Equity Residential (EQR) Financials

$63.25 -0.87 (-1.36%)

Closing price 08/18/2025 03:59 PM Eastern

Extended Trading

$63.28 +0.03 (+0.05%)

As of 06:50 AM Eastern

Annual Income Statements for Equity Residential

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Net Income / (Loss) Attributable to Common Shareholders	627	863	4,289	600	654	967	911	1,330	774	832	1,033
Consolidated Net Income / (Loss)	659	908	4,480	628	685	1,010	963	1,397	807	868	1,071
Net Income / (Loss) Continuing Operations	657	908	4,480	609	682	1,006	963	1,397	807	868	1,071
Total Pre-Tax Income	448	558	417	613	689	939	932	1,401	813	875	1,081
Total Operating Income	922	1,009	856	1,005	1,115	1,356	1,318	1,676	1,116	1,161	1,418
Total Gross Profit	2,142	2,266	2,019	2,064	2,148	2,254	2,131	1,613	2,251	2,359	2,450
Total Revenue	2,615	2,745	2,426	2,471	2,578	2,701	2,572	2,464	2,735	2,874	2,980
Operating Revenue	2,615	2,745	2,426	2,471	2,578	2,701	2,572	2,464	2,735	2,874	2,980
Total Cost of Revenue	473	479	407	408	429	447	441	851	484	515	530
Operating Cost of Revenue	473	479	407	408	429	447	441	851	484	515	530
Total Operating Expenses	1,007	921	-2,881	1,062	1,034	898	813	-62	1,135	1,199	1,032
Selling, General & Admin Expense	51	65	58	52	54	53	48	57	59	61	62
Depreciation Expense	759	766	706	744	786	831	821	838	882	889	952
Other Operating Expenses / (Income)	410	426	399	264	450	461	475	98	499	532	565
Other Special Charges / (Income)	-213	-335	-4,044	-	-257	-448	-532	-1,072	-304	-283	-547
Total Other Income / (Expense), net	-473	-451	-439	-391	-426	-417	-386	-275	-303	-286	-337
Interest Expense	457	444	482	384	425	402	374	281	292	278	294
Interest & Investment Income	4.46	7.37	66	6.14	16	3.20	5.94	26	2.19	22	30
Other Income / (Expense), net	-20	-14	-23	-14	-17	-18	-18	-19	-14	-29	-74
Income Tax Expense	1.39	0.92	1.61	0.48	0.88	-2.28	0.85	0.92	0.90	1.15	1.26
Other Gains / (Losses), net	-2.68	15	21	-3.37	-5.40	65	31	-3.40	-5.03	-5.38	-8.97
Extraordinary Income / (Loss), net	-	-	-	-	-	-	-	0.01	0.00	0.00	0.00
Preferred Stock Dividends Declared	4.15	6.84	3.09	3.09	3.09	3.09	3.09	3.09	3.09	3.09	3.06
Net Income / (Loss) Attributable to Noncontrolling Interest	27	38	188	23	25	36	49	64	30	33	35
Basic Earnings per Share	$1.74	$2.37	$11.75	$1.64	$1.78	$2.61	$2.45	$3.56	$2.06	$2.20	$2.73
Weighted Average Basic Shares Outstanding	361.18M	363.50M	365.00M	366.97M	368.05M	370.46M	371.79M	373.83M	376.21M	378.77M	378.80M
Diluted Earnings per Share	$1.73	$2.36	$11.68	$1.63	$1.77	$2.60	$2.45	$3.54	$2.05	$2.20	$2.72
Weighted Average Diluted Shares Outstanding	377.74M	380.62M	381.99M	382.68M	383.70M	386.33M	385.87M	388.09M	389.45M	390.90M	390.74M
Weighted Average Basic & Diluted Shares Outstanding	363.80M	365.14M	367.10M	368.17M	369.93M	371.98M	372.66M	375.92M	378.60M	379.55M	379.71M
Cash Dividends to Common per Share	$2.00	$2.21	$13.02	$2.02	$2.16	-	-	-	$2.50	$2.65	$2.70

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Net Income / (Loss) Attributable to Common Shareholders	158	211	138	172	311	294	177	143	419	256	192
Consolidated Net Income / (Loss)	165	220	145	181	322	305	184	149	434	265	199
Net Income / (Loss) Continuing Operations	165	220	145	181	322	305	184	147	436	265	199
Total Pre-Tax Income	167	222	146	183	324	307	186	150	438	272	204
Total Operating Income	242	0.00	0.00	0.00	1,161	0.00	0.00	0.00	1,418	0.00	0.00
Total Gross Profit	681	568	593	595	604	596	608	613	633	617	633
Total Revenue	700	705	717	724	728	731	734	748	767	761	769
Operating Revenue	700	705	717	724	728	731	734	748	767	761	769
Total Cost of Revenue	18	138	125	129	123	135	126	135	133	144	136
Operating Cost of Revenue	18	138	125	129	123	135	126	135	133	144	136
Total Operating Expenses	439	270	374	343	212	198	342	390	102	268	348
Selling, General & Admin Expense	12	16	19	14	12	16	19	15	13	18	19
Depreciation Expense	214	216	221	225	227	226	224	238	264	257	241
Other Operating Expenses / (Income)	213	138	134	131	129	144	139	137	144	148	147
Other Special Charges / (Income)	0.02	-100	0.09	-27	-156	-188	-40	0.17	-319	-154	-58
Total Other Income / (Expense), net	-75	-76	-72	-69	-68	-92	-80	-73	-93	-77	-80
Interest Expense	68	68	68	72	71	69	68	75	82	74	77
Interest & Investment Income	-2.65	1.54	2.13	7.63	11	9.33	1.33	16	3.83	1.69	2.13
Other Income / (Expense), net	-4.47	-9.00	-6.56	-4.96	-8.90	-32	-13	-14	-15	-4.16	-4.81
Income Tax Expense	0.18	0.30	0.34	0.26	0.26	0.30	0.33	0.29	0.33	0.42	0.41
Other Gains / (Losses), net	-1.58	-1.38	-1.22	-1.24	-1.53	-1.70	-1.67	-2.55	-1.98	-6.41	-5.00
Extraordinary Income / (Loss), net	-	-	0.00	0.00	-	0.00	0.00	-	-	-0.07	-0.01
Preferred Stock Dividends Declared	0.77	0.77	0.77	0.77	0.77	1.99	0.36	0.36	0.36	0.36	0.36
Net Income / (Loss) Attributable to Noncontrolling Interest	6.33	8.04	5.66	8.78	11	9.25	6.07	4.01	17	8.21	6.43
Basic Earnings per Share	$0.42	$0.56	$0.37	$0.45	$0.82	$0.78	$0.47	$0.38	$1.10	$0.68	$0.51
Weighted Average Basic Shares Outstanding	376.21M	378.34M	378.64M	378.85M	378.77M	378.81M	378.58M	378.76M	378.80M	379.21M	379.51M
Diluted Earnings per Share	$0.41	$0.56	$0.37	$0.45	$0.82	$0.77	$0.47	$0.38	$1.10	$0.67	$0.50
Weighted Average Diluted Shares Outstanding	389.45M	390.66M	391.19M	391.35M	390.90M	390.56M	390.54M	391.03M	390.74M	391.18M	391.50M
Weighted Average Basic & Diluted Shares Outstanding	378.60M	378.90M	379.03M	379.72M	379.55M	378.97M	379.14M	379.43M	379.71M	379.94M	381.90M

