Revenue growth remains modest at 2.5% in 2026Q1, though NOI margins have shown significant instability, swinging from a -1.8% low in 2025Q4 to 61.3% 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 | 3.12B | 3.1B | 2.98B | 2.87B | 2.74B | 2.46B | 2.57B | 2.7B | 2.58B | 2.47B | 2.43B | 2.74B | 2.61B | 2.39B | 1.75B | 1.99B | 1.99B | 1.94B | 2.1B | 2.04B | 1.99B | 1.95B | 1.75B | 1.82B | 1.99B | 2.17B | 2.03B | 1.51B | 1.34B | 747.32M | 478.38M |
| Revenue Growth % | 3.65% | 4.06% | 3.69% | 5.07% | 11.01% | -4.19% | -4.78% | 4.77% | 4.3% | 1.88% | -11.63% | 4.98% | 9.51% | 36.64% | -11.97% | -0.35% | 2.43% | -7.53% | 3.2% | 2.39% | 1.82% | 11.47% | -3.81% | -8.56% | -8.14% | 6.91% | 34.58% | 12.8% | 78.97% | 56.22% | 15.97% |
| Property Operating Expenses | 1.68B | 1.66B | 1.09B | 1.05B | 982.58M | 948.79M | 916.38M | 908.33M | 879.63M | 826.27M | 806.23M | 905.17M | 883.56M | 834.23M | 625.51M | 1.37B | 1.46B | 1.36B | 1.44B | 1.42B | 1.39B | 1.37B | 1.01B | 196.99M | 199.35M | 723.24M | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 1.45B | 1.44B | 1.89B | 1.83B | 1.75B | 1.52B | 1.66B | 1.79B | 1.7B | 1.65B | 1.62B | 1.84B | 1.73B | 1.55B | 1.12B | 612.6M | 529.43M | 582.28M | 667.97M | 616.52M | 595.61M | 583.74M | 744.94M | 1.63B | 1.79B | 1.45B | 2.03B | 1.51B | 1.34B | 747.32M | 478.38M |
| NOI Margin % | 46.32% | 46.32% | 63.27% | 63.59% | 64.08% | 61.49% | 64.37% | 66.37% | 65.88% | 66.57% | 66.76% | 67.02% | 66.21% | 65.06% | 64.21% | 30.86% | 26.58% | 29.94% | 31.76% | 30.25% | 29.92% | 29.86% | 42.48% | 89.2% | 90% | 66.68% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 555.95M | 309.84M | 61.65M | 60.72M | 58.71M | -160.64M | 337.33M | 436.2M | 583.43M | 640.61M | 763.49M | 830.56M | 809.54M | 1.04B | 485.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.81M | 46.49M | 35.41M | 1.26B | 1.08B | 833.08M | 447.46M | 295.76M |
| G&A Expenses | 50.06M | 51.45M | 61.65M | 60.72M | 58.71M | 56.51M | 48.3M | 52.76M | 53.81M | 52.22M | 57.84M | 64.66M | 50.68M | 62.18M | 47.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.81M | 46.49M | 35.41M | 26.39M | 22.3M | 21.72M | 15.06M | 9.86M |
| EBITDA | 1.89B | 2.14B | 2.79B | 2.67B | 2.59B | 2.51B | 2.14B | 2.19B | 1.9B | 1.75B | 1.57B | 1.78B | 1.68B | 1.49B | 1.18B | 646.96M | 671.99M | 641.3M | 730.79M | 672.68M | 673.63M | 629.49M | 667.9M | 1.04B | 1.15B | 1.88B | 1.22B | 1.08B | 804.07M | 455.56M | 275.88M |
| EBITDA Margin % | 60.69% | 69.01% | 93.64% | 92.84% | 94.63% | 102.03% | 83.17% | 80.99% | 73.89% | 70.9% | 64.52% | 64.79% | 64.39% | 62.5% | 67.42% | 32.59% | 33.73% | 32.97% | 34.75% | 33.01% | 33.84% | 32.2% | 38.08% | 56.99% | 57.43% | 86.78% | 60.11% | 71.61% | 60.12% | 60.96% | 57.67% |
| Depreciation & Amortization | 1B | 1.01B | 966.74M | 901.5M | 894.33M | 838.27M | 820.83M | 831.08M | 790.12M | 747.58M | 709.08M | 769.28M | 762.08M | 979.87M | 664.08M | 646.96M | 656.63M | 582.28M | 591.16M | 587.65M | 562.74M | 508.14M | 496.58M | 471.57M | 472.96M | 471.72M | 451.34M | 408.69M | 299.7M | 155.7M | 93.25M |
