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

# Ventas: Business Model & Revenue Engine

## Direct Answer

Ventas reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Senior Living Operations is the largest, with $4.3 billion of revenue (73% of the total), followed by Outpatient Medical and Research Portfolio at $898 million (15%). 89% of revenue came from the United States.

## How Does Ventas Make Money?

Senior Living Operations supplies 73% of revenue, so Ventas's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Senior Living Operations grew fastest (+26.8%) and Triple Net Leased Properties slowest (-3.3%), so the revenue mix tilts toward Senior Living Operations while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Senior Living Operations | $4.3 billion | $3.4 billion | 73.3% | 26.8% |
| Outpatient Medical and Research Portfolio | $898 million | $878 million | 15.4% | 2.3% |
| Triple Net Leased Properties | $602 million | $622 million | 10.3% | -3.3% |

![Bar chart of Ventas revenue by segment for fiscal 2025: Senior Living Operations 73.3%, Outpatient Medical and Research Portfolio 15.4%, Triple Net Leased Properties 10.3%.](https://www.getswoopr.com/images/charts/ventas-business-model-segment-mix.webp)
*Ventas 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.*

## Where Does Ventas's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $5.2 billion | $4.4 billion | 89.3% | 19.3% |
| Canada | $553 million | $527 million | 9.5% | 5.0% |
| United Kingdom | $71 million | $31 million | 1.2% | 131.7% |

## What the Segment Figures Do Not Show

The rows above add up to 99% of Ventas'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 Ventas reported in the segment note and revenue disclosures of its Form 10-K filed February 6, 2026 (accession 0000740260-26-000006), 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 Ventas's business segments?

In its fiscal 2025 Form 10-K, Ventas reports revenue for Senior Living Operations, Outpatient Medical and Research Portfolio and Triple Net Leased Properties.

### Which part of Ventas brings in the most revenue?

Senior Living Operations, with $4.3 billion of revenue in fiscal 2025, or 73% of the total.

### How much of Ventas's revenue comes from outside the United States?

11% in fiscal 2025, by the geographic breakdown Ventas reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: Ventas, Inc. Form 10-K filed February 6, 2026](https://www.sec.gov/Archives/edgar/data/740260/000074026026000006/vtr-20251231.htm)
- [SEC EDGAR: Ventas, Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=740260&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

- [Ventas company dossier](https://www.getswoopr.com/stocks/companies/ventas/)
- [Ventas financial metrics](https://www.getswoopr.com/stocks/companies/ventas/metrics/)
- [Ventas financial risk indicators](https://www.getswoopr.com/stocks/companies/ventas/risks/)
- [Ventas peer comparison](https://www.getswoopr.com/stocks/companies/ventas/competitors/)
- [Ventas business model and revenue mix](https://www.getswoopr.com/stocks/companies/ventas/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/).