Companies /Real Estate

Welltower Inc

NYSE: WELL Reit - Healthcare Facilities
$236.24
▼ $1.83 (−0.77%) today
Markets closed · 11:56pm ET

Q2 2025 Earnings

Reported Jul 28, 2025, 4:10pm ET · SEC source
$0.45
Miss −0.16%
EPS · est. $0.45
$2.5B
Beat +2.49%
Revenue · est. $2.5B
−1.3%
Trailing market
WELL vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
0+2%+4%Jul 28Jul 29report 4:10pm ETearnings−0.3%+4.1%
0+2%+4%Jul 28Jul 29earnings−0.3%+4.1%
WELL +4.1%S&P 500 −0.3%
0+2%+4%Jul 28Jul 29report 4:10pm ETearnings−0.2%+4.1%
0+2%+4%Jul 28Jul 29earnings−0.2%+4.1%
WELL +4.1%NASDAQ −0.2%
−3%0+3%+6%Jul 28Aug 5report 4:10pm ETearnings−1.4%+6.9%
−3%0+3%+6%Jul 28Aug 5earnings−1.4%+6.9%
WELL +6.9%S&P 500 −1.4%
−3%0+3%+6%Jul 28Aug 5report 4:10pm ETearnings−1.7%+6.9%
−3%0+3%+6%Jul 28Aug 5earnings−1.7%+6.9%
WELL +6.9%NASDAQ −1.7%
+4.85%
Day of report
+0.25%
Next session
+2.25%
One week
+0.87%
30 days

S&P 500 over the same 30 days: +2.15%.

Did WELL Beat Earnings? Q2 2025 Results

Welltower delivered a standout second quarter for 2025, with total revenue climbing 42.1% year-over-year to $2.55 billion — beating the $2.49 billion consensus estimate by 2.49% — as the healthcare REIT's Seniors Housing Operating portfolio emerged as the clear engine of growth. The SHO segment posted 23.4% same-store NOI growth, driven by 420 basis points of year-over-year occupancy improvement and 4.9% RevPOR growth that meaningfully widened margins, with shares having gained over 43% in the past year reflecting sustained investor confidence in the platform. Normalized FFO reached $1.28 per diluted share, up 21.9% year-over-year, while net income attributable to common stockholders came in at $0.45 per diluted share. The company's balance sheet also strengthened materially, with net debt to adjusted EBITDA tightening to 2.93x from 3.68x a year ago. Management raised full-year 2025 normalized FFO guidance to $5.06–$5.14 per diluted share and lifted the quarterly dividend 10.4% to $0.74 per share, signaling confidence in durable cash flow growth ahead — a profile that has attracted attention among <a href="https://247wallst.com/investing/2025/06/21/4-bofa-securities-strong-buy-growth-10-stocks-also-pay-reliable-dividends/">dividend-paying growth stocks</a>.

Key Takeaways
  • SHO portfolio SSNOI growth of 23.4% driven by 420 bps occupancy improvement and 4.9% RevPOR growth
  • RevPOR growth meaningfully outpacing ExpPOR growth, expanding SSNOI margin by 330 bps
  • Total portfolio SSNOI growth of 13.8%
  • Active capital deployment with $9.2 billion pro rata investment activity year-to-date
  • Net Debt to Adjusted EBITDA improved to 2.93x from 3.68x year-over-year

Forward Guidance & Outlook

Welltower raised its full-year 2025 guidance. Net income attributable to common stockholders is now expected at $1.86-$1.94 per diluted share (previously $1.70-$1.84). Normalized FFO guidance was raised to $5.06-$5.14 per diluted share (previously $4.90-$5.04). Average blended SSNOI growth is expected at 11.25%-13.25%, with SHO at approximately 18.5%-21.5%, Seniors Housing Triple-net at 3.5%-4.5%, Outpatient Medical at 2.0%-3.0%, and Long-Term/Post-Acute Care at 2.0%-3.0%. G&A expenses are anticipated at $243-$249 million with stock-based compensation of approximately $52 million. Additional development funding of $212 million is anticipated for 2025 on projects underway. Pro rata disposition proceeds of $340 million are expected over the next twelve months at a blended yield of 6.9%.

WELL YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$800.0M$1.6B$2.4B$1.8B$2.5BRevenue$254.7M$304.6MNet Income$238.7M$298.2MOperating Income
$0$800.0M$1.6B$2.4BRevenueNet IncomeOperating Income

WELL Revenue by Segment

Seniors Housing Operating$2.0B+10.1%
Outpatient Medical$215.7M
Long-Term/Post-Acute Care$165.2M
Seniors Housing Triple-net$104.7M

WELL Revenue by Geography

United States$3.0B
United Kingdom$338.2M
Canada$255.6M

Figures from SEC filings and company reports. Not investment advice.