| D&A / Revenue % | 32.19% | 32.69% | 32.44% | 31.37% | 32.7% | 34.02% | 31.92% | 30.77% | 30.65% | 30.25% | 29.23% | 28.03% | 29.15% | 41.04% | 38% | 32.59% | 32.96% | 29.94% | 28.11% | 28.83% | 28.27% | 25.99% | 28.31% | 25.86% | 23.72% | 21.73% | 22.23% | 27.09% | 22.41% | 20.83% | 19.49% |
| Operating Income | 889.15M | 1.13B | 1.82B | 1.77B | 1.69B | 1.68B | 1.32B | 1.36B | 1.11B | 1B | 856.09M | 1.01B | 921.64M | 512.32M | 514.09M | 0 | 15.36M | 59.02M | 139.63M | 85.04M | 110.89M | 121.35M | 171.32M | 567.51M | 672.14M | 1.41B | 769.03M | 671.61M | 504.37M | 299.86M | 182.63M |
| Operating Margin % | 28.5% | 36.33% | 61.2% | 61.47% | 61.93% | 68.01% | 51.25% | 50.22% | 43.24% | 40.65% | 35.29% | 36.77% | 35.25% | 21.46% | 29.42% | 0% | 0.77% | 3.03% | 6.64% | 4.17% | 5.57% | 6.21% | 9.77% | 31.13% | 33.71% | 65.05% | 37.88% | 44.52% | 37.71% | 40.12% | 38.18% |
| Interest Expense | 4M | 237.35M | 285.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 543.85M | 421.31M | 473.58M | 549.45M | 393.88M | 258.21M | 176.59M | 101.62M |
| Interest Coverage | - | 5.58x | 3.05x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.05x | 5.67x | 5.99x | 5.06x | 6.52x | 8.31x | 6.77x | 1.80x |
| Non-Operating Income | -455.19M | -198.44M | 952.19M | 888.71M | 882.17M | 1.06B | 531.81M | 447.64M | 256.11M | 155.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.16M | -1.72B | -2.12B | -2.01B | -1.9B | -1.64B | -896.24M | 0 |
| Pretax Income | 988.89M | 1.16B | 1.07B | 869.64M | 807.89M | 1.4B | 963.35M | 1.01B | 686.07M | 628.86M | 4.48B | 908.54M | 658.5M | -167M | 160.81M | 80.51M | -46.22M | 20.15M | 44.74M | 91.03M | 107.39M | 190.34M | 175.15M | 543.85M | 421.31M | 473.58M | 549.45M | 393.88M | 258.21M | 176.59M | 101.62M |
| Pretax Margin % | 31.69% | 37.36% | 35.98% | 30.26% | 29.54% | 56.72% | 37.46% | 37.3% | 26.62% | 25.45% | 184.73% | 33.1% | 25.18% | -6.99% | 9.2% | 4.06% | -2.32% | 1.04% | 2.13% | 4.47% | 5.4% | 9.74% | 9.99% | 29.83% | 21.13% | 21.82% | 27.06% | 26.11% | 19.31% | 23.63% | 21.24% |
| Income Tax | 8.62M | 6.58M | 1.26M | 1.15M | 900K | 915K | 852K | -2.28M | 878K | 478K | 1.61M | 917K | 1.39M | 1.17M | 539K | 728K | 334K | 2.81M | 5.29M | 2.52M | -1.07B | -861.79M | -472.33M | -543.85M | -421.31M | -473.58M | -549.45M | -393.88M | -258.21M | -176.59M | -101.62M |
| Effective Tax Rate % | 0.87% | 0.57% | 0.12% | 0.13% | 0.11% | 0.07% | 0.09% | -0.23% | 0.13% | 0.08% | 0.04% | 0.1% | 0.21% | -0.7% | 0.34% | 0.9% | -0.72% | 13.94% | 11.81% | 2.77% | -999.03% | -452.77% | -269.67% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | 953.58M | 1.12B | 1.04B | 835.44M | 776.91M | 1.33B | 913.64M | 970.38M | 657.53M | 603.45M | 4.29B | 870.12M | 631.31M | 1.83B | 841.72M | 893.59M | 283.61M | 362.27M | 420.09M | 989.62M | 1.07B | 861.79M | 472.33M | 543.85M | 421.31M | 473.58M | 549.45M | 393.88M | 258.21M | 176.59M | 101.62M |
| Net Margin % | 30.56% | 36.12% | 34.76% | 29.07% | 28.4% | 54.09% | 35.53% | 35.93% | 25.51% | 24.42% | 176.94% | 31.7% | 24.14% | 76.67% | 48.17% | 45.01% | 14.24% | 18.63% | 19.97% | 48.56% | 53.9% | 44.08% | 26.93% | 29.83% | 21.13% | 21.82% | 27.06% | 26.11% | 19.31% | 23.63% | 21.24% |
