Essex Property Trust, Inc (ESS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ESS SEC filings page.
Essex Property Trust, Inc (ESS) reported $1.9B in revenue over the twelve months to Jun 30, 2026, up 4.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Essex is a capital-heavy landlord whose operating performance improved while cash generation barely moved.
Operating margin rose to47.7% in FY2025, yet operating cash flow remained about$1.1B , showing that accounting improvement did not translate proportionally into cash. Net margin fell to37.2% from45.7% , suggesting FY2024 earnings included a contribution that was not repeated; operating income is therefore the cleaner measure of the recent improvement.
Gross margin stayed near
Liabilities were
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Essex Property Trust, Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Essex Property Trust, Inc scores 96/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Essex Property Trust, Inc scores 70/100 on it among other REITs.
Not available for Essex Property Trust, Inc, and counted as zero in the overall score.
Essex Property Trust, Inc's operating income of $899.3M covered its interest expense of $258.4M 3.48 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Essex Property Trust, Inc scores 80/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Essex Property Trust, Inc scores 96/100 on it among other REITs.
Not available for Essex Property Trust, Inc, and counted as zero in the overall score.
Essex Property Trust, Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Essex Property Trust, Inc generates $1.53 in operating cash flow ($1.1B OCF vs $702.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Essex Property Trust, Inc earns $3.48 in operating income for every $1 of interest expense ($899.3M vs $258.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Essex Property Trust, Inc generated $489.0M in revenue in Q2 2026. This represents an increase of 4.1% from the same quarter a year earlier. Against the prior quarter it is up 0.9%.
Essex Property Trust, Inc's EBITDA was $263.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 38.9% from the same quarter a year earlier. Against the prior quarter it is down 15.0%.
Essex Property Trust, Inc reported $66.9M in net income in Q2 2026. This represents a decrease of 71.1% from the same quarter a year earlier. Against the prior quarter it is down 40.4%.
Essex Property Trust, Inc earned $0.97 per diluted share (EPS) in Q2 2026. This represents a decrease of 71.8% from the same quarter a year earlier. Against the prior quarter it is down 41.2%.
Cash & Balance Sheet
Essex Property Trust, Inc held $58.3M in cash against $6.4B in long-term debt as of Q2 2026.
Essex Property Trust, Inc paid $2.59 per share in dividends in Q2 2026. This represents an increase of 0.8% from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Essex Property Trust, Inc's gross margin was 70.7% in Q2 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 0.3 percentage points.
Essex Property Trust, Inc's operating margin was 22.4% in Q2 2026, reflecting core business profitability. This is down 37.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.7 percentage points.
Essex Property Trust, Inc's net profit margin was 13.7% in Q2 2026, showing the share of revenue converted to profit. This is down 35.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 9.5 percentage points.
Essex Property Trust, Inc's ROE was 1.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.
Capital Allocation
Essex Property Trust, Inc spent $11.7M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 76.7%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ESS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $489.0M+4.1% | $484.8M+4.3% | $479.6M+5.5% | $473.3M+5.0% | $469.8M+6.2% | $464.6M+8.8% | $454.5M+7.8% | $450.7M+7.5% |
| Gross Profit | $345.7M+4.1% | $341.2M+5.5% | $335.8M+5.5% | $327.5M+4.5% | $332.2M+6.0% | $323.5M+8.6% | $318.3M | $313.3M |
| SG&A Expenses | $73.1M+326.4% | $20.0M+22.8% | $20.4M-35.2% | $18.1M-37.9% | $17.2M-18.8% | $16.3M-5.1% | $31.5M+59.7% | $29.1M+98.9% |
| Operating Income | $109.4M-60.9% | $155.2M-39.6% | $152.1M-50.0% | $210.4M+63.4% | $279.7M+103.5% | $257.1M+94.2% | $304.5M+133.6% | $128.8M-2.3% |
| EBITDA | $263.4M-38.9% | $310.1M-24.1% | $305.4M-32.6% | $361.9M+31.5% | $431.2M+52.3% | $408.4M+50.1% | $452.9M+68.8% | $275.2M+2.3% |
| Interest Expense | $66.8M+2.4% | $65.6M+4.5% | $65.8M+7.4% | $64.7M+9.2% | $65.3M+10.4% | $62.7M+12.2% | $61.2M+11.2% | $59.2M+9.4% |
| Net Income | $66.9M-71.1% | $112.2M-47.3% | $85.7M-71.6% | $172.7M+37.6% | $231.5M+133.9% | $212.8M-25.4% | $301.7M+328.9% | $125.5M+34.9% |
| EPS (Basic) | $0.97-71.8% | $1.65-47.8% | $1.25-68.8% | $2.56+39.1% | $3.44+137.2% | $3.16-25.6% | $4.01+293.1% | $1.84+35.3% |
| EPS (Diluted) | $0.97-71.8% | $1.65-47.8% | $1.25-68.8% | $2.56+39.1% | $3.44+137.2% | $3.16-25.6% | $4.00+292.2% | $1.84+35.3% |
| Diluted Shares (Avg) | 64M-0.2% | 64M+0.2% | N/A | 64M+0.2% | 64M+0.3% | 64M+0.2% | N/A | 64M+0.1% |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, Income Tax.
