Welltower Inc. (WELL) Cash Flow Statement
Where WELL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.88B +27.7% vs 2024
- Capital expenditures
- $33.8M 0.3% of revenue
- Free cash flow
- $2.85B 26.7% margin
- Returned to shareholders
- $1.88B 66% of free cash flow
- Change in cash
- $1.50B cash at year-end $5.21B
Cash from operations
$2.88B
Capital expenditures
−$33.8M
Investments (net)
−$76.6M
Acquisitions & other
−$10.40B
Dividends
−$1.88B
Net borrowing (repayment)
+$2.61B
Shares issued
+$8.90B
Other financing
−$633.0M
Currency & other
+$129.4M
Change in cash
$1.50B
Drawn to scale: where the cash came from and how it was used. Hover for values.
WELL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
WELL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.64B2016 | $2.88B2025 | +6.5%/yr | |
| Capital expenditures | $16.9M2016 | $33.8M2025 | +8.0%/yr | |
| Free cash flow | $1.61B2016 | $2.85B2025 | +6.5%/yr | |
| Free cash flow margin | 37.9%2016 | 26.7%2025 | −11.2 pts | |
| Operating cash flow / net income | 1.512016 | 3.002025 | +1.48 | |
| Stock-based compensation | $28.9M2016 | $1.56B2025 | +55.7%/yr | |
| Dividends paid | $1.30B2016 | $1.88B2025 | +4.2%/yr | |
| Share buybacks (net) | $02016 | $02023 | — | |
| Capex / revenue | 0.4%2016 | 0.3%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WELL cash flow by activity
OperatingInvestingFinancingChange in cash
WELL 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).
WELL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $961.8M | $972.9M | $340.1M | $160.6M | $374.5M | $1.04B | $1.33B | $829.8M | $540.6M | $1.08B |
| Depreciation & amortization | $2.14B | $1.68B | $1.44B | $1.34B | $1.05B | $1.05B | $1.04B | $970.1M | $938.6M | $910.4M |
| Stock-based compensation | $1.56B | $75.8M | $37.2M | $26.1M | $17.8M | $28.3M | $25.0M | $27.6M | $19.1M | $28.9M |
| Change in working capital | −$280.8M | −$42.0M | −$76.4M | −$140.6M | −$44.6M | −$31.8M | −$92.5M | $76.6M | $50.3M | −$3.7M |
| Other non-cash items | −$1.49B | −$429.9M | −$142.2M | −$54.3M | −$125.6M | −$720.4M | −$770.2M | −$320.1M | −$114.4M | −$378.5M |
| Cash from operating activities | $2.88B | $2.26B | $1.60B | $1.33B | $1.28B | $1.36B | $1.54B | $1.58B | $1.43B | $1.64B |
| Investing activities | ||||||||||
| Capital expenditures | −$33.8M | −$58.1M | −$50.7M | −$30.5M | −$19.4M | −$17.5M | −$15.3M | −$7.9M | −$13.5M | −$16.9M |
| Investments (net) | −$76.6M | −$5.51B | −$2.98B | −$391.1M | −$775.3M | −$609.7M | −$79.2M | $58.9M | $64.8M | $234.1M |
| Acquisitions & other investing | −$10.40B | $58.1M | −$2.67B | −$3.28B | −$3.72B | $2.98B | −$1.95B | −$2.44B | $103.2M | −$526.7M |
| Cash from investing activities | −$10.51B | −$5.51B | −$5.71B | −$3.70B | −$4.52B | $2.35B | −$2.05B | −$2.39B | $154.6M | −$309.5M |
| Financing activities | ||||||||||
| Dividends paid | −$1.88B | −$1.55B | −$1.26B | −$1.13B | −$1.04B | −$1.12B | −$1.40B | −$1.35B | −$1.33B | −$1.30B |
| Share repurchases & issuance (net) | — | — | $1.30B | $3.53B | $2.05B | −$7.7M | $4.76B | $3.30B | −$287.5M | $1.15B |
| Net borrowing (repayment) | $2.61B | −$635.1M | $655.0M | $366.2M | $247.0M | −$1.24B | $1.05B | $1.46B | −$880.4M | −$488.2M |
| Shares issued | $8.90B | $7.42B | $4.75B | $3.67B | $2.35B | $595.3M | $1.06B | $789.6M | $0 | $0 |
| Other financing | −$633.0M | −$330.1M | $10.6M | −$3.68B | −$2.04B | −$312.0M | −$4.89B | −$3.38B | $580.0M | −$617.2M |
| Cash from financing activities | $9.00B | $4.91B | $5.45B | $2.76B | $1.57B | −$2.08B | $577.1M | $818.4M | −$1.91B | −$1.25B |
| Summary | ||||||||||
| Net change in cash | $1.50B | $1.64B | $1.35B | $375.5M | −$1.67B | $1.64B | $69.6M | $6.8M | −$297.9M | $58.5M |
| Cash at end of period | $5.21B | $3.71B | $2.08B | $722.3M | $346.8M | $2.02B | $385.8M | $316.1M | $309.3M | $419.4M |
| Free cash flow | $2.85B | $2.20B | $1.55B | $1.30B | $1.26B | $1.35B | $1.52B | $1.58B | $1.42B | $1.61B |
| Free cash flow margin | 26.7% | 28.0% | 23.9% | 22.5% | 26.7% | 29.4% | 29.8% | 33.7% | 33.0% | 37.9% |
| Capex / revenue | 0.3% | 0.7% | 0.8% | 0.5% | 0.4% | 0.4% | 0.3% | 0.2% | 0.3% | 0.4% |
| Operating cash flow / net income | 3.00 | 2.32 | 4.71 | 8.28 | 3.41 | 1.31 | 1.15 | 1.91 | 2.65 | 1.51 |
