Income Statement

Revenue

+85%

+135%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	32	34	36	38	41	44	47	46	60	64	67	66	69	72	75	75	82	85	88	88	99	109	121	110	117	119	115	111	122	114	108	89	91	101	116	134	161	205	241	291	330	341	356	362	382	401	425	458	470	482	484	481	481	479	482	492	504	518	526	521	507	491	484	485	489	494	509	527	549	569	568	556	552	537	525	514	496	492	489	490	488	494	511	530	552	577	594	608	611	592	574	574	572	580	603	652
Revenue	133 N/A	138 +4%	145 +5%	150 +4%	162 +8%	171 +6%	180 +5%	184 +2%	214 +16%	224 +5%	233 +4%	230 -1%	245 +6%	253 +3%	263 +4%	265 +0%	284 +7%	296 +4%	304 +3%	288 -5%	344 +19%	379 +10%	414 +9%	359 -13%	370 +3%	387 +5%	408 +5%	448 +10%	541 +21%	547 +1%	546 0%	485 -11%	490 +1%	509 +4%	542 +6%	579 +7%	672 +16%	883 +31%	1 058 +20%	1 313 +24%	1 505 +15%	1 578 +5%	1 701 +8%	1 805 +6%	2 018 +12%	2 258 +12%	2 580 +14%	2 881 +12%	3 053 +6%	3 201 +5%	3 264 +2%	3 344 +2%	3 436 +3%	3 567 +4%	3 698 +4%	3 860 +4%	4 013 +4%	4 132 +3%	4 232 +2%	4 281 +1%	4 296 +0%	4 278 0%	4 291 +0%	4 317 +1%	4 351 +1%	4 419 +2%	4 564 +3%	4 700 +3%	4 876 +4%	5 070 +4%	5 100 +1%	5 121 +0%	5 108 0%	4 976 -3%	4 747 -5%	4 606 -3%	4 399 -4%	4 352 -1%	4 555 +5%	4 742 +4%	5 086 +7%	5 417 +7%	5 651 +4%	5 861 +4%	6 026 +3%	6 219 +3%	6 407 +3%	6 638 +4%	6 937 +5%	7 096 +2%	7 490 +6%	7 991 +7%	8 554 +7%	9 278 +8%	9 908 +7%	10 838 +9%
Gross Profit
Cost of Revenue	(2)	(2)	(2)	(2)	(2)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(3)	(1)	(12)	(21)	(27)	(32)	(33)	(34)	(38)	(40)	(43)	(44)	(45)	(43)	(43)	(44)	(51)	(78)	(128)	(216)	(299)	(375)	(443)	(480)	(522)	(568)	(692)	(834)	(1 031)	(1 207)	(1 295)	(1 361)	(1 374)	(1 403)	(1 438)	(1 493)	(1 547)	(1 622)	(1 695)	(1 756)	(1 821)	(1 877)	(1 938)	(1 981)	(2 031)	(2 084)	(2 130)	(2 197)	(2 330)	(2 433)	(2 538)	(2 661)	(2 653)	(2 657)	(2 669)	(2 630)	(2 608)	(2 566)	(2 503)	(2 485)	(2 558)	(2 744)	(2 960)	(3 171)	(3 375)	(3 530)	(3 633)	(3 738)	(3 822)	(3 920)	(4 060)	(4 212)	(4 429)	(4 782)	(5 130)	(5 515)	(5 860)	(6 375)
