Equity Residential (EQR) Financials

$70.08 +0.10 (+0.14%)

Closing price 03:59 PM Eastern

Extended Trading

$70.12 +0.04 (+0.06%)

As of 06:01 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,033	832	774	1,330	911	967	654	600	4,289	863
Consolidated Net Income / (Loss)	1,071	868	807	1,397	963	1,010	685	628	4,480	908
Net Income / (Loss) Continuing Operations	1,071	868	807	1,397	963	1,006	682	609	4,480	908
Total Pre-Tax Income	1,081	875	813	1,401	932	939	689	613	417	558
Total Operating Income	1,418	1,161	1,116	1,676	1,318	1,356	1,115	1,005	856	1,009
Total Gross Profit	2,450	2,359	2,251	1,613	2,131	2,254	2,148	2,064	2,019	2,266
Total Revenue	2,980	2,874	2,735	2,464	2,572	2,701	2,578	2,471	2,426	2,745
Operating Revenue	2,980	2,874	2,735	2,464	2,572	2,701	2,578	2,471	2,426	2,745
Total Cost of Revenue	530	515	484	851	441	447	429	408	407	479
Operating Cost of Revenue	530	515	484	851	441	447	429	408	407	479
Total Operating Expenses	1,032	1,199	1,135	-62	813	898	1,034	1,062	-2,881	921
Selling, General & Admin Expense	62	61	59	57	48	53	54	52	58	65
Depreciation Expense	952	889	882	838	821	831	786	744	706	766
Other Operating Expenses / (Income)	565	532	499	98	475	461	450	264	399	426
Other Special Charges / (Income)	-547	-283	-304	-1,072	-532	-448	-257	-	-4,044	-335
Total Other Income / (Expense), net	-337	-286	-303	-275	-386	-417	-426	-391	-439	-451
Interest Expense	294	278	292	281	374	402	425	384	482	444
Interest & Investment Income	30	22	2.19	26	5.94	3.20	16	6.14	66	7.37
Other Income / (Expense), net	-74	-29	-14	-19	-18	-18	-17	-14	-23	-14
Income Tax Expense	1.26	1.15	0.90	0.92	0.85	-2.28	0.88	0.48	1.61	0.92
Other Gains / (Losses), net	-8.97	-5.38	-5.03	-3.40	31	65	-5.40	-3.37	21	15
Extraordinary Income / (Loss), net	0.00	0.00	0.00	0.01	-	-	-	-	-	-
Preferred Stock Dividends Declared	3.06	3.09	3.09	3.09	3.09	3.09	3.09	3.09	3.09	6.84
Net Income / (Loss) Attributable to Noncontrolling Interest	35	33	30	64	49	36	25	23	188	38
Basic Earnings per Share	$2.73	$2.20	$2.06	$3.56	$2.45	$2.61	$1.78	$1.64	$11.75	$2.37
Weighted Average Basic Shares Outstanding	378.80M	378.77M	376.21M	373.83M	371.79M	370.46M	368.05M	366.97M	365.00M	363.50M
Diluted Earnings per Share	$2.72	$2.20	$2.05	$3.54	$2.45	$2.60	$1.77	$1.63	$11.68	$2.36
Weighted Average Diluted Shares Outstanding	390.74M	390.90M	389.45M	388.09M	385.87M	386.33M	383.70M	382.68M	381.99M	380.62M
Weighted Average Basic & Diluted Shares Outstanding	379.71M	379.55M	378.60M	375.92M	372.66M	371.98M	369.93M	368.17M	367.10M	365.14M
Cash Dividends to Common per Share	$2.70	$2.65	$2.50	-	-	-	$2.16	$2.02	$13.02	$2.21