| 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 | $463.0M | $752.3M | $117.8M | $282.2M | $304.6M | $257.3M | $123.8M | $467.2M | $254.7M | $127.1M | $83.9M | $134.7M |
| Depreciation & amortization | $737.8M | $632.2M | $606.9M | $523.7M | $508.3M | $499.6M | $484.6M | $419.0M | $397.1M | $379.0M | $392.3M | $350.0M |
| Stock-based compensation | $15.5M | $18.8M | $1.51B | $15.6M | $15.3M | $17.5M | $13.4M | $39.9M | $10.3M | $12.0M | $8.4M | $8.8M |
| Change in working capital | −$92.9M | −$248.9M | −$157.8M | $41.3M | −$28.2M | −$136.0M | −$85.0M | $62.1M | $52.6M | −$71.8M | −$95.9M | $20.4M |
| Other non-cash items | $77.2M | −$484.4M | −$1.42B | −$4.3M | −$30.0M | −$39.4M | $22.4M | −$303.2M | −$109.3M | −$39.6M | −$18.2M | −$74.9M |
| Cash from operating activities | $1.20B | $670.0M | $654.3M | $858.4M | $770.0M | $599.0M | $559.2M | $685.0M | $605.4M | $406.8M | $370.5M | $439.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$319.3M | −$388.3M | −$7.5M | −$6.2M | −$8.7M | −$11.5M | −$14.2M | −$15.7M | −$14.5M | −$13.8M | −$14.5M | −$13.9M |
| Investments (net) | — | −$51.4M | $14.7M | −$1.63B | −$1.40B | −$2.03B | −$2.21B | −$1.45B | −$1.28B | −$580.9M | −$3.14B | −$39.9M |
| Acquisitions & other investing | −$5.14B | −$367.5M | −$5.46B | $6.2M | $8.7M | $11.5M | $14.2M | $15.7M | $14.5M | $13.8M | $14.5M | −$1.18B |
| Cash from investing activities | −$5.46B | −$807.2M | −$5.46B | −$1.63B | −$1.40B | −$2.03B | −$2.21B | −$1.45B | −$1.28B | −$580.9M | −$3.14B | −$1.24B |
| Financing activities | ||||||||||||
| Dividends paid | −$524.4M | −$520.5M | −$509.6M | −$496.9M | −$439.1M | −$432.4M | −$418.2M | −$408.8M | −$366.1M | −$352.2M | −$338.3M | −$318.7M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$1.02B | $8.3M |
| Net borrowing (repayment) | — | −$1.18B | $1.89B | $926.5M | −$73.9M | −$134.3M | $52.4M | $893.5M | — | — | — | −$329.5M |
| Shares issued | $0 | $1.54B | $2.06B | $2.87B | $1.98B | $1.99B | $2.15B | $1.24B | $1.60B | $2.42B | $2.75B | $1.93B |
| Other financing | $2.06B | −$39.6M | −$412.6M | −$59.2M | −$43.6M | −$117.6M | −$197.5M | −$49.1M | −$178.6M | −$1.49B | $752.8M | −$82.4M |
| Cash from financing activities | $1.53B | −$199.5M | $3.03B | $3.24B | $1.42B | $1.31B | $1.59B | $1.68B | $1.06B | $578.6M | $2.14B | $1.21B |
| Summary | ||||||||||||
| Net change in cash | −$2.72B | −$390.2M | −$1.73B | $2.42B | $913.2M | −$101.2M | −$73.0M | $920.8M | $385.3M | $402.3M | −$610.6M | $387.6M |
| Cash at end of period | $2.10B | $4.82B | $5.21B | $6.94B | $4.52B | $3.61B | $3.71B | $3.78B | $2.86B | $2.48B | $2.08B | $2.69B |
| Free cash flow | $881.2M | $281.7M | $646.9M | $852.2M | $761.4M | $587.4M | $545.1M | $669.3M | $590.9M | $393.0M | $356.0M | $425.1M |
| Free cash flow margin | 24.9% | 8.5% | 20.6% | 32.4% | 30.3% | 24.6% | 24.6% | 33.3% | 33.0% | 21.5% | 20.7% | 26.1% |
| Capex / revenue | 9.0% | 11.7% | 0.2% | 0.2% | 0.3% | 0.5% | 0.6% | 0.8% | 0.8% | 0.8% | 0.8% | 0.9% |
| Operating cash flow / net income | 2.59 | 0.89 | 5.56 | 3.04 | 2.53 | 2.33 | 4.52 | 1.47 | 2.38 | 3.20 | 4.42 | 3.26 |
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.
WELL cash generation
In fiscal 2025 (ended December 31, 2025), Welltower generated $2.9 billion of cash from operations (up 27.7%) and spent $33.8 million on capital expenditures, leaving free cash flow of $2.8 billion, 26.7% of revenue. It returned $1.9 billion to shareholders through dividends ($1.9 billion) and net share buybacks ($0). Cash and equivalents rose by $1.5 billion over the year.
Related: WELL income statement, WELL balance sheet, WELL dividend history. See the WELL stock overview for the latest quote and news.
WELL cash flow FAQ
What is Welltower's free cash flow?
Welltower's free cash flow was $2.8 billion in fiscal 2025: $2.9 billion of operating cash flow minus $33.8 million of capital expenditures It was $2.2 billion a year earlier..
How much cash does Welltower generate from operations?
Welltower generated $2.9 billion of cash from operating activities in fiscal 2025, 3.00 times its net income of $961.8 million.
How much does Welltower spend on capital expenditures?
Welltower spent $33.8 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $58.1 million the year before.
How much does Welltower pay in dividends?
Welltower paid $1.9 billion in dividends in fiscal 2025, 65.9% of free cash flow.