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Equity Residential (EQR) Financials

Equity Residential logo
$65.65 +0.22 (+0.33%)
Closing price 03:59 PM Eastern
Extended Trading
$65.72 +0.08 (+0.12%)
As of 04:53 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Equity Residential

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 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		 863 4,289 600 654 967 911 1,330 774 832 1,033 1,119
Consolidated Net Income / (Loss)		 908 4,480 628 685 1,010 963 1,397 807 868 1,071 1,152
Net Income / (Loss) Continuing Operations		 908 4,480 609 682 1,006 963 1,397 807 868 1,071 1,152
Total Pre-Tax Income 		558 417 613 689 939 932 1,401 813 875 1,081 1,173
Total Operating Income		 1,009 856 1,005 1,115 1,356 1,318 1,676 1,116 1,161 1,418 1,496
Total Gross Profit		 2,266 2,019 2,064 2,148 2,254 2,131 1,613 2,251 2,359 2,450 2,529
Total Revenue		 2,745 2,426 2,471 2,578 2,701 2,572 2,464 2,735 2,874 2,980 3,094
Operating Revenue		 2,745 2,426 2,471 2,578 2,701 2,572 2,464 2,735 2,874 2,980 3,094
Total Cost of Revenue		 479 407 408 429 447 441 851 484 515 530 565
Operating Cost of Revenue		 479 407 408 429 447 441 851 484 515 530 565
Total Operating Expenses		 921 -2,881 1,062 1,034 898 813 -62 1,135 1,199 1,032 1,033
Selling, General & Admin Expense		 65 58 52 54 53 48 57 59 61 62 65
Depreciation Expense		 766 706 744 786 831 821 838 882 889 952 1,010
Other Operating Expenses / (Income)		 426 399 264 450 461 475 98 499 532 565 584
Other Special Charges / (Income)		 -335 -4,044 - -257 -448 -532 -1,072 -304 -283 -547 -626
Total Other Income / (Expense), net		 -451 -439 -391 -426 -417 -386 -275 -303 -286 -337 -324
Interest Expense		 444 482 384 425 402 374 281 292 278 294 316
Interest & Investment Income		 7.37 66 6.14 16 3.20 5.94 26 2.19 22 30 52
Other Income / (Expense), net		 -14 -23 -14 -17 -18 -18 -19 -14 -29 -74 -60
Income Tax Expense		 0.92 1.61 0.48 0.88 -2.28 0.85 0.92 0.90 1.15 1.26 1.59
Other Gains / (Losses), net		 15 21 -3.37 -5.40 65 31 -3.40 -5.03 -5.38 -8.97 -19
Extraordinary Income / (Loss), net		 - - - - - - 0.01 0.00 0.00 0.00 -0.08
Preferred Stock Dividends Declared		 6.84 3.09 3.09 3.09 3.09 3.09 3.09 3.09 3.09 1.61 1.42
Net Income / (Loss) Attributable to Noncontrolling Interest		 38 188 23 25 36 49 64 30 33 35 32
Basic Earnings per Share		 $2.37 $11.75 $1.64 $1.78 $2.61 $2.45 $3.56 $2.06 $2.20 $2.73 $2.95
Weighted Average Basic Shares Outstanding		 363.50M 365.00M 366.97M 368.05M 370.46M 371.79M 373.83M 376.21M 378.77M 378.80M 379.61M
Diluted Earnings per Share		 $2.36 $11.68 $1.63 $1.77 $2.60 $2.45 $3.54 $2.05 $2.20 $2.72 $2.94
Weighted Average Diluted Shares Outstanding		 380.62M 381.99M 382.68M 383.70M 386.33M 385.87M 388.09M 389.45M 390.90M 390.74M 390.41M
Weighted Average Basic & Diluted Shares Outstanding		 365.14M 367.10M 368.17M 369.93M 371.98M 372.66M 375.92M 378.60M 379.55M 379.71M 377.55M
Cash Dividends to Common per Share		 $2.21 $13.02 $2.02 $2.16 - - - $2.50 $2.65 $2.70 $2.77

Quarterly Income Statements for Equity Residential

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 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		 172 311 294 177 143 419 256 192 289 382 90
Consolidated Net Income / (Loss)		 181 322 305 184 149 434 265 199 297 391 93
Net Income / (Loss) Continuing Operations		 181 322 305 184 149 436 265 199 297 391 93
Total Pre-Tax Income 		183 324 307 186 150 438 272 204 301 395 96
Total Operating Income		 0.00 1,161 0.00 0.00 0.00 1,418 0.00 0.00 0.00 1,496 0.00
Total Gross Profit		 595 604 596 608 613 633 617 633 638 642 630
Total Revenue		 724 728 731 734 748 767 761 769 782 782 780
Operating Revenue		 724 728 731 734 748 767 761 769 782 782 780
Total Cost of Revenue		 129 123 135 126 135 133 144 136 145 140 150
Operating Cost of Revenue		 129 123 135 126 135 133 144 136 145 140 150
Total Operating Expenses		 343 212 198 342 390 102 268 348 269 148 417
Selling, General & Admin Expense		 14 12 16 19 15 13 18 19 15 14 17
Depreciation Expense		 225 227 226 224 238 264 257 241 255 258 247
Other Operating Expenses / (Income)		 131 129 144 139 137 144 148 147 142 147 152
Other Special Charges / (Income)		 -27 -156 -188 -40 0.17 -319 -154 -58 -143 -271 0.03
Total Other Income / (Expense), net		 -69 -68 -92 -80 -73 -93 -77 -80 -68 -99 -118
Interest Expense		 72 71 69 68 75 82 74 77 82 82 80
Interest & Investment Income		 7.63 11 9.33 1.33 16 3.83 1.69 2.13 45 3.40 2.24
Other Income / (Expense), net		 -4.96 -8.90 -32 -13 -14 -15 -4.16 -4.81 -31 -21 -41
Income Tax Expense		 0.26 0.26 0.30 0.33 0.29 0.33 0.42 0.41 0.40 0.36 0.42
Other Gains / (Losses), net		 -1.24 -1.53 -1.70 -1.67 -1.49 -1.98 -6.41 -5.00 -3.98 -3.53 -2.04
Extraordinary Income / (Loss), net		 0.00 - 0.00 0.00 0.00 - -0.07 -0.01 -0.00 - 0.00
Preferred Stock Dividends Declared		 0.77 0.77 1.99 0.36 0.36 0.36 0.36 0.36 0.36 0.36 0.36
Net Income / (Loss) Attributable to Noncontrolling Interest		 8.78 11 9.25 6.07 5.07 17 8.21 6.43 7.82 9.41 3.02
Basic Earnings per Share		 $0.45 $0.82 $0.78 $0.47 $0.38 $1.10 $0.68 $0.51 $0.76 $1.00 $0.24
Weighted Average Basic Shares Outstanding		 378.85M 378.77M 378.81M 378.58M 378.76M 378.80M 379.21M 379.51M 380.59M 379.61M 375.64M
Diluted Earnings per Share		 $0.45 $0.82 $0.77 $0.47 $0.38 $1.10 $0.67 $0.50 $0.76 $1.01 $0.24
Weighted Average Diluted Shares Outstanding		 391.35M 390.90M 390.56M 390.54M 391.03M 390.74M 391.18M 391.50M 390.97M 390.41M 385.11M
Weighted Average Basic & Diluted Shares Outstanding		 379.72M 379.55M 378.97M 379.14M 379.43M 379.71M 379.94M 381.90M 380.47M 377.55M 374.67M
Cash Dividends to Common per Share		 $0.66 - $0.68 - $0.68 - $0.69 - $0.69 - $0.70