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Net Change in Cash & Equivalents	-13	-5.35	64	-118	16	0.69	-17	261	-223	2.82	20
Net Cash From Operating Activities	1,324	1,357	1,214	1,266	1,356	1,457	1,266	1,260	1,455	1,533	1,574
Net Cash From Continuing Operating Activities	1,324	1,357	1,214	1,266	1,356	1,457	1,266	1,260	1,455	1,533	1,574
Net Income / (Loss) Continuing Operations	659	908	4,480	628	685	1,010	963	1,397	807	868	1,071
Consolidated Net Income / (Loss)	659	908	4,480	628	685	1,010	963	1,397	807	868	1,071
Depreciation Expense	759	766	706	744	786	831	821	838	882	889	952
Amortization Expense	17	22	40	35	57	56	61	37	37	30	30
Non-Cash Adjustments To Reconcile Net Income	-168	-303	-3,986	-126	-195	-467	-516	-1,035	-264	-256	-512
Changes in Operating Assets and Liabilities, net	57	-36	-26	-15	23	26	-63	24	-7.49	1.92	33
Net Cash From Investing Activities	-645	-696	5,904	-594	-377	-772	664	-435	108	-410	-1,176
Net Cash From Continuing Investing Activities	-645	-698	5,904	-594	-377	-772	669	-435	108	-412	-1,176
Purchase of Property, Plant & Equipment	-656	-517	-384	-669	-897	-1,702	-205	-1,865	-338	-646	-1,899
Acquisitions	-61	-23	-5.27	-6.03	-6.57	0.00	0.00	-80	-160	-2.80	-110
Purchase of Investments	-	-	-	0.00	0.00	-0.27	-0.77	-168	-2.06	-2.50	0.00
Sale of Property, Plant & Equipment	523	505	6,825	385	692	1,065	1,114	1,708	720	374	960
Sale and/or Maturity of Investments	0.06	51	87	0.33	0.00	78	1.64	193	3.88	3.08	16
Other Investing Activities, net	-484	-714	-618	-304	-165	-212	-240	-222	-116	-138	-144
Net Cash From Financing Activities	-693	-666	-7,054	-790	-964	-684	-1,946	-565	-1,786	-1,120	-377
Net Cash From Continuing Financing Activities	-693	-663	-7,054	-790	-964	-684	-1,946	-565	-1,786	-1,120	-376
Repayment of Debt	-8,222	-7,964	-4,190	-7,159	-17,674	-22,526	-10,711	-7,714	-6,735	-5,852	-33,385
Repurchase of Preferred Equity	-4.15	-13	-	-	-	-	-	-	0.00	0.00	-20
Repurchase of Common Equity	-1.82	-0.08	-0.31	-0.05	-0.03	-0.99	0.00	-0.43	-0.78	-49	-38
Payment of Dividends	-	-826	-4,998	-778	-824	-871	-931	-941	-1,015	-1,033	-1,058
Issuance of Debt	8,361	8,449	2,683	6,912	17,933	23,445	9,840	7,659	6,084	6,697	33,508
Issuance of Common Equity	9.08	4.40	3.69	3.87	4.00	10	4.93	5.66	144	3.53	4.11
Other Financing Activities, net	-835	-314	-552	232	-403	-742	-149	426	-264	-886	614
Cash Interest Paid	443	437	482	360	358	342	321	253	268	249	241
Cash Income Taxes Paid	1.52	1.26	1.49	0.64	0.85	-0.59	-1.04	1.18	0.75	1.09	1.34

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Net Change in Cash & Equivalents	16	82	-94	2.09	13	57	-58	-12	34	-19	-9.59
Net Cash From Operating Activities	335	393	353	443	344	421	397	401	354	426	360
Net Cash From Continuing Operating Activities	331	393	353	437	350	423	399	406	347	426	363
Net Income / (Loss) Continuing Operations	165	220	145	181	322	305	184	149	434	265	199
Consolidated Net Income / (Loss)	165	220	145	181	322	305	184	149	434	265	199
Depreciation Expense	214	216	221	225	227	226	224	238	264	257	241
Amortization Expense	7.30	7.09	7.20	8.25	7.02	7.02	7.02	8.69	7.28	7.33	6.90
Non-Cash Adjustments To Reconcile Net Income	4.62	-88	14	-29	-152	-192	-20	3.12	-312	-134	-35
Changes in Operating Assets and Liabilities, net	-60	39	-35	52	-54	77	3.97	8.10	-46	31	-48
Net Cash From Investing Activities	-136	44	-315	-197	59	136	-138	-1,361	187	97	-616
Net Cash From Continuing Investing Activities	-136	44	-315	-197	57	136	-138	-1,361	187	97	-616
Purchase of Property, Plant & Equipment	-81	-56	-267	-233	-90	-75	-143	-1,335	-347	-63	-617
Acquisitions	-110	-14	-12	25	-1.81	0.00	-23	-	-78	-32	32
Sale of Property, Plant & Equipment	-	134	-	58	182	247	83	31	600	227	116
Other Investing Activities, net	57	-20	-34	-50	-34	-36	-62	-59	5.46	-35	-148
Net Cash From Financing Activities	-183	-355	-132	-243	-390	-500	-317	948	-508	-541	247
Net Cash From Continuing Financing Activities	-183	-355	-132	-243	-390	-500	-318	948	-506	-541	247
Repayment of Debt	-965	-1,453	-875	-1,702	-1,822	-1,370	-2,401	-4,668	-24,946	-11,478	-7,542
Repurchase of Common Equity	-0.04	0.00	-	-	-49	-38	-	-	-	0.00	-0.48
Payment of Dividends	-243	-248	-264	-259	-262	-263	-264	-264	-267	-268	-272
Issuance of Debt	906	1,337	1,068	2,561	1,731	1,187	2,346	5,874	24,102	11,238	8,064
Issuance of Common Equity	141	1.45	0.68	0.47	0.93	1.88	1.03	0.38	0.82	0.94	0.47
Other Financing Activities, net	-22	7.45	-62	-843	11	2.24	1.36	6.13	603	-34	-3.29
Cash Interest Paid	46	80	46	81	43	77	44	77	43	90	44
Cash Income Taxes Paid	0.02	0.35	0.56	0.12	0.06	0.41	0.47	0.22	0.24	0.37	0.55

