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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 2026-09-19

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 $26 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 → 2026-06-30	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 %	67.8%	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)	$897M	$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	$1.0B	$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 %	33.4%	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	—	$2.2B	$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)	—	$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)	—	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	2026-06-30	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	$778M	$770M	$768M	$765M	$760M	$746M	$741M	$734M	$726M
Gross Profit	$492M	$522M	$524M	$552M	$483M	$477M	$459M	$459M	$465M
Gross Margin %	63.2%	67.7%	68.2%	72.1%	63.6%	63.9%	62.0%	62.5%	64.1%
Operating Income (EBIT)	$232M	$219M	$228M	$218M	$228M	$239M	$226M	$227M	$239M
Operating Margin %	29.8%	28.4%	29.7%	28.5%	30.1%	32.1%	30.5%	30.9%	32.9%
Net Income	$156M	$326M	$166M	$381M	$269M	$237M	$282M	$373M	$254M
Net Margin %	20.1%	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 → 2026-06-30	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)	$409M	$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 %	40.6%	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	—	$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	2026-06-30	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)	$364M	$419M	$400M	$477M	$378M	$416M	$329M	$486M	$380M
Capital Expenditures (CapEx)	$78M	$60M	$160M	$111M	$62M	$49M	$57M	$54M	$48M
Free Cash Flow (FCF)	$286M	$359M	$241M	$366M	$316M	$367M	$272M	$432M	$332M
FCF Margin %	36.8%	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	2026-06-30	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	$22.3B	$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	$81M	$187M	$109M	$398M	$613M	$420M	$217M	$40M	$92M	$67M	$215M	$401M	$509M	$282M	$2.7B	$617M	$306M	$316M	$259M	$21M	$146M
Total Liabilities	$10.1B	$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)	$9.2B	$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	$12.0B	$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.

AVB Metric Deep Dives

Other Companies in Multi-Family Residential REITs

EQR · Equity Residential — $25 billion
ESS · Essex Property Trust — $19 billion
MAA · Mid-America Apartment Communities — $14 billion
UDR · UDR, Inc. — $12 billion
CPT · Camden Property Trust — $11 billion

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