---
title: "Welltower: Business Model"
description: "Welltower 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/welltower/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Welltower: Business Model & Revenue Engine

## Direct Answer

Welltower reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Senior Housing Operating is the largest, with $8.5 billion of revenue (78% of the total), followed by Triple Net at $1.2 billion (11%). 73% of revenue came from the United States.

## How Does Welltower Make Money?

Senior Housing Operating supplies 78% of revenue, so Welltower's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Triple Net grew fastest (+51.8%) and Outpatient Medical slowest (-2.5%), so the revenue mix tilts toward Triple Net while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Senior Housing Operating | $8.5 billion | $6.0 billion | 78.3% | 40.7% |
| Triple Net | $1.2 billion | $789 million | 11.0% | 51.8% |
| Outpatient Medical | $782 million | $802 million | 7.2% | -2.5% |

![Bar chart of Welltower revenue by segment for fiscal 2025: Senior Housing Operating 78.3%, Triple Net 11.0%, Outpatient Medical 7.2%.](https://www.getswoopr.com/images/charts/welltower-business-model-segment-mix.webp)
*Welltower 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 Welltower'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 | $7.9 billion | $6.6 billion | 73.2% | 20.9% |
| United Kingdom | $2.2 billion | $872 million | 20.0% | 148.4% |
| Canada | $734 million | $555 million | 6.8% | 32.4% |

## What the Segment Figures Do Not Show

The rows above add up to 97% of Welltower'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 Welltower reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0000766704-26-000010), 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 Welltower's business segments?

In its fiscal 2025 Form 10-K, Welltower reports revenue for Senior Housing Operating, Triple Net and Outpatient Medical.

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

Senior Housing Operating, with $8.5 billion of revenue in fiscal 2025, or 78% of the total.

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

27% in fiscal 2025, by the geographic breakdown Welltower 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: WELLTOWER INC. Form 10-K filed February 12, 2026](https://www.sec.gov/Archives/edgar/data/766704/000076670426000010/well-20251231.htm)
- [SEC EDGAR: WELLTOWER INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=766704&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

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