Equity Residential

EQR

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

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 85,190 apartment units in dynamic metro areas across the U.S. with a primary concentration in major coastal markets, diversified by a targeted presence in the high-growth metro areas of Atlanta, Austin, Dallas/Ft. Worth and Denver. Equity Residential was incorporated in 1993 in Maryland, USA.

Valuation

Market Cap$26.2B

Current Price$65.35as of Jun 23, 2026

P/E Ratio23.42

P/B Ratio2.38

EV / EBITDA13.85

EV / Sales11.20

Profitability

Operating Margin28.1%

Net Profit Margin36.2%

EBITDA Margin80.9%

Returns

ROE10.2%

ROCE4.4%

ROIC %-

ROA5.4%

Solvency

Current Ratio0.15

Debt / Equity0.77

Debt / Assets0.41

CFO / Net Profit1.47

Price History▼ 5.37% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$3.1B▲ 3.8%

EBITDA$2.5B▲ 7.2%

Net Profit$1.1B▲ 8.1%

Cash from Ops (CFO)$1.6B▲ 4.8%

Free Cash Flow (FCF)$1.3B▲ 2.8%

Revenue CAGR 3Y4.2%

Revenue CAGR 5Y-

Net Profit CAGR 3Y13.0%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$3.1B	$2.5B	$1.1B	$1.3B	10.2%	3.8%	8.1%
2024	$3.0B	$2.3B	$1.0B	$1.3B	9.4%	3.7%	24.0%
2023	$2.9B	$2.0B	$835M	$1.2B	7.6%	5.1%	7.5%
2022	$2.7B	$2.0B	$777M	$1.2B	7.0%	-	-
2021	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,735.18	2,873.96	2,980.11	3,093.96
Operating Revenue	-	2,735.18	2,873.96	2,980.11	3,093.96
Cost Of Revenue	-	982.58	1,046.49	1,094.56	1,148.53
Gross Profit	-	1,752.60	1,827.47	1,885.54	1,945.43
Operating Expense	-	940.88	949.42	1,013.84	1,075.68
Selling General And Administration	-	58.71	60.72	61.65	65.28
Total Expenses	-	1,923.46	1,995.92	2,108.41	2,224.21
Operating Income	-	811.72	878.05	871.70	869.75
Total Operating Income As Reported	1,675.84	1,116.05	1,160.58	-	-
EBITDA	-	1,990.17	2,046.07	2,333.68	2,502.56
Normalized EBITDA	-	1,685.85	1,763.54	1,786.88	1,876.17
EBIT	-	1,095.85	1,144.57	1,366.94	1,479.33
Interest Income	-	2.19	22.34	30.33	52.44
Interest Expense	-	282.92	269.56	285.74	306.80
Net Interest Income	-	-289.46	-256.15	-263.24	-263.13
Other Non Operating Income Expenses	-	-13.66	-29.42	-74.05	-60.48
Other Income Expense	-	290.66	253.12	472.75	565.90
Interest Income Non Operating	-	2.19	22.34	30.33	52.44
Interest Expense Non Operating	-	282.92	269.56	285.74	306.80
Net Non Operating Interest Income Expense	-	-289.46	-256.15	-263.24	-263.13
Pretax Income	-	812.93	875.01	1,081.20	1,172.53
Tax Provision	-	0.90	1.15	1.26	1.58
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0.34	0.37	0.64	0.85
Net Income Continuous Operations	-	807	868.49	1,070.97	1,152.03
Net Income From Continuing And Discontinued Operation	-	776.91	835.44	1,035.83	1,120.17
Net Income From Continuing Operation Net Minority Interest	-	776.91	835.44	1,035.83	1,120.17
Net Income	-	776.91	835.44	1,035.83	1,120.09
Net Income Common Stockholders	-	773.82	832.35	1,032.77	1,118.67
Net Income Including Noncontrolling Interests	-	807	868.49	1,070.97	1,151.95
Normalized Income	-	472.92	553.27	489.67	494.63
Diluted NI Availto Com Stockholders	-	773.82	859.06	1,061.71	1,146.07
Basic Average Shares	-	376.21	378.77	378.80	379.61
Diluted Average Shares	-	389.45	390.90	390.74	390.41
Reconciled Depreciation	-	894.32	901.50	966.74	1,023.24
Reconciled Cost Of Revenue	-	970.42	1,033.70	1,080.02	1,135.69
Total Unusual Items	-	304.32	282.54	546.80	626.39
Total Unusual Items Excluding Goodwill	-	304.32	282.54	546.80	626.39
Preferred Stock Dividends	-	3.09	3.09	1.61	1.42
Minority Interests	-	-30.08	-33.05	-35.14	-31.86
Earnings From Equity Interest Net Of Tax	-	-5.03	-5.38	-8.97	-18.92
Special Income Charges	-16.77	0	0	-	-
Impairment Of Capital Assets	16.77	0	0	-	-
Gain On Sale Of Security	-	304.32	282.54	546.80	626.39
Depreciation Amortization Depletion Income Statement	-	882.17	888.71	952.19	1,010.40
Depreciation And Amortization In Income Statement	-	882.17	888.71	952.19	1,010.40
General And Administrative Expense	-	58.71	60.72	61.65	65.28
Other Gand A	-	58.71	60.72	61.65	65.28
Total Other Finance Cost	-	8.73	8.94	7.83	8.77
Otherunder Preferred Stock Dividend	-	0	0	1.44	0
Average Dilution Earnings	-	-	26.71	28.93	27.40
Depreciation Income Statement	-	882.17	888.71	952.19	1,010.40
Net Income Extraordinary	-	0	0	0	-0.08
Net Income From Tax Loss Carryforward	0	0	0	-	-

