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Welltower cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$655M in Q3 2026 · $2.1B over twelve months

Operating cash flow$1.0B
Capital spending−$348M
Free cash flow+$655M
Cash / net income2.4×

Analysis

In Q3 2026, Welltower generated $1.0B of operating cash flow and spent $348M on capital projects, leaving free cash flow of $655M. That is $59.8M more than in Q3 2025 ($595M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.3B; the largest uses were other investing ($21.8B), dividends ($2.2B), capital spending ($1.3B); besides operations, cash came from shares issued ($9.6B), asset & business sales ($7.8B); the cash balance fell by $4.5B.

Operating cash flow was $1.0B against net income of $415M — 2.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$707M, prepaid and other assets −$116M, other liabilities +$93.1M.

Free cash flow

Welltower: free cash flow by quarterWelltower: free cash flow by quarter$240MQ4 2024$359MQ1 2025$537MQ2 2025$595MQ3 2025$340MQ4 2025$400MQ1 2026$684MQ2 2026$655MQ3 2026
Operating cash flow less capital spending.
Welltower: operating cash flow against capital spendingWelltower: operating cash flow against capital spendingOperating cash flowCapital spending$559M$319MQ4 2024$599M$240MQ1 2025$770M$233MQ2 2025$858M$263MQ3 2025$654M$314MQ4 2025$670M$270MQ1 2026$1.0B$319MQ2 2026$1.0B$348MQ3 2026
Latest (Q3 2026): Operating cash flow $1.0B, Capital spending $348M.

Capital allocation, year by year

Welltower: where the cash came from (up) and went (down), by fiscal yearWelltower: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $1.3BFY2021: Net borrowing $491MFY2021: Shares issued $2.3BFY2021: Asset sales $1.1BFY2021: Capital spending −$418MFY2021: Dividends −$1.0B$5.2BFY2021FY2022: Operating cash flow $1.3BFY2022: Net borrowing $371MFY2022: Shares issued $3.7BFY2022: Asset sales $199MFY2022: Capital spending −$632MFY2022: Dividends −$1.1B$5.6BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing $655MFY2023: Shares issued $6.0BFY2023: Asset sales $96.7MFY2023: Capital spending −$1.0BFY2023: Dividends −$1.3B$8.4BFY2023FY2024: Operating cash flow $2.3BFY2024: Net borrowing −$335MFY2024: Shares issued $7.4BFY2024: Asset sales $337MFY2024: Capital spending −$858MFY2024: Dividends −$1.5B$10.0BFY2024FY2025: Operating cash flow $2.9BFY2025: Net borrowing $2.6BFY2025: Shares issued $8.9BFY2025: Asset sales $5.7BFY2025: Capital spending −$1.1BFY2025: Dividends −$1.9B$20.0BFY2025
Over these 5 years operating cash flow totalled $9.3B; the largest uses were dividends ($6.9B) and capital spending ($4.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debt$18.2B
Net debt$15.9B
Due within a year$3.0B

Welltower funds itself: free cash flow was $2.1B over the last twelve months, and $2.3B of cash and investments stands against $18.2B of debt ($3.0B due within a year, 0.8× covered by cash).

Welltower: debt maturities by year (FY2025)Welltower: debt maturities by year (FY2025)$3.0BYear 1$2.3BYear 2$2.7BYear 3$2.6BYear 4$1.9BYear 5$6.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.3B of cash and investments now.

Where the cash came from and went

Welltower: sources (+) and uses (−) of cash, Q3 2026Welltower: sources (+) and uses (−) of cash, Q3 2026Real estate bought−$3.4BShares issued$3.1BOperating cash flow$1.0BOther financing$920MDividends−$615MCapital spending−$348MOther investing−$329MCash drawn (+) / kept (−)−$319MAsset & business sales$274MNet borrowing (+) / repaid (−)−$231MPartners−$22.8MExchange rates−$1.6M
Welltower: sources (+) and uses (−) of cash, TTM to Q3 2026Welltower: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$21.8BShares issued$9.6BAsset & business sales$7.8BCash drawn (+) / kept (−)$4.5BOperating cash flow$3.3BDividends−$2.2BCapital spending−$1.3BOther financing$1.1BNet borrowing (+) / repaid (−)−$494MPartners−$482MExchange rates−$12.3M

From profit to cash

Welltower: net income to operating cash flow, Q3 2026Welltower: net income to operating cash flow, Q3 2026Net income$415MDepreciation & amortization$707MStock-based pay$22.3MImpairments$33.5MPrepaid and other assets−$116MOther liabilities$93.1MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.0B−$348M−$615M−$231M$3.1B−$319M$655M
Q2 2026$1.0B−$319M−$527M−$1.1B$2.9B$2.7B$684M
Q1 2026$670M−$270M−$520M−$1.2B$1.5B$390M$400M
Q4 2025$654M−$314M−$510M$1.9B$2.1B$1.7B$340M
Q3 2025$858M−$263M−$497M$927M$2.9B−$2.4B$595M
Q2 2025$770M−$233M−$439M−$73.9M$2.0B−$913M$537M
Q1 2025$599M−$240M−$431M−$134M$2.0B$101M$359M
Q4 2024$559M−$319M−$418M$52.4M$2.2B$73.0M$240M

Welltower: income statement and cash flow

Welltower, Q3 2026: revenue $3.7B (+38% year over year), operating margin 9.1%. The chart follows the revenue to costs, profit and cash.

Welltower: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.