AvalonBay Communities (AVB) Financials

$186.45 +1.34 (+0.72%)

Closing price 03:59 PM Eastern

Extended Trading

$186.71 +0.26 (+0.14%)

As of 05:11 PM Eastern

Annual Income Statements for AvalonBay Communities

This table shows AvalonBay Communities' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	742	1,034	877	975	786	828	1,004	1,137	929	1,082	1,051
Consolidated Net Income / (Loss)	742	1,034	877	974	786	828	1,004	1,136	928	1,082	1,057
Net Income / (Loss) Continuing Operations	742	1,034	877	974	786	828	1,004	1,077	928	1,082	1,057
Total Pre-Tax Income	743	1,034	877	974	799	824	1,010	1,151	939	1,083	1,055
Total Operating Income	724	772	567	809	836	701	590	782	844	894	908
Total Gross Profit	1,856	2,045	1,658	1,760	2,325	2,301	1,721	1,957	2,768	2,914	3,041
Total Revenue	1,856	2,045	2,159	2,285	2,325	2,301	2,292	2,587	2,768	2,914	3,041
Operating Revenue	1,856	2,045	2,159	2,285	2,325	2,301	2,292	2,587	2,768	2,914	3,041
Total Cost of Revenue	0.00	0.00	501	525	0.00	0.00	571	630	0.00	0.00	0.00
Total Operating Expenses	1,132	1,274	1,091	951	1,488	1,600	1,131	1,175	1,924	2,019	2,133
Selling, General & Admin Expense	43	46	54	60	58	60	70	74	77	78	87
Depreciation Expense	478	531	584	631	662	707	759	815	817	847	913
Other Operating Expenses / (Income)	642	683	447	242	768	823	301	291	1,022	1,092	1,132
Impairment Charge	-11	-3.94	6.25	0.22	0.00	0.00	3.12	0.00	9.12	2.94	1.28
Other Special Charges / (Income)	-27	7.08	-	17	0.60	9.33	-1.12	-5.13	0.15	0.00	0.00
Total Other Income / (Expense), net	20	262	310	165	-37	123	417	309	95	188	148
Interest Expense	176	188	-	221	204	214	220	230	206	227	259
Interest & Investment Income	70	65	71	15	8.65	6.42	39	-	13	51	67
Other Income / (Expense), net	125	385	239	371	158	331	599	539	288	364	340
Income Tax Expense	1.48	0.31	0.14	-0.16	13	-3.25	5.73	15	10	0.45	-1.14
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.31	-0.29	-0.26	-0.35	0.13	0.08	0.06	-0.34	-0.39	0.18	5.30
Basic Earnings per Share	$5.54	$7.53	$6.36	$7.05	$5.64	$5.89	$7.19	$8.13	$6.56	$7.61	$7.40
Weighted Average Basic Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M	140.08M
Diluted Earnings per Share	$5.51	$7.52	$6.35	$7.05	$5.63	$5.89	$7.19	$8.12	$6.56	$7.60	$7.40
Weighted Average Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M	140.08M
Weighted Average Basic & Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M	140.08M
Cash Dividends to Common per Share	$5.00	$5.40	$5.68	$5.88	$6.08	$6.36	$6.36	$6.36	$6.60	$6.80	$7.00

This table shows AvalonBay Communities' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	172	242	173	254	373	282	237	269	381	165	326
Consolidated Net Income / (Loss)	172	242	174	254	373	282	237	270	384	166	328
Net Income / (Loss) Continuing Operations	172	242	174	254	373	224	237	270	384	166	328
Total Pre-Tax Income	176	245	174	254	373	282	236	269	384	166	328
Total Operating Income	219	235	217	237	225	222	239	225	221	227	222
Total Gross Profit	522	753	713	726	734	364	746	760	767	768	770
Total Revenue	698	715	713	726	734	737	746	760	767	768	770
Operating Revenue	698	715	713	726	734	737	746	760	767	768	770
Total Cost of Revenue	175	-38	0.00	0.00	0.00	373	0.00	0.00	0.00	-	0.00
Total Operating Expenses	303	518	495	489	509	141	507	535	546	541	548
Selling, General & Admin Expense	20	18	20	20	20	18	20	23	22	22	22
Depreciation Expense	201	211	212	207	212	216	218	232	230	233	233
Other Operating Expenses / (Income)	79	288	260	262	277	-92	269	279	293	285	289
Impairment Charge	3.50	0.57	2.94	0.00	0.00	-	0.00	0.86	0.00	0.42	4.62
Total Other Income / (Expense), net	-43	6.56	-44	16	148	5.23	-2.87	44	163	-61	106
Interest Expense	48	49	55	57	56	59	60	65	65	69	71
Interest & Investment Income	1.93	-	11	73	31	-	5.11	105	49	-93	0.95
Other Income / (Expense), net	3.16	68	0.07	0.18	173	111	52	3.64	179	101	177
Income Tax Expense	4.37	2.44	-0.02	-0.06	0.78	-0.25	-0.12	-0.53	-0.19	-0.30	-0.29
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.24	0.10	0.11	0.07	0.00	-	0.00	1.19	2.86	1.25	2.56
Basic Earnings per Share	$1.21	$1.71	$1.22	$1.78	$2.62	$1.99	$1.66	$1.89	$2.68	$1.17	$2.33
Weighted Average Basic Shares Outstanding	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M	141.59M	140.08M	139.11M
Diluted Earnings per Share	$1.21	$1.71	$1.22	$1.78	$2.61	$1.99	$1.66	$1.88	$2.68	$1.18	$2.33
Weighted Average Diluted Shares Outstanding	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M	141.59M	140.08M	139.11M
Weighted Average Basic & Diluted Shares Outstanding	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M	141.59M	140.08M	139.11M
Cash Dividends to Common per Share	$1.65	-	$1.70	-	-	-	$1.75	-	-	-	$1.78

