Welltower (WELL) Operating Expenses (2009 - 2026)
Welltower (WELL) posted Operating Expenses of $3.22 billion for Q2 2026, up 43.3% from $2.25 billion a year earlier and up 7.2% from the prior quarter.
Powered by 
Analysis
Welltower (WELL) Operating Expenses (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Welltower was $13.07 billion, up 54.0% year-over-year; for FY2025, it came in at $11.32 billion, up 51.6% from FY2024.
- Annual Operating Expenses has increased for four consecutive years, with a five-year compound annual growth rate of 19.5% (FY2020 to FY2025).
- In prior years, Welltower's Operating Expenses was $7.47 billion in FY2024 (+18.7%), $6.29 billion in FY2023 (+10.6%), $5.69 billion in FY2022 (+24.4%) and $4.57 billion in FY2021 (-1.4%).
- Quarterly Operating Expenses has run from a low of $1.15 billion in Q3 2021 to a high of $4.45 billion in Q4 2025 over five years.
- On a year-over-year basis, Operating Expenses has increased in each of the last 20 quarters, with growth averaging 40.0% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 2.7% in Q3 2021 to 107.8% in Q4 2025.
- According to Business Quant data, Operating Expenses for the three prior quarters was $3.01 billion (Q1 2026), $4.45 billion (Q4 2025) and $2.39 billion (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Welltower | 167.90 Bn | 150.42 Bn | 1.39 Bn | 3.22 Bn |
| 2 | Prologis | 123.74 Bn | 128.13 Bn | - | 1.47 Bn |
| 3 | Simon Property | 66.68 Bn | 67.94 Bn | - | 900.79 Mn |
| 4 | Realty Income | 52.20 Bn | 54.59 Bn | - | 1.19 Bn |
| 5 | Public Storage | 50.15 Bn | 49.24 Bn | - | 766.20 Mn |
| 6 | Ventas | 44.59 Bn | 43.78 Bn | - | 1.68 Bn |
| 7 | Extra Space Storage | 28.21 Bn | 28.21 Bn | 642.43 Mn | 481.97 Mn |
| 8 | Vici Properties | 25.53 Bn | 23.65 Bn | 1.05 Bn | 315.61 Mn |
| 9 | Vivmark Residential | 23.00 Bn | 23.19 Bn | - | 566.18 Mn |
| 10 | Invitation Homes | 15.69 Bn | 15.73 Bn | - | 657.51 Mn |
Historic Data
Download Data
Historic 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 |
API Access
Welltower Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=WELL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "WELL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=WELL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();