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Ventas Financials

VTR
FY2025 annual
Revenue $5.8B +18.5% YoY
Net Income $261.5M +196.0% YoY
EPS (Diluted) $0.54 +184.2% YoY
Free Cash Flow -$1.3B -6.8% YoY
Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Currency USD FYE December

Ventas (VTR) reported $5.8B in revenue for fiscal year 2025, up 18.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VTR FY2025

A property-heavy cash engine is converting rising revenue into operating cash, while reinvestment absorbs more than it produces.

By FY2025, operating cash flow had reached $1.65B even as free cash flow was -$1.28B. Compared with FY2023, that gap came from capital spending swelling to $2.93B from $649M, so the cash shortfall reflects reinvestment intensity more than weak property-level cash generation.

The business generates far more cash than accounting profit because depreciation is large on a sizable asset base: FY2025 net income was $262M while depreciation and amortization alone was $1.38B. That makes cash conversion a better operating lens than the bottom line, which is held down by non-cash charges and recurring interest expense.

The balance-sheet mix improved as debt-to-equity eased to 1.0x in FY2025 from 1.4x in FY2023, helped by higher equity and lower long-term debt. But with shareholder payouts and asset spending totaling far more than internally generated surplus, dividends paid of $860M sat alongside capital spending of $2.93B, keeping financing cash flow relevant.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 33 / 100
Financial Health Score 33/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ventas's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
50
FFO Growth
60
Leverage
0

Not available for Ventas, and counted as zero in the overall score.

Interest Cov.
0

Not available for Ventas, and counted as zero in the overall score.

AFFO Margin
15
Dividend Cov.
70
Piotroski F-Score Partial
6/7

Ventas passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
6.30x

For every $1 of reported earnings, Ventas generates $6.30 in operating cash flow ($1.6B OCF vs $261.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$5.8B
YoY+18.5%
5Y CAGR+9.0%
10Y CAGR+5.9%

Ventas generated $5.8B in revenue in fiscal year 2025. This represents an increase of 18.5% from the prior year.

Net Income
$261.5M
YoY+196.0%
5Y CAGR-9.9%
10Y CAGR-4.6%

Ventas reported $261.5M in net income in fiscal year 2025. This represents an increase of 196.0% from the prior year.

EPS (Diluted)
$0.54
YoY+184.2%

Ventas earned $0.54 per diluted share (EPS) in fiscal year 2025. This represents an increase of 184.2% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
-$1.3B
YoY-6.8%

Ventas recorded an outflow of $1.3B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 6.8% from the prior year.

Cash & Debt
$741.1M
YoY-17.5%
5Y CAGR+12.4%
10Y CAGR+30.2%

Ventas held $741.1M in cash against $13.0B in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.92
YoY+6.7%

Ventas paid $1.92 per share in dividends in fiscal year 2025. This represents an increase of 6.7% from the prior year.

Shares Outstanding
475M
YoY+8.7%

Ventas had 475M shares outstanding in fiscal year 2025. This represents an increase of 8.7% from the prior year.

Margins & Returns

Net Margin
4.5%
YoY+2.7pp
5Y CAGR-7.1pp
10Y CAGR-8.3pp

Ventas's net profit margin was 4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.7 percentage points from the prior year.

Return on Equity
2.1%
YoY+1.3pp
5Y CAGR-2.2pp
10Y CAGR-2.3pp

Ventas's ROE was 2.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures
$2.9B
YoY+15.7%
5Y CAGR+37.0%
10Y CAGR+39.2%

Ventas invested $2.9B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.7% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

VTR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VTR quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$1.7B+4.4%$1.7B+5.8%$1.6B+5.2%$1.5B+4.8%$1.4B+4.6%$1.4B+5.5%$1.3B+4.1%$1.2B
SG&A Expenses$47.0M-25.1%$62.7M+53.0%$41.0M+1.5%$40.4M-5.8%$42.9M-19.4%$53.1M+28.3%$41.4M+18.1%$35.1M
Interest Expense$160.0M+2.5%$156.1M+1.1%$154.5M-2.3%$158.1M+5.2%$150.3M+0.6%$149.4M-2.5%$153.2M+1.8%$150.4M
Income Tax-$25.6M-60.7%-$15.9M-1320.4%-$1.1M+82.3%-$6.3M-263.8%$3.9M+136.7%-$10.6M+76.8%-$45.5M-1617.0%$3.0M
Net Income$72.2M+22.3%$59.0M-19.1%$73.0M+6.2%$68.7M-3.9%$71.5M+47.8%$48.4M-17.7%$58.7M+179.7%$21.0M
EPS (Diluted)$0.14+27.3%$0.11-21.4%$0.140.0%$0.14-6.7%$0.15+50.0%$0.10-23.1%$0.13+160.0%$0.05