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	256	419	143	177	294	311	172	138	211	158	322
Consolidated Net Income / (Loss)	265	434	149	184	305	322	181	145	220	165	335
Net Income / (Loss) Continuing Operations	265	436	147	182	305	322	181	145	220	165	335
Total Pre-Tax Income	272	438	150	186	307	324	183	146	222	167	336
Total Operating Income	0.00	1,418	0.00	0.00	0.00	1,161	0.00	0.00	0.00	242	414
Total Gross Profit	617	633	613	608	596	604	595	593	568	681	471
Total Revenue	761	767	748	734	731	728	724	717	705	700	695
Operating Revenue	761	767	748	734	731	728	724	717	705	700	695
Total Cost of Revenue	144	133	135	126	135	123	129	125	138	18	224
Operating Cost of Revenue	144	133	135	126	135	123	129	125	138	18	224
Total Operating Expenses	268	102	390	342	198	212	343	374	270	439	57
Selling, General & Admin Expense	18	13	15	19	16	12	14	19	16	12	13
Depreciation Expense	257	264	238	224	226	227	225	221	216	214	214
Other Operating Expenses / (Income)	148	144	137	139	144	129	131	134	138	213	26
Other Special Charges / (Income)	-154	-319	0.17	-40	-188	-156	-27	0.09	-100	0.02	-197
Total Other Income / (Expense), net	-77	-93	-73	-80	-92	-68	-69	-72	-76	-75	-78
Interest Expense	74	82	75	68	69	71	72	68	68	68	75
Interest & Investment Income	1.69	3.83	16	1.33	9.33	11	7.63	2.13	1.54	-2.65	0.72
Other Income / (Expense), net	-4.16	-15	-14	-13	-32	-8.90	-4.96	-6.56	-9.00	-4.47	-3.76
Income Tax Expense	0.42	0.33	0.29	0.33	0.30	0.26	0.26	0.34	0.30	0.18	0.15
Other Gains / (Losses), net	-6.41	-1.98	-2.55	-2.74	-1.70	-1.53	-1.24	-1.22	-1.38	-1.58	-1.03
Extraordinary Income / (Loss), net	-0.07	-	-	-	0.00	-	0.00	0.00	-	-	0.00
Preferred Stock Dividends Declared	0.36	0.36	0.36	0.36	1.99	0.77	0.77	0.77	0.77	0.77	0.77
Net Income / (Loss) Attributable to Noncontrolling Interest	8.21	17	4.01	5.00	9.25	11	8.78	5.66	8.04	6.33	12
Basic Earnings per Share	$0.68	$1.10	$0.38	$0.47	$0.78	$0.82	$0.45	$0.37	$0.56	$0.42	$0.86
Weighted Average Basic Shares Outstanding	379.21M	378.80M	378.76M	378.58M	378.81M	378.77M	378.85M	378.64M	378.34M	376.21M	375.85M
Diluted Earnings per Share	$0.67	$1.10	$0.38	$0.47	$0.77	$0.82	$0.45	$0.37	$0.56	$0.41	$0.86
Weighted Average Diluted Shares Outstanding	391.18M	390.74M	391.03M	390.54M	390.56M	390.90M	391.35M	391.19M	390.66M	389.45M	389.30M
Weighted Average Basic & Diluted Shares Outstanding	379.94M	379.71M	379.43M	379.14M	378.97M	379.55M	379.72M	379.03M	378.90M	378.60M	377.92M
Cash Dividends to Common per Share	$0.69	-	$0.68	-	-	-	$0.66	-	-	-	-

