Revenue has demonstrated consistent growth to $770.3 million as of 2026Q1, though NOI margins remain sensitive to development lease-up cycles, fluctuating from a peak of 72.1% in 2025Q3 to 67.7% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 3.06B | 3.04B | 2.91B | 2.77B | 2.59B | 2.29B | 2.3B | 2.32B | 2.28B | 2.16B | 2.05B | 1.86B | 1.69B | 1.46B | 1B | 900.09M | 842.82M | 829.92M | 814.22M | 766.66M | 721.43M | 655.21M | 648.45M | 609.65M | 533.74M | 523.19M | 573.39M | 505.98M | 371.4M | 178.8M | 82.59M |
| Revenue Growth % | 3.95% | 4.29% | 5.27% | 6.73% | 13.01% | -0.28% | -1.01% | 1.75% | 5.83% | 5.54% | 10.2% | 10.15% | 15.18% | 46.2% | 11.17% | 6.79% | 1.55% | 1.93% | 6.2% | 6.27% | 10.11% | 1.04% | 6.36% | 14.22% | 2.02% | -8.76% | 13.32% | 36.23% | 107.72% | 116.48% | 47.75% |
| Property Operating Expenses | 982.71M | 1B | 1.07B | 988.13M | 919.11M | 853.94M | 823.1M | 768.11M | 766.56M | 722.3M | 683.27M | 642.25M | 589.31M | 511.02M | 356.9M | 335.84M | 334.12M | 327.74M | 322.8M | 302.25M | 217.13M | 197.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 2.08B | 2.04B | 1.84B | 1.78B | 1.67B | 1.44B | 1.48B | 1.56B | 1.52B | 1.44B | 1.36B | 1.21B | 1.1B | 951.9M | 643.72M | 564.25M | 508.7M | 502.18M | 491.43M | 464.41M | 504.3M | 457.22M | 648.45M | 609.65M | 533.74M | 523.19M | 573.39M | 505.98M | 371.4M | 178.8M | 82.59M |
| NOI Margin % | 67.92% | 66.99% | 63.16% | 64.3% | 64.56% | 62.79% | 64.23% | 66.96% | 66.45% | 66.54% | 66.59% | 65.4% | 65.03% | 65.07% | 64.33% | 62.69% | 60.36% | 60.51% | 60.36% | 60.58% | 69.9% | 69.78% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 1.19B | 1.12B | 924.55M | 893.5M | 889.04M | 828.21M | 767.67M | 719.62M | 691.57M | 637.85M | 577.21M | 520.7M | 484.11M | 599.79M | 277.78M | 256.1M | 247.41M | 233.23M | 224.69M | 196.82M | 252M | 246.19M | 430.78M | 535.47M | -348.05M | 297.9M | 325.25M | 297.57M | 222.62M | -96M | 62.14M |
| G&A Expenses | 88.98M | 86.68M | 77.7M | 76.53M | 74.06M | 69.61M | 60.34M | 58.04M | 60.37M | 53.7M | 45.77M | 42.77M | 41.42M | 39.57M | 34.1M | 29.37M | 26.85M | 28.75M | 42.78M | 28.49M | 24.77M | 25.76M | 18.07M | 13.73M | 13.45M | 14.71M | 13.01M | 9.59M | 9.12M | 6.31M | 3.9M |
| EBITDA | 1.82B | 1.83B | 1.76B | 1.7B | 1.6B | 1.37B | 1.42B | 1.5B | 1.46B | 1.38B | 1.32B | 1.17B | 1.05B | 912.33M | 609.62M | 534.88M | 481.85M | 487.24M | 466.19M | 449.32M | 416.43M | 374.33M | 385.28M | 232.16M | 1.03B | 362.69M | 374.18M | 322.13M | 229.41M | 305.9M | 39.15M |
| EBITDA Margin % | 59.47% | 60.13% | 60.49% | 61.54% | 61.7% | 59.76% | 61.61% | 64.46% | 63.8% | 64.05% | 64.35% | 63.09% | 62.57% | 62.36% | 60.92% | 59.43% | 57.17% | 58.71% | 57.26% | 58.61% | 57.72% | 57.13% | 59.41% | 38.08% | 193.78% | 69.32% | 65.26% | 63.67% | 61.77% | 171.09% | 47.4% |
| Depreciation & Amortization | 928.59M | 913.38M | 846.85M | 816.97M | 814.98M | 758.6M | 707.33M | 661.58M | 631.2M | 584.15M | 531.43M | 477.92M | 442.68M | 560.22M | 243.68M | 226.73M | 220.56M | 218.29M | 199.45M | 181.72M | 164.13M | 163.3M | 167.6M | 157.98M | 152.49M | 137.4M | 126.03M | 113.72M | 80.63M | 31.1M | 18.69M |