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Total Assets	22,951	23,110	20,704	20,339	20,394	21,173	20,287	21,169	20,218	20,035	20,834
Total Current Assets	40	98	219	51	47	46	100	360	137	140	160
Cash & Equivalents	40	42	77	51	47	46	43	124	54	51	62
Restricted Cash	-	56	142	-	-	-	57	236	83	89	98
Plant, Property, & Equipment, net	20,714	20,277	20,026	19,493	19,389	20,257	19,344	19,919	19,061	18,902	19,558
Plant, Property & Equipment, gross	26,147	25,182	25,386	25,533	26,085	27,534	27,203	28,273	28,089	28,713	29,971
Accumulated Depreciation	5,433	4,905	5,360	6,040	6,696	7,277	7,860	8,354	9,028	9,810	10,412
Total Noncurrent Assets	2,196	2,735	459	796	505	870	843	890	1,020	992	1,116
Long-Term Investments	105	68	60	58	58	52	53	127	279	282	387
Other Noncurrent Operating Assets	2,091	2,667	399	738	899	818	791	763	741	710	729
Total Liabilities & Shareholders' Equity	22,951	23,110	20,704	20,571	20,394	21,173	20,287	21,169	20,218	20,035	20,834
Total Liabilities	11,742	11,847	9,801	9,730	9,615	10,165	9,184	9,483	8,517	8,456	9,250
Total Current Liabilities	189	209	360	193	207	161	232	234	846	1,133	1,286
Short-Term Debt	-	-	20	-	-	-	-	-	130	409	544
Accounts Payable	-	-	147	-	-	94	-	-	96	87	99
Dividends Payable	189	209	192	193	207	-	232	234	245	259	263
Other Current Liabilities	-	-	-	-	-	-	-	-	309	312	305
Other Current Nonoperating Liabilities	-	-	-	-	-	67	-	-	66	66	74
Total Noncurrent Liabilities	11,554	11,638	9,380	9,537	9,409	10,004	8,952	9,250	7,672	7,323	7,964
Long-Term Debt	10,512	10,534	8,967	8,658	8,319	8,019	7,629	8,026	7,296	6,981	7,578
Other Noncurrent Operating Liabilities	1,042	1,104	413	879	1,090	1,985	1,323	1,223	376	342	386
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	501	567	442	367	379	463	339	499	318	289	339
Total Equity & Noncontrolling Interests	10,708	10,696	10,461	10,474	10,400	10,545	10,763	11,187	11,383	11,289	11,246
Total Preferred & Common Equity	10,368	10,470	10,229	10,242	10,173	10,316	10,526	10,955	11,173	11,086	11,045
Preferred Stock	50	37	37	37	37	37	37	37	37	37	17
Total Common Equity	10,318	10,433	10,192	10,205	10,136	10,278	10,488	10,918	11,136	11,049	11,027
Common Stock	8,540	8,576	8,762	8,890	8,939	8,969	9,132	9,125	9,480	9,606	9,616
Retained Earnings	1,951	2,009	1,544	1,404	1,262	1,386	1,400	1,827	1,659	1,437	1,408
Accumulated Other Comprehensive Income / (Loss)	-172	-152	-114	-89	-65	-78	-44	-34	-2.55	5.70	4.21
Noncontrolling Interest	339	226	232	231	-	229	238	232	209	203	201

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Total Assets	20,218	20,103	20,146	20,109	20,035	19,895	19,780	20,926	20,834	20,562	21,028
Total Current Assets	137	219	125	127	140	197	138	127	160	142	132
Cash & Equivalents	54	133	36	39	51	45	38	29	62	40	31
Restricted Cash	83	86	89	87	89	152	100	98	98	102	101
Plant, Property, & Equipment, net	19,061	18,889	18,961	18,995	18,902	18,723	18,634	19,723	19,558	19,325	19,760
Plant, Property & Equipment, gross	28,089	28,096	28,389	28,629	28,713	28,701	28,798	30,110	29,971	29,936	30,577
Accumulated Depreciation	9,028	9,207	9,429	9,634	9,810	9,978	10,164	10,387	10,412	10,611	10,817
Total Noncurrent Assets	1,020	994	1,061	987	992	975	1,007	1,076	1,116	1,096	1,135
Long-Term Investments	279	292	305	313	282	289	342	360	387	412	404
Other Noncurrent Operating Assets	741	702	756	674	710	686	665	716	729	684	732
Total Liabilities & Shareholders' Equity	20,218	20,103	20,146	20,109	20,035	19,895	19,780	20,926	20,834	20,562	21,028
Total Liabilities	8,517	8,433	8,564	8,565	8,456	8,323	8,272	9,521	9,250	8,973	9,501
Total Current Liabilities	846	259	942	1,283	1,133	995	924	1,573	1,286	1,078	1,540
Short-Term Debt	130	-	184	498	409	226	171	787	544	304	782
Accounts Payable	96	-	118	165	87	146	114	166	99	149	109
Dividends Payable	245	259	259	260	259	264	264	263	263	271	271
Other Current Liabilities	309	-	314	313	312	310	309	306	305	304	303
Other Current Nonoperating Liabilities	66	-	66	48	66	49	66	51	74	50	76
Total Noncurrent Liabilities	7,672	8,174	7,622	7,283	7,323	7,328	7,349	7,948	7,964	7,895	7,961
Long-Term Debt	7,296	7,312	7,258	6,982	6,981	6,984	6,986	7,579	7,578	7,543	7,590
Other Noncurrent Operating Liabilities	376	861	364	301	342	344	362	369	386	352	371
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	318	324	355	278	289	298	328	352	339	338	318
Total Equity & Noncontrolling Interests	11,383	11,346	11,227	11,266	11,289	11,274	11,180	11,054	11,246	11,251	11,208
Total Preferred & Common Equity	11,173	11,137	11,024	11,062	11,086	11,068	10,976	10,854	11,045	11,047	11,008
Preferred Stock	37	37	37	37	37	17	17	17	17	17	17
Total Common Equity	11,136	11,100	10,987	11,025	11,049	11,051	10,959	10,837	11,027	11,030	10,991
Common Stock	9,480	9,492	9,476	9,593	9,606	9,608	9,594	9,588	9,616	9,626	9,660
Retained Earnings	1,659	1,619	1,506	1,427	1,437	1,437	1,358	1,245	1,408	1,401	1,329
Accumulated Other Comprehensive Income / (Loss)	-2.55	-11	3.71	5.10	5.70	6.31	6.91	3.53	4.21	3.40	1.62
Noncontrolling Interest	209	209	203	204	203	206	204	200	201	204	200

