Ventas, Inc. (VTR) Cash Flow Statement
Where VTR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.68B +25.6% vs 2024
- Capital expenditures
- $363.9M 6.2% of revenue
- Free cash flow
- $1.32B 22.6% margin
- Returned to shareholders
- $860.1M 65% of free cash flow
- Change in cash
- −$171.1M cash at year-end $786.1M
Cash from operations
$1.68B
Capital expenditures
−$363.9M
Acquisitions & other
−$2.37B
Dividends
−$860.1M
Share buybacks (net)
+$2.45B
Net borrowing (repayment)
−$656.0M
Shares issued
+$2.34B
Other financing
−$2.41B
Change in cash
−$171.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VTR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VTR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.37B2016 | $1.68B2025 | +2.3%/yr | |
| Capital expenditures | $117.5M2016 | $363.9M2025 | +13.4%/yr | |
| Free cash flow | $1.25B2016 | $1.32B2025 | +0.6%/yr | |
| Free cash flow margin | 36.3%2016 | 22.6%2025 | −13.7 pts | |
| Operating cash flow / net income | 2.102016 | 6.682025 | +4.58 | |
| Stock-based compensation | $21.0M2016 | $38.7M2025 | +7.1%/yr | |
| Dividends paid | $1.02B2016 | $860.1M2025 | −1.9%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 3.4%2016 | 6.2%2025 | +2.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VTR cash flow by activity
OperatingInvestingFinancingChange in cash
VTR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VTR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $251.4M | $81.2M | −$41.0M | −$40.9M | $56.6M | $441.2M | $439.3M | $409.5M | $1.36B | $650.2M |
| Depreciation & amortization | $1.38B | $1.17B | $1.17B | $1.21B | $1.22B | $1.13B | $1.07B | $890.1M | $855.0M | $863.7M |
| Stock-based compensation | $38.7M | $31.0M | $31.0M | $30.7M | $32.0M | $21.5M | $33.9M | $30.0M | $26.5M | $21.0M |
| Change in working capital | $49.4M | $43.8M | −$53.6M | −$40.8M | −$43.8M | $121.8M | −$40.3M | −$55.7M | −$40.0M | −$35.4M |
| Other non-cash items | −$38.3M | $14.9M | $92.3M | −$39.6M | −$233.7M | −$264.8M | −$63.8M | $165.1M | −$763.2M | −$132.0M |
| Cash from operating activities | $1.68B | $1.34B | $1.19B | $1.12B | $1.03B | $1.45B | $1.44B | $1.44B | $1.43B | $1.37B |
| Investing activities | ||||||||||
| Capital expenditures | −$363.9M | −$281.6M | −$259.4M | −$454.1M | −$433.0M | −$528.6M | −$560.6M | −$131.9M | −$132.6M | −$117.5M |
| Investments (net) | — | −$2.38B | −$275.3M | −$113.5M | −$111.4M | −$283.0M | −$244.6M | $635.0M | −$708.2M | $158.6M |
| Acquisitions & other investing | −$2.37B | $265.9M | $295.5M | −$291.7M | −$179.7M | $965.9M | −$780.1M | −$238.9M | −$113.9M | −$1.27B |
| Cash from investing activities | −$2.73B | −$2.39B | −$239.2M | −$859.2M | −$724.1M | $154.3M | −$1.59B | $264.2M | −$954.7M | −$1.23B |
| Financing activities | ||||||||||
| Dividends paid | −$860.1M | −$740.3M | −$723.6M | −$720.3M | −$686.9M | −$928.8M | −$1.16B | −$1.13B | −$827.3M | −$1.02B |
| Share repurchases & issuance (net) | $2.45B | $1.99B | $41.8M | −$19.8M | −$96,000 | −$575,000 | −$2.2M | −$1.4M | $1.50B | $893.2M |
| Net borrowing (repayment) | −$656.0M | $285.0M | $139.6M | $468.8M | −$420.8M | −$409.0M | $363.5M | $321.5M | $384.8M | −$35.6M |
| Shares issued | $2.34B | $1.96B | $108.5M | $25.0M | $617.4M | $55.4M | $942.1M | $0 | $0 | $0 |
| Other financing | −$2.41B | −$2.05B | −$130.2M | −$37.7M | −$68.1M | −$17.0M | $15.0M | −$952.0M | −$1.71B | $264.6M |
| Cash from financing activities | $875.7M | $1.45B | −$563.9M | −$283.9M | −$558.5M | −$1.30B | $160.7M | −$1.76B | −$659.9M | $97.2M |
| Summary | ||||||||||
| Net change in cash | −$171.1M | $393.8M | $392.7M | −$25.9M | −$255.0M | $305.5M | $14.6M | −$56.8M | −$205.4M | $233.7M |
| Cash at end of period | $786.1M | $957.2M | $563.5M | $170.7M | $196.6M | $451.6M | $146.1M | $131.5M | $81.4M | $286.7M |
| Free cash flow | $1.32B | $1.06B | $935.1M | $666.1M | $593.1M | $921.5M | $877.1M | $1.31B | $1.30B | $1.25B |
| Free cash flow margin | 22.6% | 21.5% | 20.8% | 16.1% | 15.5% | 24.3% | 22.6% | 34.9% | 36.4% | 36.3% |
| Capex / revenue | 6.2% | 5.7% | 5.8% | 11.0% | 11.3% | 13.9% | 14.5% | 3.5% | 3.7% | 3.4% |
| Operating cash flow / net income | 6.68 | 16.49 | — | — | 18.14 | 3.29 | 3.27 | 3.51 | 1.06 | 2.10 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $72.2M | $59.0M | $70.2M | $66.0M | $68.3M | $46.9M | $56.8M | $19.2M | $19.4M | −$14.3M | −$90.8M | −$71.1M |
