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AvalonBay Communities Inc (AVB) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · Multi-Family Residential REITs · DATA UPDATED 2026-07-15

AvalonBay Communities Inc (AVB) operates in the Multi-Family Residential REITs industry and is headquartered in Arlington, United States with about 3,011 employees. Its market capitalization is roughly $27 billion. In the fiscal year ended 2025-12-31, AVB reported $3.0B in revenue and $1.1B in net income.

AvalonBay Communities, Inc., a member of S&P 500, is an equity REIT.

Interactive charts & full statements → Open the AVB valuation workbench →

AVB Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$3.1B	$3.0B	$2.9B	$2.8B	$2.6B	$2.3B	$2.3B	$2.3B	$2.3B	$2.2B	$2.0B	$1.9B	$1.7B	$1.5B	$1.0B	$900M	$843M	$830M	$814M	$767M	$721M
Gross Profit	$2.1B	$2.0B	$1.8B	$1.8B	$1.7B	$1.4B	$1.5B	$1.6B	$1.5B	$1.4B	$1.4B	$1.2B	$1.1B	$952M	$644M	$564M	$509M	$502M	$491M	$464M	$504M
Gross Margin %	67.9%	67.0%	63.2%	64.3%	64.6%	62.8%	64.2%	67.0%	66.5%	66.5%	66.6%	65.4%	65.0%	65.1%	64.3%	62.7%	60.4%	60.5%	60.4%	60.6%	69.9%
Operating Income (EBIT)	$893M	$914M	$916M	$886M	$785M	$613M	$710M	$837M	$826M	$798M	$785M	$693M	$612M	$352M	$366M	$308M	$261M	$269M	$267M	$268M	$252M
Operating Margin %	29.1%	30.1%	31.4%	32.0%	30.3%	26.7%	30.9%	36.0%	36.2%	37.0%	38.4%	37.3%	36.3%	24.1%	36.6%	34.2%	31.0%	32.4%	32.8%	34.9%	35.0%
Net Income	$1.1B	$1.1B	$1.1B	$929M	$1.1B	$1.0B	$828M	$786M	$975M	$877M	$1.0B	$742M	$684M	$353M	$424M	$442M	$175M	$156M	$411M	$358M	$278M
Net Margin %	37.3%	34.6%	37.1%	33.6%	43.8%	43.8%	36.0%	33.8%	42.7%	40.6%	50.6%	40.0%	40.6%	24.1%	42.4%	49.1%	20.8%	18.8%	50.5%	46.7%	38.6%
EBITDA	$2.0B	$2.2B	$2.2B	$2.0B	$2.2B	$2.0B	$1.7B	$1.7B	$1.8B	$1.7B	$1.8B	$1.4B	$1.3B	$790M	$631M	$535M	$483M	$487M	$466M	$449M	$416M
Earnings Per Share (EPS)	$8.01	$7.41	$7.60	$6.56	$8.12	$7.19	$5.89	$5.63	$7.05	$6.35	$7.52	$5.51	$5.21	$2.77	$4.32	$4.86	$2.07	$1.93	$5.30	$4.49	$3.68
Shares Outstanding (M)	141M	142M	142M	142M	140M	140M	140M	140M	138M	138M	137M	135M	131M	127M	98M	91M	85M	81M	78M	80M	76M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AVB Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$770M	$768M	$765M	$760M	$746M	$741M	$734M	$726M
Gross Profit	$522M	$524M	$552M	$483M	$477M	$459M	$459M	$465M
Gross Margin %	67.7%	68.2%	72.1%	63.6%	63.9%	62.0%	62.5%	64.1%
Operating Income (EBIT)	$219M	$228M	$218M	$228M	$239M	$226M	$227M	$239M
Operating Margin %	28.4%	29.7%	28.5%	30.1%	32.1%	30.5%	30.9%	32.9%
Net Income	$326M	$166M	$381M	$269M	$237M	$282M	$373M	$254M
Net Margin %	42.3%	21.6%	49.9%	35.3%	31.7%	38.1%	50.7%	35.0%
EBITDA	$278M	$468M	$680M	$566M	$514M	$556M	$641M	$518M
Earnings Per Share (EPS)	$2.31	$1.17	$2.66	$1.87	$1.66	$1.98	$2.61	$1.78
Shares Outstanding (M)	141M	142M	144M	143M	142M	143M	143M	142M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AVB Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.7B	$1.7B	$1.6B	$1.6B	$1.4B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.1B	$1.1B	$887M	$725M	$541M	$429M	$332M	$379M	$387M	$456M	$352M
Capital Expenditures (CapEx)	$393M	$265M	$198M	$197M	$175M	$153M	$137M	$141M	$87M	$74M	$73M	$56M	$53M	$27M	$27M	$689M	$462M	$587M	$902M	$1.1B	$832M
Free Cash Flow (FCF)	$1.3B	$1.4B	$1.4B	$1.4B	$1.2B	$1.1B	$1.1B	$1.2B	$1.2B	$1.2B	$1.1B	$1.0B	$834M	$698M	$514M	($259M)	($130M)	($208M)	($515M)	($686M)	($480M)
FCF Margin %	41.8%	46.5%	48.4%	49.2%	48.1%	45.8%	47.0%	50.8%	53.1%	54.8%	52.3%	53.9%	49.5%	47.7%	51.4%	-28.8%	-15.4%	-25.1%	-63.3%	-89.5%	-66.6%
Dividends Paid	$998M	$992M	$962M	$923M	$890M	$889M	$884M	$840M	$805M	$773M	$727M	$656M	$594M	$526M	$366M	$318M	$298M	$284M	$279M	$271M	$235M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AVB Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$419M	$400M	$477M	$378M	$416M	$329M	$486M	$380M
Capital Expenditures (CapEx)	$60M	$160M	$111M	$62M	$49M	$57M	$54M	$48M
Free Cash Flow (FCF)	$359M	$241M	$366M	$316M	$367M	$272M	$432M	$332M
FCF Margin %	46.6%	31.4%	47.9%	41.5%	49.2%	36.7%	58.9%	45.7%
Dividends Paid	$249M	$249M	$250M	$249M	$244M	$242M	$242M	$242M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

