Cash Flow Statement

Operating Cash Flow

+47%

+14%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	53	71	79	66	90	80	95	163	149	158	151	121	125	127	130	131	132	134	138	131	147	298	294	281	267	158	195	225	269	287	273	269	248	217	226	250	246	206	250	363	404	458	468	362	385	426	432	455	463	487	478	477	477	488	402	419	447	441	568	652	702	711	1 176	1 361	1 242	1 258	747	416	464	506	490	439	786	415	342	441	(89)	159	208	57	153	23	(37)	(41)	(63)	84	11	(30)	(62)	(146)	(55)	88	149	200	247	262
Depreciation & Amortization	42	42	42	42	42	43	43	42	42	43	46	49	52	58	72	88	103	114	116	120	125	154	195	235	273	273	253	236	214	205	204	201	204	205	207	206	205	236	345	460	573	694	729	765	787	779	771	770	777	775	788	829	882	939	978	974	963	935	904	899	880	883	888	888	903	903	908	920	922	925	941	1 046	1 059	1 182	1 197	1 110	1 175	1 076	1 140	1 197	1 172	1 205	1 193	1 198	1 191	1 212	1 281	1 392	1 411	1 446	1 380	1 253	1 274	1 282	1 335	1 379
Change in Deffered Taxes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(6)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	3	5	7	5	7	7	8	14	10	11	12	11	12	12	12	13	14	15	16	18	19	20	22	22	21	22	21	19	21	21	21	22	21	21	21	20	20	18	18	19	21	23	24	25	27	27	27	27	30	31	34	36	34	36	27	25	21	27	31	30	32	32	33	35	31	30	29	27	31	32	33	32	31	34	35	37	39
Other Non-Cash Items	(14)	(27)	(28)	(7)	(6)	(7)	(15)	(74)	(73)	(60)	(50)	(20)	(19)	(20)	(26)	(19)	(20)	(22)	(22)	(18)	(22)	(145)	(160)	(171)	(177)	(83)	(81)	(82)	(98)	(100)	(81)	(59)	(28)	9	12	(4)	10	(11)	(27)	(21)	(48)	(75)	(105)	(123)	(119)	(98)	(70)	(54)	(51)	(40)	(31)	(45)	(61)	(66)	(58)	(54)	(72)	(73)	(91)	(148)	(157)	(141)	(587)	(767)	(666)	(681)	(188)	102	50	3	16	(7)	(364)	(98)	(138)	(223)	142	(130)	(257)	(184)	(219)	(105)	15	4	24	(127)	(140)	(189)	(173)	(97)	(87)	(56)	(63)	(54)	(83)	(43)
Cash Taxes Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	7	8	0
Cash Interest Paid	0	0	0	61	0	0	0	70	0	0	0	63	0	0	0	100	0	0	0	134	0	0	0	208	0	0	0	202	0	0	0	175	0	0	0	161	0	0	0	257	0	0	0	330	0	0	0	338	0	0	0	361	0	0	0	392	0	0	0	395	0	0	0	410	0	0	0	407	0	0	0	411	0	0	0	430	0	0	0	402	0	0	0	468	0	0	0	548	0	0	0	576	0	0	0	580
Change in Working Capital	(0)	7	22	16	2	18	5	6	24	(8)	6	(0)	10	15	21	24	20	2	(1)	5	7	(2)	80	60	57	58	(10)	1	4	9	5	10	1	3	(0)	(4)	2	(5)	(22)	(29)	(41)	(29)	(53)	(11)	(74)	(67)	(15)	24	61	61	45	(5)	17	16	35	60	(6)	39	2	(48)	16	(18)	(29)	(54)	(89)	(65)	(103)	(56)	(26)	(33)	1	(40)	(65)	(71)	107	122	145	155	(35)	(44)	(43)	(73)	(52)	(41)	(64)	(47)	(44)	(54)	(33)	(36)	(3)	44	24	96	50	49