Annual Cash Flow Statements for Equity Residential

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 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		 -5.35 64 -118 16 0.69 -17 261 -223 2.82 20 -1.31
Net Cash From Operating Activities		 1,357 1,214 1,266 1,356 1,457 1,266 1,260 1,455 1,533 1,574 1,649
Net Cash From Continuing Operating Activities		 1,357 1,214 1,266 1,356 1,457 1,266 1,260 1,455 1,533 1,574 1,649
Net Income / (Loss) Continuing Operations		 908 4,480 628 685 1,010 963 1,397 807 868 1,071 1,152
Consolidated Net Income / (Loss)		 908 4,480 628 685 1,010 963 1,397 807 868 1,071 1,152
Depreciation Expense		 766 706 744 786 831 821 838 882 889 952 1,010
Amortization Expense		 22 40 35 57 56 61 37 37 30 30 28
Non-Cash Adjustments To Reconcile Net Income		 -303 -3,986 -126 -195 -467 -516 -1,035 -264 -256 -512 -582
Changes in Operating Assets and Liabilities, net		 -36 -26 -15 23 26 -63 24 -7.49 2.00 33 40
Net Cash From Investing Activities		 -696 5,904 -594 -377 -772 664 -435 108 -410 -1,176 -321
Net Cash From Continuing Investing Activities		 -698 5,904 -594 -377 -772 669 -435 108 -410 -1,176 -321
Purchase of Property, Plant & Equipment		 -517 -384 -669 -897 -1,702 -205 -1,865 -338 -646 -1,899 -1,008
Acquisitions		 -23 -5.27 -6.03 -6.57 0.00 0.00 -80 -160 -2.80 -110 0.00
Purchase of Investments		 - - 0.00 0.00 -0.27 -0.77 -168 -2.06 -2.50 0.00 -0.25
Sale of Property, Plant & Equipment		 505 6,825 385 692 1,065 1,114 1,708 720 374 960 1,107
Sale and/or Maturity of Investments		 51 87 0.33 0.00 78 1.64 193 3.88 3.08 16 15
Other Investing Activities, net		 -714 -618 -304 -165 -212 -240 -222 -116 -136 -144 -435
Net Cash From Financing Activities		 -666 -7,054 -790 -964 -684 -1,946 -565 -1,786 -1,120 -377 -1,329
Net Cash From Continuing Financing Activities		 -663 -7,054 -790 -964 -684 -1,946 -565 -1,786 -1,120 -377 -1,329
Repayment of Debt		 -7,964 -4,190 -7,159 -17,674 -22,526 -10,711 -7,714 -6,735 -5,852 -33,385 -48,336
Repurchase of Preferred Equity		 -13 - - - - - - 0.00 0.00 -20 0.00
Repurchase of Common Equity		 -0.08 -0.31 -0.05 -0.03 -0.99 0.00 -0.43 -0.78 -49 -38 -281
Payment of Dividends		 -826 -4,998 -778 -824 -871 -931 -941 -1,015 -1,033 -1,058 -1,082
Issuance of Debt		 8,449 2,683 6,912 17,933 23,445 9,840 7,659 6,084 6,697 33,508 48,404
Issuance of Common Equity		 4.40 3.69 3.87 4.00 10 4.93 5.66 144 3.53 4.11 2.75
Other Financing Activities, net		 -314 -552 232 -403 -742 -149 426 -264 -886 613 -36
Cash Interest Paid		 437 482 360 358 342 321 253 268 249 241 274
Cash Income Taxes Paid		 1.26 1.49 0.64 0.85 -0.59 -1.04 1.18 0.75 1.09 1.34 1.12

Quarterly Cash Flow Statements for Equity Residential

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 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		 2.09 13 57 -58 -12 34 -19 -9.59 68 -41 -20
Net Cash From Operating Activities		 443 344 421 397 401 354 426 360 477 387 401
Net Cash From Continuing Operating Activities		 437 350 423 399 406 347 427 363 478 382 401
Net Income / (Loss) Continuing Operations		 181 322 305 184 149 434 265 199 297 391 93
Consolidated Net Income / (Loss)		 181 322 305 184 149 434 265 199 297 391 93
Depreciation Expense		 225 227 226 224 238 264 257 241 255 258 247
Amortization Expense		 8.25 7.02 7.02 7.02 8.69 7.28 7.33 6.90 6.88 7.26 6.92
Non-Cash Adjustments To Reconcile Net Income		 -29 -152 -192 -20 3.12 -312 -133 -35 -150 -263 15
Changes in Operating Assets and Liabilities, net		 52 -54 77 3.97 8.10 -46 31 -48 69 -12 39
Net Cash From Investing Activities		 -197 59 136 -138 -1,361 187 97 -616 -104 302 -92
Net Cash From Continuing Investing Activities		 -197 57 136 -138 -1,361 187 97 -616 -104 302 -92
Purchase of Property, Plant & Equipment		 -233 -90 -75 -143 -1,335 -347 -63 -617 -203 -125 -63
Acquisitions		 25 -1.81 0.00 -23 - -78 0.00 32 - - 0.00
Purchase of Investments		 - - 0.00 - - - 0.00 - - -0.25 0.00
Sale of Property, Plant & Equipment		 58 182 247 83 31 600 227 116 246 518 0.00
Sale and/or Maturity of Investments		 2.50 0.12 0.02 7.46 1.39 7.58 0.69 - 1.37 13 0.00
Other Investing Activities, net		 -50 -34 -36 -62 -59 5.46 -67 -148 -149 -104 -29
Net Cash From Financing Activities		 -243 -390 -500 -317 948 -508 -541 247 -305 -729 -328
Net Cash From Continuing Financing Activities		 -243 -390 -500 -318 948 -506 -541 247 -305 -729 -328
Repayment of Debt		 -1,702 -1,822 -1,370 -2,401 -4,668 -24,946 -11,478 -7,542 -14,578 -14,738 -6,695
Repurchase of Preferred Equity		 - - -20 -1.44 - 1.44 0.00 - - - 0.00
Repurchase of Common Equity		 - -49 -38 - - - 0.00 -0.48 -95 -186 -219
Payment of Dividends		 -259 -262 -263 -264 -264 -267 -268 -272 -271 -270 -271
Issuance of Debt		 2,561 1,731 1,187 2,346 5,874 24,102 11,238 8,064 14,639 14,462 6,857
Issuance of Common Equity		 0.47 0.93 1.88 1.03 0.38 0.82 0.94 0.47 0.55 0.78 1.09
Other Financing Activities, net		 -843 11 2.24 1.36 6.13 603 -34 -3.29 -0.73 2.32 -0.31
Cash Interest Paid		 81 43 77 44 77 43 90 44 90 50 90
Cash Income Taxes Paid		 0.12 0.06 0.41 0.47 0.22 0.24 0.37 0.55 0.15 0.05 0.46

