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Equity Residential (EQR) Financial History

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

REAL ESTATE · Multi-Family Residential REITs · DATA UPDATED 2026-07-16

Equity Residential (EQR) operates in the Multi-Family Residential REITs industry and is headquartered in Chicago, United States with about 2,400 employees. Its market capitalization is roughly $26 billion. In the fiscal year ended 2025-12-31, EQR reported $3.1B in revenue and $1.1B in net income.

Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, owns and manages 312 rental properties consisting of 85,211 apartment units in dynamic metro areas across the U.S.

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

EQR 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	$3.1B	$3.0B	$2.9B	$2.7B	$2.5B	$2.6B	$2.7B	$2.6B	$2.5B	$2.4B	$2.7B	$2.6B	$2.4B	$1.7B	$2.0B	$2.0B	$1.9B	$2.1B	$2.0B	$2.0B
Gross Profit	$1.4B	$1.4B	$1.9B	$2.2B	$1.8B	$1.5B	$1.7B	$1.8B	$1.7B	$1.6B	$1.6B	$1.8B	$1.7B	$1.6B	$1.1B	$613M	$529M	$582M	$668M	$617M	$596M
Gross Margin %	46.3%	46.3%	63.3%	75.8%	64.1%	61.5%	64.4%	66.4%	65.9%	66.6%	66.8%	67.0%	66.2%	65.1%	64.2%	30.9%	26.6%	29.9%	31.8%	30.2%	29.9%
Operating Income (EBIT)	$889M	$1.1B	$1.8B	$1.2B	$1.7B	$1.7B	$1.3B	$1.4B	$1.1B	$1.0B	$856M	$1.0B	$922M	$512M	$514M	$407M	$15M	$59M	$140M	$85M	$111M
Operating Margin %	28.5%	36.3%	61.2%	40.4%	61.9%	68.0%	51.2%	50.2%	43.2%	40.6%	35.3%	36.8%	35.2%	21.5%	29.4%	20.5%	0.8%	3.0%	6.6%	4.2%	5.6%
Net Income	$954M	$1.1B	$1.0B	$835M	$777M	$1.3B	$914M	$970M	$658M	$603M	$4.3B	$870M	$631M	$1.8B	$842M	$894M	$284M	$362M	$420M	$990M	$1.1B
Net Margin %	30.6%	36.1%	34.8%	29.1%	28.4%	54.1%	35.5%	35.9%	25.5%	24.4%	176.9%	31.7%	24.1%	76.7%	48.2%	45.0%	14.2%	18.6%	20.0%	48.6%	53.9%
EBITDA	$2.3B	$2.3B	$1.8B	$1.2B	$1.7B	$1.5B	$1.6B	$1.7B	$1.6B	$1.6B	$1.6B	$1.8B	$1.2B	$1.0B	$853M	$647M	$672M	$641M	$731M	$673M	$674M
Earnings Per Share (EPS)	$2.45	$2.88	$2.65	$2.14	$1.99	$3.43	$2.37	$2.51	$1.71	$1.58	$11.24	$2.29	$1.67	$5.17	$2.63	$3.03	$1.00	$1.32	$1.56	$3.27	$3.40
Shares Outstanding (M)	385M	389M	391M	391M	389M	388M	386M	386M	384M	383M	382M	381M	378M	354M	320M	295M	283M	274M	270M	302M	316M

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

EQR 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	$780M	$789M	$782M	$769M	$761M	$767M	$748M	$734M
Gross Profit	$478M	($14M)	$496M	$485M	$469M	$489M	$476M	$469M
Gross Margin %	61.3%	-1.8%	63.4%	63.1%	61.7%	63.8%	63.6%	63.8%
Operating Income (EBIT)	$214M	$223M	$227M	$226M	$451M	$477M	$461M	$450M
Operating Margin %	27.4%	28.2%	28.9%	29.4%	59.3%	62.2%	61.6%	61.3%
Net Income	$90M	$382M	$289M	$192M	$257M	$419M	$143M	$177M
Net Margin %	11.6%	48.4%	36.9%	25.0%	33.7%	54.7%	19.2%	24.2%
EBITDA	$423M	$732M	$632M	$524M	$451M	$480M	$461M	$450M
Earnings Per Share (EPS)	$0.23	$0.98	$0.74	$0.49	$0.66	$1.07	$0.37	$0.45
Shares Outstanding (M)	385M	389M	391M	391M	391M	391M	391M	391M