This table details how cash moves in and out of AvalonBay Communities' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-100	-175	-128	16	-90	186	230	190	-203	-264	86
Net Cash From Operating Activities	1,075	1,160	1,256	1,301	1,322	1,220	1,203	1,422	1,560	1,608	1,671
Net Cash From Continuing Operating Activities	1,075	1,160	1,256	1,301	1,322	1,220	1,203	1,422	1,560	1,608	1,671
Net Income / (Loss) Continuing Operations	742	1,034	877	974	786	828	1,004	1,136	928	1,082	1,057
Consolidated Net Income / (Loss)	742	1,034	877	974	786	828	1,004	1,136	928	1,082	1,057
Depreciation Expense	478	531	584	631	662	707	759	815	817	847	913
Amortization Expense	-17	-11	1.74	9.64	8.94	9.33	10	11	13	13	14
Non-Cash Adjustments To Reconcile Net Income	-170	-408	-242	-334	-124	-296	-577	-551	-216	-341	-326
Changes in Operating Assets and Liabilities, net	42	14	36	20	-10	-28	7.34	10	18	6.76	14
Net Cash From Investing Activities	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997	-1,392
Net Cash From Continuing Investing Activities	-1,200	-1,032	-965	-597	-1,194	-179	-624	-560	-929	-997	-1,392
Purchase of Property, Plant & Equipment	-56	-466	-74	-84	-561	-137	-925	-712	-413	-662	-947
Acquisitions	-6.58	-9.75	-487	-350	-10	-36	-54	-14	-19	-14	-40
Sale of Property, Plant & Equipment	282	533	503	936	425	623	977	1,055	467	712	814
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	5.47	11	7.50
Other Investing Activities, net	-1,528	-1,201	-997	-1,135	-1,058	-641	-686	-941	-970	-1,043	-1,227
Net Cash From Financing Activities	25	-303	-419	-689	-218	-854	-349	-671	-834	-875	-193
Net Cash From Continuing Financing Activities	25	-303	-419	-689	-218	-854	-349	-671	-834	-875	-193
Repayment of Debt	-861	-689	-1,631	-530	-238	-1,097	-581	-158	-401	85	488
Repurchase of Common Equity	-	-	-	0.00	0.00	-184	0.00	0.00	-1.91	0.00	-488
Payment of Dividends	-657	-727	-775	-807	-840	-884	-888	-890	-923	-962	-992
Issuance of Debt	873	1,122	1,904	595	480	1,348	1,099	349	0.00	0.00	740
Issuance of Common Equity	690	16	111	52	410	3.46	32	20	497	11	87
Other Financing Activities, net	-6.08	-23	-28	0.97	-28	-40	-10	7.60	-5.29	-8.75	-26
Cash Interest Paid	189	194	208	202	188	197	204	212	188	213	237

This table details how cash moves in and out of AvalonBay Communities' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-167	-249	-107	342	27	-525	-48	76	27	31	-62
Net Cash From Operating Activities	471	346	413	380	486	329	416	378	477	400	419
Net Cash From Continuing Operating Activities	471	346	413	380	486	329	416	378	477	400	419
Net Income / (Loss) Continuing Operations	172	242	174	254	373	282	237	270	384	166	328
Consolidated Net Income / (Loss)	172	242	174	254	373	282	237	270	384	166	328
Depreciation Expense	201	211	212	207	212	216	218	232	230	233	233
Amortization Expense	3.10	3.28	3.28	3.33	3.39	3.29	3.23	3.05	3.89	3.51	3.63
Non-Cash Adjustments To Reconcile Net Income	7.91	-59	6.00	-59	-188	-101	-43	-88	-212	17	-159
Changes in Operating Assets and Liabilities, net	87	-51	18	-26	86	-72	1.62	-39	70	-19	13
Net Cash From Investing Activities	-285	-346	-266	-198	-219	-314	-428	-395	-102	-467	-49
Net Cash From Continuing Investing Activities	-285	-346	-266	-198	-219	-314	-428	-395	-102	-467	-49
Purchase of Property, Plant & Equipment	-136	-195	-39	-111	-270	-243	-236	-259	-335	-117	-60
Acquisitions	-4.72	-5.22	-2.09	-2.85	-4.43	-4.81	-2.40	-4.16	-29	-4.13	-3.61
Sale of Property, Plant & Equipment	107	108	3.92	173	326	208	64	164	571	15	330
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.11	-	-	7.50	18
Other Investing Activities, net	-252	-254	-229	-257	-278	-279	-253	-296	-309	-369	-334
Net Cash From Financing Activities	-353	-249	-254	160	-240	-540	-36	94	-349	98	-432
Net Cash From Continuing Financing Activities	-353	-249	-254	160	-240	-540	-36	94	-349	98	-432
Repayment of Debt	-118	-425	-1.02	-11	-1.34	-301	-1.17	-549	-5.10	1,043	-1.21
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-336	-198
Payment of Dividends	-234	-234	-237	-241	-242	-242	-244	-249	-250	-249	-249
Issuance of Debt	-	400	0.00	-	0.00	-	225	890	67	-443	30
Issuance of Common Equity	-0.15	1.90	0.37	3.61	3.26	3.30	0.69	2.68	-	83	0.00
Other Financing Activities, net	-0.55	7.87	-17	8.92	-0.58	-0.80	-17	-0.75	-8.86	0.17	-13
Cash Interest Paid	36	57	37	65	33	78	40	90	33	73	60

This table presents AvalonBay Communities' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001	22,192
Total Current Assets	617	493	320	92	40	441	649	1,051	927	808	972
Cash & Equivalents	401	215	67	92	40	217	420	613	398	109	187
Restricted Cash	-	-	-	-	-	-	-	121	133	159	166
Prepaid Expenses	199	257	253	-	-	208	211	317	396	541	619
Plant, Property, & Equipment, net	15,440	16,928	17,649	17,591	17,936	17,840	18,398	18,993	19,343	19,767	20,806
Plant, Property & Equipment, gross	18,744	20,671	21,868	22,192	23,101	23,540	24,607	25,871	26,865	27,931	29,492
Accumulated Depreciation	3,304	3,744	4,218	4,601	5,164	5,700	6,209	6,879	7,522	8,164	8,686
Total Noncurrent Assets	874	447	445	698	1,145	918	855	414	408	426	414
Long-Term Investments	217	175	163	217	166	203	216	212	220	227	193
Other Noncurrent Operating Assets	657	272	282	425	979	715	638	202	188	198	221
Total Liabilities & Shareholders' Equity	16,931	17,867	18,415	18,380	19,121	19,199	19,902	20,458	20,678	21,001	22,192
Total Liabilities	7,081	7,688	8,021	7,744	8,128	8,444	8,966	9,202	8,893	9,060	10,358
Total Current Liabilities	261	275	308	298	274	275	296	306	311	357	392
Accrued Expenses	260	275	308	298	274	275	296	306	311	357	392
Total Noncurrent Liabilities	6,820	7,413	7,713	7,447	7,854	8,170	8,670	8,895	8,583	8,703	9,966
Long-Term Debt	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077	8,589
Other Noncurrent Operating Liabilities	363	382	383	406	557	605	566	579	601	625	1,377
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,254	11,783	11,941	11,834
Total Preferred & Common Equity	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,253	11,783	11,941	11,611
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	9,841	10,171	10,388	10,633	10,990	10,752	10,933	11,253	11,783	11,941	11,611
Common Stock	10,070	10,107	10,237	10,308	10,738	10,666	10,718	10,767	11,289	11,316	11,214
Retained Earnings	-198	95	189	351	283	126	241	485	478	591	371
Accumulated Other Comprehensive Income / (Loss)	-31	-31	-37	-26	-32	-40	-26	1.42	16	34	26
Noncontrolling Interest	-	-	-	0.00	0.65	0.59	0.57	0.08	-	0.00	223

