Equity Residential Financials

EQR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Equity Residential (EQR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Equity Residential passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

1.47x

For every $1 of reported earnings, Equity Residential generates $1.47 in operating cash flow ($1.6B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$1.1B

YoY+8.1%

5Y CAGR+4.2%

10Y CAGR+2.6%

Equity Residential reported $1.1B in net income in fiscal year 2025. This represents an increase of 8.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$55.9M

YoY-10.3%

5Y CAGR+5.6%

10Y CAGR+2.8%

Equity Residential held $55.9M in cash against $8.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.77

YoY+2.6%

10Y CAGR+2.3%

Equity Residential paid $2.77 per share in dividends in fiscal year 2025. This represents an increase of 2.6% from the prior year.

Shares Outstanding

378M

YoY-0.6%

5Y CAGR+0.3%

10Y CAGR+0.3%

Equity Residential had 378M shares outstanding in fiscal year 2025. This represents a decrease of 0.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

10.1%

YoY+0.8pp

5Y CAGR+1.5pp

10Y CAGR+1.8pp

Equity Residential's ROE was 10.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$280.7M

YoY+629.6%

Equity Residential spent $280.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 629.6% from the prior year.

Capital Expenditures

N/A

EQR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$65.3M+5.9%	$61.7M+1.5%	$60.7M+3.4%	$58.7M+3.9%	$56.5M+17.0%	$48.3M
Operating Income	N/A	N/A	$1.2B+4.0%	$1.1B-33.4%	$1.7B+27.2%	$1.3B
Interest Expense	$306.8M+7.4%	$285.7M+6.0%	$269.6M-4.7%	$282.9M+3.8%	$272.5M-25.4%	$365.1M
Income Tax	$1.6M+26.2%	$1.3M+9.4%	$1.1M+27.6%	$900K-1.6%	$915K+7.4%	$852K
Net Income	$1.1B+8.1%	$1.0B+24.0%	$835.4M+7.5%	$776.9M-41.7%	$1.3B+45.9%	$913.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$14.7M-20.9%	$18.5M+1.5%	$18.3M	N/A	$14.6M-21.9%	$18.6M+18.5%	$15.7M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$80.1M+6.4%	$75.3M+4.4%	$72.1M	N/A	$72.7M+10.5%	$65.8M-2.1%	$67.2M
Income Tax	N/A	$395K-2.9%	$407K-3.6%	$422K	N/A	$290K-12.4%	$331K+8.9%	$304K
Net Income	N/A	$289.1M+50.3%	$192.4M-25.0%	$256.6M	N/A	$143.4M-19.2%	$177.5M-40.0%	$295.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$20.7B-0.4%	$20.8B+4.0%	$20.0B-0.9%	$20.2B-4.5%	$21.2B+4.3%	$20.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$55.9M-10.3%	$62.3M+22.8%	$50.7M-5.8%	$53.9M-56.5%	$123.8M+190.7%	$42.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.3B+0.9%	$9.2B+9.4%	$8.5B-0.7%	$8.5B-10.2%	$9.5B+3.3%	$9.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$8.2B+0.6%	$8.2B+9.8%	$7.5B-0.4%	$7.5B-11.0%	$8.4B+3.6%	$8.1B
Total Equity	$11.0B0.0%	$11.0B-0.4%	$11.1B-0.8%	$11.2B+2.0%	$11.0B+4.1%	$10.5B
Retained Earnings	$1.2B-15.2%	$1.4B-2.1%	$1.4B-13.4%	$1.7B-9.2%	$1.8B+30.5%	$1.4B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$20.7B-1.5%	$21.1B+0.2%	$21.0B+2.3%	$20.6B-1.3%	$20.8B-0.4%	$20.9B+5.8%	$19.8B-0.6%	$19.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$55.9M-39.9%	$93.1M+197.6%	$31.3M-21.5%	$39.8M-36.0%	$62.3M+117.8%	$28.6M-25.3%	$38.3M-14.0%	$44.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.3B-2.7%	$9.6B+1.0%	$9.5B+5.9%	$9.0B-3.0%	$9.2B-2.8%	$9.5B+15.1%	$8.3B-0.6%	$8.3B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$8.2B	N/A	N/A	N/A	$8.2B	N/A	N/A	N/A
Total Equity	$11.0B-0.4%	$11.1B+0.7%	$11.0B-0.4%	$11.0B0.0%	$11.0B+1.8%	$10.9B-1.1%	$11.0B-0.8%	$11.1B
Retained Earnings	$1.2B-5.3%	$1.3B-5.2%	$1.3B-5.1%	$1.4B-0.5%	$1.4B+13.1%	$1.2B-8.3%	$1.4B-5.5%	$1.4B

