Filing Flows › Welltower (WELL) › Q2 2025
Welltower (WELL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Welltower (WELL) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +40% from a year earlier and +5% from the quarter before. Operating margin was 11.7%, net earnings $302M (11.8% of revenue).
Welltower, Q2 2025: revenue $2.5B (+40% year over year), operating margin 11.7%, net earnings $302M, operating cash flow $770M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +5% | +40% |
| Operating profit | $298M | +50% | +230% |
| Net earnings | $302M | +17% | +19% |
| Operating cash flow | $770M | +29% | +27% |
| Free cash flow | $537M | +50% | +42% |
What changed
Revenue was $2.5B in Q2 2025, up 40% year over year and up 5% from the previous quarter.
Operating profit was $0.30B, a 11.7% margin (up 6.7 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 5% margin then. Total costs grew 30% against revenue growth of 40%. The fastest-growing cost line was Cost of revenue (+36%). Net earnings were $0.30B, up 19% year over year. The effective tax rate was 0.3%.
Operating cash flow was $0.77B (up 27% year over year), 253% of net earnings. Non-cash charges added back $0.50B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.04B. Capital expenditures of $0.23B left free cash flow of $0.54B.
Questions
What was Welltower's revenue in the second quarter 2025?
Welltower (WELL) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +40% from a year earlier and +5% from the quarter before.
Was Welltower profitable in the second quarter 2025?
Operating profit was $298M (11.7% of revenue) and net earnings $302M.
Source: Welltower 10-Q on SEC EDGAR.