This table presents AvalonBay Communities' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	20,806	20,703	20,678	20,641	21,037	21,308	21,001	21,216	21,838	21,949	22,127
Total Current Assets	1,281	1,142	927	861	1,220	1,304	808	778	901	966	893
Cash & Equivalents	770	509	398	288	546	552	109	53	103	123	121
Restricted Cash	177	272	133	136	220	240	159	166	193	199	170
Prepaid Expenses	334	362	396	438	455	512	541	559	606	644	602
Plant, Property, & Equipment, net	19,062	19,143	19,343	19,373	19,413	19,570	19,767	20,002	20,494	20,526	20,826
Plant, Property & Equipment, gross	26,255	26,492	26,865	27,093	27,224	27,560	27,931	28,354	28,911	29,082	29,741
Accumulated Depreciation	7,193	7,349	7,522	7,721	7,812	7,990	8,164	8,352	8,416	8,556	8,915
Total Noncurrent Assets	463	417	408	407	404	434	426	435	442	457	408
Long-Term Investments	217	217	220	220	222	228	227	227	227	206	193
Other Noncurrent Operating Assets	247	200	188	187	182	207	198	208	215	251	214
Total Liabilities & Shareholders' Equity	20,806	20,703	20,678	20,641	21,037	21,308	21,001	21,216	21,838	21,949	22,127
Total Liabilities	8,989	8,924	8,893	8,925	9,296	9,424	9,060	9,299	9,668	9,788	10,412
Total Current Liabilities	645	758	311	324	316	403	357	352	361	407	392
Accrued Expenses	319	425	311	324	316	403	357	352	361	407	392
Total Noncurrent Liabilities	8,344	8,165	8,583	8,601	8,980	9,021	8,703	8,948	9,306	9,381	10,021
Long-Term Debt	8,063	7,877	7,982	7,983	8,374	8,375	8,077	8,078	7,995	8,491	8,590
Other Noncurrent Operating Liabilities	281	288	601	618	606	646	625	869	1,311	891	1,430
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	11,816	11,778	11,783	11,714	11,741	11,885	11,941	11,916	12,170	12,161	11,715
Total Preferred & Common Equity	11,815	11,778	11,783	11,714	11,741	11,885	11,941	11,916	11,948	11,938	11,491
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	11,815	11,778	11,783	11,714	11,741	11,885	11,941	11,916	11,948	11,938	11,491
Common Stock	11,271	11,280	11,289	11,281	11,292	11,305	11,316	11,309	11,325	11,273	11,119
Retained Earnings	534	471	478	409	421	551	591	576	596	639	340
Accumulated Other Comprehensive Income / (Loss)	11	26	16	24	28	28	34	30	28	26	32
Noncontrolling Interest	0.08	0.08	-	-	-	-	-	-	223	224	224

