Equity Residential Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Rental Revenue	3,094	2,980	2,874	2,735	2,464
Total Revenue	3,094	2,980	2,874	2,735	2,464
Revenue Growth (YoY	3.82%	3.69%	5.07%	11.01%	-4.19%
Property Expenses	1,149	1,095	1,046	982.58	948.79
Selling, General & Administrative	65.28	61.65	60.72	58.71	56.51
Depreciation & Amortization	1,010	952.19	888.71	882.17	838.27
Total Operating Expenses	2,224	2,108	1,996	1,923	1,844
Operating Income	869.75	871.7	878.05	811.72	620.43
Interest Expense	-315.57	-293.57	-278.5	-291.65	-281.21
Interest & Investment Income	27.09	12.44	7.38	0.13	2.23
Income (Loss) on Equity Investments	-18.92	-8.97	-5.38	-5.03	-3.4
Other Non-Operating Income	-60.49	-74.05	-29.42	-13.66	-19.28
EBT Excluding Unusual Items	501.88	507.55	572.13	501.51	318.78
Gain (Loss) on Sale of Investments	25.35	17.89	14.97	2.06	23.43
Gain (Loss) on Sale of Assets	626.31	546.8	282.54	304.33	1,072
Asset Writedown	-	-	-	-	-16.77
Pretax Income	1,154	1,072	869.64	807.9	1,398
Income Tax Expense	1.59	1.26	1.15	0.9	0.92
Earnings From Continuing Operations	1,152	1,071	868.49	807	1,397
Net Income to Company	1,152	1,071	868.49	807	1,397
Minority Interest in Earnings	-31.86	-35.14	-33.05	-30.08	-63.86
Net Income	1,120	1,036	835.44	776.91	1,333
Preferred Dividends & Other Adjustments	1.42	3.06	3.09	3.09	3.09
Net Income to Common	1,119	1,033	832.35	773.82	1,330
Net Income Growth	8.13%	23.99%	7.53%	-41.71%	45.88%
Basic Shares Outstanding	380	379	379	376	374
Diluted Shares Outstanding	390	391	391	389	388
Shares Change (YoY)	-0.08%	-0.04%	0.37%	0.35%	0.57%
EPS (Basic)	2.95	2.73	2.20	2.06	3.56
EPS (Diluted)	2.94	2.72	2.20	2.05	3.54
EPS Growth	8.04%	23.65%	6.96%	-42.04%	44.81%
Dividend Per Share	2.770	2.700	2.650	2.500	2.410
Dividend Growth	2.59%	1.89%	6.00%	3.73%	-
Operating Margin	28.11%	29.25%	30.55%	29.68%	25.18%
Profit Margin	36.16%	34.66%	28.96%	28.29%	53.97%
EBITDA	1,882	1,826	1,769	1,695	1,459
EBITDA Margin	60.83%	61.27%	61.54%	61.98%	59.19%
D&A For Ebitda	1,012	954.14	890.49	883.56	838.12
EBIT	869.75	871.7	878.05	811.72	620.43
EBIT Margin	28.11%	29.25%	30.55%	29.68%	25.18%
Funds From Operations (FFO)	1,539	1,470	1,464	1,374	1,151
FFO Per Share	3.94	3.76	-	-	-
Adjusted Funds From Operations (AFFO)	1,539	1,470	1,464	1,374	1,151
AFFO Per Share	3.94	3.76	-	-	-
FFO Payout Ratio	68.00%	69.34%	67.63%	67.82%	78.26%
Effective Tax Rate	0.14%	0.12%	0.13%	0.11%	0.07%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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