This table displays calculated financial ratios and metrics derived from Equity Residential's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.51%	4.98%	-11.63%	1.88%	4.30%	4.77%	-4.78%	-4.19%	11.01%	5.07%	3.69%
EBITDA Growth	23.31%	6.30%	-11.47%	12.09%	9.65%	14.71%	-1.94%	16.00%	-20.14%	1.38%	13.53%
EBIT Growth	95.76%	10.43%	-16.31%	18.93%	10.75%	21.93%	-2.80%	27.38%	-33.45%	2.61%	18.85%
NOPAT Growth	156.19%	9.67%	-15.36%	17.70%	10.90%	22.12%	-3.14%	27.18%	-33.43%	3.97%	22.24%
Net Income Growth	-65.43%	37.85%	393.39%	-85.97%	9.04%	47.36%	-4.68%	45.11%	-42.22%	7.62%	23.31%
EPS Growth	-66.47%	36.42%	394.92%	-86.04%	8.59%	46.89%	-5.77%	44.49%	-42.09%	7.32%	23.64%
Operating Cash Flow Growth	52.38%	2.46%	-10.50%	4.26%	7.15%	7.42%	-13.14%	-0.42%	15.44%	5.36%	2.66%
Free Cash Flow Firm Growth	120.59%	-18.46%	203.95%	-46.36%	-16.57%	23.39%	-3.89%	-31.52%	50.97%	-15.66%	-39.52%
Invested Capital Growth	-1.01%	0.35%	-9.05%	-2.58%	-0.79%	-1.05%	-0.97%	3.44%	-2.25%	-0.79%	3.31%
Revenue Q/Q Growth	0.99%	1.42%	-3.87%	1.03%	0.83%	1.19%	-2.66%	1.30%	2.04%	0.98%	1.34%
EBITDA Q/Q Growth	10.06%	1.62%	-3.62%	10.20%	-6.82%	9.69%	-2.48%	12.99%	-16.71%	82.43%	14.21%
EBIT Q/Q Growth	3.58%	3.92%	-6.54%	16.75%	-11.73%	15.53%	-4.01%	20.88%	-26.41%	420.38%	23.05%
NOPAT Q/Q Growth	2.98%	3.74%	-6.93%	17.44%	-12.15%	16.73%	-4.13%	20.55%	-26.38%	378.95%	22.23%
Net Income Q/Q Growth	20.30%	-1.45%	2.02%	-21.52%	-1.11%	21.54%	-3.83%	27.12%	-32.90%	22.05%	11.63%
EPS Q/Q Growth	29.10%	-1.67%	1.83%	-20.87%	-1.67%	22.07%	-3.92%	25.53%	-32.57%	22.91%	11.48%
Operating Cash Flow Q/Q Growth	18.63%	-1.20%	9.12%	-6.78%	0.69%	3.61%	-9.42%	4.20%	3.75%	0.64%	0.64%
Free Cash Flow Firm Q/Q Growth	47.17%	-18.55%	-4.95%	19.63%	-93.90%	108.54%	9.33%	-19.66%	-23.62%	229.72%	75.65%
Invested Capital Q/Q Growth	-1.67%	-0.56%	-0.19%	-0.71%	0.00%	-2.35%	-3.30%	-0.53%	-0.12%	-0.10%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.91%	82.54%	83.23%	83.51%	83.34%	83.45%	82.85%	65.48%	82.31%	82.10%	82.22%
EBITDA Margin	64.15%	64.96%	65.07%	71.59%	75.26%	82.40%	84.85%	102.73%	73.91%	71.31%	78.07%
Operating Margin	35.25%	36.77%	35.29%	40.65%	43.24%	50.22%	51.25%	68.01%	40.80%	40.38%	47.60%
EBIT Margin	34.48%	36.27%	34.34%	40.09%	42.57%	49.54%	50.57%	67.23%	40.30%	39.36%	45.11%
Profit (Net Income) Margin	25.19%	33.08%	184.69%	25.43%	26.58%	37.39%	37.43%	56.68%	29.50%	30.22%	35.94%
Tax Burden Percent	146.87%	162.62%	1,075.37%	102.50%	99.48%	107.48%	103.23%	99.69%	99.27%	99.25%	99.05%
Interest Burden Percent	49.75%	56.09%	50.01%	61.87%	62.76%	70.21%	71.70%	84.57%	73.74%	77.36%	80.42%
Effective Tax Rate	0.31%	0.16%	0.39%	0.08%	0.13%	-0.24%	0.09%	0.07%	0.11%	0.13%	0.12%
Return on Invested Capital (ROIC)	4.20%	4.62%	4.09%	5.12%	5.78%	7.12%	6.97%	8.75%	5.79%	6.12%	7.39%
ROIC Less NNEP Spread (ROIC-NNEP)	1.76%	3.68%	41.22%	0.82%	0.72%	2.86%	2.45%	5.16%	1.72%	2.14%	2.84%
Return on Net Nonoperating Assets (RNNOA)	1.68%	3.46%	36.33%	0.66%	0.56%	2.15%	1.74%	3.51%	1.11%	1.34%	1.86%
Return on Equity (ROE)	5.88%	8.08%	40.42%	5.78%	6.34%	9.27%	8.71%	12.26%	6.90%	7.46%	9.25%
Cash Return on Invested Capital (CROIC)	5.22%	4.27%	13.57%	7.74%	6.57%	8.18%	7.94%	5.37%	8.07%	6.91%	4.13%
Operating Return on Assets (OROA)	3.94%	4.32%	3.80%	4.83%	5.39%	6.44%	6.27%	7.99%	5.33%	5.62%	6.58%
Return on Assets (ROA)	2.88%	3.94%	20.45%	3.06%	3.36%	4.86%	4.64%	6.74%	3.90%	4.32%	5.24%
Return on Common Equity (ROCE)	5.45%	7.46%	37.61%	5.42%	5.96%	8.69%	8.18%	11.51%	6.51%	7.11%	8.81%
Return on Equity Simple (ROE_SIMPLE)	6.35%	8.67%	43.80%	6.14%	6.74%	9.79%	9.14%	12.75%	7.22%	7.83%	9.70%
Net Operating Profit after Tax (NOPAT)	919	1,008	853	1,004	1,113	1,359	1,317	1,675	1,115	1,159	1,417
NOPAT Margin	35.14%	36.71%	35.15%	40.61%	43.19%	50.34%	51.20%	67.97%	40.76%	40.33%	47.54%
Net Nonoperating Expense Percent (NNEP)	2.44%	0.94%	-37.13%	4.30%	5.06%	4.26%	4.51%	3.59%	4.08%	3.98%	4.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	5.93%	6.21%	7.32%
Cost of Revenue to Revenue	18.09%	17.46%	16.77%	16.49%	16.66%	16.55%	17.15%	34.52%	17.69%	17.90%	17.78%
SG&A Expenses to Revenue	1.94%	2.36%	2.38%	2.11%	2.09%	1.95%	1.88%	2.29%	2.15%	2.11%	2.07%
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	38.52%	33.57%	-118.77%	42.96%	40.10%	33.24%	31.60%	-2.54%	41.51%	41.71%	34.63%
Earnings before Interest and Taxes (EBIT)	901	995	833	991	1,097	1,338	1,300	1,657	1,102	1,131	1,344
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,677	1,783	1,578	1,769	1,940	2,225	2,182	2,531	2,021	2,049	2,327
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.55	1.81	1.77	1.82	1.96	2.46	1.85	2.81	1.84	2.02	2.45
Price to Tangible Book Value (P/TBV)	1.55	1.81	1.77	1.82	1.96	2.46	1.85	2.81	1.84	2.02	2.45
Price to Revenue (P/Rev)	6.13	6.86	7.44	7.50	7.72	9.37	7.53	12.46	7.50	7.77	9.05
Price to Earnings (P/E)	25.56	21.83	4.21	30.87	30.39	26.16	21.28	23.09	26.52	26.84	26.12
Dividend Yield	4.52%	4.27%	20.29%	4.00%	4.00%	3.33%	4.63%	2.94%	4.60%	4.50%	3.78%
Earnings Yield	3.91%	4.58%	23.77%	3.24%	3.29%	3.82%	4.70%	4.33%	3.77%	3.73%	3.83%
Enterprise Value to Invested Capital (EV/IC)	1.25	1.38	1.38	1.43	1.49	1.79	1.46	2.01	1.48	1.58	1.80
Enterprise Value to Revenue (EV/Rev)	10.43	10.94	11.32	11.22	11.06	12.57	10.68	15.83	10.27	10.38	11.78
Enterprise Value to EBITDA (EV/EBITDA)	16.27	16.85	17.40	15.67	14.70	15.26	12.59	15.41	13.90	14.56	15.09
Enterprise Value to EBIT (EV/EBIT)	30.27	30.17	32.97	27.98	25.99	25.38	21.12	23.55	25.49	26.38	26.11
Enterprise Value to NOPAT (EV/NOPAT)	29.70	29.81	32.21	27.62	25.62	24.98	20.86	23.30	25.21	25.75	24.78
Enterprise Value to Operating Cash Flow (EV/OCF)	20.61	22.14	22.62	21.90	21.03	23.30	21.70	30.96	19.32	19.47	22.31
Enterprise Value to Free Cash Flow (EV/FCFF)	23.90	32.28	9.71	18.27	22.53	21.74	18.30	37.96	18.11	22.80	44.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.94	0.82	0.80	0.77	0.73	0.69	0.69	0.63	0.64	0.70
Long-Term Debt to Equity	0.94	0.94	0.82	0.80	0.77	0.73	0.69	0.69	0.62	0.60	0.65
Financial Leverage	0.95	0.94	0.88	0.80	0.78	0.75	0.71	0.68	0.65	0.63	0.66
Leverage Ratio	2.04	2.05	1.98	1.89	1.88	1.91	1.88	1.82	1.77	1.73	1.76
