Ventas, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ventas, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,444	3,574	3,746	3,873	3,795	3,828	4,129	4,498	4,924	5,834
General and administrative	127	135	146	159	130	130	145	149	163	177
Interest expense	420	448	442	452	470	440	468	574	603	612
Other non-operating income		-20.1	-66.8	17.6
Pre-tax income	519	585	385	359	80.6	-162	-94.1	-116	-8	204
Income tax	-31.3	-59.8	-40	-56.3	-96.5	4.83	-16.9	-9.54	-37.8	-14.2
Income from continuing operations	652	1,361	416	439	441	56.6	-40.9
Net income to minority interests	2.26	4.64	6.51	6.28	2.04	7.55	6.52	10.7	7.2	10.1
Net income	649	1,356	409	433	439	49	-47.4	-41	81.2	251
EPS, basic	1.88	3.82	1.15	1.18	1.18	0.13	-0.12	-0.10	0.20	0.55
EPS, diluted	1.86	3.78	1.14	1.17	1.17	0.13	-0.12	-0.10	0.19	0.54
Shares, basic (weighted)	345	355	356	366	373	383	400	402	412	455
Shares, diluted (weighted)	348	359	359	370	377	386	403	406	416	463
Dividend per share	2.97	3.12	3.16	3.17	2.14	1.80	1.80	1.80	1.80	1.92

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	287	81.4	72.3	106	413	150	123	509	898	741
Receivables								76.1	108	99.9
Lease right-of-use assets			0	385	346	318	310	312	308	296
Goodwill	1,033	1,035	1,051	1,051	1,052	1,046	1,044	1,045	1,045	1,046
Total assets	23,167	23,955	22,585	24,692	23,929	24,718	24,158	24,725	26,187	27,592
Short-term debt			0	567	0	280	403	0	0	0
Total liabilities	12,437	12,864	12,125	13,873	13,416	13,492	13,672	14,878	15,047	14,631
Total debt	11,127	11,276	10,734	12,159	11,895	12,028	12,297	13,491	13,523	13,011
Paid-in capital	12,917	13,053	13,077	14,056	14,171	15,499	15,540	15,651	17,607	19,976
Retained earnings	-2,488	-2,241	-2,930	-3,669	-4,030	-4,680	-5,449	-6,214	-6,887	-7,528
Treasury stock	-0.05	-0.04	0	-0.13	0	0	-0.54	-13.8	-25.2	-0.03
Other comprehensive income	-57.5	-35.1	-19.6	-34.6	-54.4	-64.5	-36.8	-35.8	-33.5	-39.9
Shareholders' equity	10,460	10,866	10,216	10,446	10,180	10,854	10,153	9,488	10,771	12,527
Minority interests	68.5	66	55.7	99.6	98	91.4	68.7	56.3	58.3	58.6
Total equity	10,529	10,932	10,272	10,545	10,278	10,946	10,222	9,544	10,830	12,586
Total liabilities and equity	23,167	23,955	22,585	24,692	23,929	24,718	24,158	24,725	26,187	27,592
Shares outstanding							400	402	437	475

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	651	1,361	416	439	441	56.6	-40.9	-30.3	88.4	262
Depreciation and amortization	899	888	920	1,046	1,110	1,197	1,198	1,392	1,253	1,379
Stock-based compensation	21	26.5	30	33.9	21.5	32	30.7	31	31	38.7
Change in payables	-38.7	-35.3	-37.5	26.7	190	16.7	7.2	-6.41	134	81
Cash from operations	1,355	1,429	1,381	1,438	1,450	1,026	1,120	1,120	1,330	1,647
Capital expenditures	-117	-133	-132	-157	-607	-1,802	-901	-649	-2,530	-2,928
Acquisitions	-1,429	-691
Purchases of investments	0
Sales and maturities of investments	0	0
Cash from investing	-1,214	-937	324	-1,585	154	-724	-859	-185	-2,377	-2,694
Debt issued	893	1,112	2,549	3,013	733	1,534	958	2,527	1,913	1,130
Stock issued	1,287	73.6	0	942	55.4	617	0	108	1,965	2,344
Dividends paid	-1,025	-827	-1,127	-1,158	-929	-687	-720	-724	-740	-860
Cash from financing	96.8	-671	-1,762	161	-1,300	-558	-284	-544	1,445	874
Exchange rate effect	-0.83	0.58	-0.82	1.48	1.09	1.45	-2.87	1.26	-3.99	2.84
Net change in cash		-180	-56	13.2	304	-256	-23	391	398	-174
Free cash flow	1,237	1,296	1,250	1,281	843	-776	219	470	-1,200	-1,281
Interest paid	395	410	407	411	430	402	468	548	576	580
Income taxes paid									3.04	7.31

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $86.59 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	3.3%	Pre-tax income / revenue.
Net margin	4.1%	Net income / revenue.
Operating cash flow margin	28.0%	Cash from operations / revenue.
Effective tax rate	-23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	23.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	209.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-10.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	184.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-14.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-2.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	16.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	48.7%	Total liabilities / total assets.
Goodwill and intangibles / assets	3.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$13.60B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Receivables turnover	59.6x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.53	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.94	Revenue / diluted weighted shares.
Operating cash flow per share	$3.62	Cash from operations / diluted weighted shares.
Book value per share	$28.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.52	Tangible book value / shares outstanding.
Cash per share	$0.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	353.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$44.42B	Share price x shares outstanding.
Enterprise value	$44.22B	Market cap + total debt - cash - short-term investments.
P/E	169x	Market cap / net income. Only when net income is positive.
P/S	6.90x	Market cap / revenue.
P/B	3.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.27x	Market cap / tangible book value, when positive.
P/OCF	24.7x	Market cap / cash from operations, when positive.
EV/Sales	6.86x	Enterprise value / revenue.
Earnings yield	0.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.1%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was Ventas, Inc.'s revenue in fiscal 2025?

Ventas, Inc. reported revenue of $5.83B for fiscal 2025, 18.5% higher than the year before.

Was Ventas, Inc. profitable in fiscal 2025?

Yes. Net income was $251.4M, a net margin of 4.3%.

How much free cash flow did Ventas, Inc. generate in fiscal 2025?

Cash from operations of $1.65B minus capital expenditures of $2.93B left free cash flow of -$1.28B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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