WELL WELLTOWER INC.

Overview and Growth

In fiscal 2025, WELLTOWER INC. recorded $10.84B of revenue, net income of $936.85M, and an operating cash inflow of $2.88B. At $10.84B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 35.6% above fiscal 2024 revenue of $7.99B, marking a year-over-year increase. The company reported diluted EPS of $1.39, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 11.5% from $1.57 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. A diluted share base of 679.52M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 608.75M diluted shares in fiscal 2024, the current 679.52M base was 11.6% higher. The company employed $67.30B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.16x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $4.35B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 40.1% of revenue, quantifying the portion retained before operating expenses were recognized. Net income came to $936.85M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 8.6% margin after operating costs and the remaining recognized items. An income-tax benefit of $7.12M improved the final result relative to pretax income or loss. The relationship between net income and period-end equity was 2.2%, indicating the profitability achieved on book capital. Net income represented 1.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Current net income of $936.85M was below fiscal 2024 net income of $951.68M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $67.30B asset base was financed through $24.10B of liabilities and $42.94B of equity. Cash and equivalents totaled $5.03B, identifying the most liquid reported component available within the broader current-asset balance. Total debt was $19.20B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.45x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 28.5% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 63.8% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 35.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 7.5% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $51.04B in fiscal 2024, the current asset base moved 31.9% and finished higher. Against $32.32B of equity in fiscal 2024, the current book-equity balance moved 32.9% and ended higher. The reported cash balance changed 43.5% from $3.51B in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $2.88B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 3.08x of net income, showing how strongly accounting earnings converted into cash from operations. The operating cash outcome moved from $2.26B in fiscal 2024 to $2.88B, ending above the prior-year level.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.