Compound Leverage Factor	1.02	1.15	0.99	1.17	1.18	1.34	1.34	1.54	1.31	1.34	1.42
Debt to Total Capital	48.40%	48.33%	45.18%	44.40%	43.56%	42.15%	40.73%	40.72%	38.82%	38.96%	41.21%
Short-Term Debt to Total Capital	0.00%	0.00%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.68%	2.16%	2.76%
Long-Term Debt to Total Capital	48.40%	48.33%	45.08%	44.40%	43.56%	42.15%	40.73%	40.72%	38.14%	36.80%	38.46%
Preferred Equity to Total Capital	0.23%	0.17%	0.19%	0.19%	0.20%	0.20%	0.20%	0.19%	0.19%	0.20%	0.09%
Noncontrolling Interests to Total Capital	3.87%	3.64%	3.39%	3.07%	1.99%	3.64%	3.08%	3.71%	2.76%	2.60%	2.74%
Common Equity to Total Capital	47.51%	47.86%	51.24%	52.34%	53.07%	54.02%	55.99%	55.38%	58.22%	58.25%	55.96%
Debt to EBITDA	6.27	5.91	5.69	4.89	4.29	3.60	3.50	3.17	3.67	3.61	3.49
Net Debt to EBITDA	6.18	5.81	5.52	4.83	4.23	3.56	3.43	2.98	3.47	3.40	3.26
Long-Term Debt to EBITDA	6.27	5.91	5.68	4.89	4.29	3.60	3.50	3.17	3.61	3.41	3.26
Debt to NOPAT	11.44	10.45	10.54	8.63	7.47	5.90	5.79	4.79	6.66	6.38	5.73
Net Debt to NOPAT	11.28	10.29	10.21	8.52	7.38	5.83	5.68	4.50	6.29	6.01	5.35
Long-Term Debt to NOPAT	11.44	10.45	10.52	8.63	7.47	5.90	5.79	4.79	6.54	6.02	5.35
Altman Z-Score	1.17	1.33	1.45	1.51	1.62	1.91	1.69	2.45	1.83	1.96	2.14
Noncontrolling Interest Sharing Ratio	7.32%	7.65%	6.95%	6.19%	5.91%	6.30%	6.08%	6.07%	5.70%	4.70%	4.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.21	0.47	0.61	0.26	0.23	0.28	0.43	1.54	0.16	0.12	0.12
Quick Ratio	0.21	0.20	0.21	0.26	0.23	0.28	0.18	0.53	0.06	0.04	0.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,141	931	2,829	1,517	1,266	1,562	1,501	1,028	1,552	1,309	792
Operating Cash Flow to CapEx	993.31%	10,688.84%	0.00%	445.05%	661.39%	228.50%	0.00%	802.16%	0.00%	564.21%	167.60%
Free Cash Flow to Firm to Interest Expense	2.50	2.09	5.87	3.95	2.98	3.89	4.01	3.66	5.32	4.70	2.70
Operating Cash Flow to Interest Expense	2.89	3.05	2.52	3.30	3.19	3.63	3.38	4.48	4.99	5.50	5.36
Operating Cash Flow Less CapEx to Interest Expense	2.60	3.02	15.87	2.56	2.71	2.04	5.81	3.92	6.30	4.53	2.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.12	0.11	0.12	0.13	0.13	0.12	0.12	0.13	0.14	0.15
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	0.13	0.13	0.12	0.13	0.13	0.14	0.13	0.13	0.14	0.15	0.16
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.61	5.67
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	65.05	64.33
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-65.05	-64.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	21,763	21,840	19,864	19,351	19,198	18,996	18,812	19,458	19,021	18,872	19,497
Invested Capital Turnover	0.12	0.13	0.12	0.13	0.13	0.14	0.14	0.13	0.14	0.15	0.16
Increase / (Decrease) in Invested Capital	-223	77	-1,976	-513	-153	-202	-184	647	-437	-150	625
Enterprise Value (EV)	27,284	30,039	27,466	27,718	28,519	33,953	27,466	39,017	28,099	29,841	35,104
Market Capitalization	16,028	18,841	18,047	18,534	19,889	25,303	19,375	30,710	20,525	22,343	26,972
Book Value per Share	$28.48	$28.64	$27.87	$27.77	$27.54	$27.68	$28.18	$29.11	$29.47	$29.10	$29.06
Tangible Book Value per Share	$28.48	$28.64	$27.87	$27.77	$27.54	$27.68	$28.18	$29.11	$29.47	$29.10	$29.06
Total Capital	21,720	21,797	19,890	19,498	19,098	19,027	18,732	19,713	19,127	18,969	19,706
Total Debt	10,512	10,534	8,987	8,658	8,319	8,019	7,629	8,026	7,426	7,390	8,122
Total Long-Term Debt	10,512	10,534	8,967	8,658	8,319	8,019	7,629	8,026	7,296	6,981	7,578
Net Debt	10,366	10,368	8,708	8,549	8,213	7,921	7,477	7,539	7,010	6,968	7,575
Capital Expenditures (CapEx)	133	13	-6,441	284	205	638	-909	157	-382	272	939
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-189	-209	-340	-193	-207	-161	-232	-234	-716	-724	-742
Debt-free Net Working Capital (DFNWC)	-148	-111	-121	-142	-159	-115	-133	127	-579	-584	-582
Net Working Capital (NWC)	-148	-111	-141	-142	-159	-115	-133	127	-708	-993	-1,125
Net Nonoperating Expense (NNE)	260	100	-3,627	375	428	350	354	278	308	291	346
Net Nonoperating Obligations (NNO)	10,555	10,577	8,961	8,510	8,420	7,988	7,709	7,772	7,320	7,293	7,913
Total Depreciation and Amortization (D&A)	776	788	745	778	843	887	882	875	919	918	982
Debt-free, Cash-free Net Working Capital to Revenue	-7.21%	-7.63%	-14.01%	-7.80%	-8.02%	-5.97%	-9.03%	-9.48%	-26.17%	-25.19%	-24.90%
Debt-free Net Working Capital to Revenue	-5.68%	-4.05%	-4.98%	-5.75%	-6.17%	-4.27%	-5.15%	5.14%	-21.15%	-20.32%	-19.52%
Net Working Capital to Revenue	-5.68%	-4.05%	-5.80%	-5.75%	-6.17%	-4.27%	-5.15%	5.14%	-25.90%	-34.56%	-37.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.74	$2.37	$11.75	$1.64	$1.78	$2.61	$2.45	$3.56	$2.06	$2.20	$2.73
Adjusted Weighted Average Basic Shares Outstanding	361.18M	363.50M	365.00M	366.97M	368.05M	370.46M	371.79M	373.83M	376.21M	378.77M	378.80M
Adjusted Diluted Earnings per Share	$1.73	$2.36	$11.68	$1.63	$1.77	$2.60	$2.45	$3.54	$2.05	$2.20	$2.72
Adjusted Weighted Average Diluted Shares Outstanding	377.74M	380.62M	381.99M	382.68M	383.70M	386.33M	385.87M	388.09M	389.45M	390.90M	390.74M
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	363.80M	365.14M	367.10M	368.17M	369.93M	371.98M	372.66M	375.92M	378.60M	379.55M	379.71M
Normalized Net Operating Profit after Tax (NOPAT)	707	673	-3,176	1,005	857	636	785	620	811	877	871
Normalized NOPAT Margin	27.03%	24.52%	-130.91%	40.68%	33.26%	23.55%	30.54%	25.16%	29.64%	30.51%	29.22%
Pre Tax Income Margin	17.15%	20.34%	17.17%	24.81%	26.72%	34.79%	36.26%	56.86%	29.72%	30.45%	36.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.97	2.24	1.73	2.58	2.58	3.33	3.48	5.89	3.78	4.06	4.58
NOPAT to Interest Expense	2.01	2.27	1.77	2.61	2.62	3.38	3.52	5.96	3.82	4.16	4.83
EBIT Less CapEx to Interest Expense	1.68	2.21	15.08	1.84	2.10	1.74	5.91	5.33	5.09	3.09	1.38
NOPAT Less CapEx to Interest Expense	1.72	2.24	15.12	1.87	2.14	1.80	5.95	5.40	5.13	3.19	1.63
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	90.92%	111.57%	123.82%	120.25%	86.25%	96.74%	67.35%	125.78%	118.94%	98.80%
Augmented Payout Ratio	0.28%	90.92%	111.58%	123.83%	120.26%	86.35%	96.74%	67.38%	125.87%	124.59%	102.39%