Gross Profit	131 N/A	136 +4%	143 +5%	148 +4%	160 +8%	169 +6%	178 +5%	181 +2%	210 +16%	221 +5%	230 +4%	227 -1%	239 +5%	248 +4%	260 +5%	262 +1%	281 +7%	294 +5%	301 +3%	287 -5%	331 +15%	358 +8%	387 +8%	326 -16%	337 +3%	353 +5%	370 +5%	408 +10%	498 +22%	503 +1%	500 -1%	443 -11%	446 +1%	465 +4%	491 +6%	501 +2%	544 +9%	668 +23%	759 +14%	938 +24%	1 062 +13%	1 099 +3%	1 180 +7%	1 237 +5%	1 326 +7%	1 425 +7%	1 549 +9%	1 674 +8%	1 757 +5%	1 839 +5%	1 890 +3%	1 940 +3%	1 998 +3%	2 074 +4%	2 152 +4%	2 238 +4%	2 317 +4%	2 376 +3%	2 411 +1%	2 404 0%	2 359 -2%	2 298 -3%	2 260 -2%	2 233 -1%	2 221 -1%	2 222 +0%	2 233 +1%	2 267 +2%	2 338 +3%	2 409 +3%	2 446 +2%	2 464 +1%	2 439 -1%	2 346 -4%	2 139 -9%	2 040 -5%	1 896 -7%	1 866 -2%	1 997 +7%	1 998 +0%	2 126 +6%	2 247 +6%	2 276 +1%	2 331 +2%	2 393 +3%	2 480 +4%	2 585 +4%	2 718 +5%	2 877 +6%	2 884 +0%	3 061 +6%	3 209 +5%	3 425 +7%	3 763 +10%	4 048 +8%	4 463 +10%
Operating Income
Operating Expenses	(40)	(42)	(45)	(46)	(52)	(55)	(57)	(61)	(73)	(79)	(80)	(79)	(88)	(110)	(112)	(88)	(119)	(104)	(108)	(109)	(129)	(144)	(161)	(138)	(137)	(140)	(143)	(166)	(200)	(202)	(203)	(203)	(205)	(212)	(253)	(249)	(279)	(348)	(383)	(466)	(534)	(559)	(615)	(631)	(694)	(765)	(856)	(976)	(1 031)	(1 075)	(1 047)	(997)	(955)	(947)	(948)	(1 020)	(1 070)	(1 082)	(1 094)	(1 079)	(1 075)	(1 070)	(1 174)	(1 284)	(1 279)	(1 294)	(1 295)	(1 190)	(1 240)	(1 274)	(1 229)	(1 258)	(1 274)	(1 289)	(1 282)	(1 363)	(1 325)	(1 294)	(1 319)	(1 244)	(1 345)	(1 437)	(1 517)	(1 602)	(1 643)	(1 660)	(1 682)	(1 726)	(1 752)	(1 844)	(1 923)	(2 043)	(2 188)	(2 290)	(2 422)	(4 138)
Selling, General & Administrative	(9)	(10)	(10)	(11)	(11)	(12)	(12)	(14)	(15)	(16)	(16)	(17)	(19)	(19)	(20)	(17)	(19)	(20)	(21)	(27)	(31)	(35)	(39)	(37)	(40)	(41)	(43)	(47)	(52)	(53)	(53)	(73)	(72)	(73)	(103)	(84)	(85)	(93)	(73)	(79)	(89)	(95)	(126)	(124)	(124)	(122)	(100)	(110)	(116)	(144)	(146)	(143)	(145)	(132)	(138)	(147)	(158)	(159)	(159)	(165)	(151)	(144)	(137)	(185)	(188)	(188)	(187)	(126)	(154)	(162)	(168)	(170)	(158)	(159)	(163)	(246)	(234)	(235)	(255)	(157)	(184)	(183)	(165)	(183)	(191)	(201)	(216)	(211)	(220)	(235)	(267)	(288)	(313)	(334)	(335)	(1 843)
Depreciation & Amortization	(30)	(32)	(34)	(35)	(39)	(42)	(45)	(47)	(56)	(60)	(64)	(62)	(69)	(72)	(74)	(71)	(78)	(82)	(84)	(82)	(98)	(109)	(122)	(100)	(101)	(103)	(105)	(118)	(147)	(149)	(150)	(130)	(132)	(139)	(150)	(165)	(193)	(254)	(311)	(386)	(445)	(464)	(489)	(506)	(570)	(643)	(757)	(866)	(914)	(931)	(891)	(844)	(800)	(794)	(799)	(826)	(866)	(884)	(896)	(901)	(901)	(899)	(911)	(922)	(922)	(933)	(946)	(950)	(968)	(982)	(1 014)	(1 035)	(1 066)	(1 083)	(1 066)	(1 047)	(1 016)	(992)	(1 004)	(1 046)	(1 104)	(1 174)	(1 259)	(1 317)	(1 353)	(1 384)	(1 369)	(1 407)	(1 432)	(1 472)	(1 537)	(1 638)	(1 758)	(1 871)	(1 977)	(2 093)