| Depreciation & amortization | $415.5M | $382.5M | $341.9M | $328.9M | $312.8M | $299.4M | $290.4M | $287.0M | $294.9M | $294.9M | $1.17B | $297.7M |
| Stock-based compensation | $5.3M | $24.8M | $6.3M | $5.9M | $7.7M | $18.8M | $4.6M | $4.3M | $5.8M | $16.3M | $5.7M | $4.9M |
| Change in working capital | $77.9M | −$46.2M | $35.2M | −$14.9M | $80.3M | −$51.2M | $35.3M | $31.2M | $8.5M | −$31.3M | −$11.3M | −$1.9M |
| Other non-cash items | −$14.4M | −$25.6M | $51.7M | −$7.4M | $6.3M | $7.3M | −$7.7M | $14.5M | $7.2M | $896,999 | −$790.3M | $131.3M |
| Cash from operating activities | $556.5M | $394.6M | $505.4M | $378.6M | $475.3M | $321.1M | $379.5M | $356.2M | $335.9M | $266.4M | $279.1M | $360.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$971.5M | −$971.5M | −$137.7M | −$92.2M | −$75.1M | −$58.9M | −$87.6M | −$72.1M | −$72.5M | −$49.4M | −$99.0M | −$64.1M |
| Investments (net) | — | — | — | −$1.18B | −$204.4M | −$883.7M | −$1.54B | −$429.5M | −$266.8M | −$144.6M | −$43.3M | $40.9M |
| Acquisitions & other investing | −$979.3M | −$97.0M | −$324.7M | $90.1M | $75.1M | $59.0M | $81.8M | $69.6M | $61.6M | $52.9M | $108.1M | −$62.1M |
| Cash from investing activities | −$1.95B | −$1.07B | −$462.4M | −$1.18B | −$204.4M | −$883.7M | −$1.54B | −$432.0M | −$277.8M | −$141.1M | −$34.2M | −$85.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$253.3M | −$231.8M | −$225.7M | −$218.4M | −$217.0M | −$199.0M | −$189.0M | −$186.2M | −$182.3M | −$182.9M | −$181.3M | −$180.5M |
| Share repurchases & issuance (net) | — | — | $2.45B | $2.11B | $1.09B | $896.2M | $1.99B | $861.0M | — | — | −$183.3M | $209.4M |
| Net borrowing (repayment) | −$65.9M | −$456.2M | $395.5M | −$423.8M | $196.8M | −$824.6M | $25.6M | $459.7M | — | — | — | $116.6M |
| Shares issued | $1.75B | $799.3M | $279.5M | $999.5M | $188.3M | $876.5M | $1.11B | $358.8M | $414.4M | $77.4M | $0 | $83.4M |
| Other financing | −$12.0M | −$21.4M | −$2.40B | −$2.10B | −$1.10B | −$898.3M | −$1.99B | −$868.9M | −$361.4M | $106.7M | $190.2M | −$222.3M |
| Cash from financing activities | $1.42B | $90.0M | $499.9M | $368.1M | $157.0M | −$149.2M | $956.1M | $624.4M | −$129.3M | $1.3M | −$174.5M | $6.6M |
| Summary | ||||||||||||
| Net change in cash | $22.5M | −$583.9M | $543.6M | −$434.2M | $430.8M | −$711.3M | −$208.5M | $550.4M | −$73.1M | $124.9M | $71.7M | $281.4M |
| Cash at end of period | $223.8M | $201.3M | $786.1M | $242.6M | $676.8M | $246.0M | $957.2M | $1.17B | $615.3M | $688.4M | $563.5M | $491.7M |
| Free cash flow | $1.53B | −$576.9M | $367.7M | $286.4M | $400.3M | $262.2M | $291.9M | $284.1M | $263.4M | $217.1M | $180.0M | $296.7M |
| Free cash flow margin | 88.3% | −34.8% | 23.5% | 19.2% | 28.2% | 19.3% | 22.7% | 23.0% | 21.9% | 18.1% | 15.5% | 25.8% |
| Capex / revenue | 56.2% | 58.6% | 8.8% | 6.2% | 5.3% | 4.3% | 6.8% | 5.8% | 6.0% | 4.1% | 8.5% | 5.6% |
| Operating cash flow / net income | 7.71 | 6.68 | 7.20 | 5.73 | 6.96 | 6.85 | 6.68 | 18.51 | 17.32 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VTR cash generation
In fiscal 2025 (ended December 31, 2025), Ventas generated $1.7 billion of cash from operations (up 25.6%) and spent $363.9 million on capital expenditures, leaving free cash flow of $1.3 billion, 22.6% of revenue. It returned $860.1 million to shareholders through dividends ($860.1 million) and net share buybacks ($0). Cash and equivalents fell by $171.1 million over the year.
Related: VTR income statement, VTR balance sheet, VTR dividend history. See the VTR stock overview for the latest quote and news.
VTR cash flow FAQ
What is Ventas's free cash flow?
Ventas's free cash flow was $1.3 billion in fiscal 2025: $1.7 billion of operating cash flow minus $363.9 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Ventas generate from operations?
Ventas generated $1.7 billion of cash from operating activities in fiscal 2025, 6.68 times its net income of $251.4 million.
How much does Ventas spend on capital expenditures?
Ventas spent $363.9 million on capital expenditures in fiscal 2025, 6.2% of revenue, compared with $281.6 million the year before.
How much does Ventas pay in dividends?
Ventas paid $860.1 million in dividends in fiscal 2025, 65.3% of free cash flow.