Washington, D.C. 20549 SECURITIES AND EXCHANGE COMMISSION FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Table of Contents UNITED STATES Commission file number: 001-10989 Ventas, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 61-1055020 (State or Other Jurisdictio ...

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Key Takeaways VTR reported Q4 normalized FFO of 89 cents, matching estimates, while revenues of $1.57B topped expectations.VTR's same-store cash NOI rose 7.8%, led by a 15.4% jump at SHOP from higher RevPOR and occupancy gains.VTR guided 2026 normalized FFO of $3.78-$3.88 and sees total same-store cash NOI growth of 8.5%-10.5%.Ventas, Inc. (VTR) reported fourth-quarter 2025 normalized funds from operations (FFO) per share of 89 cents, in line with the Zacks Consensus Estimate. The reported figure increased ...

Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsBJ Grant - SVP of Investor RelationsDebra A. Cafaro - Chairman and CEOFarrell Granath - Equity Research AssociateJ. Justin Hutchens - EVP of Senior Housing and Chief Investment OfficerJim Kammert - Managing DirectorJohn Kilichowski - Executive Director Equity ResearchJuan C. Sanabria - Managing DirectorJulien Blouin - VP of Real Estate Global Investment ResearchMichael Carroll - Managing DirectorNick Joseph - Global He ...

Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Company ParticipantsBJ Grant - SVP of Investor RelationsDebra A. Cafaro - Chairman and CEOFarrell Granath - Equity Research AssociateJ. Justin Hutchens - EVP of Senior Housing and Chief Investment OfficerJim Kammert - Managing DirectorJohn Kilichowski - Executive Director Equity ResearchJuan C. Sanabria - Managing DirectorJulien Blouin - VP of Real Estate Global Investment ResearchMichael Carroll - Managing DirectorNick Joseph - Global He ...

Ventas (NYSE:VTR) Q4 2025 Earnings call February 06, 2026 10:00 AM ET Speaker3Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ventas Fourth Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number one on ...

Fourth Quarter and Full Year 2025 Results & 2026 Outlook Earnings Presentation Non-GAAP Financial Measures This presentation of Ventas, Inc. (the "Company," "we," "us," "our" and similar terms) includes certain financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"), such as such as Nareit FFO, Normalized FFO, Net Operating Income ("NOI"), Same- Store Cash NOI, Same-Store Cash NOI Margin, Same-Store Cash NOI Growth, Cash Operating Revenue, SHOP Op ...

For the quarter ended December 2025, Ventas (VTR) reported revenue of $1.57 billion, up 21.7% over the same period last year. EPS came in at $0.89, compared to $0.13 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.5 billion, representing a surprise of +4.68%. The company delivered an EPS surprise of +0.38%, with the consensus EPS estimate being $0.89.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expect ...

Ventas (VTR) came out with quarterly funds from operations (FFO) of $0.89 per share, in line with the Zacks Consensus Estimate . This compares to FFO of $0.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +0.38%. A quarter ago, it was expected that this seniors housing real estate investment trust would post FFO of $0.87 per share when it actually produced FFO of $0.88, delivering a surprise of +1.15%.Over the last four quarters, ...