Other Operating Expenses	0	0	0	0	(3)	0	0	0	(3)	(2)	0	0	0	(19)	(18)	0	(21)	(3)	(3)	0	0	0	0	0	4	4	4	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(10)	(10)	(10)	(21)	(11)	(46)	(46)	(39)	(39)	(12)	(24)	(27)	(126)	(178)	(170)	(174)	(163)	(113)	(118)	(130)	(47)	(53)	(50)	(48)	(53)	(70)	(75)	(67)	(59)	(42)	(57)	(80)	(92)	(102)	(98)	(74)	(97)	(108)	(100)	(137)	(119)	(117)	(117)	(85)	(110)	(201)
Operating Income	91 N/A	94 +3%	98 +4%	102 +5%	107 +5%	114 +6%	121 +6%	121 0%	137 +14%	142 +4%	150 +5%	148 -1%	153 +3%	140 -9%	149 +7%	174 +17%	162 -6%	189 +17%	193 +2%	178 -8%	203 +14%	214 +6%	226 +6%	189 -17%	200 +6%	213 +7%	227 +7%	242 +7%	299 +23%	302 +1%	298 -1%	240 -20%	242 +1%	252 +4%	237 -6%	251 +6%	265 +6%	320 +21%	376 +18%	472 +26%	529 +12%	539 +2%	565 +5%	606 +7%	632 +4%	659 +4%	692 +5%	698 +1%	727 +4%	765 +5%	843 +10%	943 +12%	1 042 +11%	1 127 +8%	1 204 +7%	1 218 +1%	1 247 +2%	1 294 +4%	1 317 +2%	1 325 +1%	1 284 -3%	1 228 -4%	1 086 -12%	948 -13%	942 -1%	927 -2%	938 +1%	1 078 +15%	1 098 +2%	1 135 +3%	1 217 +7%	1 206 -1%	1 165 -3%	1 057 -9%	857 -19%	677 -21%	571 -16%	572 +0%	678 +19%	754 +11%	781 +4%	809 +4%	759 -6%	729 -4%	750 +3%	821 +9%	903 +10%	992 +10%	1 124 +13%	1 039 -8%	1 137 +9%	1 166 +3%	1 236 +6%	1 473 +19%	1 626 +10%	325 -80%
Pre-Tax Income
Interest Income Expense	(32)	(34)	(36)	(38)	(41)	(44)	(47)	(46)	(60)	(64)	(67)	(66)	(69)	(72)	(75)	(75)	(82)	(85)	(88)	(88)	(99)	(109)	(121)	(110)	(117)	(119)	(117)	(134)	(146)	(138)	(130)	(89)	(91)	(101)	(116)	(134)	(161)	(205)	(241)	(291)	(330)	(338)	(354)	(360)	(382)	(400)	(429)	(463)	(473)	(487)	(485)	(480)	(421)	(419)	(421)	(434)	(504)	(518)	(524)	(519)	(506)	(490)	(486)	(487)	(483)	(480)	(504)	(523)	(550)	(579)	(571)	(551)	(558)	(543)	(530)	(525)	(501)	(495)	(483)	(483)	(482)	(486)	(518)	(538)	(559)	(586)	(599)	(606)	(605)	(579)	(548)	(546)	(544)	(557)	(622)	(674)
Non-Reccuring Items	0	0	0	(3)	0	0	(2)	(3)	0	0	(3)	(0)	0	0	0	(21)	0	0	0	0	0	0	0	1	2	2	3	2	2	2	(25)	(25)	(53)	(60)	(64)	(81)	(91)	(97)	(74)	(69)	(39)	(54)	(56)	(61)	(121)	(120)	(131)	(132)	(68)	(47)	(44)	(79)	(144)	(168)	(162)	(148)	(104)	(78)	(98)	(97)	(117)	(131)	(102)	(162)	(159)	(145)	(156)	(132)	(108)	(113)	(186)	(112)	(124)	(190)	(162)	(183)	(174)	(178)	(123)	(101)	(82)	(3)	(6)	(18)	(31)	(31)	(34)	(36)	(67)	(70)	(86)	(95)	(110)	(126)	(105)	(131)