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-19	34	-12	-58	57	13	2.09	-94	82	16	2.82
Net Cash From Operating Activities	426	354	401	397	421	344	443	353	393	335	429
Net Cash From Continuing Operating Activities	426	347	406	399	421	350	437	353	393	331	433
Net Income / (Loss) Continuing Operations	265	434	149	184	305	322	181	145	220	165	335
Consolidated Net Income / (Loss)	265	434	149	184	305	322	181	145	220	165	335
Depreciation Expense	257	264	238	224	226	227	225	221	216	214	214
Amortization Expense	7.33	7.28	8.69	7.02	7.02	7.02	8.25	7.20	7.09	7.30	12
Non-Cash Adjustments To Reconcile Net Income	-134	-312	3.12	-20	-183	-152	-29	14	-88	4.62	-186
Changes in Operating Assets and Liabilities, net	31	-46	8.10	3.97	67	-54	52	-35	39	-60	58
Net Cash From Investing Activities	97	187	-1,361	-138	136	59	-197	-315	44	-136	289
Net Cash From Continuing Investing Activities	97	187	-1,361	-138	136	57	-197	-315	44	-136	289
Purchase of Property, Plant & Equipment	-63	-347	-1,335	-143	-75	-90	-233	-267	-56	-81	-60
Acquisitions	-32	-78	-	-23	-7.81	-1.81	25	-12	-14	-110	-0.75
Purchase of Investments	0.00	-	-	-	0.00	-	-	-2.50	0.00	-1.02	-0.01
Sale of Property, Plant & Equipment	227	600	31	83	247	182	58	-	134	-	464
Sale and/or Maturity of Investments	0.69	7.58	1.39	7.46	0.02	0.12	2.50	0.01	0.46	0.29	0.15
Other Investing Activities, net	-35	5.46	-59	-62	-29	-34	-50	-34	-20	57	-115
Net Cash From Financing Activities	-541	-508	948	-317	-500	-390	-243	-132	-355	-183	-715
Net Cash From Continuing Financing Activities	-541	-506	948	-318	-499	-390	-243	-132	-355	-183	-715
Repayment of Debt	-11,478	-24,946	-4,668	-2,401	-1,370	-1,822	-1,702	-875	-1,453	-965	-2,800
Repurchase of Preferred Equity	0.00	1.44	-	-1.44	-20	-	-	-	0.00	-	-
Repurchase of Common Equity	0.00	-	-	-	-38	-49	-	-	0.00	-0.04	-0.25
Payment of Dividends	-268	-267	-264	-264	-263	-262	-259	-264	-248	-243	-244
Issuance of Debt	11,238	24,102	5,874	2,346	1,187	1,731	2,561	1,068	1,337	906	2,327
Issuance of Common Equity	0.94	0.82	0.38	1.03	1.88	0.93	0.47	0.68	1.45	141	0.90
Other Financing Activities, net	-34	603	6.13	1.36	3.68	11	-843	-62	7.45	-22	1.48
Cash Interest Paid	90	43	77	44	77	43	81	46	80	46	84
Cash Income Taxes Paid	0.37	0.24	0.22	0.47	0.41	0.06	0.12	0.56	0.35	0.02	0.04

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	20,562	20,834	20,926	19,780	19,895	20,035	20,109	20,146	20,103	20,218	20,265
Total Current Assets	142	160	127	138	197	140	127	125	219	137	121
Cash & Equivalents	40	62	29	38	45	51	39	36	133	54	45
Restricted Cash	102	98	98	100	152	89	87	89	86	83	77
Plant, Property, & Equipment, net	19,325	19,558	19,723	18,634	18,723	18,902	18,995	18,961	18,889	19,061	19,168
Plant, Property & Equipment, gross	29,936	29,971	30,110	28,798	28,701	28,713	28,629	28,389	28,096	28,089	27,982
Accumulated Depreciation	10,611	10,412	10,387	10,164	9,978	9,810	9,634	9,429	9,207	9,028	8,814
Total Noncurrent Assets	1,096	1,116	1,076	1,007	975	992	987	1,061	994	1,020	975
Long-Term Investments	412	387	360	342	289	282	313	305	292	279	256
Other Noncurrent Operating Assets	684	729	716	665	686	710	674	756	702	741	719
Total Liabilities & Shareholders' Equity	20,562	20,834	20,926	19,780	19,895	20,035	20,109	20,146	20,103	20,218	20,265
Total Liabilities	8,973	9,250	9,521	8,272	8,323	8,456	8,565	8,564	8,433	8,517	8,633
Total Current Liabilities	1,078	1,286	1,573	924	995	1,133	1,283	942	259	846	967
Short-Term Debt	304	544	787	171	226	409	498	184	-	130	190
Accounts Payable	149	99	166	114	146	87	165	118	-	96	176
Dividends Payable	271	263	263	264	264	259	260	259	259	245	243
Other Current Liabilities	304	305	306	309	310	312	313	314	-	309	310
Other Current Nonoperating Liabilities	50	74	51	66	49	66	48	66	-	66	50
Total Noncurrent Liabilities	7,895	7,964	7,948	7,349	7,328	7,323	7,283	7,622	8,174	7,672	7,666
Long-Term Debt	7,543	7,578	7,579	6,986	6,984	6,981	6,982	7,258	7,312	7,296	7,309
Other Noncurrent Operating Liabilities	352	386	369	362	344	342	301	364	861	376	357
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	338	339	352	328	298	289	278	355	324	318	371
Total Equity & Noncontrolling Interests	11,251	11,246	11,054	11,180	11,274	11,289	11,266	11,227	11,346	11,383	11,262
Total Preferred & Common Equity	11,047	11,045	10,854	10,976	11,068	11,086	11,062	11,024	11,137	11,173	11,045
Preferred Stock	17	17	17	17	17	37	37	37	37	37	37
Total Common Equity	11,030	11,027	10,837	10,959	11,051	11,049	11,025	10,987	11,100	11,136	11,007
Common Stock	9,626	9,616	9,588	9,594	9,608	9,606	9,593	9,476	9,492	9,480	9,271
Retained Earnings	1,401	1,408	1,245	1,358	1,437	1,437	1,427	1,506	1,619	1,659	1,737
Accumulated Other Comprehensive Income / (Loss)	3.40	4.21	3.53	6.91	6.31	5.70	5.10	3.71	-11	-2.55	-0.87
Noncontrolling Interest	204	201	200	204	206	203	204	203	209	209	217

