Filing Flows › Welltower (WELL) › Q3 2025
Welltower (WELL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Welltower (WELL) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), +31% from a year earlier and +5% from the quarter before. Operating margin was 10.9%, net earnings $281M (10.4% of revenue).
Welltower, Q3 2025: revenue $2.7B (+31% year over year), operating margin 10.9%, net earnings $281M, operating cash flow $858M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +5% | +31% |
| Operating profit | $293M | -2% | +59% |
| Net earnings | $281M | -7% | -38% |
| Operating cash flow | $858M | +11% | +25% |
| Free cash flow | $595M | +11% | +34% |
What changed
Revenue was $2.7B in Q3 2025, up 31% year over year and up 5% from the previous quarter.
Operating profit was $0.29B, a 10.9% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, above the 9% margin then. Total costs grew 28% against revenue growth of 31%. The fastest-growing cost line was Cost of revenue (+30%). Net earnings were $0.28B, down 38% year over year. The effective tax rate was 0.8%.
Operating cash flow was $0.86B (up 25% year over year), 304% of net earnings. Non-cash charges added back $0.51B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.26B left free cash flow of $0.60B.
Questions
What was Welltower's revenue in the third quarter 2025?
Welltower (WELL) reported revenue of $2.7B for the third quarter 2025 (Q3 2025), +31% from a year earlier and +5% from the quarter before.
Was Welltower profitable in the third quarter 2025?
Operating profit was $293M (10.9% of revenue) and net earnings $281M.
Source: Welltower 10-Q on SEC EDGAR.