Pre-Tax Income	59 N/A	60 +1%	62 +3%	61 0%	66 +8%	70 +5%	71 +2%	72 +0%	77 +8%	78 +1%	79 +1%	82 +4%	84 +2%	68 -19%	74 +8%	77 +5%	81 +4%	104 +29%	105 +1%	90 -14%	103 +15%	105 +2%	105 0%	80 -24%	86 +7%	97 +13%	113 +17%	110 -3%	155 +41%	166 +7%	143 -14%	125 -13%	99 -21%	91 -8%	57 -38%	37 -36%	13 -63%	17 +31%	62 +253%	112 +82%	160 +42%	147 -8%	155 +6%	186 +20%	129 -31%	139 +8%	133 -5%	102 -23%	187 +82%	230 +24%	314 +36%	384 +22%	477 +24%	540 +13%	621 +15%	636 +3%	639 +0%	699 +9%	696 0%	709 +2%	661 -7%	607 -8%	498 -18%	300 -40%	300 +0%	302 +1%	278 -8%	423 +52%	440 +4%	444 +1%	461 +4%	543 +18%	482 -11%	324 -33%	164 -49%	(32) N/A	(103) -227%	(101) +3%	72 N/A	171 +138%	217 +27%	320 +47%	235 -27%	173 -26%	160 -7%	203 +27%	269 +32%	350 +30%	453 +29%	391 -14%	503 +29%	524 +4%	582 +11%	790 +36%	899 +14%	(480) N/A
Net Income
Tax Provision	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	0	0	(0)	(1)	(2)	(1)	(1)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(1)	(1)	(3)	(4)	(5)	(8)	(9)	(9)	(11)	(7)	(7)	(7)	6	1	4	(2)	(9)	(6)	(5)	3	(0)	19	15	23	22	(20)	(19)	(32)	(33)	(9)	(9)	(7)	(9)	(3)	(6)	(7)	(5)	(10)	(8)	(4)	(7)	(9)	(10)	(15)	(13)	(7)	(5)	(6)	(7)	(6)	(10)	(7)	2	(3)	9	9	2	7
Income from Continuing Operations	59	60	62	61	66	70	71	72	77	78	79	82	84	68	74	77	81	104	105	90	103	105	105	79	84	95	112	109	155	166	143	125	98	91	56	36	13	17	61	111	157	143	151	178	120	130	122	95	180	223	320	385	480	538	612	630	634	702	696	728	676	630	520	279	281	271	246	415	431	437	452	540	476	317	160	(42)	(112)	(105)	65	162	208	305	222	166	155	198	262	344	443	384	505	522	591	799	901	(473)
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	(0)	(0)	(0)	(0)	0	(0)	0	1	(0)	0	1	2	5	6	6	4	2	1	1	5	7	8	7	4	(0)	(4)	(5)	(6)	(5)	(3)	(0)	(3)	(4)	(5)	(9)	(9)	(18)	(21)	(19)	(24)	(25)	(32)	(44)	(93)	(98)	(105)	(73)	(84)	(60)	(42)	(81)	(22)	(38)	(42)	(28)	(21)	(19)	(18)	(16)	(19)	(18)	(20)	(22)	(22)	(21)	(16)	(13)	(7)	(25)
Equity Earnings Affiliates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	3	4	7	7	7	6	6	6	6	4	2	3	(4)	(3)	(8)	(16)	(22)	(24)	(27)	(35)	(26)	(26)	(22)	(13)	(12)	(11)	(10)	(30)	(32)	(27)	(83)	(62)	(57)	(60)	(1)	(7)	(18)	(15)	42	48	58	49	(8)	9	(1)	(11)	(23)	(39)	(38)	(29)	(21)	(25)	(59)	(56)	(53)	(54)	(9)	(9)	(0)	9	(4)	(12)	(14)
