Shop was Ventas’s largest segment in fiscal 2025, bringing in $4.28B of $5.83B (73%).
| Statement, Business Segments | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shop | $2.65B | $2.96B | $3.37B | $4.28B | |||||||||||||
| Senior Living Operations | — | — | — | — | |||||||||||||
| Outpatient Medical & Research Portfolio (Omr) | $803.61M | $869.71M | $877.59M | $897.90M | |||||||||||||
| Outpatient Medical & Research Portfolio | — | — | — | — | |||||||||||||
| Office Operations | — | — | — | — | |||||||||||||
| Nnn | $598.15M | $619.21M | $622.05M | $601.58M | |||||||||||||
| Triple-Net Leased Properties | — | — | — | — | |||||||||||||
| Triple Net Leased Properties | — | — | — | — | |||||||||||||
| Mob Operations | — | — | — | — | |||||||||||||
| Medical Office Building Operations | — | — | — | — | |||||||||||||
| Non-Segment | $75.55M | $49.69M | $51.83M | $58.34M | |||||||||||||
| All Other | — | — | — | — | |||||||||||||
| Total | $4.13B | $4.50B | $4.92B | $5.83B |
Ventas brought in $5.83B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 18.5% from $4.92B in fiscal 2024. Shop was the largest at $4.28B (73.3%), ahead of Outpatient Medical & Research Portfolio (Omr) at $897.90M (15.4%) and Nnn at $601.58M (10.3%). The remaining segment, Non-Segment, brought in $58.34M.
Compared with fiscal 2024, Shop grew fastest, up 26.8% to $4.28B, while Nnn fell the most, down 3.3% to $601.58M. From fiscal 2022 to 2025, combined revenue from these segments grew from $4.13B to $5.83B, a compound annual growth rate of 12.2%. Shop's share of the total rose from 64.2% to 73.3%.
United States was Ventas’s largest region in fiscal 2025, bringing in $5.21B of $5.83B (89%).
| Geography | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $3.65B | $4.00B | $4.37B | $5.21B | |||||||||||||
| Us | — | — | — | — | |||||||||||||
| Canada | $449.09M | $464.77M | $526.58M | $552.92M | |||||||||||||
| Ca | — | — | — | — | |||||||||||||
| United Kingdom | $27.78M | $28.88M | $30.74M | $71.23M | |||||||||||||
| Total | $4.13B | $4.50B | $4.92B | $5.83B |
Ventas brought in $5.83B from its three regions in fiscal 2025, the year ended December 31, 2025. That was up 18.5% from $4.92B in fiscal 2024. United States was the largest at $5.21B (89.3%), ahead of Canada at $552.92M (9.5%) and United Kingdom at $71.23M (1.2%).
Compared with fiscal 2024, United States grew 19.3% to $5.21B and Canada grew 5.0% to $552.92M. From fiscal 2022 to 2025, combined revenue from these regions grew from $4.13B to $5.83B, a compound annual growth rate of 12.2%. United States' share of the total rose from 88.5% to 89.3%.
Ventas Subsidiaries was Ventas’s largest revenue line in fiscal 2017, bringing in $3.39B of $3.57B (95%).
| Consolidated Entities | FY 2015 | FY 2016 | FY 2017 |
|---|---|---|---|
| Ventas Subsidiaries | $3.07B | $3.24B | $3.39B |
| Ventas Realty Limited Partnership | $198.55M | — | — |
| Ventas Realty | — | $196.99M | $178.17M |
| Total | $3.27B | $3.44B | $3.57B |
Ventas brought in $3.57B from its two revenue lines in fiscal 2017, the year ended December 31, 2017. That was up 3.9% from $3.44B in fiscal 2016. Ventas Subsidiaries was the largest at $3.39B (95.0%), ahead of Ventas Realty at $178.17M (5.0%).
Compared with fiscal 2016, Ventas Subsidiaries grew 4.7% to $3.39B, while Ventas Realty fell 9.6% to $178.17M.
Ventas began breaking out Ventas Realty in fiscal 2016, when it brought in $196.99M. Ventas stopped reporting Ventas Realty Limited Partnership as a separate revenue line after fiscal 2015, when it brought in $198.55M.
Ventas (VTR) reports its revenue by statement, business segments, by geography and by consolidated entities. In fiscal 2025, Shop was its largest segment, bringing in $4.28B (73.3% of the total), followed by Outpatient Medical & Research Portfolio (Omr) at $897.90M (15.4%).
Shop was Ventas' largest segment in fiscal 2025, bringing in $4.28B, or 73.3% of the $5.83B total across its four segments.
United States was Ventas' largest region in fiscal 2025, bringing in $5.21B, or 89.3% of the $5.83B total across its three regions.
Ventas Subsidiaries was Ventas' largest revenue line in fiscal 2017, bringing in $3.39B, or 95.0% of the $3.57B total across its two revenue lines.
Among Ventas' segments that make up at least 2% of revenue, Shop grew fastest in fiscal 2025, up 26.8% from $3.37B to $4.28B.
Every figure comes from Ventas' annual financial filings, as reported. Each line keeps the name Ventas gives it, and years follow its fiscal calendar.
Ventas' revenue by statement, business segments goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.