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EQR logoEquity Residential(EQR)Earnings, Financials & Key Ratios

EQR•NYSE•REIT / Real Estate
$66.25
$24.82B mkt cap·22.8× P/E·Price updated May 6, 2026
SectorReal EstateIndustryResidential REITsSub-IndustryDiversified apartment REITs
AboutEquity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. Equity Residential owns or has investments in 305 properties consisting of 78,568 apartment units, located in Boston, New York, Washington, D.C., Seattle, San Francisco, Southern California and Denver.Show more
  • Revenue$3.1B+4.1%
  • FFO$2.13B+6.5%
  • FFO/Share5.49+7.1%
  • FFO Payout49.03%-3.6%
  • FFO per Share5.49+7.1%
  • NOI Margin46.32%-26.8%
  • FFO Margin68.8%+2.4%
  • ROE9.74%+8.9%
  • ROA5.39%+6.3%
  • Debt/Assets42.34%+4.7%
  • Net Debt/EBITDA4.08+36.1%
  • Book Value/Share29.35-1.0%
Analysis→Technical→

EQR Key Insights

Equity Residential (EQR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 49.0%
  • ✓Healthy dividend yield of 4.1%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

EQR Price & Volume

Equity Residential (EQR) stock price & volume — 10-year historical chart

Loading chart...

EQR Growth Metrics

Equity Residential (EQR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years1.23%
5 Years3.81%
3 Years4.27%
TTM3.65%

Profit CAGR

10 Years2.56%
5 Years4.16%
3 Years12.97%
TTM-4.32%

EPS CAGR

10 Years2.42%
5 Years5.09%
3 Years12.39%
TTM-4.62%

Return on Capital

10 Years6.93%
5 Years8.2%
3 Years8.05%
Last Year5.72%

EQR Recent Earnings

Equity Residential (EQR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
Apr 28, 2026
EPS
$0.24
Est $0.33
-27.6%
Revenue
$780M
Est $782M
-0.2%
Q1 2026
Feb 5, 2026
EPS
$1.03
Est $1.04
-1.0%
Revenue
$782M
Est $786M
-0.5%
Q4 2025
Oct 28, 2025
EPS
$1.02
Est $1.02
+0.0%
Revenue
$782M
Est $786M
-0.5%
Q3 2025
Aug 4, 2025
EPS
$0.99
Est $0.99
+0.0%
Revenue
$769M
Est $781M
-1.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$0.24vs $0.33-27.6%
$780Mvs $782M-0.2%
Q1 2026Feb 5, 2026
$1.03vs $1.04-1.0%
$782Mvs $786M-0.5%
Q4 2025Oct 28, 2025
$1.02vs $1.02+0.0%
$782Mvs $786M-0.5%
Q3 2025Aug 4, 2025
$0.99vs $0.99+0.0%
$769Mvs $781M-1.5%
Based on last 12 quarters of dataView full earnings history →

EQR Peer Comparison

Equity Residential (EQR) competitors in Diversified apartment REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AVB logoAVBAvalonBay Communities, Inc.Direct Competitor25.77B185.2525.074.29%34.64%8.76%5.49%0.79
ESS logoESSEssex Property Trust, Inc.Direct Competitor17.2B266.6925.627.11%30.17%9.99%6.25%1.20
UDR logoUDRUDR, Inc.Direct Competitor12.04B36.9432.692.42%28.6%12.37%5.1%1.49
CPT logoCPTCamden Property TrustDirect Competitor10.97B104.7429.591.92%32.81%8.71%3.52%0.88
MAA logoMAAMid-America Apartment Communities, Inc.Direct Competitor15.14B130.1634.430.83%18.19%6.81%4.74%0.93
IRT logoIRTIndependence Realty Trust, Inc.Product Competitor3.89B16.5068.752.76%7.27%1.35%3.77%0.64
NHI logoNHINational Health Investors, Inc.Product Competitor3.54B73.0924.2012.93%36.81%9.77%6.22%0.76
ELME logoELMEElme CommunitiesProduct Competitor191.93M2.16-1.23-100%-18.93%32.43%2.18

Compare EQR vs Peers

Equity Residential (EQR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AVB

Most directly comparable listed peer for EQR.

Scale Benchmark

vs PLD

Larger-name benchmark to compare EQR against a more recognizable public peer.

