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Dec 31, 2025
Ventas Q4 2025 Earnings Report
Ventas reported strong performance and enterprise growth in the fourth quarter and full year 2025, with increased participation in multiyear growth opportunities and accretive investments.
Key Takeaways
Ventas, Inc. delivered strong performance in Q4 2025, with Net Income Attributable to Common Stockholders increasing by 15% to $0.15 per share and Normalized FFO per share growing by 10% to $0.89. The company also saw significant growth in Same-Store Cash Net Operating Income (NOI) for its senior housing operating portfolio (SHOP) and increased its quarterly dividend by 8%.
Attributable Net Income per share increased by 15% to $0.15 in Q4 2025 compared to the prior year.
Normalized FFO per share grew by approximately 10% to $0.89 in Q4 2025.
Total Company Same-Store Cash NOI experienced an 8% year-over-year growth, with SHOP Same-Store Cash NOI growing over 15%.
Ventas increased its quarterly dividend to common stockholders by 8% to $0.52 per share.
Revenue by Segment
Forward Guidance
For the full year 2026, Ventas expects Attributable Net Income per share to be $0.57 at the midpoint and Normalized FFO per share to be $3.83 at the midpoint, representing an 8% growth on a comparable basis. The company anticipates significant NOI growth in the SHOP segment and benefits from accretive senior housing investment activity.
Positive Outlook
- Expected Attributable Net Income per share of $0.57 at the midpoint, a 6% increase from 2025.
- Projected Normalized FFO per share of $3.83 at the midpoint, an 8% growth on a comparable basis from 2025.
- Anticipated significant NOI growth in the SHOP segment.
- Expected benefits from accretive senior housing investment activity.
- Guidance includes approximately $2.5 billion of 2026 investments focused on senior housing.
Challenges Ahead
- The expiry of non-cash rental income from the Brookdale lease on 12/31/25 will partially offset growth.
- Impact of higher net interest expense will partially offset growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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