Filing Flows › Welltower (WELL) › Q4 2025
Welltower (WELL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Welltower (WELL) reported revenue of $3.2B for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and +18% from the quarter before. Operating margin was -39.9%, net earnings $118M (3.7% of revenue).
Welltower, Q4 2025: revenue $3.2B (+41% year over year), operating margin -39.9%, net earnings $118M, operating cash flow $654M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2B | +18% | +41% |
| Operating profit | −$1.3B | -533% | — |
| Net earnings | $118M | -58% | — |
| Operating cash flow | $654M | -24% | +17% |
| Free cash flow | $340M | -43% | +42% |
What changed
Revenue was $3.2B in Q4 2025, up 41% year over year and up 18% from the previous quarter.
Operating costs exceeded revenue by $1.3B, an operating margin of -39.9%. Total costs grew 108% against revenue growth of 41%. The fastest-growing cost line was SG&A (+3097%). Net earnings were $0.10B, down 20% year over year. The effective tax rate was -4.4%. Non-operating items added $1.4B, 1226% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.65B (up 17% year over year), 556% of net income including minority interests. Non-cash charges added back $0.59B of depreciation and amortization and $1.5B of share-based compensation. Working capital and other items used $1.6B. Capital expenditures of $0.31B left free cash flow of $0.34B.
Questions
What was Welltower's revenue in the fourth quarter 2025?
Welltower (WELL) reported revenue of $3.2B for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and +18% from the quarter before.
Was Welltower profitable in the fourth quarter 2025?
Operating loss was $1.3B (-39.9% of revenue) and net earnings $118M.
Source: Welltower 10-K on SEC EDGAR.