Filing Flows › Ventas (VTR) › Q4 2025
Ventas (VTR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
Ventas (VTR) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +5% from the quarter before. Operating margin was 4.9%, net earnings $70.2M (4.5% of revenue).
Ventas, Q4 2025: revenue $1.6B (+22% year over year), operating margin 4.9%, net earnings $70.2M, operating cash flow $472M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +5% | +22% |
| Operating profit | $76.3M | +72% | — |
| Net earnings | $70.2M | +6% | +24% |
| Operating cash flow | $472M | +25% | +26% |
| Free cash flow | $375M | +17% | +29% |
What changed
Revenue was $1.6B in Q4 2025, up 22% year over year and up 5% from the previous quarter.
Operating profit was $0.08B, a 4.9% margin (up 4.9 points year over year). Total costs grew 16% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $0.07B, up 24% year over year. The effective tax rate was -1.6%.
Operating cash flow was $0.47B (up 26% year over year), 646% 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 $0.04B. Capital expenditures of $0.10B left free cash flow of $0.38B.
Questions
What was Ventas' revenue in the fourth quarter 2025?
Ventas (VTR) reported revenue of $1.6B for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and +5% from the quarter before.
Was Ventas profitable in the fourth quarter 2025?
Operating profit was $76.3M (4.9% of revenue) and net earnings $70.2M.
Source: Ventas 10-K on SEC EDGAR.