American Healthcare REIT, Inc. (AHR) Income Statement
AHR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAHR revenue and net income
Where AHR's revenue goes
2025Each bar shows an amount and its share of revenue. AHR kept 3.1% of revenue as net income.
AHR profit margins
AHR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.1% | +11.8% | +13.8% | — |
| Gross profit | +12.0% | +11.6% | +24.1% | — |
| Operating income | +23.5% | +23.1% | +5.1% | — |
| Net income | — | — | +100.3% | — |
| EPS (diluted) | — | — | +90.7% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AHR quarterly EPS vs estimates
American Healthcare REIT beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.56).
AHR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.26B | $2.07B | $1.86B | $1.62B | $1.26B | $1.18B | $1.22B | $1.13B | $1.05B | $980.3M |
| Cost of revenue | $1.79B | $1.65B | $1.50B | $1.28B | $1.08B | $1.03B | $1.00B | $923.8M | $837.6M | $800.1M |
| Gross profit | $466.6M | $416.8M | $356.8M | $336.0M | $182.0M | $158.6M | $219.3M | $207.6M | $211.6M | $180.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2 |
| Sales, general & admin | $110.2M | $100.8M | $162.5M | $103.1M | $43.2M | $27.0M | $29.7M | $28.4M | $32.2M | $28.7M |
| Total operating expenses | $297.7M | $280.0M | $280.1M | $245.4M | $43.2M | $27.0M | $29.7M | $28.4M | $32.2M | $28.7M |
| Operating income | $168.9M | $136.8M | $76.7M | $90.6M | $138.8M | $131.6M | $189.6M | $179.1M | $179.4M | $151.5M |
| Interest income | $67.2M | $124.0M | $158.9M | $83.7M | — | — | — | — | — | — |
| Interest expense | $85.8M | $127.7M | $163.2M | $106.0M | $80.9M | $71.3M | $78.6M | $66.3M | $60.9M | $45.7M |
| Income before taxes | $48.6M | −$33.9M | −$76.2M | −$72.8M | −$52.3M | $5.8M | −$860,000 | $13.7M | $2.1M | −$203.6M |
| Income taxes | −$22.2M | $1.7M | $663,000 | $586,000 | $956,000 | −$3.1M | −$8,000 | $8,000 | −$3.2M | $343,000 |
| Net income | $69.8M | −$37.8M | −$71.5M | −$81.3M | −$47.8M | $2.2M | −$5.0M | $13.3M | $11.2M | −$146.0M |
| EBITDA | $359.6M | $315.5M | $324.3M | $233.8M | $159.4M | $165.1M | $218.3M | $179.4M | $179.4M | $152.2M |
| EPS (diluted) | $1.26 | −$0.26 | −$0.42 | −$1.23 | −$0.73 | $0.05 | −$0.03 | $0.24 | $0.40 | −$48.68 |
| Gross margin | 20.6% | 20.1% | 19.2% | 20.8% | 14.4% | 13.4% | 18.0% | 18.3% | 20.2% | 18.4% |
| Operating margin | 7.5% | 6.6% | 4.1% | 5.6% | 11.0% | 11.1% | 15.5% | 15.8% | 17.1% | 15.5% |
| Net margin | 3.1% | −1.8% | −3.8% | −5.0% | −3.8% | 0.2% | −0.4% | 1.2% | 1.1% | −14.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $674.2M | $650.8M | $604.1M | $572.9M | $542.5M | $540.6M | $542.7M | $523.8M | $504.6M | $499.5M | $482.6M | $463.2M |
| Cost of revenue | $681.3M | $512.2M | $480.3M | $454.5M | $426.3M | $432.4M | $430.6M | $417.1M | $402.6M | $403.6M | $385.0M | $374.6M |
| Gross profit | −$7.0M | $138.6M | $123.8M | $118.4M | $116.2M | $108.2M | $112.2M | $106.7M | $102.0M | $95.9M | $97.5M | $88.6M |
| Sales, general & admin | $37.50B | $30.7M | $28.7M | $26.7M | $27.9M | $26.8M | $25.1M | $25.1M | $38.4M | $25.6M | $24.4M | $25.9M |