This table displays calculated financial ratios and metrics derived from Equity Residential's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.46%	7.92%	4.41%	4.17%	3.97%	3.65%	2.35%	3.35%	5.40%	4.10%	4.72%
EBITDA Growth	-46.89%	-44.51%	-58.93%	-64.15%	201.54%	-6.05%	-1.78%	2.04%	20.89%	29.32%	11.44%
EBIT Growth	-62.45%	-106.13%	-102.13%	-101.21%	384.12%	-252.84%	-103.92%	-181.79%	21.87%	86.91%	64.10%
NOPAT Growth	-62.27%	-100.00%	-100.00%	-100.00%	378.99%	0.00%	0.00%	0.00%	22.23%	0.00%	0.00%
Net Income Growth	-70.52%	198.21%	-37.74%	-45.91%	94.90%	38.61%	26.71%	-18.08%	34.63%	-13.19%	8.30%
EPS Growth	-70.71%	194.74%	-37.29%	-47.67%	100.00%	37.50%	27.03%	-15.56%	34.15%	-12.99%	6.38%
Operating Cash Flow Growth	18.64%	6.85%	9.26%	3.07%	2.91%	7.06%	12.54%	-9.29%	2.89%	1.07%	-9.42%
Free Cash Flow Firm Growth	13,165.79%	209.53%	266.94%	-83.36%	92.80%	-85.09%	-29.10%	-557.36%	-39.51%	-591.57%	-393.66%
Invested Capital Growth	-2.25%	-4.15%	-2.95%	-0.81%	-0.79%	-0.65%	-2.15%	3.75%	3.31%	3.20%	6.46%
Revenue Q/Q Growth	0.66%	0.77%	1.73%	0.94%	0.47%	0.46%	0.46%	1.93%	2.46%	-0.78%	1.05%
EBITDA Q/Q Growth	-27.75%	-53.44%	3.77%	2.72%	507.61%	-82.27%	8.49%	6.71%	619.89%	-84.48%	-6.52%
EBIT Q/Q Growth	-42.01%	-103.78%	27.03%	24.47%	23,328.78%	-103.53%	57.83%	-4.38%	10,146.09%	-100.30%	-15.62%
NOPAT Q/Q Growth	-41.49%	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%
Net Income Q/Q Growth	-50.66%	33.09%	-34.17%	25.14%	77.77%	-5.35%	-39.82%	-19.09%	192.14%	-38.97%	-24.93%
EPS Q/Q Growth	-52.33%	36.59%	-33.93%	21.62%	82.22%	-6.10%	-38.96%	-19.15%	189.47%	-39.09%	-25.37%
Operating Cash Flow Q/Q Growth	-22.09%	17.56%	-10.32%	25.47%	-22.21%	22.30%	-5.72%	1.13%	-11.76%	20.13%	-15.51%
Free Cash Flow Firm Q/Q Growth	-27.07%	19.52%	-29.26%	-73.02%	745.19%	-88.56%	236.47%	-274.05%	211.79%	-175.09%	-101.00%
Invested Capital Q/Q Growth	-0.12%	-1.53%	1.02%	-0.16%	-0.10%	-1.39%	-0.51%	5.86%	-0.52%	-1.51%	2.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	97.40%	80.49%	82.61%	82.17%	83.07%	81.58%	82.77%	81.93%	82.60%	81.08%	82.28%
EBITDA Margin	65.67%	30.34%	30.95%	31.49%	190.45%	27.50%	29.70%	31.09%	218.44%	34.16%	31.60%
Operating Margin	34.64%	0.00%	0.00%	0.00%	159.53%	0.00%	0.00%	0.00%	184.99%	0.00%	0.00%
EBIT Margin	34.00%	-1.28%	-0.92%	-0.68%	158.31%	-4.34%	-1.82%	-1.87%	183.04%	-0.55%	-0.63%
Profit (Net Income) Margin	23.63%	31.21%	20.20%	25.04%	44.30%	41.74%	25.00%	19.85%	56.58%	34.80%	25.86%
Tax Burden Percent	98.95%	99.24%	98.94%	99.18%	99.45%	99.35%	98.92%	98.81%	98.99%	97.46%	97.35%
Interest Burden Percent	70.24%	-2,465.27%	-2,230.67%	-3,686.69%	28.14%	-967.40%	-1,386.33%	-1,075.80%	31.23%	-6,537.49%	-4,249.72%
Effective Tax Rate	0.10%	0.13%	0.23%	0.14%	0.08%	0.10%	0.18%	0.19%	0.08%	0.16%	0.20%
Return on Invested Capital (ROIC)	4.92%	0.00%	0.00%	0.00%	24.18%	0.00%	0.00%	0.00%	28.72%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	3.90%	2.92%	1.89%	2.46%	12.72%	4.33%	2.56%	1.91%	15.78%	3.61%	2.62%
Return on Net Nonoperating Assets (RNNOA)	2.52%	1.90%	1.26%	1.56%	7.98%	2.62%	1.59%	1.29%	10.36%	2.29%	1.73%
Return on Equity (ROE)	7.44%	1.90%	1.26%	1.56%	32.16%	2.62%	1.59%	1.29%	39.07%	2.29%	1.73%
Cash Return on Invested Capital (CROIC)	8.07%	9.29%	6.40%	2.09%	6.91%	6.86%	8.37%	2.34%	4.13%	4.35%	1.16%
Operating Return on Assets (OROA)	4.49%	-0.17%	-0.13%	-0.10%	22.61%	-0.63%	-0.27%	-0.27%	26.69%	-0.08%	-0.09%
Return on Assets (ROA)	3.12%	4.25%	2.79%	3.53%	6.33%	6.05%	3.65%	2.84%	8.25%	5.18%	3.86%
Return on Common Equity (ROCE)	7.01%	1.79%	1.19%	1.49%	30.65%	2.50%	1.51%	1.23%	37.24%	2.18%	1.64%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.56%	7.85%	6.43%	0.00%	8.61%	9.04%	8.84%	0.00%	9.33%	0.00%
Net Operating Profit after Tax (NOPAT)	242	0.00	0.00	0.00	1,160	0.00	0.00	0.00	1,417	0.00	0.00
NOPAT Margin	34.60%	0.00%	0.00%	0.00%	159.40%	0.00%	0.00%	0.00%	184.85%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	1.02%	-2.92%	-1.89%	-2.46%	11.46%	-4.33%	-2.56%	-1.91%	12.94%	-3.61%	-2.62%
Return On Investment Capital (ROIC_SIMPLE)	1.29%	-	-	-	6.21%	-	-	-	7.32%	0.00%	0.00%
Cost of Revenue to Revenue	2.61%	19.51%	17.39%	17.83%	16.93%	18.42%	17.23%	18.07%	17.40%	18.92%	17.72%
SG&A Expenses to Revenue	1.67%	2.29%	2.63%	1.95%	1.59%	2.15%	2.54%	1.94%	1.66%	2.40%	2.41%
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	62.76%	38.28%	52.15%	47.36%	29.12%	27.04%	46.62%	52.12%	13.29%	35.28%	45.30%
Earnings before Interest and Taxes (EBIT)	238	-9.00	-6.56	-4.96	1,152	-32	-13	-14	1,404	-4.16	-4.81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	459	214	222	228	1,385	201	218	233	1,675	260	243
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.84	1.94	2.18	1.94	2.02	2.15	2.37	2.61	2.45	2.46	2.33
Price to Tangible Book Value (P/TBV)	1.84	1.94	2.18	1.94	2.02	2.15	2.37	2.61	2.45	2.46	2.33
Price to Revenue (P/Rev)	7.50	7.73	8.51	7.51	7.77	8.18	8.92	9.60	9.05	9.03	8.42
Price to Earnings (P/E)	26.52	23.55	28.86	31.46	26.84	25.94	27.29	30.52	26.12	27.31	25.39
Dividend Yield	4.60%	4.46%	4.07%	4.63%	4.50%	4.26%	3.88%	3.61%	3.78%	3.80%	4.05%
Earnings Yield	3.77%	4.25%	3.46%	3.18%	3.73%	3.86%	3.66%	3.28%	3.83%	3.66%	3.94%
Enterprise Value to Invested Capital (EV/IC)	1.48	1.54	1.67	1.53	1.58	1.66	1.80	1.87	1.80	1.82	1.73
Enterprise Value to Revenue (EV/Rev)	10.27	10.38	11.21	10.17	10.38	10.68	11.40	12.47	11.78	11.64	11.17
Enterprise Value to EBITDA (EV/EBITDA)	13.90	15.64	20.62	25.76	14.56	15.21	16.36	18.00	15.09	14.68	14.11
Enterprise Value to EBIT (EV/EBIT)	25.49	30.55	49.91	133.14	26.38	27.95	30.18	33.57	26.11	25.53	24.64
Enterprise Value to NOPAT (EV/NOPAT)	25.21	29.96	48.15	119.59	25.75	26.72	28.68	31.64	24.78	24.73	24.01
Enterprise Value to Operating Cash Flow (EV/OCF)	19.32	19.54	20.91	19.00	19.47	19.85	20.72	23.46	22.31	22.20	22.08
Enterprise Value to Free Cash Flow (EV/FCFF)	18.11	16.28	25.67	72.91	22.80	24.20	21.23	81.39	44.35	42.62	153.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.63	0.64	0.65	0.64	0.62	0.62	0.73	0.70	0.68	0.73
Long-Term Debt to Equity	0.62	0.63	0.63	0.60	0.60	0.60	0.61	0.66	0.65	0.65	0.66
Financial Leverage	0.65	0.65	0.66	0.64	0.63	0.61	0.62	0.68	0.66	0.63	0.66
Leverage Ratio	1.77	1.76	1.76	1.74	1.73	1.72	1.73	1.79	1.76	1.75	1.77