Cash from Operating Activities	81 N/A	93 +15%	115 +24%	116 +1%	128 +10%	134 +5%	128 -5%	137 +8%	141 +3%	134 -5%	154 +15%	150 -3%	168 +12%	180 +7%	197 +10%	224 +14%	235 +5%	229 -3%	230 +1%	239 +4%	258 +8%	300 +16%	409 +37%	405 -1%	421 +4%	413 -2%	358 -13%	380 +6%	389 +2%	401 +3%	401 +0%	422 +5%	424 +0%	435 +2%	445 +2%	448 +1%	463 +3%	426 -8%	545 +28%	773 +42%	887 +15%	1 048 +18%	1 039 -1%	993 -4%	978 -1%	1 040 +6%	1 119 +8%	1 195 +7%	1 249 +5%	1 283 +3%	1 279 0%	1 255 -2%	1 315 +5%	1 377 +5%	1 357 -1%	1 399 +3%	1 332 -5%	1 342 +1%	1 383 +3%	1 355 -2%	1 441 +6%	1 435 0%	1 448 +1%	1 429 -1%	1 391 -3%	1 416 +2%	1 364 -4%	1 382 +1%	1 410 +2%	1 400 -1%	1 447 +3%	1 438 -1%	1 416 -2%	1 429 +1%	1 509 +6%	1 450 -4%	1 373 -5%	1 259 -8%	1 056 -16%	1 026 -3%	1 063 +4%	1 050 -1%	1 119 +7%	1 120 +0%	1 088 -3%	1 122 +3%	1 108 -1%	1 120 +1%	1 144 +2%	1 168 +2%	1 235 +6%	1 330 +8%	1 384 +4%	1 524 +10%	1 549 +2%	1 647 +6%
Investing Cash Flow
Capital Expenditures	(1)	(1)	(1)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	0	0	(0)	0	0	(0)	(1)	(4)	(8)	(9)	(12)	(16)	(16)	(19)	(16)	(11)	(14)	(14)	(17)	(20)	(20)	(24)	(32)	(59)	(98)	(131)	(163)	(179)	(183)	(184)	(180)	(176)	(177)	(176)	(177)	(180)	(194)	(209)	(221)	(233)	(227)	(231)	(238)	(231)	(261)	(313)	(344)	(385)	(432)	(416)	(430)	(441)	(463)	(440)	(438)	(489)	(561)	(610)	(622)	(635)	(529)	(496)	(500)	(448)	(433)	(419)	(401)	(391)	(454)	(492)	(522)	(572)	(643)	(664)	(689)	(677)	(604)	(587)	(577)	(581)	(645)
Other Items	5	37	38	(34)	(35)	(5)	13	160	(17)	(148)	(202)	(299)	(179)	(578)	(637)	(615)	(603)	(145)	(209)	(482)	(463)	(1 467)	(1 381)	(1 167)	(1 148)	(218)	(206)	(120)	(72)	9	66	12	(56)	(40)	(278)	(282)	(217)	(993)	(818)	(899)	(938)	(1 065)	(1 190)	(1 986)	(1 886)	(1 158)	(1 958)	(1 105)	(1 385)	(1 348)	(1 161)	(1 861)	(2 536)	(2 446)	(2 840)	(2 197)	(1 451)	(1 426)	(1 433)	(953)	(1 788)	(1 804)	(65)	(506)	682	1 369	879	787	526	(472)	(1 273)	(1 025)	(390)	(108)	659	683	30	185	(300)	(291)	(640)	(761)	(342)	(405)	14	95	297	458	392	220	(208)	(1 773)	(2 529)	(2 477)	(3 221)	(2 050)
Cash from Investing Activities	4 N/A	36 +807%	37 +3%	(34) N/A	(35) -2%	(5) +84%	13 N/A	160 +1 157%	(17) N/A	(148) -781%	(202) -36%	(299) -48%	(179) +40%	(578) -222%	(637) -10%	(615) +3%	(603) +2%	(146) +76%	(209) -44%	(482) -130%	(463) +4%	(1 468) -217%	(1 385) +6%	(1 175) +15%	(1 157) +2%	(230) +80%	(222) +3%	(136) +39%	(91) +33%	(7) +92%	54 N/A	(2) N/A	(70) -4 035%	(57) +19%	(298) -425%	(302) -1%	(240) +20%	(1 025) -327%	(876) +15%	(997) -14%	(1 069) -7%	(1 228) -15%	(1 368) -11%	(2 170) -59%	(2 070) +5%	(1 338) +35%	(2 134) -59%	(1 283) +40%	(1 561) -22%	(1 525) +2%	(1 341) +12%	(2 055) -53%	(2 745) -34%	(2 666) +3%	(3 073) -15%	(2 424) +21%	(1 682) +31%	(1 664) +1%	(1 664) 0%	(1 214) +27%	(2 101) -73%	(2 148) -2%	(450) +79%	(937) -108%	266 N/A	939 +253%	438 -53%	325 -26%	86 -73%	(909) N/A	(1 762) -94%	(1 585) +10%	(1 000) +37%	(730) +27%	23 N/A	154 +565%	(466) N/A	(315) +32%	(749) -138%	(724) +3%	(1 059) -46%	(1 162) -10%	(733) +37%	(859) -17%	(478) +44%	(428) +11%	(275) +36%	(185) +33%	(273) -48%	(468) -72%	(884) -89%	(2 377) -169%	(3 116) -31%	(3 054) +2%	(3 802) -24%	(2 694) +29%