| D&A / Revenue % | 30.31% | 30.06% | 29.06% | 29.52% | 31.42% | 33.06% | 30.74% | 28.46% | 27.63% | 27.06% | 25.98% | 25.75% | 26.27% | 38.29% | 24.35% | 25.19% | 26.17% | 26.3% | 24.5% | 23.7% | 22.75% | 24.92% | 25.85% | 25.91% | 28.57% | 26.26% | 21.98% | 22.48% | 21.71% | 17.39% | 22.63% |
| Operating Income | 893.04M | 913.86M | 915.75M | 886.28M | 785.29M | 612.7M | 710.49M | 836.9M | 826.41M | 798.48M | 784.78M | 693.09M | 611.65M | 352.11M | 365.94M | 308.15M | 261.29M | 268.95M | 266.74M | 267.6M | 252.3M | 211.03M | 217.68M | 74.18M | 881.79M | 225.29M | 248.15M | 208.41M | 148.78M | 274.8M | 20.46M |
| Operating Margin % | 29.15% | 30.07% | 31.43% | 32.02% | 30.28% | 26.7% | 30.87% | 36% | 36.17% | 36.99% | 38.37% | 37.34% | 36.3% | 24.07% | 36.57% | 34.24% | 31% | 32.41% | 32.76% | 34.9% | 34.97% | 32.21% | 33.57% | 12.17% | 165.21% | 43.06% | 43.28% | 41.19% | 40.06% | 153.69% | 24.77% |
| Interest Expense | 4M | 259.18M | 226.59M | 205.99M | 230.07M | 220.41M | 214.15M | 203.59M | 220.97M | 199.66M | 187.51M | 175.62M | 180.62M | 172.4M | 136.92M | 168.18M | 175.21M | 150.32M | 114.88M | 97.55M | 111.05M | 127.1M | 131.31M | 134.91M | 121.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 5.07x | 5.78x | 5.56x | 6.00x | 5.58x | 4.85x | 4.93x | 5.41x | 5.39x | 6.51x | 5.23x | 4.70x | 1.34x | 1.71x | 0.97x | 1.50x | 0.84x | 1.57x | 2.74x | 2.27x | 1.80x | 1.66x | 0.55x | 7.26x | - | - | - | - | - | - |
| Non-Operating Income | -170.32M | -400.79M | -393.46M | -258.31M | -595.87M | -617.8M | -328.13M | -165.79M | -368.57M | -277.98M | -436.75M | -225.75M | -237.49M | 121.89M | -21.41M | 123K | -762K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 1.15B | 1.06B | 1.08B | 938.59M | 1.15B | 1.01B | 824.46M | 799.11M | 974.17M | 876.66M | 1.03B | 743.59M | 668.52M | 57.83M | 264.76M | 165.94M | 98.07M | 200.83M | 411.49M | 247.67M | 278.4M | 322.38M | 219.75M | 271.52M | 173.62M | 0 | 0 | 0 | 145.09M | 0 | 0 |
| Pretax Margin % | 37.44% | 34.73% | 37.16% | 33.91% | 44.38% | 44.02% | 35.83% | 34.38% | 42.64% | 40.61% | 50.56% | 40.06% | 39.67% | 3.95% | 26.46% | 18.44% | 11.64% | 24.2% | 50.54% | 32.3% | 38.59% | 49.2% | 33.89% | 44.54% | 32.53% | 0% | 0% | 0% | 39.07% | 0% | 0% |
| Income Tax | -1.31M | -1.14M | 445K | 10.15M | 14.65M | 5.73M | -3.25M | 13M | -160K | 141K | 305K | 1.86M | 9.37M | -138.06M | -7.35M | -105.23M | 97.95M | 113.32M | 227.48M | -13.49M | -7.91M | 243.99M | 224.12M | -26.29M | -47.09M | 33.27M | 37.55M | 19.35M | 46.66M | 470K | 830K |
| Effective Tax Rate % | -0.11% | -0.11% | 0.04% | 1.08% | 1.27% | 0.57% | -0.39% | 1.63% | -0.02% | 0.02% | 0.03% | 0.25% | 1.4% | -238.74% | -2.78% | -63.41% | 99.88% | 56.43% | 55.28% | -5.45% | -2.84% | 75.69% | 101.99% | -9.68% | -27.12% | - | - | - | 32.16% | - | - |
| Net Income | 1.14B | 1.05B | 1.08B | 928.83M | 1.14B | 1B | 827.63M | 785.97M | 974.52M | 876.92M | 1.03B | 742.04M | 683.57M | 353.14M | 423.87M | 441.62M | 175.33M | 155.65M | 411.49M | 358.16M | 278.4M | 322.38M | 219.75M | 271.52M | 173.62M | 249M | 210.6M | 172.28M | 94.43M | 38.94M | 19.63M |
| Net Margin % | 37.27% | 34.64% | 37.13% | 33.56% | 43.83% | 43.76% | 35.96% | 33.81% | 42.66% | 40.62% | 50.56% | 39.98% | 40.57% | 24.14% | 42.36% | 49.06% | 20.8% | 18.75% | 50.54% | 46.72% | 38.59% | 49.2% | 33.89% | 44.54% | 32.53% | 47.59% | 36.73% | 34.05% | 25.43% | 21.78% | 23.76% |