Compound Leverage Factor	1.24	-43.49	-39.35	-64.23	0.49	-16.65	-23.97	-19.24	0.55	-114.19	-75.29
Debt to Total Capital	38.82%	38.52%	39.12%	39.32%	38.96%	38.39%	38.35%	42.31%	41.21%	40.37%	42.07%
Short-Term Debt to Total Capital	0.68%	0.00%	0.97%	2.62%	2.16%	1.20%	0.92%	3.98%	2.76%	1.56%	3.93%
Long-Term Debt to Total Capital	38.14%	38.52%	38.15%	36.70%	36.80%	37.18%	37.43%	38.33%	38.46%	38.81%	38.14%
Preferred Equity to Total Capital	0.19%	0.20%	0.20%	0.20%	0.20%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%
Noncontrolling Interests to Total Capital	2.76%	2.81%	2.93%	2.53%	2.60%	2.69%	2.85%	2.79%	2.74%	2.79%	2.60%
Common Equity to Total Capital	58.22%	58.48%	57.75%	57.95%	58.25%	58.84%	58.71%	54.81%	55.96%	56.75%	55.24%
Debt to EBITDA	3.67	3.95	4.86	6.66	3.61	3.54	3.52	4.11	3.49	3.29	3.47
Net Debt to EBITDA	3.47	3.68	4.58	6.27	3.40	3.30	3.29	3.87	3.26	3.06	3.25
Long-Term Debt to EBITDA	3.61	3.95	4.74	6.21	3.41	3.43	3.44	3.72	3.26	3.16	3.15
Debt to NOPAT	6.66	7.57	11.35	30.91	6.38	6.22	6.17	7.22	5.73	5.54	5.91
Net Debt to NOPAT	6.29	7.04	10.70	29.09	6.01	5.80	5.76	6.80	5.35	5.15	5.53
Long-Term Debt to NOPAT	6.54	7.57	11.07	28.85	6.02	6.02	6.03	6.54	5.35	5.32	5.36
Altman Z-Score	1.69	1.78	1.87	1.67	1.96	1.90	2.08	1.92	2.14	2.00	1.77
Noncontrolling Interest Sharing Ratio	5.70%	5.71%	5.39%	4.94%	4.70%	4.70%	4.95%	4.74%	4.69%	4.67%	4.71%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.16	0.85	0.13	0.10	0.12	0.20	0.15	0.08	0.12	0.13	0.09
Quick Ratio	0.06	0.52	0.04	0.03	0.04	0.04	0.04	0.02	0.05	0.04	0.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	679	812	574	155	1,309	121	407	-709	792	-595	-1,195
Operating Cash Flow to CapEx	412.00%	0.00%	132.11%	252.96%	0.00%	0.00%	661.04%	30.79%	0.00%	0.00%	71.76%
Free Cash Flow to Firm to Interest Expense	9.97	11.87	8.49	2.15	18.55	1.75	6.01	-9.49	9.66	-8.01	-15.44
Operating Cash Flow to Interest Expense	4.91	5.75	5.22	6.15	4.88	6.09	5.86	5.38	4.32	5.73	4.64
Operating Cash Flow Less CapEx to Interest Expense	3.72	6.89	1.27	3.72	6.18	8.58	4.97	-12.09	7.40	7.94	-1.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.14	0.14	0.14	0.14	0.15	0.15	0.14	0.15	0.15	0.15
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	0.16	0.15	0.16	0.16	0.16
Accounts Payable Turnover	0.00	0.00	4.25	2.40	5.61	0.00	4.41	3.14	5.67	3.65	4.92
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	85.91	151.83	65.05	0.00	82.74	116.20	64.33	100.01	74.22
Cash Conversion Cycle (CCC)	0.00	0.00	-85.91	-151.83	-65.05	0.00	-82.74	-116.20	-64.33	-100.01	-74.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,021	18,730	18,921	18,890	18,872	18,609	18,513	19,599	19,497	19,203	19,709
Invested Capital Turnover	0.14	0.15	0.15	0.15	0.15	0.16	0.16	0.15	0.16	0.16	0.16
Increase / (Decrease) in Invested Capital	-437	-812	-574	-155	-150	-121	-407	709	625	595	1,195
Enterprise Value (EV)	28,099	28,923	31,572	28,941	29,841	30,977	33,248	36,678	35,104	35,032	34,014
Market Capitalization	20,525	21,552	23,963	21,383	22,343	23,731	26,022	28,230	26,972	27,179	25,642
Book Value per Share	$29.47	$29.32	$29.00	$29.09	$29.10	$29.17	$28.92	$28.58	$29.06	$29.05	$28.93
Tangible Book Value per Share	$29.47	$29.32	$29.00	$29.09	$29.10	$29.17	$28.92	$28.58	$29.06	$29.05	$28.93
Total Capital	19,127	18,982	19,025	19,023	18,969	18,782	18,664	19,771	19,706	19,436	19,898
Total Debt	7,426	7,312	7,443	7,479	7,390	7,210	7,157	8,366	8,122	7,847	8,372
Total Long-Term Debt	7,296	7,312	7,258	6,982	6,981	6,984	6,986	7,579	7,578	7,543	7,590
Net Debt	7,010	6,801	7,014	7,039	6,968	6,724	6,677	7,879	7,575	7,293	7,836
Capital Expenditures (CapEx)	81	-78	267	175	-92	-172	60	1,304	-253	-164	501
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-716	-259	-757	-785	-724	-769	-753	-786	-742	-774	-758
Debt-free Net Working Capital (DFNWC)	-579	-40	-633	-658	-584	-573	-614	-659	-582	-633	-626
Net Working Capital (NWC)	-708	-40	-817	-1,156	-993	-799	-785	-1,446	-1,125	-937	-1,408
Net Nonoperating Expense (NNE)	77	-220	-145	-181	837	-305	-184	-149	984	-265	-199
Net Nonoperating Obligations (NNO)	7,320	7,060	7,339	7,346	7,293	7,037	7,006	8,193	7,913	7,614	8,182
Total Depreciation and Amortization (D&A)	222	223	229	233	234	233	231	247	271	264	248
Debt-free, Cash-free Net Working Capital to Revenue	-26.17%	-9.29%	-26.88%	-27.58%	-25.19%	-26.53%	-25.81%	-26.73%	-24.90%	-25.73%	-24.90%
Debt-free Net Working Capital to Revenue	-21.15%	-1.43%	-22.46%	-23.12%	-20.32%	-19.75%	-21.07%	-22.42%	-19.52%	-21.03%	-20.56%
Net Working Capital to Revenue	-25.90%	-1.43%	-29.00%	-40.61%	-34.56%	-27.54%	-26.93%	-49.17%	-37.76%	-31.13%	-46.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.42	$0.56	$0.37	$0.45	$0.82	$0.78	$0.47	$0.38	$1.10	$0.68	$0.51
Adjusted Weighted Average Basic Shares Outstanding	376.21M	378.34M	378.64M	378.85M	378.77M	378.81M	378.58M	378.76M	378.80M	379.21M	379.51M
Adjusted Diluted Earnings per Share	$0.41	$0.56	$0.37	$0.45	$0.82	$0.77	$0.47	$0.38	$1.10	$0.67	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	389.45M	390.66M	391.19M	391.35M	390.90M	390.56M	390.54M	391.03M	390.74M	391.18M	391.50M
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	378.60M	378.90M	379.03M	379.72M	379.55M	378.97M	379.14M	379.43M	379.71M	379.94M	381.90M
Normalized Net Operating Profit after Tax (NOPAT)	242	-100	0.09	-27	1,004	-188	-40	0.16	1,099	-154	-58
Normalized NOPAT Margin	34.60%	-14.19%	0.01%	-3.71%	138.05%	-25.72%	-5.41%	0.02%	143.29%	-20.23%	-7.57%
Pre Tax Income Margin	23.88%	31.45%	20.41%	25.24%	44.54%	42.01%	25.28%	20.08%	57.16%	35.71%	26.56%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.49	-0.13	-0.10	-0.07	16.31	-0.46	-0.20	-0.19	17.11	-0.06	-0.06
NOPAT to Interest Expense	3.55	0.00	0.00	0.00	16.43	0.00	0.00	0.00	17.28	0.00	0.00
EBIT Less CapEx to Interest Expense	2.30	1.01	-4.05	-2.50	17.62	2.04	-1.08	-17.65	20.19	2.15	-6.53
NOPAT Less CapEx to Interest Expense	2.36	1.14	-3.95	-2.43	17.74	2.49	-0.89	-17.46	20.36	2.21	-6.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	125.78%	106.19%	115.47%	142.50%	118.94%	109.88%	105.61%	109.77%	98.80%	103.21%	102.44%
Augmented Payout Ratio	125.87%	106.26%	115.50%	142.51%	124.59%	119.07%	114.43%	118.90%	102.39%	103.21%	102.48%