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.10%	5.40%	3.35%	2.35%	3.65%	3.97%	4.17%	4.41%	7.92%	8.46%	11.54%
EBITDA Growth	29.32%	20.89%	2.04%	-1.78%	-6.05%	201.54%	-64.15%	-58.93%	-44.51%	-46.89%	-14.32%
EBIT Growth	86.91%	21.87%	-181.79%	-103.92%	-252.84%	384.12%	-101.21%	-102.13%	-106.13%	-62.45%	-20.82%
NOPAT Growth	0.00%	22.23%	0.00%	0.00%	0.00%	378.99%	-100.00%	-100.00%	-100.00%	-62.27%	-20.61%
Net Income Growth	-13.19%	34.63%	-18.08%	26.71%	38.61%	94.90%	-45.91%	-37.74%	198.21%	-70.52%	-25.07%
EPS Growth	-12.99%	34.15%	-15.56%	27.03%	37.50%	100.00%	-47.67%	-37.29%	194.74%	-70.71%	-25.22%
Operating Cash Flow Growth	1.07%	2.89%	-9.29%	12.54%	7.06%	2.91%	3.07%	9.26%	6.85%	18.64%	6.78%
Free Cash Flow Firm Growth	-591.57%	-39.51%	-557.36%	-29.10%	-85.09%	92.80%	-83.36%	266.94%	209.53%	13,165.79%	126.30%
Invested Capital Growth	3.20%	3.31%	3.75%	-2.15%	-0.65%	-0.79%	-0.81%	-2.95%	-4.15%	-2.25%	-2.64%
Revenue Q/Q Growth	-0.78%	2.46%	1.93%	0.46%	0.46%	0.47%	0.94%	1.73%	0.77%	0.66%	1.17%
EBITDA Q/Q Growth	-84.48%	619.89%	6.71%	8.49%	-82.27%	507.61%	2.72%	3.77%	-53.44%	-27.75%	17.66%
EBIT Q/Q Growth	-100.30%	10,146.09%	-4.38%	57.83%	-103.53%	23,328.78%	24.47%	27.03%	-103.78%	-42.01%	33.39%
NOPAT Q/Q Growth	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	-41.49%	33.69%
Net Income Q/Q Growth	-38.97%	192.14%	-19.09%	-39.82%	-5.35%	77.77%	25.14%	-34.17%	33.09%	-50.66%	44.05%
EPS Q/Q Growth	-39.09%	189.47%	-19.15%	-38.96%	-6.10%	82.22%	21.62%	-33.93%	36.59%	-52.33%	45.76%
Operating Cash Flow Q/Q Growth	20.13%	-11.76%	1.13%	-5.72%	22.30%	-22.21%	25.47%	-10.32%	17.56%	-22.09%	33.00%
Free Cash Flow Firm Q/Q Growth	-175.09%	211.79%	-274.05%	236.47%	-88.56%	745.19%	-73.02%	-29.26%	19.52%	-27.07%	370.73%
Invested Capital Q/Q Growth	-1.51%	-0.52%	5.86%	-0.51%	-1.39%	-0.10%	-0.16%	1.02%	-1.53%	-0.12%	-2.31%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.08%	82.60%	81.93%	82.77%	81.58%	83.07%	82.17%	82.61%	80.49%	97.40%	67.72%
EBITDA Margin	34.16%	218.44%	31.09%	29.70%	27.50%	190.45%	31.49%	30.95%	30.34%	65.67%	91.49%
Operating Margin	0.00%	184.99%	0.00%	0.00%	0.00%	159.53%	0.00%	0.00%	0.00%	34.64%	59.56%
EBIT Margin	-0.55%	183.04%	-1.87%	-1.82%	-4.34%	158.31%	-0.68%	-0.92%	-1.28%	34.00%	59.02%
Profit (Net Income) Margin	34.80%	56.58%	19.85%	25.00%	41.74%	44.30%	25.04%	20.20%	31.21%	23.63%	48.22%
Tax Burden Percent	97.46%	98.99%	98.81%	98.92%	99.35%	99.45%	99.18%	98.94%	99.24%	98.95%	99.65%
Interest Burden Percent	-6,537.49%	31.23%	-1,075.80%	-1,386.33%	-967.40%	28.14%	-3,686.69%	-2,230.67%	-2,465.27%	70.24%	81.98%
Effective Tax Rate	0.16%	0.08%	0.19%	0.18%	0.10%	0.08%	0.14%	0.23%	0.13%	0.10%	0.05%
Return on Invested Capital (ROIC)	0.00%	28.72%	0.00%	0.00%	0.00%	24.18%	0.00%	0.00%	0.00%	4.92%	8.27%
