---
title: "Healthpeak Properties: Business Model"
description: "Healthpeak Properties revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/healthpeak-properties/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Healthpeak Properties: Business Model & Revenue Engine

## Direct Answer

Healthpeak Properties reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Outpatient Medical is the largest, with $1.3 billion of revenue (45% of the total), followed by Lab at $860 million (30%).

## How Does Healthpeak Properties Make Money?

No single line supplies a majority of revenue: the largest, Outpatient Medical, is 45%, which spreads Healthpeak Properties's exposure across several demand drivers. Between fiscal 2024 and 2025, Outpatient Medical grew fastest (+7.5%) and Lab slowest (-2.4%), so the revenue mix tilts toward Outpatient Medical while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Outpatient Medical | $1.3 billion | $1.2 billion | 45.1% | 7.5% |
| Lab | $860 million | $881 million | 30.5% | -2.4% |
| Senior Housing | $604 million | $568 million | 21.4% | 6.2% |

![Bar chart of Healthpeak Properties revenue by segment for fiscal 2025: Outpatient Medical 45.1%, Lab 30.5%, Senior Housing 21.4%.](https://www.getswoopr.com/images/charts/healthpeak-properties-business-model-segment-mix.webp)
*Healthpeak Properties revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What the Segment Figures Do Not Show

The rows above add up to 97% of Healthpeak Properties's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Healthpeak Properties reported in the segment note and revenue disclosures of its Form 10-K filed February 3, 2026 (accession 0001628280-26-005044), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Healthpeak Properties's business segments?

In its fiscal 2025 Form 10-K, Healthpeak Properties reports revenue for Outpatient Medical, Lab and Senior Housing.

### Which part of Healthpeak Properties brings in the most revenue?

Outpatient Medical, with $1.3 billion of revenue in fiscal 2025, or 45% of the total.

### Where does Healthpeak Properties report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 3, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: HEALTHPEAK PROPERTIES, INC. Form 10-K filed February 3, 2026](https://www.sec.gov/Archives/edgar/data/765880/000162828026005044/peak-20251231.htm)
- [SEC EDGAR: HEALTHPEAK PROPERTIES, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=765880&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Healthpeak Properties company dossier](https://www.getswoopr.com/stocks/companies/healthpeak-properties/)
- [Healthpeak Properties financial metrics](https://www.getswoopr.com/stocks/companies/healthpeak-properties/metrics/)
- [Healthpeak Properties financial risk indicators](https://www.getswoopr.com/stocks/companies/healthpeak-properties/risks/)
- [Healthpeak Properties peer comparison](https://www.getswoopr.com/stocks/companies/healthpeak-properties/competitors/)
- [Healthpeak Properties business model and revenue mix](https://www.getswoopr.com/stocks/companies/healthpeak-properties/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).