Frequently Asked Questions About Equity Residential's Financials

When does Equity Residential's fiscal year end?

According to the most recent income statement we have on file, Equity Residential's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Equity Residential's net income changed over the last 10 years?

Equity Residential's net income appears to be on a downward trend, with a most recent value of $1.07 billion in 2024, rising from $658.68 million in 2014. The previous period was $868.49 million in 2023. See Equity Residential's forecast for analyst expectations on what’s next for the company.

What is Equity Residential's operating income?

Equity Residential's total operating income in 2024 was $1.42 billion, based on the following breakdown:

Total Gross Profit: $2.45 billion
Total Operating Expenses: $1.03 billion

How has Equity Residential's revenue changed over the last 10 years?

Over the last 10 years, Equity Residential's total revenue changed from $2.61 billion in 2014 to $2.98 billion in 2024, a change of 14.0%.

How much debt does Equity Residential have?

Equity Residential's total liabilities were at $9.25 billion at the end of 2024, a 9.4% increase from 2023, and a 21.2% decrease since 2014.

How much cash does Equity Residential have?

In the past 10 years, Equity Residential's cash and equivalents has ranged from $40.08 million in 2014 to $123.83 million in 2021, and is currently $62.30 million as of their latest financial filing in 2024.

How has Equity Residential's book value per share changed over the last 10 years?

Over the last 10 years, Equity Residential's book value per share changed from 28.48 in 2014 to 29.06 in 2024, a change of 2.1%.

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This page (NYSE:EQR) was last updated on 8/19/2025 by MarketBeat.com Staff

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Equity Residential (EQR) Financials

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