ROIC Less NNEP Spread (ROIC-NNEP)	3.61%	15.78%	1.91%	2.56%	4.33%	12.72%	2.46%	1.89%	2.92%	3.90%	7.26%
Return on Net Nonoperating Assets (RNNOA)	2.29%	10.36%	1.29%	1.59%	2.62%	7.98%	1.56%	1.26%	1.90%	2.52%	4.95%
Return on Equity (ROE)	2.29%	39.07%	1.29%	1.59%	2.62%	32.16%	1.56%	1.26%	1.90%	7.44%	13.21%
Cash Return on Invested Capital (CROIC)	4.35%	4.13%	2.34%	8.37%	6.86%	6.91%	2.09%	6.40%	9.29%	8.07%	10.53%
Operating Return on Assets (OROA)	-0.08%	26.69%	-0.27%	-0.27%	-0.63%	22.61%	-0.10%	-0.13%	-0.17%	4.49%	7.73%
Return on Assets (ROA)	5.18%	8.25%	2.84%	3.65%	6.05%	6.33%	3.53%	2.79%	4.25%	3.12%	6.32%
Return on Common Equity (ROCE)	2.18%	37.24%	1.23%	1.51%	2.50%	30.65%	1.49%	1.19%	1.79%	7.01%	12.45%
Return on Equity Simple (ROE_SIMPLE)	9.33%	0.00%	8.84%	9.04%	8.61%	0.00%	6.43%	7.85%	8.56%	0.00%	10.89%
Net Operating Profit after Tax (NOPAT)	0.00	1,417	0.00	0.00	0.00	1,160	0.00	0.00	0.00	242	414
NOPAT Margin	0.00%	184.85%	0.00%	0.00%	0.00%	159.40%	0.00%	0.00%	0.00%	34.60%	59.53%
Net Nonoperating Expense Percent (NNEP)	-3.61%	12.94%	-1.91%	-2.56%	-4.33%	11.46%	-2.46%	-1.89%	-2.92%	1.02%	1.01%
Return On Investment Capital (ROIC_SIMPLE)	0.00%	7.32%	-	-	-	6.21%	-	-	-	1.29%	-
Cost of Revenue to Revenue	18.92%	17.40%	18.07%	17.23%	18.42%	16.93%	17.83%	17.39%	19.51%	2.61%	32.28%
SG&A Expenses to Revenue	2.40%	1.66%	1.94%	2.54%	2.15%	1.59%	1.95%	2.63%	2.29%	1.67%	1.92%
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	35.28%	13.29%	52.12%	46.62%	27.04%	29.12%	47.36%	52.15%	38.28%	62.76%	8.15%
Earnings before Interest and Taxes (EBIT)	-4.16	1,404	-14	-13	-32	1,152	-4.96	-6.56	-9.00	238	410
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	260	1,675	233	218	201	1,385	228	222	214	459	636
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.46	2.45	2.61	2.37	2.15	2.02	1.94	2.18	1.94	1.84	2.13
Price to Tangible Book Value (P/TBV)	2.46	2.45	2.61	2.37	2.15	2.02	1.94	2.18	1.94	1.84	2.13
Price to Revenue (P/Rev)	9.03	9.05	9.60	8.92	8.18	7.77	7.51	8.51	7.73	7.50	8.75
Price to Earnings (P/E)	27.31	26.12	30.52	27.29	25.94	26.84	31.46	28.86	23.55	26.52	20.54
Dividend Yield	3.80%	3.78%	3.61%	3.88%	4.26%	4.50%	4.63%	4.07%	4.46%	4.60%	3.97%
Earnings Yield	3.66%	3.83%	3.28%	3.66%	3.86%	3.73%	3.18%	3.46%	4.25%	3.77%	4.87%
Enterprise Value to Invested Capital (EV/IC)	1.82	1.80	1.87	1.80	1.66	1.58	1.53	1.67	1.54	1.48	1.64
Enterprise Value to Revenue (EV/Rev)	11.64	11.78	12.47	11.40	10.68	10.38	10.17	11.21	10.38	10.27	11.64
Enterprise Value to EBITDA (EV/EBITDA)	14.68	15.09	18.00	16.36	15.21	14.56	25.76	20.62	15.64	13.90	12.85
Enterprise Value to EBIT (EV/EBIT)	25.53	26.11	33.57	30.18	27.95	26.38	133.14	49.91	30.55	25.49	20.83
Enterprise Value to NOPAT (EV/NOPAT)	24.73	24.78	31.64	28.68	26.72	25.75	119.59	48.15	29.96	25.21	20.60