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

EQR 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)	$1.6B	$1.6B	$1.6B	$1.5B	$1.5B	$1.3B	$1.3B	$1.5B	$1.4B	$1.3B	$1.2B	$1.4B	$1.3B	$869M	$1.0B	$800M	$726M	$671M	$755M	$793M	$755M
Capital Expenditures (CapEx)	$358M	$359M	$319M	$334M	$232M	$169M	$166M	$190M	$199M	$230M	$229M	$246M	$244M	$187M	$184M	$16M	$16M	$667M	$1.1B	$2.4B	$2.3B
Free Cash Flow (FCF)	$1.3B	$1.3B	$1.3B	$1.2B	$1.2B	$1.1B	$1.1B	$1.3B	$1.2B	$1.0B	$985M	$1.1B	$1.1B	$682M	$862M	$784M	$710M	$4M	($387M)	($1.6B)	($1.5B)
FCF Margin %	40.6%	41.6%	42.1%	41.7%	44.7%	44.3%	42.8%	46.9%	44.9%	41.9%	40.6%	40.5%	41.3%	28.5%	49.3%	39.5%	35.6%	0.2%	-18.4%	-79.8%	-76.4%
Dividends Paid	$1.1B	$1.0B	$1.0B	$993M	$934M	$904M	$887M	$834M	$786M	$742M	$4.8B	$788M	$781M	$686M	$487M	$445M	$394M	$503M	$537M	$608M	$595M

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

EQR 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)	$401M	$387M	$477M	$360M	$426M	$354M	$401M	$397M
Capital Expenditures (CapEx)	$66M	$105M	$102M	$85M	$67M	$76M	$81M	$84M
Free Cash Flow (FCF)	$335M	$282M	$374M	$274M	$359M	$278M	$320M	$313M
FCF Margin %	42.9%	35.8%	47.8%	35.7%	47.1%	36.2%	42.8%	42.6%
Dividends Paid	$262M	$264M	$263M	$263M	$257M	$256M	$257M	$256M

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

EQR 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	$20.5B	$20.7B	$20.8B	$20.0B	$20.2B	$21.2B	$20.3B	$21.2B	$20.4B	$20.6B	$20.7B	$23.2B	$23.0B	$22.8B	$17.2B	$16.7B	$16.2B	$15.4B	$16.5B	$15.7B	$15.1B
Cash & Cash Equivalents	$35M	$56M	$62M	$51M	$54M	$124M	$43M	$46M	$47M	$51M	$77M	$42M	$40M	$54M	$613M	$384M	$444M	$193M	$891M	$51M	$260M
Total Liabilities	$9.5B	$9.3B	$9.2B	$8.5B	$8.5B	$9.5B	$9.2B	$10.2B	$9.6B	$9.7B	$9.8B	$11.9B	$11.7B	$11.6B	$9.3B	$10.4B	$10.6B	$10.2B	$10.8B	$10.3B	$8.8B
Total Debt (Short + Long-Term)	$8.9B	$8.8B	$8.1B	$7.4B	$7.6B	$8.3B	$8.0B	$9.0B	$8.8B	$9.0B	$9.0B	$11.0B	$10.8B	$10.8B	$4.0B	$4.2B	$10.0B	$8.8B	$20.1B	$18.5B	$15.7B
Total Shareholders' Equity	$10.7B	$11.0B	$11.0B	$11.1B	$11.2B	$11.7B	$10.5B	$10.3B	$10.2B	$10.2B	$10.2B	$10.5B	$10.4B	$10.5B	$7.3B	$5.7B	$5.6B	$5.0B	$5.0B	$5.1B	$5.9B

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 EQR viewer.

Other Companies in Multi-Family Residential REITs

AVB · AvalonBay Communities — $27 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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