Ventas, Inc. (VTR) Income Statement
VTR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVTR revenue and net income
Where VTR's revenue goes
2025Each bar shows an amount and its share of revenue. VTR kept 4.3% of revenue as net income.
VTR profit margins
VTR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.5% | +12.2% | +9.0% | +5.9% |
| Gross profit | −116.4% | — | — | — |
| Operating income | +21.4% | +19.6% | +6.9% | −0.1% |
| Net income | +209.8% | — | −10.6% | −5.0% |
| EPS (diluted) | +194.1% | — | −4.8% | −8.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VTR quarterly EPS vs estimates
Ventas beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.99).
VTR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.83B | $4.92B | $4.50B | $4.13B | $3.83B | $3.80B | $3.87B | $3.75B | $3.57B | $3.44B |
| Cost of revenue | $6.18B | $2.83B | $2.56B | $2.28B | $2.09B | $1.94B | $1.81B | $1.69B | $1.49B | $1.44B |
| Gross profit | −$344.2M | $2.10B | $1.94B | $1.85B | $1.74B | $1.86B | $2.06B | $2.05B | $2.09B | $2.00B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $177.4M | $163.0M | $148.9M | $144.9M | $129.8M | $130.2M | $173.3M | $152.0M | $135.5M | $126.9M |
| Total operating expenses | −$1.17B | $1.42B | $1.52B | $1.36B | $1.32B | $1.26B | $1.20B | $1.07B | $1.02B | $1.03B |
| Operating income | $826.8M | $681.2M | $415.5M | $483.8M | $421.4M | $591.4M | $857.9M | $861.1M | $622.1M | $556.8M |
| Interest income | $607.8M | $613.2M | $560.5M | $439.1M | $435.1M | $7.6M | $11.0M | $24.9M | $6.0M | $876,000 |
| Interest expense | $612.2M | $602.8M | $574.1M | $467.6M | $440.1M | $469.5M | $451.7M | $442.5M | $448.2M | $419.7M |
| Income before taxes | $247.4M | $50.6M | −$39.8M | −$57.9M | $61.4M | $344.7M | $383.0M | $376.0M | $584.1M | $522.9M |
| Income taxes | −$14.2M | −$37.8M | −$9.5M | −$16.9M | $4.8M | −$96.5M | −$56.3M | −$40.0M | −$59.8M | −$31.3M |
| Net income | $251.4M | $81.2M | −$41.0M | −$47.4M | $49.0M | $439.1M | $433.0M | $409.5M | $1.36B | $649.2M |
| EBITDA | $2.24B | $1.82B | $1.70B | $1.50B | $1.72B | $1.94B | $1.90B | $1.80B | $1.95B | $1.95B |
| EPS (diluted) | $0.50 | $0.17 | −$0.10 | −$0.05 | −$0.06 | $0.64 | $1.14 | $1.00 | $2.39 | $1.86 |
| Gross margin | −5.9% | 42.6% | 43.1% | 44.7% | 45.4% | 48.9% | 53.2% | 54.8% | 58.4% | 58.1% |
| Operating margin | 14.2% | 13.8% | 9.2% | 11.7% | 11.0% | 15.6% | 22.2% | 23.0% | 17.4% | 16.2% |
| Net margin | 4.3% | 1.6% | −0.9% | −1.1% | 1.3% | 11.6% | 11.2% | 10.9% | 38.0% | 18.9% |
| 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 | $1.73B | $1.66B | $1.57B | $1.49B | $1.42B | $1.36B | $1.29B | $1.24B | $1.20B | $1.20B | $1.16B | $1.15B |
| Cost of revenue | $1.04B | $1.00B | $3.70B | $869.9M | $826.9M | $785.7M | $741.1M | $715.0M | $681.8M | $689.2M | $669.4M | $657.9M |
| Gross profit | $688.7M | $655.4M | −$2.13B | $619.1M | $594.0M | $572.4M | $546.0M | $521.4M | $519.2M | $510.7M | $495.0M | $491.9M |
| Sales, general & admin | $47.0M | $62.7M | $41.0M | $40.4M | $42.9M | $53.1M | $41.4M | $35.1M | $37.7M | $48.7M | $36.4M | $33.3M |