This table displays calculated financial ratios and metrics derived from AvalonBay Communities' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.15%	10.20%	5.54%	5.83%	1.75%	-1.01%	-0.41%	12.89%	7.29%	4.72%	4.36%
EBITDA Growth	40.21%	28.06%	-16.99%	30.79%	-8.57%	5.06%	11.93%	9.71%	-8.34%	7.27%	2.64%
EBIT Growth	63.31%	36.26%	-30.31%	46.36%	-15.74%	3.84%	15.18%	11.15%	-13.82%	9.89%	-0.88%
NOPAT Growth	68.43%	6.84%	-26.50%	42.65%	1.71%	-14.44%	-16.68%	31.71%	13.29%	3.54%	1.62%
Net Income Growth	6.37%	39.36%	-15.19%	11.12%	-19.31%	5.29%	21.34%	13.15%	-18.30%	16.56%	-2.36%
EPS Growth	5.76%	36.48%	-15.56%	11.02%	-20.14%	4.62%	22.07%	12.93%	-19.21%	15.85%	-2.63%
Operating Cash Flow Growth	21.21%	7.97%	8.27%	3.57%	1.59%	-7.73%	-1.35%	18.18%	9.71%	3.07%	3.93%
Free Cash Flow Firm Growth	-40.26%	8.15%	64.51%	885.09%	-94.95%	1,709.45%	-90.82%	541.48%	-8.91%	-18.11%	44.12%
Invested Capital Growth	7.61%	7.19%	4.13%	-1.04%	4.46%	-1.11%	2.81%	1.30%	2.09%	2.67%	1.81%
Revenue Q/Q Growth	2.21%	1.86%	1.75%	1.03%	0.65%	-1.64%	1.91%	2.62%	1.87%	1.30%	1.14%
EBITDA Q/Q Growth	21.32%	4.23%	-10.87%	28.59%	-13.72%	11.59%	6.58%	-8.08%	0.70%	2.44%	-2.36%
EBIT Q/Q Growth	34.52%	4.52%	-19.22%	51.87%	-21.80%	20.42%	9.32%	-13.11%	0.89%	3.77%	-5.36%
NOPAT Q/Q Growth	37.16%	0.70%	-32.19%	69.00%	-4.44%	-8.36%	14.60%	-38.43%	125.24%	0.54%	0.03%
Net Income Q/Q Growth	1.76%	9.17%	-0.53%	17.94%	-21.71%	26.51%	-0.58%	-7.65%	0.10%	3.84%	-9.90%
EPS Q/Q Growth	0.00%	0.00%	-0.78%	18.09%	-22.13%	26.94%	-0.55%	-7.62%	-0.30%	3.83%	-9.87%
Operating Cash Flow Q/Q Growth	3.38%	1.68%	1.86%	-0.15%	-1.02%	-3.89%	2.90%	3.65%	0.30%	-1.07%	4.48%
Free Cash Flow Firm Q/Q Growth	30.58%	-79.80%	-211.67%	922.58%	-93.44%	67.79%	-82.04%	7.90%	89.40%	-28.71%	2,205.28%
Invested Capital Q/Q Growth	0.73%	1.67%	1.43%	-1.79%	2.02%	-0.40%	2.13%	-0.74%	0.63%	1.48%	-1.23%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	76.79%	77.02%	100.00%	100.00%	75.09%	75.64%	88.95%	74.34%	100.00%
EBITDA Margin	70.55%	81.98%	64.48%	79.69%	71.61%	76.00%	85.42%	83.01%	70.92%	72.65%	71.51%
Operating Margin	38.98%	37.73%	26.27%	35.40%	35.98%	30.47%	25.74%	30.24%	31.88%	31.19%	29.85%
EBIT Margin	45.73%	56.55%	37.34%	51.64%	42.76%	44.85%	51.87%	51.08%	41.03%	43.05%	41.03%
Profit (Net Income) Margin	39.96%	50.54%	40.61%	42.64%	33.82%	35.97%	43.82%	43.93%	33.45%	37.23%	34.75%
Tax Burden Percent	99.80%	99.97%	99.98%	100.02%	98.37%	100.39%	99.43%	98.73%	98.92%	99.96%	100.11%
Interest Burden Percent	87.56%	89.40%	108.78%	82.56%	80.39%	79.87%	84.96%	87.11%	82.42%	86.51%	84.61%
Effective Tax Rate	0.20%	0.03%	0.02%	-0.02%	1.63%	-0.39%	0.57%	1.27%	1.08%	0.04%	-0.11%
Return on Invested Capital (ROIC)	4.78%	4.75%	3.31%	4.65%	4.65%	3.91%	3.23%	4.17%	4.65%	4.70%	4.61%
ROIC Less NNEP Spread (ROIC-NNEP)	5.12%	8.97%	7.82%	7.05%	4.12%	5.66%	8.97%	9.09%	5.38%	7.08%	6.51%
Return on Net Nonoperating Assets (RNNOA)	3.07%	5.57%	5.22%	4.62%	2.62%	3.70%	6.03%	6.07%	3.41%	4.42%	4.28%
Return on Equity (ROE)	7.85%	10.32%	8.52%	9.26%	7.27%	7.61%	9.26%	10.24%	8.06%	9.12%	8.89%
Cash Return on Invested Capital (CROIC)	-2.56%	-2.19%	-0.74%	5.69%	0.28%	5.03%	0.46%	2.88%	2.58%	2.06%	2.82%
Operating Return on Assets (OROA)	5.13%	6.65%	4.44%	6.41%	5.30%	5.39%	6.08%	6.55%	5.54%	6.01%	5.78%
Return on Assets (ROA)	4.49%	5.94%	4.83%	5.30%	4.19%	4.32%	5.14%	5.63%	4.51%	5.19%	4.89%
Return on Common Equity (ROCE)	7.84%	10.31%	8.52%	9.26%	7.27%	7.61%	9.26%	10.24%	8.06%	9.12%	8.80%
Return on Equity Simple (ROE_SIMPLE)	7.54%	10.16%	8.44%	9.16%	7.15%	7.70%	9.19%	10.10%	7.88%	9.06%	0.00%
Net Operating Profit after Tax (NOPAT)	722	771	567	809	823	704	586	772	875	906	909
NOPAT Margin	38.91%	37.72%	26.27%	35.41%	35.39%	30.59%	25.59%	29.86%	31.53%	31.17%	29.88%
Net Nonoperating Expense Percent (NNEP)	-0.35%	-4.21%	-4.51%	-2.40%	0.53%	-1.74%	-5.73%	-4.91%	-0.73%	-2.38%	-1.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.95%	4.43%	4.53%	4.45%
Cost of Revenue to Revenue	0.00%	0.00%	23.21%	22.98%	0.00%	0.00%	24.91%	24.36%	11.05%	25.66%	0.00%
SG&A Expenses to Revenue	2.30%	2.24%	2.49%	2.64%	2.50%	2.62%	3.04%	2.86%	2.76%	2.67%	2.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.02%	62.27%	50.52%	41.62%	64.02%	69.53%	49.35%	45.40%	57.07%	43.15%	70.15%
Earnings before Interest and Taxes (EBIT)	849	1,157	806	1,180	994	1,032	1,189	1,321	1,139	1,251	1,247
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,309	1,677	1,392	1,821	1,665	1,749	1,958	2,148	1,969	2,112	2,175
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	1.86	1.90	1.87	2.27	1.85	2.96	1.87	2.18	2.62	2.21
Price to Tangible Book Value (P/TBV)	1.93	1.86	1.90	1.87	2.27	1.85	2.96	1.87	2.18	2.62	2.21
Price to Revenue (P/Rev)	10.22	9.23	9.13	8.72	10.75	8.65	14.11	8.14	9.27	10.76	8.44
Price to Earnings (P/E)	25.56	18.25	22.48	20.45	31.79	24.06	32.19	18.52	27.69	28.92	24.42
Dividend Yield	3.61%	3.93%	3.98%	4.08%	3.40%	4.46%	2.75%	4.23%	3.64%	3.09%	3.86%
Earnings Yield	3.91%	5.48%	4.45%	4.89%	3.15%	4.16%	3.11%	5.40%	3.61%	3.46%	4.10%
Enterprise Value to Invested Capital (EV/IC)	1.58	1.52	1.53	1.54	1.77	1.51	2.16	1.53	1.73	1.99	1.71
Enterprise Value to Revenue (EV/Rev)	13.37	12.48	12.42	11.67	13.80	11.76	17.36	10.99	11.87	13.37	11.16
Enterprise Value to EBITDA (EV/EBITDA)	18.95	15.22	19.27	14.65	19.27	15.47	20.33	13.24	16.74	18.41	15.61
Enterprise Value to EBIT (EV/EBIT)	29.24	22.06	33.27	22.60	32.28	26.22	33.47	21.51	28.94	31.06	27.21
Enterprise Value to NOPAT (EV/NOPAT)	34.37	33.08	47.30	32.96	39.00	38.45	67.86	36.80	37.66	42.90	37.35
Enterprise Value to Operating Cash Flow (EV/OCF)	23.09	21.99	21.35	20.49	24.27	22.19	33.08	19.99	21.12	24.18	20.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	26.94	641.25	29.89	478.84	53.33	67.86	97.74	61.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.69	0.71	0.66	0.66	0.70	0.74	0.74	0.68	0.68	0.73
