EQUITY RESIDENTIAL financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EQUITY RESIDENTIAL files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,426	2,471	2,578	2,701	2,572
General and administrative	57.8	52.2	53.8	52.8	48.3	56.5	58.7	60.7	61.7	65.3
Operating expenses						851	872	927	962	1,015
Operating income	856	1,005	1,115	1,356	1,318	1,676	1,116	1,161
Interest expense	482	384	413	390	365	272	283	270	286	307
Pre-tax income	417	613	689	939	932	1,401	813	875	1,081	1,173
Income tax	1.61	0.48	0.88	-2.28	0.85	0.92	0.9	1.15	1.26	1.59
Income from continuing operations	4,289	600	654
Net income to minority interests	172	22.6	24.9	36	34	45.9	26.3	26.7	28.9	27.4
Net income	4,292	603	658	970	914	1,333	777	835	1,036	1,120
EBITDA	1,562	1,748	1,900	2,187	2,139	2,514	1,998	2,049
EPS, basic	11.75	1.64	1.78	2.61	2.45	3.56	2.06	2.20	2.73	2.95
EPS, diluted	11.68	1.63	1.77	2.60	2.45	3.54	2.05	2.20	2.72	2.94
Shares, basic (weighted)	365	367	368	370	372	374	376	379	379	380
Shares, diluted (weighted)	382	383	384	386	386	388	389	391	391	390
Dividend per share	13.02	2.02	2.16				2.50	2.65	2.70	2.77

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	77.2	50.6	47.4	45.8	42.6	124	53.9	50.7	62.3	55.9
Lease right-of-use assets			0	513	499	475	463	363	363	364
Total assets	20,704	20,571	20,394	21,173	20,287	21,169	20,218	20,035	20,834	20,746
Short-term debt			500	1,000	415	1,000	1,500	410	545	587
Total liabilities	9,801	9,730	9,615	10,165	9,184	9,483	8,517	8,456	9,250	9,337
Total debt		9,071	8,913	9,131	8,127	8,421	7,494	7,465	8,193	8,241
Paid-in capital	8,758	8,887	8,935	8,966	9,129	9,121	9,476	9,602	9,612	9,824
Retained earnings	1,544	1,404	1,262	1,386	1,400	1,827	1,659	1,437	1,408	1,194
Other comprehensive income	-114	-88.6	-65	-77.6	-43.7	-34.3	-2.55	5.7	4.21	2.18
Shareholders' equity	10,229	10,242	10,173	10,316	10,526	10,955	11,173	11,086	11,045	11,041
Minority interests	232	231	226	229	238	232	209	203	201	191
Total equity	10,461	10,474	10,400	10,545	10,763	11,187	11,383	11,289	11,246	11,233
Total liabilities and equity	20,704	20,571	20,394	21,173	20,287	21,169	20,218	20,035	20,834	20,746
Shares outstanding	366	368	369	372	372	376	378	379	379	378

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,480	628	685	1,010	963	1,397	807	868	1,071	1,152
Depreciation and amortization	706	744	786	831	821	838	882	889	952	1,010
Stock-based compensation	30.5	25	27.1	24.4	23.2	27.8	29.5	31.8	31.3	32.2
Change in payables	-6.06	11.5	-1.86	5.12	0.47	15.4	-0.27	8.91	3.25	15.4
Cash from operations	1,214	1,266	1,356	1,457	1,266	1,260	1,455	1,533	1,574	1,649
Capital expenditures	-5.73	-1.51	-4.51
Sales and maturities of investments						191	3.58	3.04	15	1.04
Cash from investing	5,904	-594	-377	-772	664	-435	108	-410	-1,176	-321
Debt repaid			-6.63	-6.81	-7.76	-7.47	-3.39	-3.35	-6.1	-6.8
Stock issued	35.8	31.6	30.7	77.8	12.3	85.4	140	23.6	23	5.47
Share buybacks	0							-49.1	-38.5	-281
Dividends paid	-4,772	-739	-782	-831	-884	-900	-932	-990	-1,019	-1,046
Cash from financing	-7,054	-790	-964	-684	-1,946	-565	-1,786	-1,120	-377	-1,329
Net change in cash	34.9	-118	15.6	0.69	-17.3	261	-223	2.82	20.2	-1.31
Free cash flow	1,208	1,264	1,352
Interest paid	482	360	358	342	321	253	268	249	241	274
Income taxes paid	1.49	0.64	0.85	-0.59	-1.04	1.18	0.75	1.09	1.34	1.12

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.66 on August 17, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	0.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	8.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-0.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	46.3%	Total liabilities / total assets.
Tangible book value	$10.51B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$4.08	Cash from operations / diluted weighted shares.
Book value per share	$28.05	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.05	Tangible book value / shares outstanding.
Cash per share	$0.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	120.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.87B	Share price x shares outstanding.
Enterprise value	$23.83B	Market cap + total debt - cash - short-term investments.
P/E	27.3x	Market cap / net income. Only when net income is positive.
P/B	2.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.27x	Market cap / tangible book value, when positive.
P/OCF	15.2x	Market cap / cash from operations, when positive.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	4.4%	Dividends paid over the period / market cap.
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.
PEG	2.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was EQUITY RESIDENTIAL profitable in fiscal 2025?

Yes. Net income was $1.12B, a net margin of -.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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