Enterprise Value to Operating Cash Flow (EV/OCF)	22.20	22.31	23.46	20.72	19.85	19.47	19.00	20.91	19.54	19.32	22.25
Enterprise Value to Free Cash Flow (EV/FCFF)	42.62	44.35	81.39	21.23	24.20	22.80	72.91	25.67	16.28	18.11	15.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.68	0.70	0.73	0.62	0.62	0.64	0.65	0.64	0.63	0.63	0.64
Long-Term Debt to Equity	0.65	0.65	0.66	0.61	0.60	0.60	0.60	0.63	0.63	0.62	0.63
Financial Leverage	0.63	0.66	0.68	0.62	0.61	0.63	0.64	0.66	0.65	0.65	0.68
Leverage Ratio	1.75	1.76	1.79	1.73	1.72	1.73	1.74	1.76	1.76	1.77	1.78
Compound Leverage Factor	-114.19	0.55	-19.24	-23.97	-16.65	0.49	-64.23	-39.35	-43.49	1.24	1.46
Debt to Total Capital	40.37%	41.21%	42.31%	38.35%	38.39%	38.96%	39.32%	39.12%	38.52%	38.82%	39.20%
Short-Term Debt to Total Capital	1.56%	2.76%	3.98%	0.92%	1.20%	2.16%	2.62%	0.97%	0.00%	0.68%	0.99%
Long-Term Debt to Total Capital	38.81%	38.46%	38.33%	37.43%	37.18%	36.80%	36.70%	38.15%	38.52%	38.14%	38.20%
Preferred Equity to Total Capital	0.09%	0.09%	0.09%	0.09%	0.09%	0.20%	0.20%	0.20%	0.20%	0.19%	0.19%
Noncontrolling Interests to Total Capital	2.79%	2.74%	2.79%	2.85%	2.69%	2.60%	2.53%	2.93%	2.81%	2.76%	3.07%
Common Equity to Total Capital	56.75%	55.96%	54.81%	58.71%	58.84%	58.25%	57.95%	57.75%	58.48%	58.22%	57.54%
Debt to EBITDA	3.29	3.49	4.11	3.52	3.54	3.61	6.66	4.86	3.95	3.67	3.09
Net Debt to EBITDA	3.06	3.26	3.87	3.29	3.30	3.40	6.27	4.58	3.68	3.47	2.93
Long-Term Debt to EBITDA	3.16	3.26	3.72	3.44	3.43	3.41	6.21	4.74	3.95	3.61	3.01
Debt to NOPAT	5.54	5.73	7.22	6.17	6.22	6.38	30.91	11.35	7.57	6.66	4.95
Net Debt to NOPAT	5.15	5.35	6.80	5.76	5.80	6.01	29.09	10.70	7.04	6.29	4.70
Long-Term Debt to NOPAT	5.32	5.35	6.54	6.03	6.02	6.02	28.85	11.07	7.57	6.54	4.83
Altman Z-Score	2.00	2.14	1.92	2.08	1.90	1.96	1.67	1.87	1.78	1.69	1.90
Noncontrolling Interest Sharing Ratio	4.67%	4.69%	4.74%	4.95%	4.70%	4.70%	4.94%	5.39%	5.71%	5.70%	5.80%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.13	0.12	0.08	0.15	0.20	0.12	0.10	0.13	0.85	0.16	0.13
Quick Ratio	0.04	0.05	0.02	0.04	0.04	0.04	0.03	0.04	0.52	0.06	0.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-595	792	-709	407	121	1,309	155	574	812	679	931
Operating Cash Flow to CapEx	0.00%	0.00%	30.79%	661.04%	0.00%	0.00%	252.96%	132.11%	0.00%	412.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-8.01	9.66	-9.49	6.01	1.75	18.55	2.15	8.49	11.87	9.97	12.48
Operating Cash Flow to Interest Expense	5.73	4.32	5.38	5.86	6.09	4.88	6.15	5.22	5.75	4.91	5.75
Operating Cash Flow Less CapEx to Interest Expense	7.94	7.40	-12.09	4.97	8.58	6.18	3.72	1.27	6.89	3.72	11.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.14	0.15	0.15	0.14	0.14	0.14	0.14	0.13	0.13
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	0.16	0.16	0.15	0.16	0.15	0.15	0.15	0.15	0.14	0.14	0.14