Long-Term Debt to Equity	0.66	0.69	0.71	0.66	0.66	0.70	0.74	0.74	0.68	0.68	0.73
Financial Leverage	0.60	0.62	0.67	0.66	0.64	0.65	0.67	0.67	0.63	0.62	0.66
Leverage Ratio	1.75	1.74	1.76	1.75	1.73	1.76	1.80	1.82	1.79	1.76	1.82
Compound Leverage Factor	1.53	1.55	1.92	1.44	1.39	1.41	1.53	1.58	1.47	1.52	1.54
Debt to Total Capital	39.60%	40.85%	41.35%	39.83%	39.89%	41.29%	42.56%	42.49%	40.38%	40.35%	42.05%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	39.60%	40.85%	41.35%	39.83%	39.89%	41.29%	42.56%	42.49%	40.38%	40.35%	42.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.05%	0.03%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.00%	1.09%
Common Equity to Total Capital	60.34%	59.10%	58.61%	60.15%	60.09%	58.69%	57.42%	57.50%	59.61%	59.65%	56.85%
Debt to EBITDA	4.93	4.19	5.27	3.87	4.38	4.33	4.14	3.87	4.05	3.83	3.95
Net Debt to EBITDA	4.46	3.96	5.10	3.70	4.26	4.09	3.81	3.43	3.67	3.59	3.70
Long-Term Debt to EBITDA	4.93	4.19	5.27	3.87	4.38	4.33	4.14	3.87	4.05	3.83	3.95
Debt to NOPAT	8.94	9.11	12.93	8.70	8.87	10.75	13.82	10.77	9.12	8.91	9.45
Net Debt to NOPAT	8.09	8.61	12.52	8.32	8.62	10.15	12.73	9.54	8.26	8.37	8.85
Long-Term Debt to NOPAT	8.94	9.11	12.93	8.70	8.87	10.75	13.82	10.77	9.12	8.91	9.45
Altman Z-Score	1.89	1.82	1.75	1.89	2.14	1.73	2.51	1.79	2.12	2.47	1.86
Noncontrolling Interest Sharing Ratio	0.12%	0.09%	0.07%	0.04%	0.03%	0.03%	0.03%	0.03%	0.02%	0.01%	0.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.37	1.79	1.04	0.31	0.14	1.61	2.19	3.43	2.98	2.26	2.48
Quick Ratio	1.54	0.78	0.22	0.31	0.14	0.79	1.42	2.00	1.28	0.30	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-387	-355	-126	990	50	905	83	533	486	398	556
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	967.72%	0.00%	0.00%	0.00%	0.00%	0.00%	1,259.90%
Free Cash Flow to Firm to Interest Expense	-2.20	-1.89	0.00	4.48	0.25	4.23	0.38	2.32	2.36	1.76	2.14
Operating Cash Flow to Interest Expense	6.12	6.19	0.00	5.89	6.49	5.70	5.46	6.18	7.57	7.10	6.45
Operating Cash Flow Less CapEx to Interest Expense	7.41	6.54	0.00	9.75	5.82	7.97	5.70	7.67	7.84	7.31	5.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.12	0.12	0.12	0.12	0.12	0.12	0.13	0.13	0.14	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.12	0.13	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.15	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,673	16,800	17,493	17,312	18,085	17,883	18,387	18,626	19,016	19,524	19,877
Invested Capital Turnover	0.12	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.15	0.15	0.15
Increase / (Decrease) in Invested Capital	1,109	1,127	693	-181	773	-201	503	239	390	508	353
Enterprise Value (EV)	24,817	25,517	26,817	26,663	32,083	27,062	39,796	28,430	32,955	38,871	33,938
Market Capitalization	18,968	18,869	19,712	19,928	24,988	19,914	32,325	21,057	25,723	31,288	25,673
Book Value per Share	$71.89	$74.07	$75.23	$76.92	$78.69	$77.01	$78.23	$80.44	$82.97	$83.95	$82.00
Tangible Book Value per Share	$71.89	$74.07	$75.23	$76.92	$78.69	$77.01	$78.23	$80.44	$82.97	$83.95	$82.00
Total Capital	16,307	17,210	17,724	17,676	18,290	18,319	19,040	19,572	19,767	20,018	20,423
Total Debt	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077	8,589
Total Long-Term Debt	6,457	7,031	7,329	7,040	7,296	7,564	8,104	8,316	7,982	8,077	8,589
Net Debt	5,840	6,641	7,099	6,731	7,091	7,145	7,467	7,370	7,231	7,583	8,042
Capital Expenditures (CapEx)	-226	-67	-429	-853	137	-486	-52	-344	-54	-49	133
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44	2.30	-55	-298	-274	-50	-67	11	86	184	227
Debt-free Net Working Capital (DFNWC)	357	217	12	-206	-234	167	353	745	617	451	580
Net Working Capital (NWC)	357	217	12	-206	-234	167	353	745	617	451	580
Net Nonoperating Expense (NNE)	-20	-262	-310	-165	37	-124	-418	-364	-53	-176	-148
Net Nonoperating Obligations (NNO)	5,823	6,621	7,099	6,676	7,091	7,128	7,450	7,370	7,231	7,583	8,042
Total Depreciation and Amortization (D&A)	461	520	586	641	671	717	769	826	830	860	927
Debt-free, Cash-free Net Working Capital to Revenue	-2.37%	0.11%	-2.54%	-13.04%	-11.79%	-2.19%	-2.94%	0.41%	3.08%	6.33%	7.45%
Debt-free Net Working Capital to Revenue	19.21%	10.62%	0.57%	-9.03%	-10.08%	7.24%	15.39%	28.79%	22.21%	15.52%	19.06%
Net Working Capital to Revenue	19.21%	10.62%	0.57%	-9.03%	-10.08%	7.24%	15.39%	28.79%	22.21%	15.52%	19.06%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.54	$7.53	$6.36	$7.05	$5.64	$5.89	$7.19	$8.13	$6.56	$7.61	$7.40
Adjusted Weighted Average Basic Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M	140.08M
Adjusted Diluted Earnings per Share	$5.51	$7.52	$6.35	$7.05	$5.63	$5.89	$7.19	$8.12	$6.56	$7.60	$7.40
Adjusted Weighted Average Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M	140.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	137.00M	137.33M	138.10M	138.51M	140.64M	139.53M	139.75M	139.92M	142.03M	142.25M	140.08M
Normalized Net Operating Profit after Tax (NOPAT)	692	785	573	578	823	497	588	767	884	908	636
Normalized NOPAT Margin	37.27%	38.36%	26.56%	25.32%	35.42%	21.61%	25.68%	29.66%	31.86%	31.25%	20.92%
Pre Tax Income Margin	40.04%	50.56%	40.62%	42.64%	34.38%	35.83%	44.07%	44.49%	33.82%	37.25%	34.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.83	6.17	0.00	5.34	4.88	4.82	5.39	5.74	5.53	5.52	4.81
NOPAT to Interest Expense	4.11	4.11	0.00	3.66	4.04	3.29	2.66	3.36	4.25	4.00	3.51
EBIT Less CapEx to Interest Expense	6.12	6.52	0.00	9.20	4.21	7.09	5.63	7.24	5.79	5.74	4.30
NOPAT Less CapEx to Interest Expense	5.40	4.47	0.00	7.52	3.37	5.56	2.90	4.85	4.51	4.22	2.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	88.54%	70.35%	88.42%	82.82%	106.81%	106.77%	88.45%	78.28%	99.38%	88.89%	93.92%
Augmented Payout Ratio	88.54%	70.35%	88.42%	82.82%	106.81%	128.98%	88.45%	78.28%	99.58%	88.89%	140.11%

