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Welltower cash flow statement

In fiscal 2025, Welltower's operations generated $2.88bn of cash; it spent $1.05bn on capital projects, leaving free cash flow of $1.83bn. It returned $1.88bn in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations3813655888189881,1391,3831,6391,4341,5841,5361,3651,2751,3291,6022,2562,8823,331
Depreciation and amortisation1652034245348748448269019229501,0271,0381,0381,3101,4011,6322,0852,661
Stock-based pay101211192032312919282528182637761,5571,566
Capital spending——−891351361331882192502663292452834765188581,0501,251
Free cash flow——6776838531,0061,1951,4201,1841,3181,2071,1209938531,0841,3991,8312,080
Free cash flow after stock pay——6676648329741,1641,3911,1651,2901,1821,0919758271,0471,323275514
Dividends paid3123494846538409701,1451,2341,2771,3001,4051,1191,0361,1321,2611,5451,8782,169
Share buybacks—————————00800————
Shares issued7059952,1383,5811,8552,3441,7565346227901,0565952,3483,6686,0107,4168,9019,569

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Welltower's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Welltower.