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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 2026-09-19

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 $25 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 85,520 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 → 2026-06-30	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	$3.1B	$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 %	46.0%	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)	$883M	$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 %	28.2%	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	$875M	$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 %	27.9%	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	$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)	$2.25	$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)	—	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	2026-06-30	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	$785M	$780M	$789M	$782M	$769M	$761M	$767M	$748M	$734M
Gross Profit	$482M	$478M	($14M)	$496M	$485M	$469M	$489M	$476M	$469M
Gross Margin %	61.4%	61.3%	-1.8%	63.4%	63.1%	61.7%	63.8%	63.6%	63.8%
Operating Income (EBIT)	$219M	$214M	$223M	$227M	$226M	$451M	$477M	$461M	$450M
Operating Margin %	27.9%	27.4%	28.2%	28.9%	29.4%	59.3%	62.2%	61.6%	61.3%
Net Income	$114M	$90M	$382M	$289M	$192M	$257M	$419M	$143M	$177M
Net Margin %	14.5%	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)	$0.30	$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 → 2026-06-30	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)	$1.6B	$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)	$374M	$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)	$1.2B	$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 %	38.0%	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	—	$1.0B	$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	2026-06-30	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)	$302M	$401M	$387M	$477M	$360M	$426M	$354M	$401M	$397M
Capital Expenditures (CapEx)	$101M	$66M	$105M	$102M	$85M	$67M	$76M	$81M	$84M
Free Cash Flow (FCF)	$201M	$335M	$282M	$374M	$274M	$359M	$278M	$320M	$313M
FCF Margin %	25.6%	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	2026-06-30	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	$20.3B	$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	$36M	$56M	$62M	$51M	$54M	$124M	$43M	$46M	$47M	$51M	$77M	$42M	$40M	$54M	$613M	$384M	$444M	$193M	$891M	$51M	$260M
Total Liabilities	$9.4B	$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)	$8.6B	$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	$10.5B	$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.

EQR Metric Deep Dives

Other Companies in Multi-Family Residential REITs

AVB · AvalonBay Communities — $26 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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