Peer Set

Compare Top 5

vs AVB, ESS, UDR, CPT

EQR Income Statement

Equity Residential (EQR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue2.47B2.58B2.7B2.57B2.46B2.74B2.87B2.98B3.1B3.12B
Revenue Growth %1.88%4.3%4.77%-4.78%-4.19%11.01%5.07%3.69%4.06%3.65%
Property Operating Expenses826.27M879.63M908.33M916.38M948.79M982.58M1.05B1.09B1.66B1.68B
Net Operating Income (NOI)
1.65B▲ 0%
1.7B▲ 3.2%
1.79B▲ 5.6%
1.66B▼ 7.6%
1.52B▼ 8.5%
1.75B▲ 15.7%
1.83B▲ 4.3%
1.89B▲ 3.2%
1.44B▼ 23.8%
1.45B▲ 0%
NOI Margin %66.57%65.88%66.37%64.37%61.49%64.08%63.59%63.27%46.32%46.32%
Operating Expenses640.61M583.43M436.2M337.33M-160.64M58.71M60.72M61.65M309.84M555.95M
G&A Expenses52.22M53.81M52.76M48.3M56.51M58.71M60.72M61.65M51.45M50.06M
EBITDA1.75B1.9B2.19B2.14B2.51B2.59B2.67B2.79B2.14B1.89B
EBITDA Margin %70.9%73.89%80.99%83.17%102.03%94.63%92.84%93.64%69.01%60.69%
Depreciation & Amortization747.58M790.12M831.08M820.83M838.27M894.33M901.5M966.74M1.01B1B
D&A / Revenue %30.25%30.65%30.77%31.92%34.02%32.7%31.37%32.44%32.69%32.19%
Operating Income
1B▲ 0%
1.11B▲ 11.0%
1.36B▲ 21.7%
1.32B▼ 2.8%
1.68B▲ 27.2%
1.69B▲ 1.1%
1.77B▲ 4.3%
1.82B▲ 3.2%
1.13B▼ 38.2%
889.15M▲ 0%
Operating Margin %40.65%43.24%50.22%51.25%68.01%61.93%61.47%61.2%36.33%28.5%
Interest Expense0000000285.74M237.35M4M
Interest Coverage-------3.05x5.58x-
Non-Operating Income155.36M256.11M447.64M531.81M1.06B882.17M888.71M952.19M-198.44M-455.19M
Pretax Income
628.86M▲ 0%
686.07M▲ 9.1%
1.01B▲ 46.8%
963.35M▼ 4.4%
1.4B▲ 45.1%
807.89M▼ 42.2%
869.64M▲ 7.6%
1.07B▲ 23.3%
1.16B▲ 8.0%
988.89M▲ 0%
Pretax Margin %25.45%26.62%37.3%37.46%56.72%29.54%30.26%35.98%37.36%31.69%
Income Tax478K878K-2.28M852K915K900K1.15M1.26M6.58M8.62M
Effective Tax Rate %0.08%0.13%-0.23%0.09%0.07%0.11%0.13%0.12%0.57%0.87%
Net Income
603.45M▲ 0%
657.53M▲ 9.0%
970.38M▲ 47.6%
913.64M▼ 5.8%
1.33B▲ 45.9%
776.91M▼ 41.7%
835.44M▲ 7.5%
1.04B▲ 24.0%
1.12B▲ 8.1%
953.58M▲ 0%
Net Margin %24.42%25.51%35.93%35.53%54.09%28.4%29.07%34.76%36.12%30.56%
Net Income Growth %-85.94%8.96%47.58%-5.85%45.88%-41.71%7.53%23.99%8.13%-4.32%
Funds From Operations (FFO)
1.35B▲ 0%
1.45B▲ 7.2%
1.8B▲ 24.4%
1.73B▼ 3.7%
2.17B▲ 25.2%
1.67B▼ 23.0%
1.74B▲ 3.9%
2B▲ 15.3%
2.13B▲ 6.5%
1.96B▲ 0%
FFO Margin %54.67%56.16%66.7%67.44%88.11%61.1%60.44%67.2%68.8%62.75%
FFO Growth %-72.99%7.15%24.44%-3.72%25.18%-23.02%3.93%15.29%6.55%10.18%
FFO per Share3.533.774.664.495.594.294.445.135.495.08
FFO Payout Ratio %54.73%54.03%46.14%50.96%41.47%55.75%57.01%50.89%49.03%40.34%
EPS (Diluted)
1.58▲ 0%
1.71▲ 8.2%
2.50▲ 46.2%
2.27▼ 9.2%
3.54▲ 55.9%
2.05▼ 42.1%
2.13▲ 3.9%
2.72▲ 27.7%
2.91▲ 7.0%
2.48▲ 0%
EPS Growth %-85.94%8.23%46.2%-9.2%55.95%-42.09%3.9%27.7%6.99%-4.62%
EPS (Basic)1.641.792.612.363.562.062.202.732.97-
Diluted Shares Outstanding382.68M383.69M386.33M385.87M388.09M389.45M390.9M390.74M388.75M385.11M