| Net Income Growth % | -4.32% | 8.13% | 23.99% | 7.53% | -41.71% | 45.88% | -5.85% | 47.58% | 8.96% | -85.94% | 393.28% | 37.83% | -65.51% | 117.49% | -5.8% | 215.08% | -21.71% | -13.76% | -57.55% | -7.76% | 24.49% | 82.46% | -13.15% | 29.08% | -11.04% | -13.81% | 39.5% | 52.55% | 46.22% | 73.77% | 50.11% |
| Funds From Operations (FFO) | 1.96B | 2.13B | 2B | 1.74B | 1.67B | 2.17B | 1.73B | 1.8B | 1.45B | 1.35B | 5B | 1.64B | 1.39B | 2.81B | 1.51B | 1.54B | 940.24M | 944.55M | 1.01B | 1.58B | 1.64B | 1.37B | 968.91M | 1.02B | 894.27M | 945.31M | 1B | 802.57M | 557.91M | 332.29M | 194.88M |
| FFO Margin % | 62.75% | 68.8% | 67.2% | 60.44% | 61.1% | 88.11% | 67.44% | 66.7% | 56.16% | 54.67% | 206.17% | 59.72% | 53.29% | 117.71% | 86.17% | 77.6% | 47.2% | 48.57% | 48.08% | 77.39% | 82.17% | 70.08% | 55.25% | 55.69% | 44.85% | 43.55% | 49.29% | 53.2% | 41.71% | 44.46% | 40.74% |
| FFO Growth % | 10.18% | 6.55% | 15.29% | 3.93% | -23.02% | 25.18% | -3.72% | 24.44% | 7.15% | -72.99% | 205.07% | 17.66% | -50.42% | 86.64% | -2.26% | 63.85% | -0.46% | -6.6% | -35.89% | -3.57% | 19.39% | 41.39% | -4.58% | 13.55% | -5.4% | -5.54% | 24.7% | 43.85% | 67.9% | 70.51% | 35.52% |
| FFO per Share | 5.08 | 5.49 | 5.13 | 4.44 | 4.29 | 5.59 | 4.49 | 4.66 | 3.77 | 3.53 | 13.09 | 4.31 | 3.69 | 7.93 | 4.71 | 5.22 | 3.32 | 3.45 | 3.75 | 5.22 | 5.18 | 4.41 | 3.46 | 3.73 | 3.00 | 3.20 | 3.49 | 2.96 | 2.48 | 2.49 | 2.29 |
| FFO Payout Ratio % | 40.34% | 49.03% | 50.89% | 57.01% | 55.75% | 41.47% | 50.96% | 46.14% | 54.03% | 54.73% | 95.41% | 47.87% | 55.74% | 24.25% | 31.44% | 28.04% | 40.41% | 51.73% | 51.64% | 36.85% | 33.99% | 39.68% | 62.1% | 60.47% | 69.75% | 53.73% | 56.39% | 59.48% | 67% | 87.9% | 62.53% |
| EPS (Diluted) | 2.48 | 2.91 | 2.72 | 2.13 | 2.05 | 3.54 | 2.27 | 2.50 | 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 | 2.77 | 1.69 | 2.00 | 1.41 | 1.60 | 1.92 | 1.45 | 1.15 | 1.32 | 1.19 |
| EPS Growth % | -4.62% | 6.99% | 27.7% | 3.9% | -42.09% | 55.95% | -9.2% | 46.2% | 8.23% | -85.94% | 390.83% | 37.13% | -67.7% | 96.58% | -13.2% | 203% | -24.24% | -15.38% | -52.29% | -3.82% | 22.74% | 63.91% | -15.5% | 41.84% | -11.88% | -16.67% | 32.41% | 26.09% | -12.88% | 10.92% | 21.43% |
| EPS (Basic) | - | 2.97 | 2.73 | 2.20 | 2.06 | 3.56 | 2.36 | 2.61 | 1.79 | 1.64 | 11.76 | 2.39 | 1.75 | 5.17 | 2.78 | 3.03 | 1.00 | 1.32 | 1.56 | 3.54 | 3.70 | 3.02 | 1.69 | 2.00 | 1.55 | 1.77 | 2.12 | 1.61 | 1.29 | 1.34 | 1.19 |
| Diluted Shares Outstanding | 385.11M | 388.75M | 390.74M | 390.9M | 389.45M | 388.09M | 385.87M | 386.33M | 383.69M | 382.68M | 381.99M | 380.62M | 377.74M | 354.31M | 319.77M | 294.86M | 282.89M | 273.61M | 270.01M | 302.24M | 315.58M | 310.79M | 279.74M | 272.34M | 297.97M | 295.21M | 286.5M | 271.31M | 225.16M | 133.64M | 85.17M |
Legislative and Regulatory Exposure