| Total operating expenses | −$52.6M | $97.8M | $84.1M | $75.9M | $69.9M | $67.9M | $72.0M | $69.3M | $70.3M | $68.3M | $68.3M | $74.1M |
| Operating income | $45.6M | $40.8M | $39.7M | $42.5M | $46.3M | $40.3M | $40.1M | $37.4M | $31.7M | $27.6M | $29.2M | $14.4M |
| Interest income | — | — | $18.4M | $5.7M | $20.0M | $23.1M | $28.0M | $37.3M | — | — | — | — |
| Interest expense | $18.6M | $18.8M | $19.8M | $20.4M | $22.6M | $22.9M | $30.3M | $30.4M | $30.6M | $36.4M | $41.2M | $42.0M |
| Income before taxes | $31.0M | $23.5M | $8.5M | $35.5M | $10.8M | −$6.2M | −$31.9M | −$2.8M | $3.6M | −$2.7M | −$31.1M | −$6.2M |
| Income taxes | −$3,000 | −$525,000 | −$2.4M | −$21.1M | $732,000 | $604,000 | $486,000 | $263,000 | $686,000 | $278,000 | −$112,000 | $284,000 |
| Net income | $30.6M | $23.7M | $10.8M | $55.9M | $9.9M | −$6.8M | −$31.8M | −$4.1M | $2.0M | −$3.9M | −$27.4M | −$6.0M |
| EBITDA | $130.8M | $118.3M | $92.5M | $114.7M | $84.8M | $67.6M | $55.4M | $81.5M | $90.3M | $88.3M | $62.2M | $99.0M |
| EPS (diluted) | $0.54 | $0.14 | $0.46 | $0.27 | $0.42 | $0.11 | −$0.21 | −$0.03 | $0.01 | −$0.03 | −$0.42 | — |
| Gross margin | −1.0% | 21.3% | 20.5% | 20.7% | 21.4% | 20.0% | 20.7% | 20.4% | 20.2% | 19.2% | 20.2% | 19.1% |
| Operating margin | 6.8% | 6.3% | 6.6% | 7.4% | 8.5% | 7.4% | 7.4% | 7.1% | 6.3% | 5.5% | 6.1% | 3.1% |
| Net margin | 4.5% | 3.6% | 1.8% | 9.8% | 1.8% | −1.3% | −5.9% | −0.8% | 0.4% | −0.8% | −5.7% | −1.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AHR's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AHR financial results
In fiscal year 2025 (ended December 31, 2025), American Healthcare REIT reported revenue of $2.3 billion, up 9.1% from the year before. It had net income of $69.8 million, a net profit margin of 3.1%. Diluted earnings per share came to $1.26. Over five years revenue grew at an average rate of 13.8% a year.
See the AHR stock overview for the latest quote and news, or the AHR chart for price history and technical indicators.
AHR income statement FAQ
What is American Healthcare REIT's annual revenue?
American Healthcare REIT reported total revenue of $2.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.1% from $2.1 billion the previous year.
Is American Healthcare REIT profitable?
Yes. American Healthcare REIT reported net income of $69.8 million in fiscal 2025, a net profit margin of 3.1%; its operating margin was 7.5%.
What is American Healthcare REIT's gross margin?
American Healthcare REIT's gross margin was 20.6% in fiscal 2025: for every $100 of revenue, American Healthcare REIT kept $21 after the direct cost of its products and services.
How fast is American Healthcare REIT growing?
Revenue grew 13.8% a year on average over the last five fiscal years, from $1.2 billion to $2.3 billion.
What are American Healthcare REIT's earnings per share?
American Healthcare REIT earned $1.26 per diluted share in fiscal 2025, compared with $-0.26 a year earlier.
When will American Healthcare REIT report its next earnings?
American Healthcare REIT is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does American Healthcare REIT's fiscal year end?
American Healthcare REIT's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.