Brookdale Senior Living Inc. BKD
Unless otherwise specified, references to "Brookdale," "we," "us," "our," or "the Company" in this Annual Report on Form 10-K mean Brookdale Senior Living Inc. together with its consolidated subsidiaries.
We are the nation's premier operator of senior living communities, operating and managing 584 communities in 41 states as of December 31, 2025, with the ability to serve approximately 51,000 residents. We offer our residents access to a broad continuum of services across the most attractive sectors of the senior living industry. We operate and manage independent living, assisted living, memory care, and continuing care retirement communities ("CCRCs"). As of December 31, 2025, we owned 370 communities (33,262 units), leased 178 communities (10,608 units), and managed 36 communities (4,374 units).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.19B | $3.13B | $3.02B | $2.83B | $2.76B | $3.54B | $4.06B | $4.53B | $4.75B | $4.98B |
| Gross profit | $837.5M | $799.3M | $746.7M | $594.4M | $501.0M | $797.1M | $876.5M | $1.07B | $1.25B | $1.44B |
| SG&A | $195.1M | $185.8M | $178.9M | $168.6M | $184.9M | $206.6M | $219.3M | $259.5M | $278.0M | $313.4M |
| Total operating expenses | — | — | — | — | $2.98B | $3.64B | $4.10B | $5.13B | $5.02B | $5.01B |
| Operating income | $13.5M | $46.5M | $18.4M | -$42.7M | -$216.9M | -$97.7M | -$44.5M | -$594.2M | -$270.0M | -$31.1M |
| Interest expense | — | $252.6M | $238.3M | $204.7M | $195.1M | $208.8M | $248.3M | $280.3M | $326.2M | $385.6M |
| Pre-tax income | -$264.7M | -$197.3M | -$180.3M | -$239.9M | -$107.5M | $87.3M | -$270.8M | -$577.8M | -$588.1M | -$399.3M |
| Income tax | $2.0M | $4.6M | $8.8M | $1.6M | $8.2M | $5.4M | $2.3M | $49.5M | $16.5M | $5.4M |
| Net income | -$262.7M | -$201.9M | -$189.0M | -$238.4M | -$99.3M | $82.0M | -$267.9M | -$528.3M | -$571.4M | -$404.4M |
| EPS, basic | -1.12 | -0.89 | -0.84 | -1.25 | -0.54 | 0.45 | -1.44 | -2.82 | — | — |
| EPS, diluted | -1.12 | -0.89 | -0.84 | -1.25 | -0.54 | 0.44 | -1.44 | -2.82 | -3.07 | -2.18 |
| Shares, diluted (wtd. avg.) | $235.2M | $227.5M | $225.2M | $190.5M | $185.0M | $184.4M | $185.9M | $187.5M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $279.1M | $308.9M | $349.7M | $474.5M | $438.3M | $465.1M | $301.7M | $450.2M | $282.5M | $277.3M |
| Short-term investments | $0 | $19.9M | $29.8M | $48.7M | $182.4M | $172.9M | $68.6M | $14.9M | $291.8M | $0 |
| Receivables | $67.7M | $51.9M | $48.4M | $55.8M | $51.1M | $109.2M | $133.6M | $133.9M | $129.0M | $141.7M |
| Total current assets | $553.9M | $512.9M | $478.4M | $637.1M | $699.0M | $773.6M | $596.2M | $774.0M | $901.9M | $619.5M |
| Property, plant and equipment | — | — | — | — | — | — | — | $5.28B | $5.85B | $7.38B |
| Goodwill | $27.3M | $27.3M | $27.3M | $27.3M | $27.3M | $154.1M | $154.1M | $154.1M | $505.8M | $705.5M |
| Other intangibles | — | — | — | — | — | $34.1M | $35.2M | $51.5M | $68.0M | $83.0M |
| Total assets | $5.95B | $6.34B | $5.57B | $5.94B | $6.41B | $6.90B | $7.19B | $6.47B | $7.68B | $9.22B |
| Short-term debt | $77.5M | $40.8M | $41.5M | $66.0M | $63.1M | $68.9M | $339.4M | $294.4M | $495.4M | $145.6M |
| Total current liabilities | $567.9M | $579.8M | $600.1M | $641.2M | $632.0M | $690.7M | $1.05B | $773.3M | $1.10B | $731.1M |
| Long-term debt | $4.22B | $4.02B | $3.66B | $3.78B | $3.78B | $3.85B | $3.22B | $3.35B | $3.38B | $3.41B |
| Total liabilities | $6.00B | $6.12B | $5.17B | $5.35B | $5.71B | $6.10B | $6.50B | $5.45B | $6.15B | $7.14B |
| Retained earnings | -$4.30B | -$4.04B | -$3.84B | -$3.65B | -$3.41B | -$3.31B | -$3.39B | -$3.07B | -$2.54B | -$1.97B |
| Total equity | -$44.8M | $212.5M | $405.2M | $584.2M | $699.6M | $802.7M | $698.7M | $1.02B | $1.53B | $2.08B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $218.0M | $166.2M | $162.9M | $3.3M | -$94.6M | $205.6M | $216.4M | $204.0M | $378.4M | $373.7M |
| Depreciation and amortisation | $370.3M | $367.5M | $350.4M | $353.9M | $344.9M | $365.4M | $383.7M | $455.6M | $494.8M | $529.8M |
| Stock-based compensation | $11.9M | $14.2M | $12.0M | $14.5M | $16.3M | $20.7M | $23.0M | $26.1M | $27.8M | $32.3M |
| Capital expenditure | $201.5M | $201.2M | $233.2M | $196.9M | $176.7M | $185.9M | $304.1M | $225.5M | $213.9M | $333.6M |
| Investing cash flow | -$456.0M | -$278.1M | -$113.4M | -$67.4M | $181.5M | -$425.1M | -$225.5M | $288.8M | -$602.3M | $171.8M |
| Financing cash flow | $201.1M | $142.1M | -$174.4M | $100.4M | -$113.7M | $382.9M | -$139.4M | -$325.1M | $229.2M | -$422.1M |
| Buybacks | — | — | — | $0 | $0 | $18.1M | $24.0M | $4.3M | $0 | $9.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001332349-26-000032.
Others in SIC 8050
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|---|---|---|---|---|
| SNDA | SONIDA SENIOR LIVING, INC. | $1.81B | — | 25.2% |
| HCSG | HEALTHCARE SERVICES GROUP INC | $1.50B | 26.9x | 7.1% |