As reported in recent financial filings, Equity Residential achieved a 2.5% revenue increase in 2026Q1, though this growth appears tempered by the ongoing strategic shift toward expansion markets, which may introduce volatility compared to the historical stability of the company's core coastal urban portfolio.
The deceleration in top-line growth suggests that the transition from mature coastal assets to newer expansion markets is not yet yielding the anticipated scale benefits. Investors should monitor whether the lower barriers to entry in these new regions will eventually lead to increased supply-side pressure on rental rates.
According to the provided income statement data, EQR's NOI margin fluctuated significantly, reaching a low of -1.8% in 2025Q4 before recovering to 61.3% in 2026Q1, indicating potential sensitivity to localized operating expense spikes and the timing of property-level tax assessments across the portfolio.
The extreme volatility in the 2025Q4 margin warrants further investigation into whether this was driven by non-recurring accounting adjustments or genuine operational inefficiencies. Sustained margin pressure may suggest that the company is struggling to pass through rising municipal costs to its tenant base.
Based on the company's reported figures, FFO per share experienced a sharp decline to $0.88 in 2026Q1 from $1.65 in 2025Q4, suggesting that earnings quality may be impacted by the timing of asset dispositions or other non-recurring items that distort the underlying operational performance.
The significant quarter-over-quarter variance in FFO suggests that relying on headline earnings metrics may be misleading for assessing long-term dividend sustainability. Analysts should focus on the stability of AFFO to determine if the current payout ratio remains adequately covered by recurring cash flows.
As indicated by the discrepancy between Net Income and FFO, EQR's reliance on non-cash adjustments appears to obscure the true capital intensity of maintaining its Class A portfolio, potentially overstating the company's ability to generate organic growth without significant ongoing reinvestment in property upgrades.
The persistent gap between GAAP net income and FFO highlights the necessity of scrutinizing recurring maintenance CAPEX. If these capital requirements continue to rise, it may imply that the company's assets require more frequent reinvestment than previously modeled to remain competitive in high-density urban markets.
Quick answers to the most common questions about buying EQR stock.
For fiscal year 2025, Equity Residential (EQR) reported total revenue of $3.10B. This represents a 548.2% increase compared to $478.4M in 1996.
Equity Residential (EQR) is profitable, generating $1.12B in net income for the fiscal year ending 2025 with a net profit margin of 36.1%.
Equity Residential (EQR) reported an operating income of $1.13B, resulting in an operating profit margin of 36.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Equity Residential (EQR) generated $1.44B in gross profit for the year, representing a gross profit margin of 46.3%. This demonstrates the company's core pricing power and production efficiency.