Filing Flows › Welltower (WELL) › Q1 2025
Welltower (WELL) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
Welltower (WELL) reported revenue of $2.4B for the first quarter 2025 (Q1 2025), +30% from a year earlier and +8% from the quarter before. Operating margin was 8.2%, net earnings $258M (10.6% of revenue).
Welltower, Q1 2025: revenue $2.4B (+30% year over year), operating margin 8.2%, net earnings $258M, operating cash flow $599M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +8% | +30% |
| Operating profit | $199M | +82% | +41% |
| Net earnings | $258M | +115% | +103% |
| Operating cash flow | $599M | +7% | +47% |
| Free cash flow | $359M | +49% | +105% |
What changed
Revenue was $2.4B in Q1 2025, up 30% year over year and up 8% from the previous quarter.
Operating profit was $0.20B, a 8.2% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, above the 8% margin then. Total costs grew 29% against revenue growth of 30%. The fastest-growing cost line was Cost of revenue (+33%). Net earnings were $0.26B, up 103% year over year. The effective tax rate was -2.2%. Non-operating items added $0.05B, 21% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.60B (up 47% year over year), 233% of net earnings. Non-cash charges added back $0.49B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.16B. Capital expenditures of $0.24B left free cash flow of $0.36B.
Questions
What was Welltower's revenue in the first quarter 2025?
Welltower (WELL) reported revenue of $2.4B for the first quarter 2025 (Q1 2025), +30% from a year earlier and +8% from the quarter before.
Was Welltower profitable in the first quarter 2025?
Operating profit was $199M (8.2% of revenue) and net earnings $258M.
Source: Welltower 10-Q on SEC EDGAR.