Annual Balance Sheets for Equity Residential

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 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		 23,110 20,704 20,339 20,394 21,173 20,287 21,169 20,218 20,035 20,834 20,746
Total Current Assets		 98 219 51 47 46 100 360 137 140 160 159
Cash & Equivalents		 42 77 51 47 46 43 124 54 51 62 56
Restricted Cash		 56 142 - - - 57 236 83 89 98 103
Plant, Property, & Equipment, net		 20,277 20,026 19,493 19,389 20,257 19,344 19,919 19,061 18,902 19,558 19,439
Plant, Property & Equipment, gross		 25,182 25,386 25,533 26,085 27,534 27,203 28,273 28,089 28,713 29,971 30,456
Accumulated Depreciation		 4,905 5,360 6,040 6,696 7,277 7,860 8,354 9,028 9,810 10,412 11,017
Total Noncurrent Assets		 2,735 459 796 505 870 843 890 1,020 992 1,116 1,148
Long-Term Investments		 68 60 58 58 52 53 127 279 282 387 326
Other Noncurrent Operating Assets		 2,667 399 738 899 818 791 763 741 710 729 822
Total Liabilities & Shareholders' Equity		 23,110 20,704 20,571 20,394 21,173 20,287 21,169 20,218 20,035 20,834 20,746
Total Liabilities		 11,847 9,801 9,730 9,615 10,165 9,184 9,483 8,517 8,456 9,250 9,337
Total Current Liabilities		 209 360 193 207 161 232 234 846 1,133 1,286 1,342
Short-Term Debt		 - 20 - - - - - 130 409 544 587
Accounts Payable		 - 147 - - 94 - - 96 87 99 109
Dividends Payable		 209 192 193 207 - 232 234 245 259 263 268
Other Current Liabilities		 - - - - - - - 309 312 305 305
Other Current Nonoperating Liabilities		 - - - - 67 - - 66 66 74 74
Total Noncurrent Liabilities		 11,638 9,380 9,537 9,409 10,004 8,952 9,250 7,672 7,323 7,964 7,995
Long-Term Debt		 10,534 8,967 8,658 8,319 8,019 7,629 8,026 7,296 6,981 7,578 7,588
Other Noncurrent Operating Liabilities		 1,104 413 879 1,090 1,985 1,323 1,223 376 342 386 407
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		 567 442 367 379 463 339 499 318 289 339 176
Total Equity & Noncontrolling Interests		 10,696 10,461 10,474 10,400 10,545 10,763 11,187 11,383 11,289 11,246 11,233
Total Preferred & Common Equity		 10,470 10,229 10,242 10,173 10,316 10,526 10,955 11,173 11,086 11,045 11,041
Preferred Stock		 37 37 37 37 37 37 37 37 37 17 17
Total Common Equity		 10,433 10,192 10,205 10,136 10,278 10,488 10,918 11,136 11,049 11,027 11,024
Common Stock		 8,576 8,762 8,890 8,939 8,969 9,132 9,125 9,480 9,606 9,616 9,828
Retained Earnings		 2,009 1,544 1,404 1,262 1,386 1,400 1,827 1,659 1,437 1,408 1,194
Accumulated Other Comprehensive Income / (Loss)		 -152 -114 -89 -65 -78 -44 -34 -2.55 5.70 4.21 2.18
Noncontrolling Interest		 226 232 231 - 229 238 232 209 203 201 191

Quarterly Balance Sheets for Equity Residential

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 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		 20,146 20,109 20,035 19,895 19,780 20,926 20,834 20,562 21,028 21,065 20,517
Total Current Assets		 125 127 140 197 138 127 160 142 132 200 139
Cash & Equivalents		 36 39 51 45 38 29 62 40 31 93 35
Restricted Cash		 89 87 89 152 100 98 98 102 101 106 104
Plant, Property, & Equipment, net		 18,961 18,995 18,902 18,723 18,634 19,723 19,558 19,325 19,760 19,626 19,281
Plant, Property & Equipment, gross		 28,389 28,629 28,713 28,701 28,798 30,110 29,971 29,936 30,577 30,603 30,546
Accumulated Depreciation		 9,429 9,634 9,810 9,978 10,164 10,387 10,412 10,611 10,817 10,977 11,264
Total Noncurrent Assets		 1,061 987 992 975 1,007 1,076 1,116 1,096 1,135 1,240 1,097
Long-Term Investments		 305 313 282 289 342 360 387 412 404 400 326
Other Noncurrent Operating Assets		 756 674 710 686 665 716 729 684 732 840 771
Total Liabilities & Shareholders' Equity		 20,146 20,109 20,035 19,895 19,780 20,926 20,834 20,562 21,028 21,065 20,517
Total Liabilities		 8,564 8,565 8,456 8,323 8,272 9,521 9,250 8,973 9,501 9,600 9,495
Total Current Liabilities		 942 1,283 1,133 995 924 1,573 1,286 1,078 1,540 1,630 1,516
Short-Term Debt		 184 498 409 226 171 787 544 304 782 846 748
Accounts Payable		 118 165 87 146 114 166 99 149 109 154 142
Dividends Payable		 259 260 259 264 264 263 263 271 271 270 269
Other Current Liabilities		 314 313 312 310 309 306 305 304 303 305 304
Other Current Nonoperating Liabilities		 66 48 66 49 66 51 74 50 76 55 52
Total Noncurrent Liabilities		 7,622 7,283 7,323 7,328 7,349 7,948 7,964 7,895 7,961 7,971 7,980
Long-Term Debt		 7,258 6,982 6,981 6,984 6,986 7,579 7,578 7,543 7,590 7,590 7,591
Other Noncurrent Operating Liabilities		 364 301 342 344 362 369 386 352 371 381 388
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		 355 278 289 298 328 352 339 338 318 182 165
Total Equity & Noncontrolling Interests		 11,227 11,266 11,289 11,274 11,180 11,054 11,246 11,251 11,208 11,283 10,856
Total Preferred & Common Equity		 11,024 11,062 11,086 11,068 10,976 10,854 11,045 11,047 11,008 11,085 10,671
Preferred Stock		 37 37 37 17 17 17 17 17 17 17 17
Total Common Equity		 10,987 11,025 11,049 11,051 10,959 10,837 11,027 11,030 10,991 11,068 10,654
Common Stock		 9,476 9,593 9,606 9,608 9,594 9,588 9,616 9,626 9,660 9,806 9,851
Retained Earnings		 1,506 1,427 1,437 1,437 1,358 1,245 1,408 1,401 1,329 1,260 801
Accumulated Other Comprehensive Income / (Loss)		 3.71 5.10 5.70 6.31 6.91 3.53 4.21 3.40 1.62 1.89 2.46
Noncontrolling Interest		 203 204 203 206 204 200 201 204 200 198 186