EQR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.6B+4.8%	$1.6B+2.7%	$1.5B+5.4%	$1.5B+15.4%	$1.3B-0.4%	$1.3B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$321.4M+72.7%	-$1.2B-187.3%	-$409.5M-479.9%	$107.8M+124.8%	-$434.6M-165.5%	$663.6M
Financing Cash Flow	-$1.3B-252.5%	-$377.0M+66.4%	-$1.1B+37.3%	-$1.8B-216.0%	-$565.1M+71.0%	-$1.9B
Dividends Paid	$1.0B+2.7%	$1.0B+2.9%	$990.1M+6.3%	$931.8M+3.5%	$900.5M+1.9%	$883.9M
Share Buybacks	$280.7M+629.6%	$38.5M-21.6%	$49.1M	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$387.0M-18.8%	$476.7M+32.6%	$359.5M-15.5%	$425.5M+20.1%	$354.2M-11.8%	$401.4M+1.1%	$396.9M-5.7%	$421.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$301.7M+389.8%	-$104.1M+83.1%	-$616.3M-733.2%	$97.3M-48.0%	$187.1M+113.7%	-$1.4B-883.8%	-$138.4M-201.7%	$136.0M
Financing Cash Flow	-$729.4M-139.1%	-$305.0M-223.4%	$247.2M+145.7%	-$541.5M-6.6%	-$507.8M-153.6%	$948.0M+399.3%	-$316.7M+36.7%	-$500.5M
Dividends Paid	$263.7M+0.2%	$263.1M0.0%	$263.0M+2.6%	$256.4M+0.1%	$256.1M+0.1%	$255.9M0.0%	$255.8M+1.8%	$251.3M
Share Buybacks	$186.4M	N/A	N/A	N/A	$0	$0	$0-100.0%	$38.5M

EQR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	10.1%+0.8pp	9.4%+1.8pp	7.5%+0.6pp	7.0%-5.2pp	12.2%+3.5pp	8.7%
Return on Assets	5.4%+0.4pp	5.0%+0.8pp	4.2%+0.3pp	3.8%-2.5pp	6.3%+1.8pp	4.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.750.0	0.74+0.1	0.670.0	0.67-0.1	0.770.0	0.77
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	2.6%+0.9pp	1.8%-0.6pp	2.3%	N/A	1.3%-0.3pp	1.6%-1.1pp	2.7%
Return on Assets	N/A	1.4%+0.5pp	0.9%-0.3pp	1.3%	N/A	0.7%-0.2pp	0.9%-0.6pp	1.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.75-0.1	0.870.0	0.86+0.1	0.81+0.1	0.74-0.1	0.88+0.1	0.750.0	0.75
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Equity Residential profitable?

Yes, Equity Residential (EQR) reported a net income of $1.1B in fiscal year 2025.

How much debt does Equity Residential have?

As of fiscal year 2025, Equity Residential (EQR) had $55.9M in cash and equivalents against $8.2B in long-term debt.

Does Equity Residential pay dividends?

Yes, Equity Residential (EQR) paid $2.77 per share in dividends during fiscal year 2025.

What is Equity Residential's return on equity (ROE)?

Equity Residential (EQR) has a return on equity of 10.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Equity Residential's operating cash flow?

Equity Residential (EQR) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Equity Residential's total assets?

Equity Residential (EQR) had $20.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Equity Residential buy back shares?

Yes, Equity Residential (EQR) spent $280.7M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Equity Residential have outstanding?

Equity Residential (EQR) had 378M shares outstanding as of fiscal year 2025.

What is Equity Residential's debt-to-equity ratio?

Equity Residential (EQR) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Equity Residential's return on assets (ROA)?

Equity Residential (EQR) had a return on assets of 5.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Equity Residential's Piotroski F-Score?

Equity Residential (EQR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Equity Residential's earnings high quality?

Equity Residential (EQR) has an earnings quality ratio of 1.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.