| Total operating expenses | $472.7M | $463.9M | −$2.33B | $397.6M | $390.6M | $374.7M | $350.2M | $339.3M | $377.5M | $348.9M | $471.6M | $403.6M |
| Operating income | $216.0M | $191.6M | $204.2M | $221.5M | $203.4M | $197.7M | $195.8M | $182.1M | $141.6M | $161.7M | $23.4M | $88.3M |
| Interest income | — | — | $162.2M | $150.0M | $151.4M | $144.3M | $164.6M | $147.3M | — | — | — | $153.0M |
| Interest expense | $160.0M | $156.1M | $154.5M | $299.7M | $150.3M | $149.4M | $153.2M | $150.4M | $149.3M | $149.9M | $154.9M | $147.9M |
| Income before taxes | $50.1M | $43.1M | $71.9M | $62.4M | $75.3M | $37.8M | $13.2M | $24.0M | $28.9M | −$15.5M | −$80.0M | −$71.2M |
| Income taxes | −$25.6M | −$15.9M | −$1.1M | −$6.3M | $3.9M | −$10.6M | −$45.5M | $3.0M | $7.8M | −$3.0M | $4.7M | −$1.7M |
| Net income | $74.1M | $55.9M | $70.2M | $66.0M | $68.3M | $46.9M | $56.8M | $19.2M | $19.4M | −$14.3M | −$90.8M | −$71.1M |
| EBITDA | $631.6M | $730.2M | $568.3M | $549.4M | $580.0M | $516.0M | $465.7M | $486.2M | $525.6M | $441.9M | $517.0M | $453.6M |
| EPS (diluted) | $0.97 | $0.10 | $0.13 | $0.12 | $0.15 | $0.10 | $0.13 | $0.05 | $0.02 | −$0.03 | −$0.30 | −$0.18 |
| Gross margin | 39.8% | 39.6% | −136.0% | 41.6% | 41.8% | 42.1% | 42.4% | 42.2% | 43.2% | 42.6% | 42.5% | 42.8% |
| Operating margin | 12.5% | 11.6% | 13.0% | 14.9% | 14.3% | 14.6% | 15.2% | 14.7% | 11.8% | 13.5% | 2.0% | 7.7% |
| Net margin | 4.3% | 3.4% | 4.5% | 4.4% | 4.8% | 3.5% | 4.4% | 1.6% | 1.6% | −1.2% | −7.8% | −6.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VTR's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VTR financial results
In fiscal year 2025 (ended December 31, 2025), Ventas reported revenue of $5.8 billion, up 18.5% from the year before. It had net income of $251.4 million (up 209.8%), a net profit margin of 4.3%. Diluted earnings per share came to $0.50. Over five years revenue grew at an average rate of 9.0% a year.
See the VTR stock overview for the latest quote and news, or the VTR chart for price history and technical indicators.
VTR income statement FAQ
What is Ventas's annual revenue?
Ventas reported total revenue of $5.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 18.5% from $4.9 billion the previous year.
Is Ventas profitable?
Yes. Ventas reported net income of $251.4 million in fiscal 2025, a net profit margin of 4.3%; its operating margin was 14.2%.
What is Ventas's gross margin?
Ventas's gross margin was −5.9% in fiscal 2025: for every $100 of revenue, Ventas kept $-6 after the direct cost of its products and services.
How fast is Ventas growing?
Revenue grew 9.0% a year on average over the last five fiscal years, from $3.8 billion to $5.8 billion.
What are Ventas's earnings per share?
Ventas earned $0.50 per diluted share in fiscal 2025, compared with $0.17 a year earlier.
When will Ventas report its next earnings?
Ventas is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Ventas's fiscal year end?
Ventas's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.