Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Welltower (WELL) delivered strong FY2025 revenue growth of 35.6% to $10.84B, driven by significant asset acquisitions and portfolio expansion, though EPS declined 10.8% to $1.41 amid a 642.5% surge in SG&A expenses and heavy investment activity.
Revenue
$10.84B
+35.63% YoY
EPS (Diluted)
$1.39
-11.46% YoY
Source: SEC XBRL
Welltower (WELL) reported FY2025 revenue of $10.84B, up 35.6% year over year. Operating cash flow was $2.88B, up 27.7% year over year.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 0.61 | 0.64 | Miss -4.5% |
| Mar 2026 | 1.02 | 0.77 | Beat +31.8% |
| Dec 2025This filing | 0.14 | 0.59 | Miss -76.3% |
| Sep 2025 | 0.41 | 0.53 | Miss -23.1% |
Reported EPS of $0.14 versus the $0.59 analyst consensus — a -76.3% miss for Dec 2025.
Compiled by AI from this SEC filing
Revenue grew 35.6% year-over-year from $7.99B to $10.84B in FY2025, reflecting Welltower's aggressive acquisition strategy and expansion of its senior housing and healthcare real estate portfolio. Total assets increased 31.9% to $67.3B, underscoring the scale of capital deployment.
Source: 10-K Financial Data, Income Statement & Balance Sheet
SG&A expenses skyrocketed 642.5% year-over-year from $235.5M to $1.75B, which materially pressured earnings and contributed to the 10.8% decline in basic EPS from $1.58 to $1.41. This dramatic increase likely reflects costs associated with large-scale acquisitions, integration activities, and portfolio management.
Source: 10-K Financial Data, Income Statement
Investing cash outflows surged 90.6% to -$10.51B in FY2025, signaling a major wave of property acquisitions and capital expenditures. This was funded primarily through financing activities, which generated $9.0B in cash inflows (up 83.5%), reflecting equity and debt issuances to support growth.
Source: 10-K Financial Data, Cash Flow Statement
Operating cash flow grew 27.7% to $2.88B, demonstrating that the underlying business continues to generate healthy and growing cash from operations despite elevated expenses. Dividends paid also rose 21.5% to $1.88B, reflecting Welltower's commitment to returning capital to shareholders.
Source: 10-K Financial Data, Cash Flow Statement
Long-term debt increased 23.9% to $19.2B to fund acquisitions, while stockholders' equity grew 31.8% to $42.1B, resulting in a debt-to-equity ratio of 0.57 — a relatively conservative leverage level for a large-cap REIT. Cash and equivalents rose 43.5% to $5.03B, providing ample liquidity.
Source: 10-K Financial Data, Balance Sheet
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
Welltower deployed over $10.5B in investing activities in FY2025, representing a near-doubling of prior-year investment levels. Integrating a large volume of acquired properties and operators simultaneously creates significant operational, financial, and management bandwidth risks. Failure to execute integration effectively could impair returns on invested capital.
Source: 10-K Financial Data, Cash Flow Statement
SG&A expenses surged 642.5% to $1.75B in FY2025, a level far exceeding revenue growth of 35.6%. If elevated administrative and transaction-related costs persist or continue to grow, they could structurally compress earnings and reduce EPS further despite top-line expansion.
Source: 10-K Financial Data, Income Statement
Long-term debt increased 23.9% to $19.2B in FY2025 as Welltower financed its acquisition program. As a REIT with significant floating or refinanceable debt exposure, rising or sustained high interest rates could increase borrowing costs and pressure funds from operations (FFO) and dividend coverage.
Source: 10-K Financial Data, Balance Sheet
Financing cash inflows of $9.0B in FY2025 suggest substantial equity issuances to fund acquisitions, which likely contributed to the 10.8% decline in basic EPS despite strong revenue growth. Continued equity dilution could weigh on per-share metrics and investor returns if not offset by accretive acquisitions.
Source: 10-K Financial Data, Cash Flow Statement & Income Statement
Welltower paid $1.88B in dividends in FY2025, a 21.5% increase, while operating cash flow was $2.88B. The dividend payout ratio relative to operating cash flow is elevated, and if operating cash flow growth slows or acquisition costs remain high, the company's ability to sustain dividend growth could be challenged.
Source: 10-K Financial Data, Cash Flow Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 10.84 $B | 7.99 $B | +35.63% |
Cost of Revenue $B | 6.49 $B | 4.83 $B | +34.32% |
EPS (Basic) $ | 1.41 $ | 1.58 $ | -10.76% |
EPS (Diluted) $ | 1.39 $ | 1.57 $ | -11.46% |
SG&A Expense $B | 1.75 $B | 0.24 $B | +642.46% |
Answers draw on this SEC filing and the data on this page
In 2026-Q2, Welltower reported $463.0M of net income and $1.4B of NOI while deploying $7.2B into acquisitions, funded in part by $4.5B of ATM equity issuance and supported by $8.2B of cash, restricted cash, and revolver availability. Source: 10-Q Item 2 MD&A, pp.37-40
Welltower (WELL) delivered strong Q1 2026 results with revenue surging 38.3% YoY to $3.35B and EPS more than doubling to $1.04, driven by robust portfolio growth and expanding asset base.
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