Financial Performance - Ventas reported a 15% year-over-year growth in Same-Store Cash Net Operating Income (NOI) for its senior housing operating portfolio in 2025[3]. - Attributable Net Income per share for Q4 2025 was $0.15, a 15% increase from $0.13 in Q4 2024[5]. - For the full year 2025, Attributable Net Income per share reached $0.54, up 184% from $0.19 in 2024[5]. - Normalized Funds From Operations (FFO) per share for Q4 2025 was $0.89, reflecting a 10% increase compared to the prior year[5]. - Total revenues for Q4 2025 reached $1,566,017, an increase of 21.7% compared to $1,287,057 in Q4 2024[29]. - Net income attributable to common stockholders for Q4 2025 was $70,202, representing a 23.5% increase from $56,835 in Q4 2024[30]. - Earnings per common share (diluted) for Q4 2025 was $0.15, up 7.1% from $0.14 in Q4 2024[30]. - Funds From Operations (FFO) attributable to common stockholders for Q4 2025 was $436,071, a 20% increase from $363,867 in Q4 2024[31]. - Normalized FFO attributable to common stockholders for Q4 2025 was $427,136, reflecting a 23% increase compared to $347,234 in Q4 2024[31]. - The company reported a net income of $261,518 for the full year 2025, compared to $88,351 for the full year 2024[30]. Investments and Growth Strategy - The company completed $2.5 billion in accretive investments in senior housing during 2025, contributing to its growth strategy[4]. - Ventas expects 2026 Attributable Net Income per share to be in the range of $0.52 to $0.62, with a midpoint of $0.57, indicating a 6% increase from 2025[12]. - The company anticipates 2026 Normalized FFO per share to be between $3.78 and $3.88, with a midpoint of $3.83, representing an 8% growth compared to 2025[13]. - The company anticipates closing approximately $2.5 billion in investments focused on senior housing and expects disposition proceeds of around $300 million[39]. Financial Position and Liquidity - As of December 31, 2025, Ventas had $5.3 billion in liquidity, enhancing its financial flexibility for future growth[10]. - Total assets increased to $27,591,945 thousand as of December 31, 2025, compared to $26,186,906 thousand in 2024, reflecting a growth of approximately 5.4%[27]. - Net real estate property rose to $24,126,933 thousand in 2025 from $22,600,545 thousand in 2024, marking an increase of about 6.7%[27]. - Senior notes payable and other debt decreased to $13,011,016 thousand in 2025 from $13,522,551 thousand in 2024, a reduction of approximately 3.8%[27]. - Total liabilities decreased to $14,630,983 thousand in 2025 from $15,047,081 thousand in 2024, indicating a decline of about 2.8%[27]. - Common stock outstanding increased to 474,926 shares in 2025 from 437,085 shares in 2024, representing an increase of approximately 8.7%[27]. - Total equity increased to $12,585,808 thousand in 2025 from $10,829,596 thousand in 2024, a growth of about 16.2%[27]. - The company reported cash and cash equivalents of $741,067 thousand in 2025, down from $897,850 thousand in 2024, a decrease of approximately 17.5%[27]. Operational Metrics - Same-Store Cash NOI for the fourth quarter of 2025 is reported at $486.3 million, representing a 7.8% increase compared to the previous year[40]. - Same-Store Cash NOI for 2025 was $1,845,375,000, reflecting a 7.6% increase compared to the previous year[42]. - Cash NOI for the fourth quarter of 2025 is reported at $591.988 million, with significant contributions from various segments[40]. - Cash NOI for the year ended December 31, 2025, totaled $2,221,622,000, with a breakdown of $1,190,120,000 from SHOP, $570,154,000 from OM&R, and $461,348,000 from NNN[42]. - The company reported a percentage increase in Same-Store Cash NOI of 15.4% for SHOP, 2.5% for OM&R, and a slight decrease of 0.2% for NNN[42]. Expenses and Costs - Total expenses for Q4 2025 were $1,489,731, an increase from $1,287,565 in Q4 2024[29]. - Depreciation and amortization on real estate assets for Q4 2025 was $351,039, compared to $308,054 in Q4 2024[31]. - Interest expenses for Q4 2025 were $154,468, slightly up from $153,206 in Q4 2024[29]. - Interest expense for the year was $612,246,000, up from $602,835,000 in 2024[46]. - The company experienced a loss on extinguishment of debt, netting $172,000 for 2025[46]. Future Projections - Net income attributable to common stockholders for FY 2026 is projected to be between $260 million and $310 million, translating to a per share amount of $0.52 to $0.62[37]. - Nareit FFO attributable to common stockholders is expected to range from $1.826 billion to $1.876 billion, with a per share amount of $3.63 to $3.73[37]. - Normalized FFO attributable to common stockholders is forecasted to be between $1.902 billion and $1.952 billion, equating to a per share amount of $3.78 to $3.88, reflecting a year-over-year growth of 6% to 9%[37]. - Interest expense is projected to be approximately $636 million at the midpoint, with interest and other income estimated at $8 million[39]. - Depreciation and amortization adjustments for FY 2026 are expected to be $1.566 billion[37]. - The weighted average diluted shares for FY 2026 is projected to be 503 million[39]. Operational Risks - The company has significant exposure to various operational risks and regulatory challenges that could impact future performance[24]. - The company emphasizes the importance of NOI and Cash NOI as measures to assess unlevered property-level operating results[49]. - Ventas reported its Q4 2025 results, focusing on property-level expenditures aimed at maximizing value and increasing NOI[55]. - The company utilizes constant currency methodology to present portfolio performance, adjusting prior period results based on current average monthly exchange rates[56].