EQR Balance Sheet

Equity Residential (EQR) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets20.57B20.39B21.17B20.29B21.17B20.22B20.03B20.83B20.75B20.52B
Asset Growth %-0.65%-0.86%3.82%-4.18%4.35%-4.49%-0.91%3.99%-0.42%6.33%
Real Estate & Other Assets20.41B20.22B20.49B19.64B20.21B19.34B19.16B19.83B-19.87B319.05M
PP&E (Net)19.89B19.72B512.77M499.29M474.71M462.96M457.27M455.44M454.92M452.32M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets100.76M116.31M117M99.73M360.24M137.17M140M160.17M55.9M34.68M
Cash & Equivalents50.65M47.44M45.75M42.59M123.83M53.87M50.74M62.3M55.9M34.68M
Receivables000000001000K0
Other Current Assets50.12M68.87M71.25M57.14M236.4M83.3M89.25M97.86M-14.64M0
Intangible Assets170.74M166.23M00000000
Total Liabilities9.73B9.62B10.16B9.18B9.48B8.52B8.46B9.25B9.34B9.5B
Total Debt8.96B8.82B9.37B8.37B8.65B7.73B7.7B8.43B8.78B8.64B
Net Debt8.91B8.77B9.32B8.33B8.53B7.68B7.65B8.36B8.73B8.61B
Long-Term Debt8.66B8.32B8.02B7.63B8.03B7.3B6.98B7.58B7.29B6.99B
Short-Term Borrowings299.76M499.18M1.02B414.83M315.03M129.96M409.13M543.68M1.19B1.35B
Capital Lease Obligations00331.33M329.13M312.33M308.75M311.64M304.9M304.57M1.22B
Total Current Liabilities665.39M870.88M1.4B820.35M725.05M536.91M821.46M980.7M1.19B1.35B
Accounts Payable114.77M102.47M94.35M107.37M107.01M96.03M87.38M99.35M00
Deferred Revenue0000000000
Other Liabilities406.86M425.82M417.02M405.54M419.24M375.88M341.77M386.17M552.73M851.94M
Total Equity
10.84B▲ 0%
10.78B▼ 0.6%
11.01B▲ 2.1%
11.1B▲ 0.9%
11.69B▲ 5.3%
11.7B▲ 0.1%
11.58B▼ 1.0%
11.58B▲ 0.1%
11.41B▼ 1.5%
11.02B▲ 0%
Equity Growth %-0.57%-0.57%2.13%0.86%5.26%0.13%-1.05%0.05%-1.51%-5.72%
Shareholders Equity10.24B10.17B10.32B10.53B10.95B11.17B11.09B11.04B11.04B10.67B
Minority Interest598.35M605.55M692.42M576.79M731.24M527.51M492.55M539.79M367.63M350.97M
Common Stock3.68M3.69M3.72M3.72M3.75M3.78M3.79M3.79M3.78M3.75M
Additional Paid-in Capital8.89B8.94B8.97B9.13B9.12B9.48B9.6B9.61B9.82B9.85B
Retained Earnings1.4B1.26B1.39B1.4B1.83B1.66B1.44B1.41B1.19B800.7M
Preferred Stock37.28M37.28M37.28M37.28M37.28M37.28M37.28M17.16M17.16M17.16M
Return on Assets (ROA)2.92%3.21%4.67%4.41%6.43%3.75%4.15%5.07%5.39%4.58%
Return on Equity (ROE)5.55%6.08%8.91%8.26%11.7%6.64%7.18%8.94%9.74%8.4%
Debt / Assets43.54%43.24%44.25%41.27%40.88%38.25%38.44%40.45%42.34%42.13%
Debt / Equity0.83x0.82x0.85x0.75x0.74x0.66x0.67x0.73x0.77x0.77x
Net Debt / EBITDA5.08x4.60x4.26x3.90x3.39x2.97x2.87x3.00x4.08x4.08x
Book Value per Share28.3328.0928.4928.7730.1130.0429.6229.6529.3528.62