This table displays calculated financial ratios and metrics derived from AvalonBay Communities' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	140,083,473.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	140,083,473.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.33
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.86%	7.69%	5.65%	5.24%	5.01%	3.06%	4.63%	4.70%	4.42%	3.69%	3.27%
EBITDA Growth	-41.07%	2.71%	5.54%	-16.34%	43.63%	6.75%	18.32%	3.50%	3.33%	-9.55%	23.99%
EBIT Growth	-56.77%	3.42%	7.49%	-26.03%	78.58%	9.92%	33.93%	-3.73%	0.43%	-19.18%	36.84%
NOPAT Growth	-58.47%	193.84%	10.65%	5.20%	5.27%	-4.39%	7.96%	-5.02%	-1.47%	5.75%	-7.23%
Net Income Growth	-65.27%	0.37%	18.25%	-30.94%	116.85%	16.54%	36.32%	6.24%	3.13%	-41.16%	38.75%
EPS Growth	-65.72%	-1.16%	16.19%	-31.27%	115.70%	16.37%	36.07%	5.62%	2.68%	-40.70%	40.36%
Operating Cash Flow Growth	7.01%	1.37%	4.24%	9.68%	3.16%	-5.02%	0.73%	-0.57%	-1.89%	21.78%	0.73%
Free Cash Flow Firm Growth	133.00%	67.85%	38.50%	134.88%	-245.90%	-82.38%	-207.98%	-560.90%	-457.73%	57.21%	80.53%
Invested Capital Growth	0.70%	2.09%	1.61%	0.92%	1.82%	2.67%	2.59%	2.69%	4.60%	1.81%	1.39%
Revenue Q/Q Growth	1.38%	2.51%	1.88%	1.59%	1.16%	0.60%	1.20%	1.92%	0.87%	0.14%	0.32%
EBITDA Q/Q Growth	-30.72%	21.29%	-13.61%	18.85%	18.95%	-9.86%	-7.15%	-9.52%	36.84%	-11.04%	12.58%
EBIT Q/Q Growth	-46.02%	36.39%	-24.30%	39.97%	30.31%	-16.05%	-12.54%	-21.44%	74.86%	-18.16%	21.72%
NOPAT Q/Q Growth	-5.34%	9.04%	13.20%	7.05%	-5.28%	-0.97%	5.45%	-3.89%	-1.91%	2.64%	-2.19%
Net Income Q/Q Growth	-53.29%	40.91%	-28.30%	46.35%	46.66%	-24.27%	-16.13%	14.06%	42.36%	-56.79%	97.78%
EPS Q/Q Growth	-53.28%	41.32%	-28.66%	45.90%	46.63%	-23.75%	-16.58%	13.25%	42.55%	-55.97%	97.46%
Operating Cash Flow Q/Q Growth	36.02%	-26.54%	19.27%	-7.97%	27.94%	-32.37%	26.49%	-9.16%	26.24%	-16.05%	4.62%
Free Cash Flow Firm Q/Q Growth	145.34%	-292.65%	58.74%	178.27%	-289.68%	-140.82%	9.29%	-11.65%	-129.02%	81.04%	60.57%
Invested Capital Q/Q Growth	-0.30%	0.63%	0.21%	0.38%	0.58%	1.48%	0.13%	0.48%	2.45%	-1.23%	-0.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.89%	105.35%	100.00%	75.20%	73.65%	49.36%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	61.09%	72.28%	60.74%	71.06%	83.56%	74.87%	68.69%	60.98%	82.72%	73.49%	82.47%
Operating Margin	31.38%	32.88%	31.09%	32.76%	30.74%	30.17%	31.45%	29.62%	28.84%	29.53%	28.81%
EBIT Margin	31.84%	42.36%	30.50%	42.03%	54.14%	45.18%	39.05%	30.10%	52.17%	42.64%	51.74%
Profit (Net Income) Margin	24.62%	33.85%	24.35%	35.07%	50.85%	38.27%	31.72%	35.50%	50.10%	21.62%	42.62%
Tax Burden Percent	97.52%	99.00%	100.01%	100.02%	99.79%	100.09%	100.05%	100.20%	100.05%	100.18%	100.09%
Interest Burden Percent	79.31%	80.71%	79.80%	83.43%	94.12%	84.64%	81.20%	117.72%	95.98%	50.61%	82.30%
Effective Tax Rate	2.48%	1.00%	-0.01%	-0.02%	0.21%	-0.09%	-0.05%	-0.20%	-0.05%	-0.18%	-0.09%
Return on Invested Capital (ROIC)	4.43%	4.80%	4.60%	4.88%	4.62%	4.56%	4.79%	4.55%	4.41%	4.57%	4.49%
ROIC Less NNEP Spread (ROIC-NNEP)	3.86%	4.93%	3.96%	5.11%	6.66%	5.36%	4.82%	5.15%	6.53%	3.78%	5.84%
Return on Net Nonoperating Assets (RNNOA)	2.46%	3.12%	2.58%	3.15%	4.07%	3.35%	3.05%	3.20%	4.16%	2.49%	3.89%
Return on Equity (ROE)	6.89%	7.92%	7.18%	8.03%	8.69%	7.90%	7.85%	7.75%	8.57%	7.05%	8.38%
Cash Return on Invested Capital (CROIC)	1.36%	2.58%	3.06%	3.76%	2.93%	2.06%	2.22%	2.04%	0.12%	2.82%	3.15%
Operating Return on Assets (OROA)	4.25%	5.72%	4.18%	5.69%	7.40%	6.30%	5.48%	4.17%	7.25%	6.00%	7.32%
Return on Assets (ROA)	3.28%	4.57%	3.34%	4.75%	6.95%	5.34%	4.46%	4.92%	6.96%	3.04%	6.03%
Return on Common Equity (ROCE)	6.89%	7.92%	7.18%	8.03%	8.69%	7.90%	7.84%	7.68%	8.49%	6.99%	8.30%
Return on Equity Simple (ROE_SIMPLE)	7.88%	0.00%	8.15%	7.17%	8.77%	0.00%	9.61%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	214	233	222	237	225	223	235	226	221	227	222
NOPAT Margin	30.61%	32.56%	31.09%	32.77%	30.68%	30.20%	31.47%	29.68%	28.86%	29.58%	28.84%
Net Nonoperating Expense Percent (NNEP)	0.57%	-0.13%	0.64%	-0.23%	-2.04%	-0.80%	-0.03%	-0.60%	-2.13%	0.78%	-1.35%
Return On Investment Capital (ROIC_SIMPLE)	-	1.18%	-	-	-	1.11%	1.17%	1.12%	1.07%	1.11%	1.09%
Cost of Revenue to Revenue	25.11%	-5.35%	0.00%	24.80%	26.35%	50.64%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	2.93%	2.52%	2.85%	2.70%	2.74%	2.40%	2.65%	3.03%	2.87%	2.85%	2.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.50%	72.46%	68.91%	42.44%	42.90%	19.19%	68.55%	70.38%	71.16%	70.47%	71.19%
Earnings before Interest and Taxes (EBIT)	222	303	217	304	397	333	291	229	400	327	399
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	426	517	433	515	612	552	512	464	634	564	635
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.00	2.18	2.23	2.51	2.70	2.62	2.56	2.42	2.30	2.21	1.99
Price to Tangible Book Value (P/TBV)	2.00	2.18	2.23	2.51	2.70	2.62	2.56	2.42	2.30	2.21	1.99
Price to Revenue (P/Rev)	8.65	9.27	9.34	10.38	11.16	10.76	10.39	9.74	9.15	8.44	7.47
Price to Earnings (P/E)	25.40	27.69	27.36	34.96	30.75	28.92	26.66	24.98	23.53	24.42	20.06
Dividend Yield	3.94%	3.64%	3.61%	3.24%	3.00%	3.09%	3.19%	3.39%	3.60%	3.86%	4.30%
Earnings Yield	3.94%	3.61%	3.66%	2.86%	3.25%	3.46%	3.75%	4.00%	4.25%	4.10%	4.98%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.73	1.76	1.92	2.05	1.99	1.95	1.87	1.77	1.71	1.57
Enterprise Value to Revenue (EV/Rev)	11.18	11.87	11.96	12.98	13.73	13.37	12.98	12.33	11.87	11.16	10.18
Enterprise Value to EBITDA (EV/EBITDA)	15.58	16.74	16.94	19.63	19.11	18.41	17.42	16.62	16.03	15.61	13.59
Enterprise Value to EBIT (EV/EBIT)	26.98	28.94	29.40	35.68	32.66	31.06	28.80	27.86	27.08	27.21	23.04
Enterprise Value to NOPAT (EV/NOPAT)	78.38	37.66	38.05	41.33	43.70	42.90	41.33	40.23	39.29	37.35	35.02
Enterprise Value to Operating Cash Flow (EV/OCF)	19.58	21.12	21.23	22.85	24.24	24.18	23.69	22.79	22.31	20.31	18.64