Financing Cash Flow
Net Issuance of Common Stock	0	0	3	97	97	99	106	23	74	91	88	82	33	19	113	109	107	102	7	8	7	1 054	1 048	1 058	1 237	191	409	409	217	516	299	299	299	0	0	0	300	300	300	300	(0)	342	342	343	348	82	106	141	136	59	35	242	527	594	660	491	355	517	1 339	1 287	0	983	95	74	0	0	0	0	98	892	976	978	883	90	42	71	80	86	654	626	618	615	11	9	5	27	110	110	186	575	861	1 991	2 810	2 590	3 240	2 455
Net Issuance of Debt	(20)	(43)	(64)	(107)	(85)	(91)	(110)	(105)	(71)	29	69	97	80	500	427	418	448	(23)	174	401	383	364	203	46	(185)	(117)	(195)	(203)	(159)	(565)	(462)	(452)	(279)	(58)	154	101	(269)	665	495	492	827	561	710	1 602	1 521	1 019	1 722	811	1 020	1 083	926	1 397	1 898	1 681	2 239	354	(275)	(454)	(1 431)	(165)	649	872	46	127	(877)	(1 488)	(931)	(595)	(452)	(236)	579	385	2 664	1 335	(58)	(401)	(2 811)	(1 062)	(649)	(421)	125	171	390	478	162	118	142	140	234	(61)	282	285	(670)	(142)	(1 026)	(656)
Cash Paid for Dividends	(63)	(64)	(65)	(50)	(71)	(75)	(80)	(80)	(91)	(97)	(104)	(104)	(82)	(116)	(89)	(126)	(177)	(157)	(198)	(161)	(175)	(200)	(223)	(286)	(265)	(269)	(279)	(289)	(291)	(301)	(308)	(314)	(325)	(328)	(332)	(336)	(346)	(370)	(439)	(521)	(607)	(681)	(713)	(733)	(750)	(763)	(775)	(803)	(821)	(838)	(854)	(876)	(918)	(999)	(1 029)	(1 037)	(1 027)	(981)	(994)	(1 025)	(1 055)	(1 083)	(1 102)	(827)	(834)	(840)	(845)	(1 127)	(1 128)	(1 131)	(1 144)	(1 158)	(1 171)	(1 183)	(1 056)	(929)	(801)	(674)	(675)	(687)	(698)	(709)	(720)	(720)	(722)	(722)	(722)	(724)	(725)	(727)	(733)	(740)	(756)	(791)	(823)	(860)
Other	(49)	(43)	(45)	(39)	(42)	(55)	(50)	(55)	(38)	(9)	(11)	(5)	(20)	(12)	(9)	(12)	(11)	(5)	(9)	(5)	(12)	(17)	(11)	(15)	4	12	8	(12)	(21)	(28)	(32)	(23)	(14)	(11)	(7)	3	2	3	(1)	(23)	(27)	(16)	(8)	(13)	(23)	(30)	(41)	(35)	(22)	(38)	(40)	(4)	(18)	(16)	(152)	1 215	1 228	1 237	1 392	(0)	(19)	(28)	(46)	(45)	(41)	(37)	(39)	(40)	(36)	(36)	(37)	(45)	(44)	(50)	(39)	(41)	(57)	(53)	(71)	(76)	(61)	(62)	(65)	(50)	(57)	(82)	(67)	(70)	(71)	(78)	(87)	(90)	(92)	(68)	(60)	(65)
Cash from Financing Activities	(131) N/A	(149) -14%	(172) -15%	(98) +43%	(100) -1%	(123) -23%	(134) -9%	(217) -62%	(126) +42%	14 N/A	42 +201%	70 +68%	11 -84%	390 +3 479%	442 +13%	390 -12%	368 -6%	(82) N/A	(25) +70%	243 N/A	203 -16%	1 200 +490%	1 017 -15%	803 -21%	792 -1%	(182) N/A	(57) +69%	(96) -68%	(255) -165%	(378) -48%	(502) -33%	(490) +2%	(318) +35%	(397) -25%	(185) +54%	(232) -25%	(313) -35%	597 N/A	355 -41%	248 -30%	194 -22%	206 +7%	331 +60%	1 199 +262%	1 096 -9%	308 -72%	1 011 +228%	115 -89%	313 +172%	266 -15%	68 -75%	758 +1 023%	1 489 +96%	1 260 -15%	1 719 +36%	1 023 -40%	282 -72%	319 +13%	306 -4%	97 -68%	