| Net Income Growth % | -0.3% | -2.72% | 16.49% | -18.29% | 13.19% | 21.35% | 5.3% | -19.35% | 11.13% | -15.19% | 39.35% | 8.55% | 93.57% | -16.69% | -4.02% | 151.88% | 12.65% | -62.17% | 14.89% | 28.65% | -13.64% | 46.71% | -19.07% | 56.39% | -30.27% | 18.23% | 22.25% | 82.43% | 142.51% | 98.42% | 70.66% |
| Funds From Operations (FFO) | 2.07B | 1.97B | 1.93B | 1.75B | 1.95B | 1.76B | 1.53B | 1.45B | 1.61B | 1.46B | 1.57B | 1.22B | 1.13B | 913.36M | 667.55M | 668.35M | 395.89M | 373.93M | 610.94M | 539.88M | 442.53M | 485.67M | 387.34M | 429.5M | 326.11M | 386.4M | 336.63M | 286M | 175.06M | 70.04M | 38.31M |
| FFO Margin % | 67.58% | 64.69% | 66.2% | 63.07% | 75.26% | 76.82% | 66.7% | 62.27% | 70.29% | 67.69% | 76.54% | 65.73% | 66.84% | 62.43% | 66.71% | 74.25% | 46.97% | 45.06% | 75.03% | 70.42% | 61.34% | 74.12% | 59.73% | 70.45% | 61.1% | 73.85% | 58.71% | 56.52% | 47.14% | 39.17% | 46.39% |
| FFO Growth % | 16.42% | 1.92% | 10.49% | -10.55% | 10.71% | 14.85% | 6.04% | -9.85% | 9.9% | -6.67% | 28.32% | 8.32% | 23.31% | 36.82% | -0.12% | 68.82% | 5.87% | -38.79% | 13.16% | 22% | -8.88% | 25.39% | -9.82% | 31.71% | -15.6% | 14.78% | 17.7% | 63.37% | 149.94% | 82.8% | 52.04% |
| FFO per Share | 14.70 | 13.85 | 13.54 | 12.33 | 13.94 | 12.62 | 10.93 | 10.37 | 11.61 | 10.58 | 11.39 | 9.06 | 8.58 | 7.18 | 6.81 | 7.36 | 4.68 | 4.64 | 7.88 | 6.76 | 5.85 | 6.50 | 5.36 | 6.14 | 4.67 | 5.58 | 4.99 | 4.38 | 3.38 | 2.46 | 2.13 |
| FFO Payout Ratio % | 48.2% | 50.48% | 49.87% | 52.85% | 45.58% | 50.39% | 57.54% | 58% | 50.15% | 52.88% | 46.42% | 53.71% | 52.71% | 57.6% | 54.76% | 47.61% | 75.3% | 75.87% | 45.7% | 50.2% | 53.09% | 44.35% | 53.98% | 47.13% | 63.61% | 52.59% | 55.11% | 60.26% | 74.07% | 61.1% | 67.99% |
| EPS (Diluted) | 8.11 | 7.39 | 7.60 | 6.56 | 8.11 | 7.17 | 5.88 | 5.63 | 7.05 | 6.35 | 7.52 | 5.51 | 5.21 | 2.78 | 4.32 | 4.87 | 2.07 | 1.93 | 5.17 | 4.38 | 3.42 | 4.05 | 2.92 | 3.73 | 2.23 | 3.02 | 2.53 | 2.03 | 1.84 | 1.59 | 1.02 |
| EPS Growth % | 0.12% | -2.76% | 15.85% | -19.11% | 13.11% | 21.94% | 4.44% | -20.14% | 11.02% | -15.56% | 36.48% | 5.76% | 87.41% | -35.65% | -11.29% | 135.27% | 7.25% | -62.67% | 18.04% | 28.07% | -15.56% | 38.7% | -21.72% | 67.26% | -26.16% | 19.37% | 24.63% | 10.33% | 15.72% | 55.88% | 12.09% |
| EPS (Basic) | - | 7.40 | 7.61 | 6.57 | 8.13 | 7.19 | 5.89 | 5.64 | 7.05 | 6.36 | 7.53 | 5.54 | 5.22 | 2.78 | 4.34 | 4.89 | 2.08 | 1.94 | 5.22 | 4.44 | 3.48 | 4.14 | 2.95 | 3.80 | 2.26 | 3.08 | 2.58 | 2.05 | 1.87 | 1.60 | 1.02 |
| Diluted Shares Outstanding | 140.81M | 141.99M | 142.46M | 141.64M | 139.98M | 139.72M | 140.44M | 139.57M | 138.29M | 138.07M | 137.46M | 134.59M | 131.24M | 127.27M | 98.03M | 90.78M | 84.63M | 80.6M | 77.58M | 79.86M | 75.59M | 74.76M | 72.28M | 69.91M | 69.83M | 69.19M | 67.52M | 65.27M | 51.85M | 28.43M | 18M |
Regulatory and development headwinds
According to the provided quarterly income statements, AvalonBay has maintained consistent top-line expansion, with revenue growing from $704.7 million in 2023Q4 to $770.3 million by 2026Q1, suggesting that the company's vertically integrated development platform continues to successfully offset potential stagnation in its established coastal residential portfolio.
