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% |
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.