Enterprise Value to Free Cash Flow (EV/FCFF)	118.78	67.86	57.89	51.41	70.61	97.74	88.87	92.50	1,480.27	61.06	50.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.67	0.68	0.68	0.71	0.70	0.68	0.68	0.66	0.70	0.73	0.73
Long-Term Debt to Equity	0.67	0.68	0.68	0.71	0.70	0.68	0.68	0.66	0.70	0.73	0.73
Financial Leverage	0.64	0.63	0.65	0.62	0.61	0.62	0.63	0.62	0.64	0.66	0.67
Leverage Ratio	1.78	1.79	1.78	1.78	1.78	1.76	1.77	1.79	1.80	1.82	1.83
Compound Leverage Factor	1.41	1.44	1.42	1.48	1.67	1.49	1.44	2.11	1.73	0.92	1.51
Debt to Total Capital	40.07%	40.38%	40.53%	41.63%	41.34%	40.35%	40.40%	39.65%	41.11%	42.05%	42.31%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.07%	40.38%	40.53%	41.63%	41.34%	40.35%	40.40%	39.65%	41.11%	42.05%	42.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	1.10%	1.08%	1.09%	1.10%
Common Equity to Total Capital	59.92%	59.61%	59.47%	58.37%	58.66%	59.65%	59.60%	59.25%	57.80%	56.85%	56.59%
Debt to EBITDA	4.03	4.05	4.04	4.47	4.06	3.83	3.69	3.62	3.81	3.95	3.74
Net Debt to EBITDA	3.52	3.67	3.71	3.94	3.57	3.59	3.48	3.39	3.58	3.70	3.53
Long-Term Debt to EBITDA	4.03	4.05	4.04	4.47	4.06	3.83	3.69	3.62	3.81	3.95	3.74
Debt to NOPAT	20.27	9.12	9.07	9.40	9.29	8.91	8.75	8.77	9.35	9.45	9.64
Net Debt to NOPAT	17.71	8.26	8.34	8.29	8.16	8.37	8.27	8.20	8.77	8.85	9.10
Long-Term Debt to NOPAT	20.27	9.12	9.07	9.40	9.29	8.91	8.75	8.77	9.35	9.45	9.64
Altman Z-Score	1.81	1.99	1.99	2.16	2.32	2.33	2.22	2.04	1.95	1.73	1.57
Noncontrolling Interest Sharing Ratio	0.02%	0.02%	0.02%	0.00%	0.01%	0.01%	0.01%	0.93%	0.93%	0.94%	0.95%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.51	2.98	2.66	3.86	3.24	2.26	2.21	2.49	2.38	2.48	2.28
Quick Ratio	0.67	1.28	0.89	1.73	1.37	0.30	0.15	0.28	0.30	0.48	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	81	-157	-80	63	-119	-286	-259	-289	-663	-126	-50
Operating Cash Flow to CapEx	1,587.65%	396.04%	1,187.60%	0.00%	0.00%	949.61%	241.48%	397.29%	0.00%	394.06%	0.00%
Free Cash Flow to Firm to Interest Expense	1.69	-3.17	-1.46	1.10	-2.13	-4.85	-4.33	-4.47	-10.14	-1.82	-0.69
Operating Cash Flow to Interest Expense	9.79	7.00	7.54	6.66	8.72	5.58	6.95	5.83	7.29	5.79	5.86
Operating Cash Flow Less CapEx to Interest Expense	9.18	5.23	6.90	7.75	9.73	4.99	4.07	4.36	10.90	4.32	9.64
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.14	0.14	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,896	19,016	19,055	19,128	19,240	19,524	19,549	19,643	20,124	19,877	19,821
Invested Capital Turnover	0.14	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.16
Increase / (Decrease) in Invested Capital	132	390	302	175	343	508	494	515	884	353	272
Enterprise Value (EV)	30,455	32,955	33,476	36,803	39,389	38,871	38,163	36,667	35,690	33,938	31,212
Market Capitalization	23,573	25,723	26,135	29,417	32,034	31,288	30,531	28,972	27,504	25,673	22,883
Book Value per Share	$82.93	$82.97	$82.39	$82.58	$83.57	$83.95	$83.77	$83.92	$83.84	$82.00	$82.03
Tangible Book Value per Share	$82.93	$82.97	$82.39	$82.58	$83.57	$83.95	$83.77	$83.92	$83.84	$82.00	$82.03
Total Capital	19,656	19,767	19,699	20,116	20,260	20,018	19,995	20,166	20,652	20,423	20,305
Total Debt	7,877	7,982	7,983	8,374	8,375	8,077	8,078	7,995	8,491	8,589	8,590
Total Long-Term Debt	7,877	7,982	7,983	8,374	8,375	8,077	8,078	7,995	8,491	8,589	8,590
Net Debt	6,879	7,231	7,339	7,387	7,355	7,583	7,633	7,473	7,963	8,042	8,106
Capital Expenditures (CapEx)	30	87	35	-62	-56	35	172	95	-236	102	-270
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-396	86	114	139	109	184	207	245	237	227	210
Debt-free Net Working Capital (DFNWC)	384	617	537	905	902	451	427	540	559	580	501
Net Working Capital (NWC)	384	617	537	905	902	451	427	540	559	580	501
Net Nonoperating Expense (NNE)	42	-9.25	48	-17	-148	-59	-1.87	-44	-163	61	-106
Net Nonoperating Obligations (NNO)	7,117	7,231	7,339	7,387	7,355	7,583	7,633	7,473	7,963	8,042	8,106
Total Depreciation and Amortization (D&A)	204	214	216	210	216	219	221	235	234	237	237
Debt-free, Cash-free Net Working Capital to Revenue	-14.53%	3.08%	4.07%	4.91%	3.81%	6.33%	7.06%	8.22%	7.89%	7.45%	6.86%
Debt-free Net Working Capital to Revenue	14.10%	22.21%	19.20%	31.91%	31.42%	15.52%	14.51%	18.15%	18.60%	19.06%	16.36%
Net Working Capital to Revenue	14.10%	22.21%	19.20%	31.91%	31.42%	15.52%	14.51%	18.15%	18.60%	19.06%	16.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$1.71	$1.22	$1.78	$2.62	$1.99	$1.66	$1.89	$2.68	$1.17	$2.33
Adjusted Weighted Average Basic Shares Outstanding	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M	141.59M	140.08M	139.11M
Adjusted Diluted Earnings per Share	$1.21	$1.71	$1.22	$1.78	$2.61	$1.99	$1.66	$1.88	$2.68	$1.18	$2.33
Adjusted Weighted Average Diluted Shares Outstanding	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M	141.59M	140.08M	139.11M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	142.02M	142.03M	142.19M	142.22M	142.24M	142.25M	142.37M	142.38M	141.59M	140.08M	139.11M
Normalized Net Operating Profit after Tax (NOPAT)	217	233	157	166	224	156	164	158	155	159	159
Normalized NOPAT Margin	31.09%	32.63%	22.05%	22.91%	30.64%	21.12%	22.02%	20.81%	20.19%	20.71%	20.59%
Pre Tax Income Margin	25.25%	34.19%	24.34%	35.07%	50.96%	38.24%	31.71%	35.43%	50.07%	21.58%	42.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.62	6.12	3.97	5.33	7.11	5.65	4.86	3.53	6.12	4.74	5.57
NOPAT to Interest Expense	4.44	4.71	4.05	4.16	4.03	3.77	3.92	3.48	3.38	3.29	3.11
EBIT Less CapEx to Interest Expense	4.00	4.36	3.34	6.42	8.12	5.06	1.99	2.06	9.73	3.27	9.36
NOPAT Less CapEx to Interest Expense	3.82	2.94	3.41	5.25	5.04	3.19	1.04	2.01	7.00	1.82	6.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	98.15%	99.38%	98.00%	112.53%	91.57%	88.89%	84.58%	84.06%	83.96%	93.92%	86.91%
Augmented Payout Ratio	98.35%	99.58%	98.08%	112.53%	91.57%	88.89%	84.58%	84.06%	96.91%	140.11%	146.70%