Annual Metrics And Ratios for Equity Residential

This table displays calculated financial ratios and metrics derived from Equity Residential's 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		 4.98% -11.63% 1.88% 4.30% 4.77% -4.78% -4.19% 11.01% 5.07% 3.69% 3.82%
EBITDA Growth		 6.30% -11.47% 12.09% 9.65% 14.71% -1.94% 16.00% -20.14% 1.38% 13.53% 6.35%
EBIT Growth		 10.43% -16.31% 18.93% 10.75% 21.93% -2.80% 27.38% -33.45% 2.61% 18.85% 6.78%
NOPAT Growth		 9.67% -15.36% 17.70% 10.90% 22.12% -3.14% 27.18% -33.43% 3.97% 22.24% 5.45%
Net Income Growth		 37.85% 393.39% -85.97% 9.04% 47.36% -4.68% 45.11% -42.22% 7.62% 23.31% 7.56%
EPS Growth		 36.42% 394.92% -86.04% 8.59% 46.89% -5.77% 44.49% -42.09% 7.32% 23.64% 8.09%
Operating Cash Flow Growth		 2.46% -10.50% 4.26% 7.15% 7.42% -13.14% -0.42% 15.44% 5.36% 2.66% 4.78%
Free Cash Flow Firm Growth		 -18.46% 203.95% -46.36% -16.57% 23.39% -3.89% -31.52% 50.97% -15.66% -39.52% 95.89%
Invested Capital Growth		 0.35% -9.05% -2.58% -0.79% -1.05% -0.97% 3.44% -2.25% -0.79% 3.31% -0.29%
Revenue Q/Q Growth		 1.42% -3.87% 1.03% 0.83% 1.19% -2.66% 1.30% 2.04% 0.98% 1.34% 0.49%
EBITDA Q/Q Growth		 1.62% -3.62% 10.20% -6.82% 9.69% -2.48% 12.99% -16.71% 82.43% 14.21% 2.74%
EBIT Q/Q Growth		 3.92% -6.54% 16.75% -11.73% 15.53% -4.01% 20.88% -26.41% 420.38% 23.05% 5.28%
NOPAT Q/Q Growth		 3.74% -6.93% 17.44% -12.15% 16.73% -4.13% 20.55% -26.38% 378.95% 22.23% 5.47%
Net Income Q/Q Growth		 -1.45% 2.02% -21.52% -1.11% 21.54% -3.83% 27.12% -32.90% 22.05% 11.63% -3.55%
EPS Q/Q Growth		 -1.67% 1.83% -20.87% -1.67% 22.07% -3.92% 25.53% -32.57% 22.91% 11.48% -2.97%
Operating Cash Flow Q/Q Growth		 -1.20% 9.12% -6.78% 0.69% 3.61% -9.42% 4.20% 3.75% 0.64% 0.64% 2.03%
Free Cash Flow Firm Q/Q Growth		 -18.55% -4.95% 19.63% -93.90% 108.54% 9.33% -19.66% -23.62% 229.72% 75.65% 11.58%
Invested Capital Q/Q Growth		 -0.56% -0.19% -0.71% 0.00% -2.35% -3.30% -0.53% -0.12% -0.10% -0.52% -0.94%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 82.54% 83.23% 83.51% 83.34% 83.45% 82.85% 65.48% 82.31% 82.10% 82.22% 81.75%
EBITDA Margin		 64.96% 65.07% 71.59% 75.26% 82.40% 84.85% 102.73% 73.91% 71.31% 78.07% 79.98%
Operating Margin		 36.77% 35.29% 40.65% 43.24% 50.22% 51.25% 68.01% 40.80% 40.38% 47.60% 48.36%
EBIT Margin		 36.27% 34.34% 40.09% 42.57% 49.54% 50.57% 67.23% 40.30% 39.36% 45.11% 46.40%
Profit (Net Income) Margin		 33.08% 184.69% 25.43% 26.58% 37.39% 37.43% 56.68% 29.50% 30.22% 35.94% 37.23%
Tax Burden Percent		 162.62% 1,075.37% 102.50% 99.48% 107.48% 103.23% 99.69% 99.27% 99.25% 99.05% 98.24%
Interest Burden Percent		 56.09% 50.01% 61.87% 62.76% 70.21% 71.70% 84.57% 73.74% 77.36% 80.42% 81.67%
Effective Tax Rate		 0.16% 0.39% 0.08% 0.13% -0.24% 0.09% 0.07% 0.11% 0.13% 0.12% 0.14%
Return on Invested Capital (ROIC)		 4.62% 4.09% 5.12% 5.78% 7.12% 6.97% 8.75% 5.79% 6.12% 7.39% 7.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.68% 41.22% 0.82% 0.72% 2.86% 2.45% 5.16% 1.72% 2.14% 2.84% 3.38%
Return on Net Nonoperating Assets (RNNOA)		 3.46% 36.33% 0.66% 0.56% 2.15% 1.74% 3.51% 1.11% 1.34% 1.86% 2.35%
Return on Equity (ROE)		 8.08% 40.42% 5.78% 6.34% 9.27% 8.71% 12.26% 6.90% 7.46% 9.25% 10.02%
Cash Return on Invested Capital (CROIC)		 4.27% 13.57% 7.74% 6.57% 8.18% 7.94% 5.37% 8.07% 6.91% 4.13% 7.96%
Operating Return on Assets (OROA)		 4.32% 3.80% 4.83% 5.39% 6.44% 6.27% 7.99% 5.33% 5.62% 6.58% 6.91%
Return on Assets (ROA)		 3.94% 20.45% 3.06% 3.36% 4.86% 4.64% 6.74% 3.90% 4.32% 5.24% 5.54%
Return on Common Equity (ROCE)		 7.46% 37.61% 5.42% 5.96% 8.69% 8.18% 11.51% 6.51% 7.11% 8.81% 9.61%
Return on Equity Simple (ROE_SIMPLE)		 8.67% 43.80% 6.14% 6.74% 9.79% 9.14% 12.75% 7.22% 7.83% 9.70% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,008 853 1,004 1,113 1,359 1,317 1,675 1,115 1,159 1,417 1,494
NOPAT Margin		 36.71% 35.15% 40.61% 43.19% 50.34% 51.20% 67.97% 40.76% 40.33% 47.54% 48.29%
Net Nonoperating Expense Percent (NNEP)		 0.94% -37.13% 4.30% 5.06% 4.26% 4.51% 3.59% 4.08% 3.98% 4.55% 4.29%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 5.93% 6.21% 7.32% 7.70%
Cost of Revenue to Revenue		 17.46% 16.77% 16.49% 16.66% 16.55% 17.15% 34.52% 17.69% 17.90% 17.78% 18.25%
SG&A Expenses to Revenue		 2.36% 2.38% 2.11% 2.09% 1.95% 1.88% 2.29% 2.15% 2.11% 2.07% 2.11%
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		 33.57% -118.77% 42.96% 40.10% 33.24% 31.60% -2.54% 41.51% 41.71% 34.63% 33.39%
Earnings before Interest and Taxes (EBIT)		 995 833 991 1,097 1,338 1,300 1,657 1,102 1,131 1,344 1,436
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,783 1,578 1,769 1,940 2,225 2,182 2,531 2,021 2,049 2,327 2,474
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.81 1.77 1.82 1.96 2.46 1.85 2.81 1.84 2.02 2.45 2.15
Price to Tangible Book Value (P/TBV)		 1.81 1.77 1.82 1.96 2.46 1.85 2.81 1.84 2.02 2.45 2.15
Price to Revenue (P/Rev)		 6.86 7.44 7.50 7.72 9.37 7.53 12.46 7.50 7.77 9.05 7.67
Price to Earnings (P/E)		 21.83 4.21 30.87 30.39 26.16 21.28 23.09 26.52 26.84 26.12 21.21
Dividend Yield		 4.27% 20.29% 4.00% 4.00% 3.33% 4.63% 2.94% 4.60% 4.50% 3.78% 4.41%
Earnings Yield		 4.58% 23.77% 3.24% 3.29% 3.82% 4.70% 4.33% 3.77% 3.73% 3.83% 4.72%
Enterprise Value to Invested Capital (EV/IC)		 1.38 1.38 1.43 1.49 1.79 1.46 2.01 1.48 1.58 1.80 1.64
Enterprise Value to Revenue (EV/Rev)		 10.94 11.32 11.22 11.06 12.57 10.68 15.83 10.27 10.38 11.78 10.28
Enterprise Value to EBITDA (EV/EBITDA)		 16.85 17.40 15.67 14.70 15.26 12.59 15.41 13.90 14.56 15.09 12.85
Enterprise Value to EBIT (EV/EBIT)		 30.17 32.97 27.98 25.99 25.38 21.12 23.55 25.49 26.38 26.11 22.15
Enterprise Value to NOPAT (EV/NOPAT)		 29.81 32.21 27.62 25.62 24.98 20.86 23.30 25.21 25.75 24.78 21.28
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.14 22.62 21.90 21.03 23.30 21.70 30.96 19.32 19.47 22.31 19.29
Enterprise Value to Free Cash Flow (EV/FCFF)		 32.28 9.71 18.27 22.53 21.74 18.30 37.96 18.11 22.80 44.35 20.51
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.94 0.82 0.80 0.77 0.73 0.69 0.69 0.63 0.64 0.70 0.72
Long-Term Debt to Equity		 0.94 0.82 0.80 0.77 0.73 0.69 0.69 0.62 0.60 0.65 0.67
Financial Leverage		 0.94 0.88 0.80 0.78 0.75 0.71 0.68 0.65 0.63 0.66 0.69
Leverage Ratio		 2.05 1.98 1.89 1.88 1.91 1.88 1.82 1.77 1.73 1.76 1.81
Compound Leverage Factor		 1.15 0.99 1.17 1.18 1.34 1.34 1.54 1.31 1.34 1.42 1.48
Debt to Total Capital		 48.33% 45.18% 44.40% 43.56% 42.15% 40.73% 40.72% 38.82% 38.96% 41.21% 41.74%
Short-Term Debt to Total Capital		 0.00% 0.10% 0.00% 0.00% 0.00% 0.00% 0.00% 0.68% 2.16% 2.76% 3.00%
Long-Term Debt to Total Capital		 48.33% 45.08% 44.40% 43.56% 42.15% 40.73% 40.72% 38.14% 36.80% 38.46% 38.75%
Preferred Equity to Total Capital		 0.17% 0.19% 0.19% 0.20% 0.20% 0.20% 0.19% 0.19% 0.20% 0.09% 0.09%
Noncontrolling Interests to Total Capital		 3.64% 3.39% 3.07% 1.99% 3.64% 3.08% 3.71% 2.76% 2.60% 2.74% 1.88%
Common Equity to Total Capital		 47.86% 51.24% 52.34% 53.07% 54.02% 55.99% 55.38% 58.22% 58.25% 55.96% 56.29%
Debt to EBITDA		 5.91 5.69 4.89 4.29 3.60 3.50 3.17 3.67 3.61 3.49 3.30
Net Debt to EBITDA		 5.81 5.52 4.83 4.23 3.56 3.43 2.98 3.47 3.40 3.26 3.11
Long-Term Debt to EBITDA		 5.91 5.68 4.89 4.29 3.60 3.50 3.17 3.61 3.41 3.26 3.07
Debt to NOPAT		 10.45 10.54 8.63 7.47 5.90 5.79 4.79 6.66 6.38 5.73 5.47
Net Debt to NOPAT		 10.29 10.21 8.52 7.38 5.83 5.68 4.50 6.29 6.01 5.35 5.15
Long-Term Debt to NOPAT		 10.45 10.52 8.63 7.47 5.90 5.79 4.79 6.54 6.02 5.35 5.08
Altman Z-Score		 1.33 1.45 1.51 1.62 1.91 1.69 2.45 1.83 1.96 2.14 1.91
Noncontrolling Interest Sharing Ratio		 7.65% 6.95% 6.19% 5.91% 6.30% 6.08% 6.07% 5.70% 4.70% 4.69% 4.10%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.47 0.61 0.26 0.23 0.28 0.43 1.54 0.16 0.12 0.12 0.12
Quick Ratio		 0.20 0.21 0.26 0.23 0.28 0.18 0.53 0.06 0.04 0.05 0.04
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 931 2,829 1,517 1,266 1,562 1,501 1,028 1,552 1,309 792 1,550
Operating Cash Flow to CapEx		 10,688.84% 0.00% 445.05% 661.39% 228.50% 0.00% 802.16% 0.00% 564.21% 167.60% 0.00%
Free Cash Flow to Firm to Interest Expense		 2.09 5.87 3.95 2.98 3.89 4.01 3.66 5.32 4.70 2.70 4.91
Operating Cash Flow to Interest Expense		 3.05 2.52 3.30 3.19 3.63 3.38 4.48 4.99 5.50 5.36 5.22
Operating Cash Flow Less CapEx to Interest Expense		 3.02 15.87 2.56 2.71 2.04 5.81 3.92 6.30 4.53 2.16 5.54
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.11 0.12 0.13 0.13 0.12 0.12 0.13 0.14 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		 0.13 0.12 0.13 0.13 0.14 0.13 0.13 0.14 0.15 0.16 0.16
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.61 5.67 5.42
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 65.05 64.33 67.39
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -65.05 -64.33 -67.39
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 21,840 19,864 19,351 19,198 18,996 18,812 19,458 19,021 18,872 19,497 19,441
Invested Capital Turnover		 0.13 0.12 0.13 0.13 0.14 0.14 0.13 0.14 0.15 0.16 0.16
Increase / (Decrease) in Invested Capital		 77 -1,976 -513 -153 -202 -184 647 -437 -150 625 -56
Enterprise Value (EV)		 30,039 27,466 27,718 28,519 33,953 27,466 39,017 28,099 29,841 35,104 31,797
Market Capitalization		 18,841 18,047 18,534 19,889 25,303 19,375 30,710 20,525 22,343 26,972 23,722
Book Value per Share		 $28.64 $27.87 $27.77 $27.54 $27.68 $28.18 $29.11 $29.47 $29.10 $29.06 $28.98
Tangible Book Value per Share		 $28.64 $27.87 $27.77 $27.54 $27.68 $28.18 $29.11 $29.47 $29.10 $29.06 $28.98
Total Capital		 21,797 19,890 19,498 19,098 19,027 18,732 19,713 19,127 18,969 19,706 19,584
Total Debt		 10,534 8,987 8,658 8,319 8,019 7,629 8,026 7,426 7,390 8,122 8,175
Total Long-Term Debt		 10,534 8,967 8,658 8,319 8,019 7,629 8,026 7,296 6,981 7,578 7,588
Net Debt		 10,368 8,708 8,549 8,213 7,921 7,477 7,539 7,010 6,968 7,575 7,690
Capital Expenditures (CapEx)		 13 -6,441 284 205 638 -909 157 -382 272 939 -99
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -209 -340 -193 -207 -161 -232 -234 -716 -724 -742 -755
Debt-free Net Working Capital (DFNWC)		 -111 -121 -142 -159 -115 -133 127 -579 -584 -582 -596
Net Working Capital (NWC)		 -111 -141 -142 -159 -115 -133 127 -708 -993 -1,125 -1,183
Net Nonoperating Expense (NNE)		 100 -3,627 375 428 350 354 278 308 291 346 342
Net Nonoperating Obligations (NNO)		 10,577 8,961 8,510 8,420 7,988 7,709 7,772 7,320 7,293 7,913 8,032
Total Depreciation and Amortization (D&A)		 788 745 778 843 887 882 875 919 918 982 1,039
Debt-free, Cash-free Net Working Capital to Revenue		 -7.63% -14.01% -7.80% -8.02% -5.97% -9.03% -9.48% -26.17% -25.19% -24.90% -24.41%
Debt-free Net Working Capital to Revenue		 -4.05% -4.98% -5.75% -6.17% -4.27% -5.15% 5.14% -21.15% -20.32% -19.52% -19.27%
Net Working Capital to Revenue		 -4.05% -5.80% -5.75% -6.17% -4.27% -5.15% 5.14% -25.90% -34.56% -37.76% -38.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.37 $11.75 $1.64 $1.78 $2.61 $2.45 $3.56 $2.06 $2.20 $2.73 $2.95
Adjusted Weighted Average Basic Shares Outstanding		 363.50M 365.00M 366.97M 368.05M 370.46M 371.79M 373.83M 376.21M 378.77M 378.80M 379.61M
Adjusted Diluted Earnings per Share		 $2.36 $11.68 $1.63 $1.77 $2.60 $2.45 $3.54 $2.05 $2.20 $2.72 $2.94
Adjusted Weighted Average Diluted Shares Outstanding		 380.62M 381.99M 382.68M 383.70M 386.33M 385.87M 388.09M 389.45M 390.90M 390.74M 390.41M
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		 365.14M 367.10M 368.17M 369.93M 371.98M 372.66M 375.92M 378.60M 379.55M 379.71M 377.55M
Normalized Net Operating Profit after Tax (NOPAT)		 673 -3,176 1,005 857 636 785 620 811 877 871 869
Normalized NOPAT Margin		 24.52% -130.91% 40.68% 33.26% 23.55% 30.54% 25.16% 29.64% 30.51% 29.22% 28.07%
Pre Tax Income Margin		 20.34% 17.17% 24.81% 26.72% 34.79% 36.26% 56.86% 29.72% 30.45% 36.28% 37.90%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.24 1.73 2.58 2.58 3.33 3.48 5.89 3.78 4.06 4.58 4.55
NOPAT to Interest Expense		 2.27 1.77 2.61 2.62 3.38 3.52 5.96 3.82 4.16 4.83 4.73
EBIT Less CapEx to Interest Expense		 2.21 15.08 1.84 2.10 1.74 5.91 5.33 5.09 3.09 1.38 4.86
NOPAT Less CapEx to Interest Expense		 2.24 15.12 1.87 2.14 1.80 5.95 5.40 5.13 3.19 1.63 5.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 90.92% 111.57% 123.82% 120.25% 86.25% 96.74% 67.35% 125.78% 118.94% 98.80% 93.91%
Augmented Payout Ratio		 90.92% 111.58% 123.83% 120.26% 86.35% 96.74% 67.38% 125.87% 124.59% 102.39% 118.34%

Quarterly Metrics And Ratios for Equity Residential

This table displays calculated financial ratios and metrics derived from Equity Residential's 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		 - - - - - - - - - - 377,547,108.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 377,547,108.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.17% 3.97% 3.65% 2.35% 3.35% 5.40% 4.10% 4.72% 4.55% 1.97% 2.50%
EBITDA Growth		 -64.15% 201.54% -6.05% -1.78% 2.04% 20.89% 29.32% 11.44% -0.89% 3.94% -17.81%
EBIT Growth		 -101.21% 384.12% -252.84% -103.92% -181.79% 21.87% 86.91% 64.10% -121.47% 5.13% -881.42%
NOPAT Growth		 -100.00% 378.99% 0.00% 0.00% 0.00% 22.23% 0.00% 0.00% 0.00% 5.46% 0.00%
Net Income Growth		 -45.91% 94.90% 38.61% 26.71% -18.08% 34.63% -13.19% 8.30% 99.89% -9.77% -64.84%
EPS Growth		 -47.67% 100.00% 37.50% 27.03% -15.56% 34.15% -12.99% 6.38% 100.00% -8.18% -64.18%
Operating Cash Flow Growth		 3.07% 2.91% 7.06% 12.54% -9.29% 2.89% 1.07% -9.42% 18.75% 9.26% -5.88%
Free Cash Flow Firm Growth		 -83.36% 92.80% -85.09% -29.10% -557.36% -39.51% -591.57% -393.66% 96.18% 95.83% 97.46%
Invested Capital Growth		 -0.81% -0.79% -0.65% -2.15% 3.75% 3.31% 3.20% 6.46% 0.14% -0.29% 0.08%
Revenue Q/Q Growth		 0.94% 0.47% 0.46% 0.46% 1.93% 2.46% -0.78% 1.05% 1.77% -0.06% -0.26%
EBITDA Q/Q Growth		 2.72% 507.61% -82.27% 8.49% 6.71% 619.89% -84.48% -6.52% -5.10% 654.96% -87.73%
EBIT Q/Q Growth		 24.47% 23,328.78% -103.53% 57.83% -4.38% 10,146.09% -100.30% -15.62% -543.95% 4,868.79% -102.76%
NOPAT Q/Q Growth		 0.00% 0.00% -100.00% 0.00% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00% -100.00%
Net Income Q/Q Growth		 25.14% 77.77% -5.35% -39.82% -19.09% 192.14% -38.97% -24.93% 49.34% 31.88% -76.22%
EPS Q/Q Growth		 21.62% 82.22% -6.10% -38.96% -19.15% 189.47% -39.09% -25.37% 52.00% 32.89% -76.24%
Operating Cash Flow Q/Q Growth		 25.47% -22.21% 22.30% -5.72% 1.13% -11.76% 20.13% -15.51% 32.57% -18.80% 3.48%
Free Cash Flow Firm Q/Q Growth		 -73.02% 745.19% -88.56% 236.47% -274.05% 211.79% -175.09% -101.00% 97.73% 5,823.48% -100.97%
Invested Capital Q/Q Growth		 -0.16% -0.10% -1.39% -0.51% 5.86% -0.52% -1.51% 2.63% -0.42% -0.94% -1.14%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 82.17% 83.07% 81.58% 82.77% 81.93% 82.60% 81.08% 82.28% 81.52% 82.12% 80.81%
EBITDA Margin		 31.49% 190.45% 27.50% 29.70% 31.09% 218.44% 34.16% 31.60% 29.47% 222.65% 27.39%
Operating Margin		 0.00% 159.53% 0.00% 0.00% 0.00% 184.99% 0.00% 0.00% 0.00% 191.34% 0.00%
EBIT Margin		 -0.68% 158.31% -4.34% -1.82% -1.87% 183.04% -0.55% -0.63% -3.95% 188.71% -5.23%
Profit (Net Income) Margin		 25.04% 44.30% 41.74% 25.00% 19.85% 56.58% 34.80% 25.86% 37.94% 50.07% 11.94%
Tax Burden Percent		 99.18% 99.45% 99.35% 98.92% 98.81% 98.99% 97.46% 97.35% 98.55% 99.02% 97.42%
Interest Burden Percent		 -3,686.69% 28.14% -967.40% -1,386.33% -1,075.80% 31.23% -6,537.49% -4,249.72% -973.58% 26.80% -234.30%
Effective Tax Rate		 0.14% 0.08% 0.10% 0.18% 0.19% 0.08% 0.16% 0.20% 0.13% 0.09% 0.44%
Return on Invested Capital (ROIC)		 0.00% 24.18% 0.00% 0.00% 0.00% 28.72% 0.00% 0.00% 0.00% 30.38% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.46% 12.72% 4.33% 2.56% 1.91% 15.78% 3.61% 2.62% 3.63% 16.54% 1.18%
Return on Net Nonoperating Assets (RNNOA)		 1.56% 7.98% 2.62% 1.59% 1.29% 10.36% 2.29% 1.73% 2.60% 11.47% 0.82%
Return on Equity (ROE)		 1.56% 32.16% 2.62% 1.59% 1.29% 39.07% 2.29% 1.73% 2.60% 41.85% 0.82%
Cash Return on Invested Capital (CROIC)		 2.09% 6.91% 6.86% 8.37% 2.34% 4.13% 4.35% 1.16% 7.09% 7.96% 7.70%
Operating Return on Assets (OROA)		 -0.10% 22.61% -0.63% -0.27% -0.27% 26.69% -0.08% -0.09% -0.58% 28.08% -0.79%
Return on Assets (ROA)		 3.53% 6.33% 6.05% 3.65% 2.84% 8.25% 5.18% 3.86% 5.56% 7.45% 1.81%
Return on Common Equity (ROCE)		 1.49% 30.65% 2.50% 1.51% 1.23% 37.24% 2.18% 1.64% 2.49% 40.14% 0.79%
Return on Equity Simple (ROE_SIMPLE)		 6.43% 0.00% 8.61% 9.04% 8.84% 0.00% 9.33% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.00 1,160 0.00 0.00 0.00 1,417 0.00 0.00 0.00 1,495 0.00
NOPAT Margin		 0.00% 159.40% 0.00% 0.00% 0.00% 184.85% 0.00% 0.00% 0.00% 191.17% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -2.46% 11.46% -4.33% -2.56% -1.91% 12.94% -3.61% -2.62% -3.63% 13.84% -1.18%
Return On Investment Capital (ROIC_SIMPLE)		 - 6.21% - - - 7.32% 0.00% 0.00% 0.00% 7.70% 0.00%
Cost of Revenue to Revenue		 17.83% 16.93% 18.42% 17.23% 18.07% 17.40% 18.92% 17.72% 18.48% 17.88% 19.19%
SG&A Expenses to Revenue		 1.95% 1.59% 2.15% 2.54% 1.94% 1.66% 2.40% 2.41% 1.87% 1.77% 2.16%
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		 47.36% 29.12% 27.04% 46.62% 52.12% 13.29% 35.28% 45.30% 34.32% 18.91% 53.42%
Earnings before Interest and Taxes (EBIT)		 -4.96 1,152 -32 -13 -14 1,404 -4.16 -4.81 -31 1,476 -41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 228 1,385 201 218 233 1,675 260 243 231 1,741 214
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.94 2.02 2.15 2.37 2.61 2.45 2.46 2.33 2.23 2.15 2.10
Price to Tangible Book Value (P/TBV)		 1.94 2.02 2.15 2.37 2.61 2.45 2.46 2.33 2.23 2.15 2.10
Price to Revenue (P/Rev)		 7.51 7.77 8.18 8.92 9.60 9.05 9.03 8.42 8.03 7.67 7.17
Price to Earnings (P/E)		 31.46 26.84 25.94 27.29 30.52 26.12 27.31 25.39 21.39 21.21 23.45
Dividend Yield		 4.63% 4.50% 4.26% 3.88% 3.61% 3.78% 3.80% 4.05% 4.25% 4.41% 4.70%
Earnings Yield		 3.18% 3.73% 3.86% 3.66% 3.28% 3.83% 3.66% 3.94% 4.68% 4.72% 4.26%
Enterprise Value to Invested Capital (EV/IC)		 1.53 1.58 1.66 1.80 1.87 1.80 1.82 1.73 1.68 1.64 1.59
Enterprise Value to Revenue (EV/Rev)		 10.17 10.38 10.68 11.40 12.47 11.78 11.64 11.17 10.70 10.28 9.82
Enterprise Value to EBITDA (EV/EBITDA)		 25.76 14.56 15.21 16.36 18.00 15.09 14.68 14.11 13.68 12.85 12.59
Enterprise Value to EBIT (EV/EBIT)		 133.14 26.38 27.95 30.18 33.57 26.11 25.53 24.64 24.17 22.15 21.85
Enterprise Value to NOPAT (EV/NOPAT)		 119.59 25.75 26.72 28.68 31.64 24.78 24.73 24.01 23.26 21.28 20.47
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.00 19.47 19.85 20.72 23.46 22.31 22.20 22.08 20.39 19.29 18.83
Enterprise Value to Free Cash Flow (EV/FCFF)		 72.91 22.80 24.20 21.23 81.39 44.35 42.62 153.84 23.71 20.51 20.68
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.65 0.64 0.62 0.62 0.73 0.70 0.68 0.73 0.74 0.72 0.76
Long-Term Debt to Equity		 0.60 0.60 0.60 0.61 0.66 0.65 0.65 0.66 0.66 0.67 0.69
Financial Leverage		 0.64 0.63 0.61 0.62 0.68 0.66 0.63 0.66 0.72 0.69 0.70
Leverage Ratio		 1.74 1.73 1.72 1.73 1.79 1.76 1.75 1.77 1.84 1.81 1.82
Compound Leverage Factor		 -64.23 0.49 -16.65 -23.97 -19.24 0.55 -114.19 -75.29 -17.88 0.48 -4.26
Debt to Total Capital		 39.32% 38.96% 38.39% 38.35% 42.31% 41.21% 40.37% 42.07% 42.39% 41.74% 43.07%
Short-Term Debt to Total Capital		 2.62% 2.16% 1.20% 0.92% 3.98% 2.76% 1.56% 3.93% 4.25% 3.00% 3.87%
Long-Term Debt to Total Capital		 36.70% 36.80% 37.18% 37.43% 38.33% 38.46% 38.81% 38.14% 38.14% 38.75% 39.21%
Preferred Equity to Total Capital		 0.20% 0.20% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09% 0.09%
Noncontrolling Interests to Total Capital		 2.53% 2.60% 2.69% 2.85% 2.79% 2.74% 2.79% 2.60% 1.91% 1.88% 1.81%
Common Equity to Total Capital		 57.95% 58.25% 58.84% 58.71% 54.81% 55.96% 56.75% 55.24% 55.61% 56.29% 55.03%
Debt to EBITDA		 6.66 3.61 3.54 3.52 4.11 3.49 3.29 3.47 3.50 3.30 3.43
Net Debt to EBITDA		 6.27 3.40 3.30 3.29 3.87 3.26 3.06 3.25 3.25 3.11 3.24
Long-Term Debt to EBITDA		 6.21 3.41 3.43 3.44 3.72 3.26 3.16 3.15 3.15 3.07 3.13
Debt to NOPAT		 30.91 6.38 6.22 6.17 7.22 5.73 5.54 5.91 5.95 5.47 5.58
Net Debt to NOPAT		 29.09 6.01 5.80 5.76 6.80 5.35 5.15 5.53 5.53 5.15 5.27
Long-Term Debt to NOPAT		 28.85 6.02 6.02 6.03 6.54 5.35 5.32 5.36 5.36 5.08 5.08
Altman Z-Score		 1.67 1.96 1.90 2.08 1.92 2.14 2.00 1.77 1.69 1.92 1.53
Noncontrolling Interest Sharing Ratio		 4.94% 4.70% 4.70% 4.95% 4.74% 4.69% 4.67% 4.71% 4.22% 4.10% 4.10%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.10 0.12 0.20 0.15 0.08 0.12 0.13 0.09 0.12 0.12 0.09
Quick Ratio		 0.03 0.04 0.04 0.04 0.02 0.05 0.04 0.02 0.06 0.04 0.02
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 155 1,309 121 407 -709 792 -595 -1,195 -27 1,551 -15
Operating Cash Flow to CapEx		 252.96% 0.00% 0.00% 661.04% 30.79% 0.00% 0.00% 71.76% 0.00% 0.00% 633.12%
Free Cash Flow to Firm to Interest Expense		 2.15 18.55 1.75 6.01 -9.49 9.66 -8.01 -15.44 -0.33 19.00 -0.19
Operating Cash Flow to Interest Expense		 6.15 4.88 6.09 5.86 5.38 4.32 5.73 4.64 5.79 4.74 5.04
Operating Cash Flow Less CapEx to Interest Expense		 3.72 6.18 8.58 4.97 -12.09 7.40 7.94 -1.83 6.32 9.55 4.24
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.14 0.15 0.15 0.14 0.15 0.15 0.15 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		 0.15 0.15 0.15 0.16 0.15 0.16 0.16 0.16 0.16 0.16 0.16
Accounts Payable Turnover		 2.40 5.61 0.00 4.41 3.14 5.67 3.65 4.92 3.49 5.42 3.92
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)		 151.83 65.05 0.00 82.74 116.20 64.33 100.01 74.22 104.54 67.39 93.08
Cash Conversion Cycle (CCC)		 -151.83 -65.05 0.00 -82.74 -116.20 -64.33 -100.01 -74.22 -104.54 -67.39 -93.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,890 18,872 18,609 18,513 19,599 19,497 19,203 19,709 19,626 19,441 19,219
Invested Capital Turnover		 0.15 0.15 0.16 0.16 0.15 0.16 0.16 0.16 0.16 0.16 0.16
Increase / (Decrease) in Invested Capital		 -155 -150 -121 -407 709 625 595 1,195 27 -56 15
Enterprise Value (EV)		 28,941 29,841 30,977 33,248 36,678 35,104 35,032 34,014 32,954 31,797 30,575
Market Capitalization		 21,383 22,343 23,731 26,022 28,230 26,972 27,179 25,642 24,720 23,722 22,332
Book Value per Share		 $29.09 $29.10 $29.17 $28.92 $28.58 $29.06 $29.05 $28.93 $28.98 $28.98 $28.22
Tangible Book Value per Share		 $29.09 $29.10 $29.17 $28.92 $28.58 $29.06 $29.05 $28.93 $28.98 $28.98 $28.22
Total Capital		 19,023 18,969 18,782 18,664 19,771 19,706 19,436 19,898 19,901 19,584 19,361
Total Debt		 7,479 7,390 7,210 7,157 8,366 8,122 7,847 8,372 8,436 8,175 8,340
Total Long-Term Debt		 6,982 6,981 6,984 6,986 7,579 7,578 7,543 7,590 7,590 7,588 7,591
Net Debt		 7,039 6,968 6,724 6,677 7,879 7,575 7,293 7,836 7,836 7,690 7,875
Capital Expenditures (CapEx)		 175 -92 -172 60 1,304 -253 -164 501 -43 -393 63
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -785 -724 -769 -753 -786 -742 -774 -758 -783 -755 -767
Debt-free Net Working Capital (DFNWC)		 -658 -584 -573 -614 -659 -582 -633 -626 -584 -596 -628
Net Working Capital (NWC)		 -1,156 -993 -799 -785 -1,446 -1,125 -937 -1,408 -1,430 -1,183 -1,377
Net Nonoperating Expense (NNE)		 -181 837 -305 -184 -149 984 -265 -199 -297 1,103 -93
Net Nonoperating Obligations (NNO)		 7,346 7,293 7,037 7,006 8,193 7,913 7,614 8,182 8,161 8,032 8,197
Total Depreciation and Amortization (D&A)		 233 234 233 231 247 271 264 248 262 265 254
Debt-free, Cash-free Net Working Capital to Revenue		 -27.58% -25.19% -26.53% -25.81% -26.73% -24.90% -25.73% -24.90% -25.44% -24.41% -24.65%
Debt-free Net Working Capital to Revenue		 -23.12% -20.32% -19.75% -21.07% -22.42% -19.52% -21.03% -20.56% -18.96% -19.27% -20.18%
Net Working Capital to Revenue		 -40.61% -34.56% -27.54% -26.93% -49.17% -37.76% -31.13% -46.25% -46.45% -38.23% -44.22%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.45 $0.82 $0.78 $0.47 $0.38 $1.10 $0.68 $0.51 $0.76 $1.00 $0.24
Adjusted Weighted Average Basic Shares Outstanding		 378.85M 378.77M 378.81M 378.58M 378.76M 378.80M 379.21M 379.51M 380.59M 379.61M 375.64M
Adjusted Diluted Earnings per Share		 $0.45 $0.82 $0.77 $0.47 $0.38 $1.10 $0.67 $0.50 $0.76 $1.01 $0.24
Adjusted Weighted Average Diluted Shares Outstanding		 391.35M 390.90M 390.56M 390.54M 391.03M 390.74M 391.18M 391.50M 390.97M 390.41M 385.11M
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		 379.72M 379.55M 378.97M 379.14M 379.43M 379.71M 379.94M 381.90M 380.47M 377.55M 374.67M
Normalized Net Operating Profit after Tax (NOPAT)		 -27 1,004 -188 -40 0.16 1,099 -154 -58 -142 1,224 0.03
Normalized NOPAT Margin		 -3.71% 138.05% -25.72% -5.41% 0.02% 143.29% -20.23% -7.57% -18.21% 156.51% 0.00%
Pre Tax Income Margin		 25.24% 44.54% 42.01% 25.28% 20.08% 57.16% 35.71% 26.56% 38.50% 50.57% 12.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.07 16.31 -0.46 -0.20 -0.19 17.11 -0.06 -0.06 -0.38 18.08 -0.51
NOPAT to Interest Expense		 0.00 16.43 0.00 0.00 0.00 17.28 0.00 0.00 0.00 18.31 0.00
EBIT Less CapEx to Interest Expense		 -2.50 17.62 2.04 -1.08 -17.65 20.19 2.15 -6.53 0.15 22.89 -1.31
NOPAT Less CapEx to Interest Expense		 -2.43 17.74 2.49 -0.89 -17.46 20.36 2.21 -6.47 0.53 23.12 -0.80
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 142.50% 118.94% 109.88% 105.61% 109.77% 98.80% 103.21% 102.44% 90.30% 93.91% 110.65%
Augmented Payout Ratio		 142.51% 124.59% 119.07% 114.43% 118.90% 102.39% 103.21% 102.48% 98.26% 118.34% 161.74%

Financials Breakdown Chart

Key Financial Trends

Equity Residential (NYSE: EQR) delivered a solid Q4 2025 with strong profitability, healthy cash flow, and ongoing access to capital markets. Below are the top takeaways and observed trends from the most recent quarter, plus context from the prior years.

  • Q4 2025 diluted earnings per share (EPS) of $1.01 and net income attributable to common shareholders of about $381.7M, reflecting improved quarterly profitability versus earlier 2025 quarters.
  • Total Gross Margin in Q4 2025 was roughly 82% (Total Gross Profit about $642.1M on Operating Revenue of $781.9M), indicating strong core property economics even as the business weathered higher interest rates.
  • One-time asset monetization contributed to cash receipts in Q4 2025, with PPE sales totaling about $518.2M, providing liquidity and optionality for debt management or acquisitions.
  • Net cash from continuing operating activities in Q4 2025 was about $382.3M, supporting solid operating liquidity and potential for dividend stability and capex funding.
  • The quarter featured notable debt-market activity, including issuance of debt around $14.46B, signaling continued access to capital to fund liquidity needs or strategic initiatives.
  • Revenue in Q4 2025 remained in a high-7-figure range (about $781.9M), similar to the prior quarter, suggesting a stable topline in the near term.
  • Balance-sheet context remains solid, with total assets around $21B and a substantial equity base, supporting a balanced capital structure and financing flexibility.
  • Dividend per share is typically around $0.69, reflecting a steady payout policy aligned with REIT characteristics and cash flow stability.
  • Year-over-year, Q4 net income attributable to common shareholders declined modestly (about $381.7M in Q4 2025 vs about $418.8M in Q4 2024), highlighting some quarterly variability despite strong gross margins.
  • Net cash from financing activities was negative in Q4 2025 (net cash from financing activities around -$729.4M) as debt activity and distributions offset inflows, indicating ongoing leverage and liquidity management pressures.
05/19/26 02:18 PM ETAI Generated. May Contain Errors.

Equity Residential Financials - Frequently Asked Questions

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

Equity Residential's net income appears to be on a downward trend, with a most recent value of $1.15 billion in 2025, rising from $908.02 million in 2015. The previous period was $1.07 billion in 2024. Check out Equity Residential's forecast to explore projected trends and price targets.

Equity Residential's total operating income in 2025 was $1.50 billion, based on the following breakdown:
  • Total Gross Profit: $2.53 billion
  • Total Operating Expenses: $1.03 billion

Over the last 10 years, Equity Residential's total revenue changed from $2.74 billion in 2015 to $3.09 billion in 2025, a change of 12.7%.

Equity Residential's total liabilities were at $9.34 billion at the end of 2025, a 0.9% increase from 2024, and a 21.2% decrease since 2015.

In the past 10 years, Equity Residential's cash and equivalents has ranged from $42.28 million in 2015 to $123.83 million in 2021, and is currently $55.90 million as of their latest financial filing in 2025.

Over the last 10 years, Equity Residential's book value per share changed from 28.64 in 2015 to 28.98 in 2025, a change of 1.2%.


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Financial statements for NYSE:EQR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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