Ventas, Inc. VTR
Ventas, Inc. is an S&P 500 company focused on delivering strong, sustainable shareholder returns by enabling exceptional environments that benefit a large and growing aging population. We hold a portfolio that includes senior housing communities, outpatient medical buildings, research centers, hospitals and healthcare facilities located in North America and the United Kingdom. As of December 31, 2025, we owned or had investments in 1,409 properties consisting of 1,374 properties in our reportable segments ("Segment Properties") and 35 properties held by unconsolidated real estate entities in our non-segment operations. We are headquartered in Chicago, Illinois with additional corporate offices in Louisville, Kentucky and New York, New York.
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 | $5.83B | $4.92B | $4.50B | $4.13B | $3.83B | $3.80B | $3.87B | $3.75B | $3.57B | $3.44B |
| SG&A | $177.4M | $163.0M | $148.9M | $144.9M | $129.8M | $130.2M | $158.7M | $146.0M | $135.5M | $126.9M |
| Total operating expenses | $5.63B | $4.93B | $4.61B | $4.22B | $3.99B | $3.71B | $3.51B | $3.36B | $2.99B | $2.93B |
| Interest expense | $612.2M | $602.8M | $574.1M | $467.6M | $440.1M | $469.5M | $451.7M | $442.5M | $448.2M | $419.7M |
| Pre-tax income | $204.3M | -$8.0M | -$115.6M | -$94.1M | -$162.4M | $80.6M | $359.4M | $384.8M | $584.7M | $518.5M |
| Income tax | $14.2M | $37.8M | $9.5M | $16.9M | $4.8M | $96.5M | $56.3M | $40.0M | $59.8M | $31.3M |
| Net income | $261.5M | $88.4M | -$30.3M | -$40.9M | $56.6M | $441.2M | $439.3M | $416.0M | $1.36B | $651.5M |
| EPS, basic | 0.55 | 0.20 | -0.10 | -0.12 | 0.13 | 1.18 | 1.18 | 1.15 | 3.82 | 1.88 |
| EPS, diluted | 0.54 | 0.19 | -0.10 | -0.12 | 0.13 | 1.17 | 1.17 | 1.14 | 3.78 | 1.86 |
| Shares, diluted (wtd. avg.) | $462.6M | $416.4M | $405.7M | $403.5M | $386.3M | $376.5M | $369.9M | $359.3M | $358.6M | $348.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $741.1M | $897.9M | $563.5M | $170.7M | $196.6M | $451.6M | $146.1M | $131.5M | $188.3M | $367.4M |
| Receivables | $99.9M | $108.1M | $76.1M | — | — | — | — | — | — | — |
| Goodwill | $1.05B | $1.04B | $1.05B | $1.04B | $1.05B | $1.05B | $1.05B | $1.05B | $1.03B | $1.03B |
| Total assets | $27.59B | $26.19B | $24.73B | $24.16B | $24.72B | $23.93B | $24.69B | $22.58B | $23.95B | $23.17B |
| Long-term debt | $13.01B | $13.52B | $13.49B | $12.30B | $12.03B | $11.90B | $12.16B | $10.73B | $11.28B | $11.13B |
| Total liabilities | $14.63B | $15.05B | $14.88B | $13.67B | $13.49B | $13.42B | $13.87B | $12.12B | $12.86B | $12.44B |
| Retained earnings | -$7.53B | -$6.89B | -$6.21B | -$5.45B | -$4.68B | -$4.03B | -$3.67B | -$2.93B | -$2.24B | -$2.49B |
| Total equity | $12.53B | $10.77B | $9.54B | $10.22B | $10.95B | $10.28B | $10.55B | $10.27B | $10.93B | $10.53B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.65B | $1.33B | $1.12B | $1.12B | $1.03B | $1.45B | $1.44B | $1.38B | $1.43B | $1.35B |
| Stock-based compensation | $38.7M | $31.0M | $31.0M | $30.7M | $32.0M | $21.5M | $33.9M | $30.0M | $26.5M | $21.0M |
| Capital expenditure | $2.93B | $2.53B | $649.5M | $900.7M | $1.80B | $607.3M | $1.52B | $728.6M | $132.6M | $117.5M |
| Investing cash flow | -$2.69B | -$2.38B | -$184.7M | -$859.2M | -$724.1M | $154.3M | -$1.59B | $324.5M | -$937.1M | -$1.21B |
| Financing cash flow | $873.8M | $1.45B | -$543.7M | -$283.9M | -$558.5M | -$1.30B | $160.7M | -$1.76B | -$671.3M | $96.8M |
| Dividends paid | $860.1M | $740.3M | $723.6M | $720.3M | $686.9M | $928.8M | $1.16B | $1.13B | $827.3M | $1.02B |
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 0000740260-26-000006.
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