Financials Breakdown Chart

Key Financial Trends

AvalonBay Communities (AVB) has shown solid cash generation and a durable balance sheet across the last four years, with revenue growth and ongoing dividend support. Here are the key trends pulled from the quarterly statements (cash flow, income statement and balance sheet) for 2022 through 2025.

Operating cash flow has remained robust in 2025, with quarterly net cash from continuing operating activities consistently around the $380M–$480M range (e.g., 476.96M in Q3 2025 and 400.43M in Q4 2025).
Free cash flow has been positive in several recent quarters, notably about $142.1M in Q3 2025 and roughly $283.6M in Q4 2025 when you subtract capex from operating cash flow.
Dividends have been steady and sizable, with quarterly cash dividends typically in the mid-$240Ms (per-share dividends around $1.65–$1.70 historically), supporting a reliable income stream for investors.
Revenue trend shows growth, with Operating Revenue in the mid-to-high $700Ms in 2025 (e.g., about $767.9M in Q4 2025) after ranges in the $660–$760M area in earlier years, signaling stronger rent-related cash inflows.
The balance sheet remains solid, with Total Assets around $21.0–$21.9B and Total Equity around $11.8–$12.2B across the period (e.g., 21.949B assets and 12.161B equity in 2025 Q3).
Debt levels have risen modestly, with long-term debt increasing toward about $8.5B by 2025 Q3 from roughly $8.0B in mid-2025, but overall coverage and cash flow remain supportive.
Net income per quarter is variable, ranging from roughly $165M to $384M in 2025, reflecting quarterly timing, mix, and occasional adjustments; this volatility is common in property REITs given leasing seasons and impairment events.
Cash position (cash and equivalents) sits in the low hundreds of millions (e.g., about $123M in Q3 2025), which is a modest buffer given ongoing capex and financing activity.
Investing activities typically show large cash outflows (capex and asset purchases), with quarterly outflows such as about $467M in Q4 2025 and substantial outlays in other periods, indicating ongoing growth initiatives that press on cash balances.
Financing activities have been mixed, including periods of substantial cash outflows from debt repayments and dividends (e.g., financing cash outflows near $348M in some quarters), highlighting periods where external funding is required to support operations and distributions.

05/20/26 05:47 PM ETAI Generated. May Contain Errors.

AvalonBay Communities Financials - Frequently Asked Questions

According to the most recent income statement we have on file, AvalonBay Communities' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

AvalonBay Communities' net income appears to be on an upward trend, with a most recent value of $1.06 billion in 2025, rising from $741.73 million in 2015. The previous period was $1.08 billion in 2024. Check out AvalonBay Communities' forecast to explore projected trends and price targets.

AvalonBay Communities' total operating income in 2025 was $907.63 million, based on the following breakdown:

Total Gross Profit: $3.04 billion
Total Operating Expenses: $2.13 billion

Over the last 10 years, AvalonBay Communities' total revenue changed from $1.86 billion in 2015 to $3.04 billion in 2025, a change of 63.8%.

AvalonBay Communities' total liabilities were at $10.36 billion at the end of 2025, a 14.3% increase from 2024, and a 46.3% increase since 2015.

In the past 10 years, AvalonBay Communities' cash and equivalents has ranged from $39.69 million in 2019 to $613.19 million in 2022, and is currently $187.23 million as of their latest financial filing in 2025.

Over the last 10 years, AvalonBay Communities' book value per share changed from 71.89 in 2015 to 82.00 in 2025, a change of 14.1%.

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Financial statements for NYSE:AVB last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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AvalonBay Communities (AVB) Financials

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AvalonBay Communities (AVB) Financials

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