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

VTR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VTR quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$29.7B+7.1%$27.7B+0.3%$27.6B+2.5%$26.9B+1.7%$26.5B+1.7%$26.0B-0.6%$26.2B+3.3%$25.3B
Cash & Equivalents$199.0M+8.4%$183.6M-75.2%$741.1M+292.9%$188.6M-69.3%$614.2M+236.9%$182.3M-79.7%$897.9M-18.7%$1.1B
Goodwill$1.0B0.0%$1.0B0.0%$1.0B0.0%$1.0B0.0%$1.0B+0.1%$1.0B0.0%$1.0B-0.1%$1.0B
Total Liabilities$14.4B+2.4%$14.1B-3.6%$14.6B+3.4%$14.2B-2.8%$14.6B+2.7%$14.2B-5.9%$15.0B-0.9%$15.2B
Long-Term DebtN/AN/A$13.0BN/AN/AN/A$13.5BN/A
Total Equity$14.6B+11.6%$13.1B+4.8%$12.5B+1.3%$12.4B+7.2%$11.5B+0.5%$11.5B+6.5%$10.8B+10.4%$9.8B
Retained Earnings-$7.9B-2.6%-$7.7B-2.6%-$7.5B-2.2%-$7.4B-2.2%-$7.2B-2.1%-$7.1B-2.5%-$6.9B-2.1%-$6.7B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

VTR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VTR quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow$556.5M+41.0%$394.6M-16.3%$471.7M+24.6%$378.6M-20.4%$475.3M+48.0%$321.1M-14.1%$373.6M+5.6%$353.7M
Investing Cash Flow-$2.0B-82.6%-$1.1B-149.2%-$428.7M+63.6%-$1.2B-476.0%-$204.4M+76.9%-$883.7M+42.5%-$1.5B-257.7%-$429.5M
Financing Cash Flow$1.4B+1475.8%$90.0M-82.0%$499.9M+36.5%$366.1M+133.2%$157.0M+205.3%-$149.1M-115.6%$956.2M+53.1%$624.4M
Dividends Paid$253.3M+10.1%$230.2M+2.0%$225.7M+3.3%$218.4M+0.7%$217.0M+9.0%$199.0M+5.3%$189.0M+1.5%$186.2M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

VTR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VTR quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Net Margin4.2%+0.6pp3.6%-1.1pp4.7%+0.1pp4.6%-0.4pp5.0%+1.5pp3.6%-1.0pp4.6%+2.9pp1.7%
Return on Equity0.5%0.0pp0.4%-0.1pp0.6%0.0pp0.6%-0.1pp0.6%+0.2pp0.4%-0.1pp0.5%+0.3pp0.2%
Return on Assets0.2%0.0pp0.2%-0.1pp0.3%0.0pp0.3%0.0pp0.3%+0.1pp0.2%0.0pp0.2%+0.1pp0.1%
Debt-to-Equity0.99-0.1x1.070.0x1.04-0.1x1.14-0.1x1.260.0x1.240.0x1.26-0.3x1.56

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

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Frequently Asked Questions

What is Ventas's annual revenue?

Ventas (VTR) reported $5.8B in total revenue for fiscal year 2025. This represents a 18.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ventas's revenue growing?

Ventas (VTR) revenue grew by 18.5% year-over-year, from $4.9B to $5.8B in fiscal year 2025.

Is Ventas profitable?

Yes, Ventas (VTR) reported a net income of $261.5M in fiscal year 2025, with a net profit margin of 4.5%.

Ventas (VTR) reported diluted earnings per share of $0.54 for fiscal year 2025. This represents a 184.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Ventas (VTR) had $741.1M in cash and equivalents against $13.0B in long-term debt.

Ventas (VTR) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Ventas (VTR) paid $1.92 per share in dividends during fiscal year 2025.

Ventas (VTR) has a return on equity of 2.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Ventas (VTR) recorded an outflow of $1.3B in free cash flow during fiscal year 2025. This represents a -6.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Ventas (VTR) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Ventas (VTR) had $27.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Ventas (VTR) invested $2.9B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Ventas (VTR) had 475M shares outstanding as of fiscal year 2025.

Ventas (VTR) had a debt-to-equity ratio of 1.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Ventas (VTR) had a return on assets of 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Ventas (VTR) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Ventas (VTR) has an earnings quality ratio of 6.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Ventas (VTR) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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