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Equity Residentialthis co.	EQR	$26.2B	23.42↓ discount	2.38	10.2%	13.85
Extra Space Storage Inc.	EXR	$32.2B	33.05	2.40	7.3%	19.07
VICI Properties Inc.	VICI	$29.3B	10.56	1.05	10.0%	12.66
AvalonBay Communities, Inc.	AVB	$26.8B	25.53	2.31	9.1%	16.22
SBA Communications Corporation	SBAC	$22.0B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Equity Residential and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sectors & Industries

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$3.1B

$2.5B

$1.1B

$1.3B

10.2%

3.8%

8.1%

2024

$3.0B

$2.3B

$1.0B

$1.3B

9.4%

3.7%

24.0%

2023

$2.9B

$2.0B

$835M

$1.2B

7.6%

5.1%

7.5%

2022

$2.7B

$2.0B

$777M

$1.2B

7.0%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,735.18

2,873.96

2,980.11

3,093.96

Operating Revenue

2,735.18

2,873.96

2,980.11

3,093.96

Cost Of Revenue

982.58

1,046.49

1,094.56

1,148.53

Gross Profit

1,752.60

1,827.47

1,885.54

1,945.43

Operating Expense

940.88

949.42

1,013.84

1,075.68

Selling General And Administration

58.71

60.72

61.65

65.28

Total Expenses

1,923.46

1,995.92

2,108.41

2,224.21

Operating Income

811.72

878.05

871.70

869.75

Total Operating Income As Reported

1,675.84

1,116.05

1,160.58

EBITDA

1,990.17

2,046.07

2,333.68

2,502.56

Normalized EBITDA

1,685.85

1,763.54

1,786.88

1,876.17

EBIT

1,095.85

1,144.57

1,366.94

1,479.33

Interest Income

2.19

22.34

30.33

52.44

Interest Expense

282.92

269.56

285.74

306.80

Net Interest Income

-289.46

-256.15

-263.24

-263.13

Other Non Operating Income Expenses

-13.66

-29.42

-74.05

-60.48

Other Income Expense

290.66

253.12

472.75

565.90

Interest Income Non Operating

2.19

22.34

30.33

52.44

Interest Expense Non Operating

282.92

269.56

285.74

306.80

Net Non Operating Interest Income Expense

-289.46

-256.15

-263.24

-263.13

Pretax Income

812.93

875.01

1,081.20

1,172.53

Tax Provision

0.90

1.15

1.26

1.58

Tax Rate For Calcs

Tax Effect Of Unusual Items

0.34

0.37

0.64

0.85

Net Income Continuous Operations

807

868.49

1,070.97

1,152.03

Net Income From Continuing And Discontinued Operation

776.91

835.44

1,035.83

1,120.17

Net Income From Continuing Operation Net Minority Interest

776.91

835.44

1,035.83

1,120.17

Net Income

776.91

835.44

1,035.83

1,120.09

Net Income Common Stockholders

773.82

832.35

1,032.77

1,118.67

Net Income Including Noncontrolling Interests

807

868.49

1,070.97

1,151.95

Normalized Income

472.92

553.27

489.67

494.63

Diluted NI Availto Com Stockholders

773.82

859.06

1,061.71

1,146.07

Basic Average Shares

376.21

378.77

378.80

379.61

Diluted Average Shares

389.45

390.90

390.74

390.41

Reconciled Depreciation

894.32

901.50

966.74

1,023.24

Reconciled Cost Of Revenue

970.42

1,033.70

1,080.02

1,135.69

Total Unusual Items

304.32

282.54

546.80

626.39

Total Unusual Items Excluding Goodwill

304.32

282.54

546.80

626.39

Preferred Stock Dividends

3.09

1.61

1.42

Minority Interests

-30.08

-33.05

-35.14

-31.86

Earnings From Equity Interest Net Of Tax

-5.03

-5.38

-8.97

-18.92

Special Income Charges

-16.77

Impairment Of Capital Assets

16.77

Gain On Sale Of Security

304.32

282.54

546.80

626.39

Depreciation Amortization Depletion Income Statement

882.17

888.71

952.19

1,010.40

Depreciation And Amortization In Income Statement

882.17

888.71

952.19

1,010.40

General And Administrative Expense

58.71

60.72

61.65

65.28

Other Gand A

58.71

60.72

61.65

65.28

Total Other Finance Cost

8.73

8.94

7.83

8.77

Otherunder Preferred Stock Dividend

1.44

Average Dilution Earnings

26.71

28.93

27.40

Depreciation Income Statement

882.17

888.71

952.19

1,010.40

Net Income Extraordinary

-0.08

Net Income From Tax Loss Carryforward

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Equity Residentialthis co.

EQR

$26.2B

23.42↓ discount

2.38

10.2%

13.85

Extra Space Storage Inc.

EXR

$32.2B

33.05

2.40

7.3%

19.07

VICI Properties Inc.

VICI

$29.3B

10.56

1.05

10.0%

12.66

AvalonBay Communities, Inc.

AVB

$26.8B

25.53

2.31

9.1%

16.22

SBA Communications Corporation

SBAC

$22.0B

Equity Residential

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Equity Residential

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on