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% |
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.