Welltower Inc
NYSE: WELL · REAL ESTATE · REIT - HEALTHCARE FACILITIES
Updated 2026-06-12
Welltower Inc (WELL) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $288.24M | $102.75M | 99.64% | 61.91% | 35.65% |
| 2007 | $429.49M | $138.35M | 92.22% | 54.57% | 32.21% |
| 2008 | $526.41M | $283.30M | 91.90% | 55.49% | 53.82% |
| 2009 | $523.29M | $193.27M | 91.88% | 51.05% | 36.93% |
| 2010 | $571.33M | $128.53M | 86.38% | 42.72% | 22.50% |
| 2011 | $1.30B | $217.61M | 71.19% | 35.42% | 16.71% |
| 2012 | $1.80B | $297.25M | 68.44% | 33.41% | 16.52% |
| 2013 | $2.88B | $145.05M | 58.05% | 24.11% | 5.04% |
| 2014 | $3.34B | $512.15M | 57.93% | 28.34% | 15.35% |
| 2015 | $3.84B | $883.75M | 57.77% | 32.42% | 23.01% |
| 2016 | $4.25B | $1.08B | 55.85% | 30.76% | 25.35% |
| 2017 | $4.30B | $522.77M | 51.53% | 25.78% | 12.16% |
| 2018 | $4.67B | $804.95M | 47.91% | 24.86% | 17.23% |
| 2019 | $5.10B | $1.23B | 47.26% | 24.27% | 24.16% |
| 2020 | $4.59B | $978.84M | 43.36% | 15.86% | 21.34% |
| 2021 | $4.71B | $336.14M | 41.09% | 16.21% | 7.14% |
| 2022 | $5.78B | $141.21M | 38.39% | 12.92% | 2.44% |
| 2023 | $6.48B | $340.09M | 39.06% | 14.52% | 5.25% |
| 2024 | $7.85B | $951.68M | 38.50% | 14.59% | 12.12% |
| 2025 | $10.67B | $936.85M | 39.18% | 3.33% | 8.78% |
Frequently asked questions
What is Welltower Inc's revenue?
Welltower Inc's trailing twelve-month revenue is $11.77B, and consensus projects about $19.20B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is WELL?
In its most recent fiscal year, WELL ran a gross margin of 39.18%, an operating margin of 3.33%, and a net margin of 8.78%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does WELL generate?
WELL produced $2.85B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is WELL's balance sheet healthy?
WELL holds $5.03B in cash and equivalents against $19.20B in long-term debt, on $42.13B of shareholder equity. That debt is best read against the cash flow the business throws off each year.