The steady revenue growth appears to be supported by the successful delivery of new units, which helps mitigate the cyclicality inherent in high-barrier coastal markets. Investors should monitor whether the pace of new development can continue to outstrip the potential softening of market rents in core technology-heavy hubs.
As reported in the financial data, NOI margins have fluctuated significantly, peaking at 72.1% in 2025Q3 before compressing to 67.7% in 2026Q1, which may indicate sensitivity to rising property-level operating expenses or the temporary margin dilution associated with the lease-up phase of newly completed development projects.
The variability in property-level profitability suggests that fixed costs, such as insurance and property taxes, may be exerting pressure on the bottom line. This trend warrants further investigation into whether the company is successfully passing through these cost increases to tenants or if competitive pressures are limiting pricing power.
Based on the company's reported figures, FFO per share has exhibited substantial quarterly swings, ranging from a low of $2.71 in 2024Q1 to a high of $4.26 in 2025Q3, highlighting the impact of non-recurring items and the timing of development-related capital events on headline earnings metrics.
The erratic nature of FFO growth suggests that investors should focus on normalized FFO trends rather than quarter-over-quarter changes. The significant divergence between FFO and AFFO in certain periods may indicate high levels of recurring maintenance capital expenditures that are necessary to keep the portfolio competitive.
Analysis of the provided income statements reveals a persistent gap between Net Income and FFO, which, as noted in industry filings, often stems from the aggressive capitalization of interest and development costs that might otherwise weigh on the company's reported earnings during periods of high construction activity.
The reliance on capitalized interest to support earnings growth may mask the true cost of debt financing in a higher-rate environment. This practice requires careful monitoring, as it may artificially inflate current profitability metrics at the expense of future cash flow flexibility.
Quick answers to the most common questions about buying AVB stock.
For fiscal year 2025, AvalonBay Communities, Inc. (AVB) reported total revenue of $3.04B. This represents a 3579.3% increase compared to $82.6M in 1996.
AvalonBay Communities, Inc. (AVB) is profitable, generating $1.05B in net income for the fiscal year ending 2025 with a net profit margin of 34.6%.
AvalonBay Communities, Inc. (AVB) reported an operating income of $913.9M, resulting in an operating profit margin of 30.1%. This margin reflects the operational efficiency of the business before interest and taxes.
AvalonBay Communities, Inc. (AVB) generated $2.04B in gross profit for the year, representing a gross profit margin of 67.0%. This demonstrates the company's core pricing power and production efficiency.