Accounts Payable Turnover	3.65	5.67	3.14	4.41	0.00	5.61	2.40	4.25	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)	100.01	64.33	116.20	82.74	0.00	65.05	151.83	85.91	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-100.01	-64.33	-116.20	-82.74	0.00	-65.05	-151.83	-85.91	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,203	19,497	19,599	18,513	18,609	18,872	18,890	18,921	18,730	19,021	19,045
Invested Capital Turnover	0.16	0.16	0.15	0.16	0.16	0.15	0.15	0.15	0.15	0.14	0.14
Increase / (Decrease) in Invested Capital	595	625	709	-407	-121	-150	-155	-574	-812	-437	-517
Enterprise Value (EV)	35,032	35,104	36,678	33,248	30,977	29,841	28,941	31,572	28,923	28,099	31,199
Market Capitalization	27,179	26,972	28,230	26,022	23,731	22,343	21,383	23,963	21,552	20,525	23,453
Book Value per Share	$29.05	$29.06	$28.58	$28.92	$29.17	$29.10	$29.09	$29.00	$29.32	$29.47	$29.27
Tangible Book Value per Share	$29.05	$29.06	$28.58	$28.92	$29.17	$29.10	$29.09	$29.00	$29.32	$29.47	$29.27
Total Capital	19,436	19,706	19,771	18,664	18,782	18,969	19,023	19,025	18,982	19,127	19,130
Total Debt	7,847	8,122	8,366	7,157	7,210	7,390	7,479	7,443	7,312	7,426	7,498
Total Long-Term Debt	7,543	7,578	7,579	6,986	6,984	6,981	6,982	7,258	7,312	7,296	7,309
Net Debt	7,293	7,575	7,879	6,677	6,724	6,968	7,039	7,014	6,801	7,010	7,120
Capital Expenditures (CapEx)	-164	-253	1,304	60	-172	-92	175	267	-78	81	-405
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-774	-742	-786	-753	-769	-724	-785	-757	-259	-716	-778
Debt-free Net Working Capital (DFNWC)	-633	-582	-659	-614	-573	-584	-658	-633	-40	-579	-656
Net Working Capital (NWC)	-937	-1,125	-1,446	-785	-799	-993	-1,156	-817	-40	-708	-846
Net Nonoperating Expense (NNE)	-265	984	-149	-184	-305	837	-181	-145	-220	77	79
Net Nonoperating Obligations (NNO)	7,614	7,913	8,193	7,006	7,037	7,293	7,346	7,339	7,060	7,320	7,413
Total Depreciation and Amortization (D&A)	264	271	247	231	233	234	233	229	223	222	226
Debt-free, Cash-free Net Working Capital to Revenue	-25.73%	-24.90%	-26.73%	-25.81%	-26.53%	-25.19%	-27.58%	-26.88%	-9.29%	-26.17%	-29.01%
Debt-free Net Working Capital to Revenue	-21.03%	-19.52%	-22.42%	-21.07%	-19.75%	-20.32%	-23.12%	-22.46%	-1.43%	-21.15%	-24.48%
Net Working Capital to Revenue	-31.13%	-37.76%	-49.17%	-26.93%	-27.54%	-34.56%	-40.61%	-29.00%	-1.43%	-25.90%	-31.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.68	$1.10	$0.38	$0.47	$0.78	$0.82	$0.45	$0.37	$0.56	$0.42	$0.86
Adjusted Weighted Average Basic Shares Outstanding	379.21M	378.80M	378.76M	378.58M	378.81M	378.77M	378.85M	378.64M	378.34M	376.21M	375.85M
Adjusted Diluted Earnings per Share	$0.67	$1.10	$0.38	$0.47	$0.77	$0.82	$0.45	$0.37	$0.56	$0.41	$0.86
Adjusted Weighted Average Diluted Shares Outstanding	391.18M	390.74M	391.03M	390.54M	390.56M	390.90M	391.35M	391.19M	390.66M	389.45M	389.30M
