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Blackstone Real Estate Income Trust vs Welltower: revenue, profit, margins and growth compared

Blackstone Real Estate Income Trust brought in $8B of revenue in fiscal 2025, Welltower $10.8B in fiscal 2025. Revenue changed by -6.7% at Blackstone Real Estate Income Trust and +35.6% at Welltower on the year before, so Welltower grew faster. Blackstone Real Estate Income Trust kept -41.2% of its revenue as net profit, Welltower 8.6%. Free cash flow was $1.1B at Blackstone Real Estate Income Trust and $1.8B at Welltower.

Side by side, latest fiscal year

BSTTWELL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$8B$10.8B
Revenue growth-6.7%+35.6%
Net income-$3.3B$936.8M
Net margin-41.2%8.6%
Free cash flow$1.1B$1.8B
Free cash flow margin13.4%16.9%
Earnings per share (diluted)-$0.92$1.39
Cash$1.6B$5B
Debt$55.5B$19.2B
Price to earningsn/a167.6
Market valuen/a$167.9B
Dividend yieldn/a1.21%
Rank by revenue in sector#6 of 230 · Real estate#2 of 230 · Real estate

Over the years

Revenue
BSTT FY2018: $723.3MBSTT FY2019: $1.7BBSTT FY2020: $2.6BBSTT FY2021: $3.7BBSTT FY2022: $7.6BBSTT FY2023: $8.9BBSTT FY2024: $8.5BBSTT FY2025: $8BWELL FY2018: $4.7BWELL FY2019: $5.1BWELL FY2020: $4.6BWELL FY2021: $4.7BWELL FY2022: $5.9BWELL FY2023: $6.6BWELL FY2024: $8BWELL FY2025: $10.8BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $8BWELL $10.8B
Net income
BSTT FY2018: -$281.1MBSTT FY2019: -$401.8MBSTT FY2020: -$853.4MBSTT FY2021: -$804.8MBSTT FY2022: -$883.5MBSTT FY2023: -$691.8MBSTT FY2024: -$890.5MBSTT FY2025: -$3.3BWELL FY2018: $758.3MWELL FY2019: $1.2BWELL FY2020: $978.8MWELL FY2021: $336.1MWELL FY2022: $141.2MWELL FY2023: $340.1MWELL FY2024: $951.7MWELL FY2025: $936.8MFY18FY19FY20FY21FY22FY23FY24FY25
BSTT -$3.3BWELL $936.8M
Net margin
BSTT FY2018: -38.9%BSTT FY2019: -23.8%BSTT FY2020: -33.4%BSTT FY2021: -21.8%BSTT FY2022: -11.6%BSTT FY2023: -7.7%BSTT FY2024: -10.4%BSTT FY2025: -41.2%WELL FY2018: 16.1%WELL FY2019: 24.1%WELL FY2020: 21.3%WELL FY2021: 7.1%WELL FY2022: 2.4%WELL FY2023: 5.1%WELL FY2024: 11.9%WELL FY2025: 8.6%FY18FY19FY20FY21FY22FY23FY24FY25
BSTT -41.2%WELL 8.6%
Revenue growth
BSTT FY2019: +133.1%BSTT FY2020: +51.3%BSTT FY2021: +44.9%BSTT FY2022: +106.8%BSTT FY2023: +16.8%BSTT FY2024: -4.5%BSTT FY2025: -6.7%WELL FY2019: +9.0%WELL FY2020: -10.1%WELL FY2021: +3.0%WELL FY2022: +23.6%WELL FY2023: +13.3%WELL FY2024: +20.4%WELL FY2025: +35.6%FY19FY20FY21FY22FY23FY24FY25
BSTT -6.7%WELL +35.6%
Free cash flow
BSTT FY2018: $150.4MBSTT FY2019: $401.2MBSTT FY2020: $644.7MBSTT FY2021: $1.2BBSTT FY2022: $1.4BBSTT FY2023: $1.2BBSTT FY2024: $950.5MBSTT FY2025: $1.1BWELL FY2018: $1.3BWELL FY2019: $1.2BWELL FY2020: $1.1BWELL FY2021: $992.7MWELL FY2022: $852.7MWELL FY2023: $1.1BWELL FY2024: $1.4BWELL FY2025: $1.8BFY18FY19FY20FY21FY22FY23FY24FY25
BSTT $1.1BWELL $1.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Blackstone Real Estate Income Trust and Welltower

Which is bigger by revenue, Blackstone Real Estate Income Trust or Welltower?

Welltower is bigger by revenue: $10.8B in fiscal 2025, against $8B for Blackstone Real Estate Income Trust in fiscal 2025.

Which keeps more of its revenue as profit, Blackstone Real Estate Income Trust or Welltower?

Blackstone Real Estate Income Trust had a net margin of -41.2% in fiscal 2025; Welltower had 8.6% in fiscal 2025.

Which grew revenue faster, Blackstone Real Estate Income Trust or Welltower?

In their latest fiscal years revenue changed by -6.7% at Blackstone Real Estate Income Trust and +35.6% at Welltower.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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