AVB Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$22.1B	$22.2B	$21.0B	$20.7B	$20.5B	$19.9B	$19.2B	$19.1B	$18.4B	$18.4B	$17.9B	$16.9B	$16.2B	$15.3B	$11.2B	$8.5B	$7.8B	$7.5B	$7.2B	$6.7B	$5.8B
Cash & Cash Equivalents	$121M	$187M	$109M	$398M	$613M	$420M	$217M	$40M	$92M	$67M	$215M	$401M	$509M	$282M	$2.7B	$617M	$306M	$316M	$259M	$21M	$146M
Total Liabilities	$10.4B	$10.4B	$9.1B	$8.9B	$9.2B	$9.0B	$8.4B	$8.1B	$7.7B	$8.0B	$7.7B	$7.1B	$7.1B	$6.7B	$4.3B	$4.1B	$4.5B	$4.4B	$4.2B	$3.7B	$3.2B
Total Debt (Short + Long-Term)	$9.4B	$9.3B	$8.9B	$8.0B	$8.7B	$8.2B	$7.7B	$7.5B	$7.1B	$7.4B	$7.1B	$6.6B	$6.7B	$6.2B	$3.9B	$5.7B	$4.1B	$6.3B	$6.9B	$2.5B	$2.6B
Total Shareholders' Equity	$11.5B	$11.6B	$11.9B	$11.8B	$11.3B	$10.9B	$10.8B	$11.0B	$10.6B	$10.4B	$10.2B	$9.9B	$9.1B	$8.6B	$6.8B	$4.4B	$3.3B	$3.1B	$2.9B	$3.0B	$2.6B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive AVB viewer.

Other Companies in Multi-Family Residential REITs

EQR · Equity Residential — $26 billion
ESS · Essex Property Trust — $20 billion
MAA · Mid-America Apartment Communities — $16 billion
UDR · UDR, Inc. — $15 billion
CPT · Camden Property Trust — $11 billion

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