Brookdale Senior Living Inc

brookdale.com

What Do They Do?

Operates senior living communities that provide housing, personal care, and memory care services to seniors.

How Do They Make Money?

Residents or third-party payors pay daily or monthly fees for housing and services; routine monthly services are generally billed in advance. Owners of managed communities pay percentage-based fees and reimburse certain expenses Brookdale incurs for them.

revenue

Segment	Share	How money arrives
Health Care, Resident Service Recurring	95% FY2022: 92%	Recurring
Management fees	0.3% FY2022: 0.4%
Reimbursed costs incurred on behalf of managed communities	4.4% FY2022: 5.2%
Other operating income	0.0% FY2022: 2.9%

Who Are Their Customers?

Brookdale markets to prospective residents and families and receives referrals from medical professionals and other organizations; residents or third-party payors pay for care.

Do Revenues Turn Into Profits?

Not on paper. It lost $262.7M in FY2025, but brought in more cash than it spent: $16.5M of free cash flow.

Operating income, FY2025

0% of revenue

▼ −71% vs FY2024 ($46.5M, 1%)

Net income, FY2025

−8% of revenue

▲ +30% (Loss) vs FY2024 (−$201.9M, −6%)

Free cash flow, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$35.1M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −12%; vs $812.9M in Q2 FY2025
Net income: ▲ Now profitable; vs −$43M in Q2 FY2025

Resident fees share of revenue vs 95.4% in Q2 FY2025

Aug 10, 2026 Agreed to acquire 17 leased communities and reaffirmed 2026 guidance The company cited RevPAR growth of 8% to 9% and Adjusted EBITDA of $502 million to $516 million.
Jun 24, 2026 Mark Fioravanti became non-executive chair as Denise Warren stepped down

Growing. Revenue grew 16% in 4 years, from $2.8B in FY2021 to $3.2B in FY2025, about 4% a year.

Healthcare care coordination The older report describes redesigned clinical care and technology-enabled care management as pilots; the latest says Brookdale HealthPlus has expanded to a growing number of communities in certain markets.

Revenue over time

Health Care, Resident Service Management fees Reimbursed costs incurred on behalf of managed communities Other operating income

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Discovery Senior Living, Erickson Senior Living, LCS, Welltower, and Ventas

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