Ventas Q4 FY25: where the revenue came from and where it went

The whole income statement of Ventas for this quarter, as one diagram: what earned the revenue, and what it went on.

Period: Oct 1 – Dec 31, 2025
Reported: Feb 6, 2026 10-K accession 0000740260-26-000006

Revenue$1.57B +22% year over year

Operating profit$0.08B 5% margin

Net profit$0.07B 5% margin

The numbers

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.57	100%	+22%
(OM&R) rental income	0.90	57%
NNN rental income	0.60	39%
From loans & investments	0.02	2%
Interest & other income	0.02	1%
Third-party capital	0.02	1%
Other revenue	0.01	0%
Outpatient medical	<0.01	0%
Operating expenses	−1.49	95%
Property operating	−0.94	60%	+2pp
Interest	−0.15	10%	−2pp
G&A	−0.04	2%	−1pp
Other	−0.36	23%	+0pp
Operating profit	0.08	5% margin	+5pp
Tax	−<0.01
Net profit	0.07	5% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Source of the numbers: tables in the filing (10-K). The diagram is generated automatically and checked against EDGAR before release. The fourth quarter has no column of its own in an annual report, so it is the full year minus the first nine months. How we calculate it → About and methodology.

Filing on EDGAR More quarters of VTR

Ventas Q4 FY25: where the revenue came from and where it went

The numbers

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