Net Income (Common)	48 N/A	49 +4%	53 +7%	55 +5%	59 +7%	62 +5%	66 +6%	71 +7%	73 +3%	75 +3%	74 -2%	73 -2%	72 -1%	51 -29%	52 +2%	63 +21%	65 +3%	89 +38%	90 +2%	81 -10%	85 +5%	88 +3%	91 +3%	113 +24%	71 -37%	201 +182%	230 +14%	260 +13%	292 +12%	196 -33%	161 -18%	171 +6%	136 -21%	122 -10%	99 -19%	107 +8%	104 -2%	129 +23%	170 +32%	157 -7%	173 +10%	158 -9%	159 +0%	222 +40%	238 +7%	174 -27%	158 -10%	79 -50%	74 -6%	154 +109%	270 +75%	447 +66%	588 +32%	828 +41%	874 +6%	818 -6%	777 -5%	659 -15%	812 +23%	1 012 +25%	1 176 +16%	1 169 -1%	908 -22%	464 -49%	589 +27%	555 -6%	545 -2%	758 +39%	601 -21%	584 -3%	1 110 +90%	1 232 +11%	1 262 +2%	1 304 +3%	1 039 -20%	979 -6%	740 -24%	587 -21%	441 -25%	336 -24%	327 -3%	390 +19%	204 -48%	141 -31%	105 -26%	118 +13%	252 +114%	340 +35%	442 +30%	593 +34%	916 +54%	952 +4%	1 082 +14%	1 130 +4%	960 -15%	937 -2%
EPS (Diluted)	1.43 N/A	1.46 +2%	1.41 -3%	1.47 +4%	1.45 -1%	1.6 +10%	1.47 -8%	1.6 +9%	1.44 -10%	1.44 N/A	1.44 N/A	1.39 -3%	1.34 -4%	0.94 -30%	1.01 +7%	1.15 +14%	1.1 -4%	1.46 +33%	1.29 -12%	1.31 +2%	1.15 -12%	1.09 -5%	1.22 +12%	1.42 +16%	0.82 -42%	2.23 +172%	2.92 +31%	2.75 -6%	2.68 -3%	1.79 -33%	1.33 -26%	1.49 +12%	1.1 -26%	0.98 -11%	0.92 -6%	0.83 -10%	0.67 -19%	0.74 +10%	1.05 +42%	0.9 -14%	0.85 -6%	0.65 -24%	0.7 +8%	0.98 +40%	0.88 -10%	0.59 -33%	0.54 -8%	0.28 -48%	0.24 -14%	0.47 +96%	0.86 +83%	1.45 +69%	1.73 +19%	2.35 +36%	2.47 +5%	2.34 -5%	2.18 -7%	1.83 -16%	2.24 +22%	2.81 +25%	3.22 +15%	3.09 -4%	2.44 -21%	1.25 -49%	1.57 +26%	1.48 -6%	1.45 -2%	2.02 +39%	1.52 -25%	1.43 -6%	2.72 +90%	3.05 +12%	3.06 +0%	3.11 +2%	2.49 -20%	2.35 -6%	1.76 -25%	1.4 -20%	1.02 -27%	0.78 -24%	0.72 -8%	0.85 +18%	0.43 -49%	0.3 -30%	0.23 -23%	0.24 +4%	0.48 +100%	0.65 +35%	0.76 +17%	0.98 +29%	1.48 +51%	1.56 +5%	1.65 +6%	1.69 +2%	1.4 -17%	1.4 N/A

Income Statement Balance Sheet Cash Flow Statement

Welltower Inc
NYSE:WELL

Income Statement

Earnings Waterfall
Welltower Inc

Income Statement
Welltower Inc

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Welltower Inc NYSE:WELL

Income Statement

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Income Statement Welltower Inc

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Welltower Inc
NYSE:WELL

Earnings Waterfall
Welltower Inc

Income Statement
Welltower Inc