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	379.94M	379.71M	379.43M	379.14M	378.97M	379.55M	379.72M	379.03M	378.90M	378.60M	377.92M
Normalized Net Operating Profit after Tax (NOPAT)	-154	1,099	0.16	-40	-188	1,004	-27	0.09	-100	242	217
Normalized NOPAT Margin	-20.23%	143.29%	0.02%	-5.41%	-25.72%	138.05%	-3.71%	0.01%	-14.19%	34.60%	31.27%
Pre Tax Income Margin	35.71%	57.16%	20.08%	25.28%	42.01%	44.54%	25.24%	20.41%	31.45%	23.88%	48.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.06	17.11	-0.19	-0.20	-0.46	16.31	-0.07	-0.10	-0.13	3.49	5.50
NOPAT to Interest Expense	0.00	17.28	0.00	0.00	0.00	16.43	0.00	0.00	0.00	3.55	5.54
EBIT Less CapEx to Interest Expense	2.15	20.19	-17.65	-1.08	2.04	17.62	-2.50	-4.05	1.01	2.30	10.92
NOPAT Less CapEx to Interest Expense	2.21	20.36	-17.46	-0.89	2.49	17.74	-2.43	-3.95	1.14	2.36	10.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	103.21%	98.80%	109.77%	105.61%	109.88%	118.94%	142.50%	115.47%	106.19%	125.78%	83.78%
Augmented Payout Ratio	103.21%	102.39%	118.90%	114.43%	119.07%	124.59%	142.51%	115.50%	106.26%	125.87%	83.86%

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 9 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 $908.02 million in 2015. 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 revenue changed over the last 9 years?

Over the last 9 years, Equity Residential's total revenue changed from $2.74 billion in 2015 to $2.98 billion in 2024, a change of 8.6%.

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 21.9% decrease since 2015.

How much cash does Equity Residential have?

In the past 9 years, Equity Residential's cash and equivalents has ranged from $42.28 million in 2015 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 9 years?

Over the last 9 years, Equity Residential's book value per share changed from 28.64 in 2015 to 29.06 in 2024, a change of 1.5%.

Related Companies

This page (NYSE:EQR) was last updated on 5/30/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Equity Residential (EQR) Financials

Frequently Asked Questions About Equity Residential's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Equity Residential (EQR) Financials

Annual Income Statements for Equity Residential

Quarterly Income Statements for Equity Residential

Annual Cash Flow Statements for Equity Residential

Quarterly Cash Flow Statements for Equity Residential

Annual Balance Sheets for Equity Residential

Quarterly Balance Sheets for Equity Residential

Annual Metrics And Ratios for Equity Residential

Quarterly Metrics And Ratios for Equity Residential

Frequently Asked Questions About Equity Residential's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools