Equity Residential (EQR)

EQR Income Statement

Revenue, expenses, and profitability analysis

EQR Quarterly Income Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Revenue	3.120B	779.846M	789.033M	782.411M	768.827M	760.810M	766.779M	748.348M	734.163M
Cost of Goods Sold	1.675B	301.823M	803.267M	286.543M	283.392M	291.541M	277.383M	272.587M	265.580M
Gross Profit	1.445B	478.023M	-14.234M	495.868M	485.435M	469.269M	489.396M	475.761M	468.583M
Gross Profit Margin	61.3%	61.3%	-1.8%	63.4%	63.1%	61.7%	63.8%	63.6%	63.8%
Total Operating Expenses	555.946M	264.361M	-237.156M	269.321M	259.420M	18.255M	12.751M	14.551M	18.631M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	50.060M	16.865M	0.00	14.664M	18.531M	18.255M	12.751M	14.551M	18.631M
Operating Income (EBIT)	889.146M	213.662M	222.922M	226.547M	226.015M	451.014M	476.645M	461.210M	449.952M
Operating Margin	27.4%	27.4%	28.3%	29.0%	29.4%	59.3%	62.2%	61.6%	61.3%
Income Before Tax (EBT)	988.886M	95.565M	391.859M	297.263M	204.199M	265.220M	434.202M	148.807M	183.886M
Interest Income	45.219M	—	—	45.219M	—	—	—	—	—
Interest Expense	316.867M	79.515M	81.894M	80.141M	75.317M	—	—	—	—
Other Income/Expense	99.740M	-118.097M	168.937M	70.716M	-21.816M	-185.794M	-42.443M	-312.403M	-266.066M
Net Income	953.576M	90.079M	382.090M	289.051M	192.356M	256.592M	419.115M	143.446M	177.483M
Income Tax Expense	8.623M	2.464M	361K	395K	5.403M	422K	331K	290K	331K
Net Profit Margin	11.6%	11.6%	48.4%	36.9%	25.0%	33.7%	54.7%	19.2%	24.2%
EBITDA	2.310B	422.576M	731.861M	632.061M	523.611M	451.014M	479.873M	461.210M	449.952M
EBITDA Margin	54.2%	54.2%	92.8%	80.8%	68.1%	59.3%	62.6%	61.6%	61.3%
Depreciation & Amortization	1.004B	247.496M	258.108M	254.657M	244.095M	256.746M	267.378M	237.948M	224.398M
EPS Basic	2.52	0.24	1.01	0.76	0.51	0.69	1.10	0.39	0.47
EPS Diluted	2.48	0.24	1.00	0.74	0.50	0.67	1.10	0.38	0.45
Shares Outstanding	375.643M	375.643M	379.121M	389.446M	389.837M	379.208M	380.936M	378.756M	378.578M
Diluted Shares Outstanding	385.108M	385.108M	388.748M	390.966M	391.498M	391.179M	391.195M	391.026M	390.542M

EQR Annual Income Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Revenue	3.101B	2.980B	2.874B	2.735B	2.464B	2.572B	2.701B	2.578B
Cost of Goods Sold	1.665B	1.095B	1.046B	982.581M	948.792M	916.385M	908.328M	879.634M
Gross Profit	1.436B	1.886B	1.827B	1.753B	1.515B	1.655B	1.792B	1.698B
Gross Profit Margin	46.3%	63.3%	63.6%	64.1%	61.5%	64.4%	66.4%	65.9%
Total Operating Expenses	309.840M	61.653M	60.716M	58.710M	-160.636M	337.330M	436.203M	583.430M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	51.450M	61.653M	60.716M	58.710M	56.506M	48.305M	52.757M	53.813M
Operating Income (EBIT)	1.126B	1.824B	1.767B	1.694B	1.676B	1.318B	1.356B	1.115B
Operating Margin	36.3%	61.2%	61.5%	61.9%	68.0%	51.2%	50.2%	43.2%
Income Before Tax (EBT)	1.159B	1.072B	869.636M	807.895M	1.398B	963.353M	1.007B	686.070M
Interest Income	45.219M	—	—	—	—	—	—	—
Interest Expense	237.352M	285.735M	—	—	—	—	—	—
Other Income/Expense	32.043M	-751.659M	-897.119M	-885.994M	-278.212M	-354.637M	-348.733M	-428.547M
Net Income	1.120B	1.036B	835.438M	776.911M	1.333B	913.636M	970.377M	657.535M
Income Tax Expense	6.581M	1.256M	1.148M	900K	915K	852K	-2.281M	878K
Net Profit Margin	36.1%	34.8%	29.1%	28.4%	54.1%	35.5%	35.9%	25.5%
EBITDA	2.339B	1.838B	1.780B	1.706B	1.459B	1.607B	1.740B	1.636B
EBITDA Margin	75.4%	61.7%	61.9%	62.4%	59.2%	62.5%	64.4%	63.5%
Depreciation & Amortization	1.014B	966.739M	901.504M	894.325M	838.272M	820.832M	831.083M	790.117M
EPS Basic	2.97	2.73	2.20	2.06	3.56	2.36	2.61	1.79
EPS Diluted	2.91	2.72	2.13	2.05	3.54	2.27	2.50	1.71
Shares Outstanding	379.121M	378.795M	378.773M	376.209M	373.833M	371.791M	370.461M	368.052M
Diluted Shares Outstanding	388.748M	390.740M	390.897M	389.450M	388.089M	385.874M	386.333M	383.695M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Equity Residential

Equity Residential is committed to cultivating vibrant living environments where residents can flourish. This S&P 500 firm specializes in the acquisition, development, and ongoing management of rental properties, strategically located within or near thriving metropolitan areas that attract desirable, long-term tenants. The company's substantial portfolio includes ownership or investment in 305 properties, comprising a total of 78,568 apartment units, situated in key markets such as Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California, and Denver.

Chicago, IL

2,500 employees

www.equityapartments.com

Real Estate / REIT - Residential

Sector: Real Estate
Industry: REIT - Residential
CEO: Mark J. Parrell

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