EQR Cash Flow Statement

Equity Residential (EQR) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations1.27B1.36B1.46B1.27B1.26B1.45B1.53B1.57B1.65B1.65B
Operating CF Growth %4.26%7.15%7.42%-13.14%-0.42%15.44%5.36%2.66%4.78%12.71%
Operating CF / Revenue %51.22%52.62%53.95%49.21%51.14%53.19%53.33%52.8%53.17%52.84%
Net Income628.38M685.19M1.01B962.5M1.4B807M868.49M1.07B1.12B953.58M
Depreciation & Amortization747.58M790.12M842.78M832.44M851.38M894.33M901.5M966.74M1.01B1.01B
Stock-Based Compensation25M27.13M24.45M23.17M27.81M29.51M31.82M31.29M026.2M
Other Non-Cash Items-122.26M-171.79M-449.49M-478.54M-1.05B-271.38M-271.17M-534.53M-528.03M-287.04M
Working Capital Changes-12.91M25.65M29.54M-74.04M29.73M-4.69M2.16M39.13M46.3M13.85M
Cash from Investing-594.3M-376.83M-771.82M663.59M-434.62M107.79M-409.5M-1.18B-321.36M-510.86M
Acquisitions (Net)-6.03M-6.57M-9.6M-5.78M-79.79M-159.7M-47.87M-109.72M0-105.32M
Purchase of Investments00-269K-773K-168.29M-2.06M-2.5M000
Sale of Investments0000191.4M3.58M3.04M15.04M0396.07M
Other Investing-586.76M-365.76M-757M690.23M-376.24M270.02M-360.32M-1.08B-321.36M-801.25M
Cash from Financing-789.82M-963.91M-684.47M-1.95B-565.06M-1.79B-1.12B-376.95M-1.33B-787.22M
Dividends Paid-742.47M-785.99M-834.2M-887.03M-903.56M-934.1M-993.24M-1.02B-1.05B-790.91M
Common Dividends-739.38M-782.12M-831.11M-883.94M-900.47M-931.78M-990.15M-1.02B-1.05B-789.85M
Debt Issuance (Net)-1000K-1000K1000K-1000K1000K-1000K-1000K1000K1000K1000K
Share Repurchases000000-49.1M-38.47M-280.72M-280.72M
Other Financing-17.48M-16.01M-24.6M-57.28M47.05M-61.8M8.41M-19M-52.41M-513.8M
Net Change in Cash
-118.33M▲ 0%
15.55M▲ 113.1%
686K▼ 95.6%
-17.27M▼ 2617.6%
260.51M▲ 1608.4%
-223.06M▼ 185.6%
2.82M▲ 101.3%
20.17M▲ 614.5%
-1.31M▼ 106.5%
17.31M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning219.09M100.76M116.31M117M99.73M360.24M137.17M140M160.17M0
Cash at End100.76M116.31M117M99.73M360.24M137.17M140M160.17M158.85M0
Free Cash Flow
1.04B▲ 0%
1.16B▲ 11.7%
1.27B▲ 9.5%
1.1B▼ 13.2%
1.09B▼ 0.7%
1.22B▲ 12.0%
1.2B▼ 1.9%
1.25B▲ 4.6%
1.29B▲ 2.8%
1.33B▲ 0%
FCF Growth %5.14%11.75%9.48%-13.22%-0.71%12%-1.9%4.64%2.77%4.86%
FCF / Revenue %41.89%44.89%46.9%42.75%44.3%44.7%41.73%42.11%41.59%42.67%

EQR Key Ratios

Equity Residential (EQR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share3.533.774.664.495.594.294.445.135.495.08
FFO Payout Ratio54.73%54.03%46.14%50.96%41.47%55.75%57.01%50.89%49.03%40.34%
NOI Margin66.57%65.88%66.37%64.37%61.49%64.08%63.59%63.27%46.32%46.32%
Net Debt / EBITDA5.08x4.60x4.26x3.90x3.39x2.97x2.87x3.00x4.08x4.08x
Debt / Assets43.54%43.24%44.25%41.27%40.88%38.25%38.44%40.45%42.34%42.13%
Interest Coverage-------3.05x5.58x-
Book Value / Share28.3328.0928.4928.7730.1130.0429.6229.6529.3528.62
Revenue Growth1.88%4.3%4.77%-4.78%-4.19%11.01%5.07%3.69%4.06%3.65%

EQR SEC Filings & Documents

Equity Residential (EQR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 28, 2026·SEC

Material company update

Apr 15, 2026·SEC

Material company update

Mar 2, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 13, 2026·SEC

FY 2025

Feb 13, 2025·SEC

FY 2024

Feb 15, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Aug 6, 2025·SEC

EQR Frequently Asked Questions

Equity Residential (EQR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Equity Residential (EQR) reported $3.12B in revenue for fiscal year 2025. This represents a 552% increase from $478.4M in 1996.

Equity Residential (EQR) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Equity Residential (EQR) is profitable, generating $953.6M in net income for fiscal year 2025 (36.1% net margin).

Dividend & Returns

Yes, Equity Residential (EQR) pays a dividend with a yield of 4.06%. This makes it attractive for income-focused investors.

Equity Residential (EQR) has a return on equity (ROE) of 9.7%. This is below average, suggesting room for improvement.

Industry Metrics

Equity Residential (EQR) generated Funds From Operations (FFO) of $1.96B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Equity Residential (EQR) offers a 4.06% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More EQR

Equity Residential (EQR) financial analysis — history, returns, DCA and operating performance tools

Full EQR Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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