American Healthcare Reit, Inc. income statement
In fiscal 2025, American Healthcare Reit, Inc. reported revenue of $2.26bn, up 9.1% on the year before, operating income of $415m (a 18.4% margin) and net income of $69.8m, or $0.42 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 3 | 33 | 84 | 1,099 | 1,069 | 1,124 | 1,412 | 1,867 | 2,071 | 2,260 | 2,502 |
| Cost of revenue | — | 1 | 7 | 11 | 19 | 994 | 1,030 | 1,282 | 1,502 | 1,654 | 1,794 | 1,972 |
| Gross profit | — | 2 | 26 | 73 | 1,080 | 75 | 94 | 131 | 364 | 417 | 467 | 530 |
| General and administrative | 0 | 1 | 4 | 9 | 30 | 27 | 43 | 43 | 48 | 48 | 59 | 68 |
| Operating income | 0 | −5 | — | — | 221 | 218 | 213 | 302 | 307 | 364 | 415 | 480 |
| Interest expense | 0 | 1 | 3 | 7 | 79 | 71 | 81 | 106 | 163 | 128 | 86 | 78 |
| Income before tax | — | −5 | 1 | −9 | 1 | 6 | −52 | −73 | −76 | −34 | 49 | 99 |
| Income tax | — | 0 | 0 | 0 | 2 | −3 | 1 | 1 | 1 | 2 | −22 | −24 |
| Net income | 0 | −5 | 1 | −8 | −5 | 2 | −48 | −81 | −71 | −38 | 70 | 121 |
| Diluted EPS | $0.00 | −$4.33 | $0.05 | −$0.74 | −$0.15 | $0.10 | −$0.47 | −$0.62 | −$0.54 | −$0.29 | $0.42 | $0.66 |
| Diluted shares (average) | — | 1m | 11m | 11m | 37m | 22m | 100m | 132m | 132m | 131m | 167m | 183m |
| EBITDA | 0 | −4 | — | — | 333 | 317 | 347 | 470 | 489 | 543 | 603 | 724 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 524 | 543 | 541 | 543 | 573 | 604 | 651 | 674 |
| Cost of revenue | 417 | 431 | 432 | 426 | 455 | 480 | 512 | 525 |
| Gross profit | 107 | 112 | 108 | 116 | 118 | 124 | 139 | 149 |
| General and administrative | 12 | 12 | 13 | 15 | 14 | 17 | 18 | 20 |
| Operating income | 94 | 99 | 95 | 103 | 106 | 112 | 126 | 137 |
| Interest expense | 30 | 30 | 23 | 23 | 20 | 20 | 19 | 19 |
| Income before tax | −3 | −32 | −6 | 11 | 36 | 9 | 23 | 31 |
| Income tax | 0 | 0 | 1 | 1 | −21 | −2 | −1 | −0 |
| Net income | −4 | −32 | −7 | 10 | 56 | 11 | 24 | 31 |
| Diluted EPS | −$0.03 | −$0.24 | −$0.04 | $0.06 | $0.33 | $0.06 | $0.13 | $0.16 |
| EBITDA | 138 | 146 | 136 | 145 | 155 | 167 | 193 | 209 |
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