EQR

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Equity Residential

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Key Metrics

Previous Close: $65.97
52-Week Range: $57.57 – $71.50
Market Cap: $24.61B
P/E (TTM): 28.68
EPS (TTM): 2.22
Dividend Yield: 4.26%

Advanced Metrics

Price/Book: 2.27
PEG Ratio: 16.10
Return on Equity: 8.02%
Return on Assets: 2.67%
Gross Margin: 62.34%
Operating Margin: 27.88%
Profit Margin: 27.97%
Current Ratio: 0.13
Debt/Equity: 0.79
Total Debt: $8.57B
Free Cash Flow: $1.42B
Revenue Growth: 2.10%
Earnings Growth: -39.90%
Enterprise Value: $32.79B

EQR Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$2.74B	$2.87B	$2.98B	$3.09B
Cost of Revenue	$982.58M	$1.05B	$1.09B	$1.15B
Gross Profit	$1.75B	$1.83B	$1.89B	$1.95B
Selling, General & Admin	$58.71M	$60.72M	$61.65M	$65.28M
Operating Expenses	$940.88M	$949.42M	$1.01B	$1.08B
Operating Income	$811.72M	$878.05M	$871.70M	$869.75M
EBITDA	$1.99B	$2.05B	$2.33B	$2.50B
Pretax Income	$812.93M	$875.01M	$1.08B	$1.17B
Income Tax	$900.00K	$1.15M	$1.26M	$1.58M
Net Income	$776.91M	$835.44M	$1.04B	$1.12B
Diluted EPS	2.05	2.20	2.72	2.94
Diluted Shares	389.45M	390.90M	390.74M	390.41M

EQR Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$53.87M	$50.74M	$62.30M	$55.90M
Current Assets	$137.17M	$140.00M	$160.17M	$158.85M
Total Assets	$20.22B	$20.03B	$20.83B	$20.75B
Current Liabilities	$536.91M	$821.46M	$980.70M	$1.04B
Long-Term Debt	$7.30B	$6.98B	$7.58B	$7.59B
Total Debt	$7.73B	$7.70B	$8.43B	$8.48B
Total Liabilities	$8.52B	$8.46B	$9.25B	$9.34B
Retained Earnings	$1.66B	$1.44B	$1.41B	$1.19B
Shareholders' Equity	$11.17B	$11.09B	$11.04B	$11.04B
Working Capital	-$399.74M	-$681.46M	-$820.53M	-$878.33M
Net Debt	$7.37B	$7.34B	$8.06B	$8.12B

EQR Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$1.45B	$1.53B	$1.57B	$1.65B
Capital Expenditure	-$232.24M	-$333.54M	-$318.69M	-$359.06M
Free Cash Flow	$1.22B	$1.20B	$1.25B	$1.29B
Depreciation & Amortisation	$894.33M	$901.50M	$966.74M	$1.02B
Stock-Based Compensation	$29.51M	$31.82M	$31.29M	$32.21M
Investing Cash Flow	$107.79M	-$409.50M	-$1.18B	-$321.36M
Financing Cash Flow	-$1.79B	-$1.12B	-$376.95M	-$1.33B
Dividends Paid	-$934.10M	-$993.24M	-$1.02B	-$1.05B
Share Repurchases	$0.00	-$49.10M	-$60.04M	-$280.72M
Net Change in Cash	-$223.06M	$2.82M	$20.17M	-$1.31M

EQR Income statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$768.83M	$782.41M	$781.91M	$779.85M	$785.05M
Cost of Revenue	$283.39M	$286.54M	$287.05M	$301.82M	$303.16M
Gross Profit	$485.44M	$495.87M	$494.86M	$478.02M	$481.89M
Selling, General & Admin	$18.53M	$14.66M	$13.83M	$16.86M	$16.64M
Operating Expenses	$259.42M	$269.32M	$271.94M	$264.36M	$263.02M
Operating Income	$226.01M	$226.55M	$222.92M	$213.66M	$218.87M
EBITDA	$523.61M	$639.21M	$735.99M	$423.62M	$452.51M
Pretax Income	$204.20M	$301.25M	$395.39M	$95.56M	$120.47M
Income Tax	$407.00K	$395.00K	$361.00K	$422.00K	$411.00K
Net Income	$192.36M	$289.05M	$382.09M	$90.08M	$114.14M
Diluted EPS	0.50	0.76	1.00	0.24	0.30
Diluted Shares	391.50M	390.97M	388.75M	385.11M	383.88M

EQR Balance Sheet statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$31.28M	$93.09M	$55.90M	$34.68M	$36.41M
Current Assets	$131.95M	$199.50M	$158.85M	$139.11M	$143.38M
Total Assets	$21.03B	$21.07B	$20.75B	$20.52B	$20.28B
Current Liabilities	$1.24B	$1.32B	$1.04B	$1.21B	$1.13B
Long-Term Debt	$7.59B	$7.59B	$7.59B	$7.59B	$7.59B
Total Debt	$8.67B	$8.74B	$8.48B	$8.64B	$8.57B
Total Liabilities	$9.50B	$9.60B	$9.34B	$9.50B	$9.39B
Retained Earnings	$1.33B	$1.26B	$1.19B	$800.70M	$651.14M
Shareholders' Equity	$11.01B	$11.08B	$11.04B	$10.67B	$10.51B
Working Capital	-$1.11B	-$1.13B	-$878.33M	-$1.07B	-$987.60M
Net Debt	$8.34B	$8.34B	$8.12B	$8.30B	$8.23B

EQR Cash Flow statement, quarterly periods, in USD
USD	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	$359.55M	$476.66M	$387.03M	$400.51M	$301.88M
Capital Expenditure	-$85.24M	-$102.38M	-$104.63M	-$65.89M	-$101.07M
Free Cash Flow	$274.30M	$374.28M	$282.40M	$334.62M	$200.81M
Depreciation & Amortisation	$244.09M	$257.83M	$261.38M	$250.69M	$249.58M
Stock-Based Compensation	$11.19M	$5.40M	$5.24M	$9.60M	$9.57M
Investing Cash Flow	-$616.34M	-$104.10M	$301.74M	-$92.16M	$47.17M
Financing Cash Flow	$247.20M	-$305.01M	-$729.42M	-$328.11M	-$344.78M
Dividends Paid	-$263.39M	-$263.49M	-$264.03M	-$262.28M	-$263.56M
Share Repurchases	$0.00	-$94.29M	-$186.43M	-$219.38M	$0.00
Net Change in Cash	-$9.59M	$67.55M	-$40.65M	-$19.75M	$4.27M

Market Snapshot

About

Equity Residential is a real estate investment trust (REIT) focused on the acquisition, development, and management of high-quality apartment properties in major U.S. urban and high-density suburban markets. The company's portfolio consists primarily of apartment communities located in supply-constrained markets with strong demographic and employment growth trends. Equity Residential operates properties in major metropolitan areas including Boston, New York, Washington D.C., Seattle, San Francisco, and Southern California. Founded in 1969 and headquartered in Chicago, Illinois, the company is one of the largest publicly traded apartment REITs in the United States. Equity Residential focuses on delivering consistent returns through rental income and strategic portfolio management.