Welltower (WELL) Operating Expenses (2009 - 2026)
Welltower (WELL) posted quarterly Operating Expenses of $3.2 billion for Q2 2026, up 43.29% year-over-year from $2.3 billion in Q2 2025, and up 7.23% quarter-over-quarter from $3.0 billion in Q1 2026.
Welltower (WELL) Operating Expenses (2009 - 2026) Analysis & Trends
Welltower (WELL) has reported Operating Expenses for 18 consecutive years, with $3.2 billion the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Expenses rose 43.29% year-over-year to $3.2 billion; the TTM figure through Jun 2026 stood at $13.1 billion (up 54.04% YoY), while the FY2025 annual figure was $11.3 billion, up 51.58% from the prior year.
- Operating Expenses climbed to $3.2 billion in Q2 2026 per WELL's latest filing, from $3.0 billion in the prior quarter.
- Across five years, Operating Expenses topped out at $4.5 billion in Q4 2025 and bottomed at $1.3 billion in Q1 2022.
- Historically, Operating Expenses has averaged $2.1 billion across 5 years, with a median of $1.7 billion in 2024.
- Annual changes were most pronounced in 2023 — Operating Expenses grew 8.32% — and 2025, when it soared 107.84%.
- Welltower's Operating Expenses stood at $1.5 billion in 2022, then increased by 9.96% to $1.7 billion in 2023, then gained by 28.83% to $2.1 billion in 2024, then jumped by 107.84% to $4.5 billion in 2025, then dropped by 27.56% to $3.2 billion in 2026.
- Business Quant data shows WELL's Operating Expenses at $3.2 billion in Q2 2026, $3.0 billion in Q1 2026, and $4.5 billion in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 168.28 Bn | 166.31 Bn | 1.39 Bn | 3.22 Bn |
| 2 | Ventas | 45.36 Bn | 45.17 Bn | 1.73 Bn | 1.68 Bn |
| 3 | Healthpeak Properties | 14.65 Bn | 14.65 Bn | - | 739.00 Mn |
| 4 | Omega Healthcare Investors | 13.98 Bn | 13.98 Bn | - | 187.79 Mn |
| 5 | American Healthcare REIT | 10.76 Bn | 10.56 Bn | 149.41 Mn | 631.81 Mn |
| 6 | CareTrust REIT | 9.30 Bn | 9.30 Bn | - | 72.38 Mn |
| 7 | Healthcare Realty Trust | 6.66 Bn | 6.66 Bn | - | 242.88 Mn |
| 8 | Sabra Health Care REIT | 5.18 Bn | 5.18 Bn | - | 88.62 Mn |
| 9 | Diversified Healthcare Trust | 4.52 Bn | 4.40 Bn | 298.67 Mn | 365.91 Mn |
| 10 | National Health Investors | 3.58 Bn | 3.58 Bn | - | 87.28 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 3.22 Bn |
| Mar 31, 2026 | 3.01 Bn |
| Dec 31, 2025 | 4.45 Bn |
| Sep 30, 2025 | 2.39 Bn |
| Jun 30, 2025 | 2.25 Bn |
| Mar 31, 2025 | 2.22 Bn |
| Dec 31, 2024 | 2.14 Bn |
| Sep 30, 2024 | 1.87 Bn |
| Jun 30, 2024 | 1.73 Bn |
| Mar 31, 2024 | 1.72 Bn |
| Dec 31, 2023 | 1.66 Bn |
| Sep 30, 2023 | 1.59 Bn |
| Jun 30, 2023 | 1.51 Bn |
| Mar 31, 2023 | 1.52 Bn |
| Dec 31, 2022 | 1.51 Bn |
| Sep 30, 2022 | 1.47 Bn |
| Jun 30, 2022 | 1.36 Bn |
| Mar 31, 2022 | 1.34 Bn |
| Dec 31, 2021 | 1.24 Bn |
| Sep 30, 2021 | 1.15 Bn |