |
| Free cash flow | $320M | -22% | +15% |
What changed
Revenue was $1.5B in Q3 2025, up 20% year over year and up 5% from the previous quarter.
Operating profit was $0.04B, a 3.0% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, above the 2% margin then. Total costs grew 19% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $0.07B, up 243% year over year. The effective tax rate was -10.2%. Non-operating items added $0.02B, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.38B (up 7% year over year), 551% of net income including minority interests. Non-cash charges added back $0.36B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.06B left free cash flow of $0.32B.
Questions
What was Ventas' revenue in the third quarter 2025?
Ventas (VTR) reported revenue of $1.5B for the third quarter 2025 (Q3 2025), +20% from a year earlier and +5% from the quarter before.
Was Ventas profitable in the third quarter 2025?
Operating profit was $44.4M (3.0% of revenue) and net earnings $66.0M.
Source: Ventas 10-Q on SEC EDGAR.