Welltower Inc.

WELL

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

7,854

Cost of Revenue

4,830

Gross Profit

3,023

Gross Margin

38.5%

Operating Income

1,146

Operating Margin

14.6%

Net Income

952

Net Margin

12.1%

EPS (Basic)

$1.58

EPS (Diluted)

$1.57

EBITDA

2,778

EBITDA Margin

35.4%

2023

12/31/2023

Revenue

6,478

Cost of Revenue

3,948

Gross Profit

2,530

Gross Margin

39.1%

Operating Income

940

Operating Margin

14.5%

Net Income

340

Net Margin

5.2%

EPS (Basic)

$0.66

EPS (Diluted)

$0.66

EBITDA

2,401

EBITDA Margin

37.1%

2022

12/31/2022

Revenue

5,776

Cost of Revenue

3,559

Gross Profit

2,217

Gross Margin

38.4%

Operating Income

746

Operating Margin

12.9%

Net Income

141

Net Margin

2.4%

EPS (Basic)

$0.31

EPS (Diluted)

$0.30

EBITDA

2,039

EBITDA Margin

35.3%

2021

12/31/2021

Revenue

4,709

Cost of Revenue

2,775

Gross Profit

1,935

Gross Margin

41.1%

Operating Income

763

Operating Margin

16.2%

Net Income

336

Net Margin

7.1%

EPS (Basic)

$0.79

EPS (Diluted)

$0.78

EBITDA

1,714

EBITDA Margin

36.4%

2020

12/31/2020

Revenue

4,587

Cost of Revenue

2,598

Gross Profit

1,989

Gross Margin

43.4%

Operating Income

727

Operating Margin

15.9%

Net Income

979

Net Margin

21.3%

EPS (Basic)

$2.36

EPS (Diluted)

$2.33

EBITDA

1,533

EBITDA Margin

33.4%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	7,854	6,478	5,776	4,709	4,587
Cost of Revenue	4,830	3,948	3,559	2,775	2,598
Gross Profit	3,023	2,530	2,217	1,935	1,989
Gross Margin	38.5%	39.1%	38.4%	41.1%	43.4%
Operating Income	1,146	940	746	763	727
Operating Margin	14.6%	14.5%	12.9%	16.2%	15.9%
Net Income	952	340	141	336	979
Net Margin	12.1%	5.2%	2.4%	7.1%	21.3%
EPS (Basic)	$1.58	$0.66	$0.31	$0.79	$2.36
EPS (Diluted)	$1.57	$0.66	$0.30	$0.78	$2.33
EBITDA	2,778	2,401	2,039	1,714	1,533
EBITDA Margin	35.4%	37.1%	35.3%	36.4%	33.4%