712 +635%	744 +5%	(1 007) N/A	(671) +33%	(1 678) -150%	(2 365) -41%	(1 815) +23%	(1 762) +3%	(1 519) +14%	(511) +66%	375 N/A	161 -57%	2 332 +1 351%	192 -92%	(1 112) N/A	(1 300) -17%	(3 588) -176%	(1 703) +53%	(742) +56%	(558) +25%	(16) +97%	15 N/A	(384) N/A	(284) +26%	(611) -115%	(659) -8%	(537) +18%	(544) -1%	(377) +31%	(291) +23%	324 N/A	1 445 +347%	1 291 -11%	1 588 +23%	1 330 -16%	874 -34%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	(14)	(5)	(5)	(2)	9	1	1	1	1	0	1	0	0	0	(1)	0	0	0	0	(0)	0	0	0	0	(0)	(0)	1	(0)	4	3	2	3	(2)	(1)	(0)	(1)	(1)	(1)	(1)	3	0	1	1	(3)	(1)	(1)	(1)	(0)	0	2	(2)	(1)	0	1	5	4	3	1	1	(1)	(3)	(3)	(3)	(1)	1	1	(1)	(3)	(1)	(4)	(2)	3	(0)	3
Net Change in Cash	(46) N/A	(20) +56%	(20) +2%	(16) +18%	(6) +61%	6 N/A	6 +2%	80 +1 251%	(1) N/A	(0) +77%	(6) -1 967%	(79) -1 169%	0 N/A	(8) N/A	2 N/A	(2) N/A	(0) +94%	1 N/A	(4) N/A	(0) +89%	(2) -300%	28 N/A	27 -5%	27 +1%	51 +89%	(1) N/A	87 N/A	148 +70%	45 -70%	17 -62%	(45) N/A	(69) -54%	37 N/A	(19) N/A	(37) -99%	(86) -131%	(91) -6%	(1) +99%	24 N/A	24 +2%	12 -52%	26 +127%	1 -95%	22 +1 742%	5 -80%	10 +116%	(4) N/A	27 N/A	2 -93%	24 +1 174%	10 -59%	(39) N/A	61 N/A	(26) N/A	1 N/A	(2) N/A	(69) -2 883%	(3) +95%	24 N/A	236 +881%	51 -78%	34 -34%	(8) N/A	(179) -2 031%	(20) +89%	(14) +31%	(13) +4%	(57) -336%	(23) +59%	(20) +16%	60 N/A	15 -76%	2 746 +18 582%	891 -68%	420 -53%	306 -27%	(2 676) N/A	(754) +72%	(432) +43%	(255) +41%	(11) +96%	(99) -815%	(1) +99%	(26) -2 824%	(4) +84%	34 N/A	296 +763%	393 +33%	493 +26%	405 -18%	674 +66%	394 -42%	(442) N/A	61 N/A	(923) N/A	(171) +81%
Free Cash Flow
Free Cash Flow	80 N/A	92 +15%	114 +24%	116 +2%	128 +10%	134 +5%	127 -5%	137 +8%	141 +3%	134 -5%	154 +15%	150 -3%	168 +12%	180 +7%	197 +10%	224 +14%	235 +5%	229 -3%	230 +1%	239 +4%	258 +8%	298 +16%	405 +36%	396 -2%	412 +4%	401 -3%	342 -15%	364 +6%	370 +2%	385 +4%	390 +1%	408 +5%	410 +0%	418 +2%	425 +2%	428 +1%	439 +3%	394 -10%	487 +23%	675 +39%	756 +12%	884 +17%	860 -3%	809 -6%	795 -2%	860 +8%	943 +10%	1 017 +8%	1 073 +5%	1 106 +3%	1 100 -1%	1 060 -4%	1 106 +4%	1 156 +5%	1 124 -3%	1 172 +4%	1 101 -6%	1 104 +0%	1 152 +4%	1 094 -5%	1 128 +3%	1 091 -3%	1 063 -3%	997 -6%	975 -2%	986 +1%	923 -6%	919 0%	970 +6%	963 -1%	959 0%	877 -8%	806 -8%	807 +0%	873 +8%	922 +6%	877 -5%	759 -13%	608 -20%	593 -2%	644 +9%	649 +1%	728 +12%	666 -8%	596 -11%	600 +1%	536 -11%	477 -11%	479 +0%	479 0%	558 +17%	726 +30%	797 +10%	947 +19%	968 +2%	1 002 +4%

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Ventas Inc
NYSE:VTR

Cash Flow Statement

Cash Flow Statement
Ventas Inc

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Ventas Inc NYSE:VTR

Cash Flow Statement

Cash Flow Statement Ventas Inc

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Ventas Inc
NYSE:VTR

Cash Flow Statement
Ventas Inc