ESS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.9B-2.1% | $13.1B-0.7% | $13.2B+1.8% | $13.2B+4.0% | $13.2B+5.4% | $13.2B+2.3% | $12.9B+4.6% | $12.6B+1.2% |
| Cash & Equivalents | $58.3M-0.6% | $38.0M-61.5% | $76.2M+14.1% | $66.0M-7.5% | $58.7M+6.3% | $98.7M-80.2% | $66.8M-82.9% | $71.3M-81.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $7.4B+0.6% | $7.5B+0.8% | $7.4B+3.4% | $7.3B+4.8% | $7.3B+7.6% | $7.4B+3.9% | $7.2B+6.5% | $7.0B+3.3% |
| Long-Term Debt | $6.4B-0.6% | $6.8B+0.2% | N/A | $6.4B+1.0% | $6.4B+3.9% | $6.8B+3.5% | N/A | $6.4B+2.4% |
| Total Equity | $5.3B-5.5% | $5.4B-2.4% | $5.5B+0.1% | $5.6B+3.6% | $5.6B+2.8% | $5.6B+0.4% | $5.5B+2.1% | $5.4B-1.8% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Retained Earnings.
ESS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $254.1M+17.6% | $287.2M+2.0% | $234.2M+7.3% | $342.6M+8.3% | $216.1M-1.3% | $281.5M-10.6% | $218.3M+7.2% | $316.2M+9.8% |
| Depreciation & Amortization | $154.1M+1.7% | $154.9M+2.4% | $153.3M+3.3% | $151.5M+3.4% | $151.5M+4.0% | $151.3M+8.3% | $148.4M+7.5% | $146.4M+6.6% |
| Stock-Based Compensation | N/A | $2.6M+35.1% | N/A | N/A | N/A | $2.0M+23.0% | N/A | N/A |
| Investing Cash Flow | $62.5M+218.4% | -$105.2M+60.7% | -$178.7M-38.1% | -$53.7M+75.7% | -$52.8M+76.5% | -$267.3M+32.7% | -$129.4M-202.8% | -$221.4M-226.0% |
| Financing Cash Flow | -$297.6M-46.4% | -$220.2M-1335.2% | -$45.2M+51.6% | -$281.5M-257.7% | -$203.3M+53.6% | $17.8M-90.6% | -$93.4M+42.0% | -$78.7M-170.8% |
| Share Buybacks | $11.7M | $50.2M | N/A | N/A | $0 | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid.
ESS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.7%0.0pp | 70.4%+0.7pp | 70.0%0.0pp | 69.2%-0.3pp | 70.7%-0.1pp | 69.6%-0.1pp | 70.0% | 69.5% |
| Operating Margin | 22.4%-37.2pp | 32.0%-23.3pp | 31.7%-35.3pp | 44.5%+15.9pp | 59.5%+28.5pp | 55.3%+24.3pp | 67.0%+36.1pp | 28.6%-2.9pp |
| Net Margin | 13.7%-35.6pp | 23.2%-22.7pp | 17.9%-48.5pp | 36.5%+8.7pp | 49.3%+26.9pp | 45.8%-21.0pp | 66.4%+49.7pp | 27.8%+5.6pp |
| Return on Equity | 1.3%-2.8pp | 2.1%-1.8pp | 1.6%-3.9pp | 3.1%+0.8pp | 4.1%+2.3pp | 3.8%-1.3pp | 5.5%+4.2pp | 2.3%+0.6pp |
| Return on Assets | 0.5%-1.2pp | 0.9%-0.8pp | 0.7%-1.7pp | 1.3%+0.3pp | 1.8%+1.0pp | 1.6%-0.6pp | 2.3%+1.8pp | 1.0%+0.3pp |
| Debt-to-Equity | 1.20+0.1x | 1.260.0x | 1.340.0x | 1.150.0x | 1.140.0x | 1.220.0x | 1.30+0.1x | 1.180.0x |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Essex Property Trust, Inc ESS | FY2025 | $1.9B | $702.8M | 37.2% | $17.2B | 57/100 |
| Invitation Homes Inc. INVH | FY2025 | $2.7B | $587.9M | 21.5% | $15.6B | 40/100 |
| Mid-America Apartment Communities, Inc. MAA | FY2025 | $2.2B | $446.9M | 20.2% | $13.6B | 41/100 |
| Sun Communities, Inc SUI | FY2025 | $2.3B | $1.4B | 61.3% | $13.7B | 42/100 |
| Equity Residential EQR | FY2025 | N/A | $1.1B | N/A | $23.9B | — |
| UDR, Inc. UDR | FY2025 | $1.7B | $377.7M | 22.1% | $10.9B | 68/100 |
Where Essex Property Trust, Inc Ranks
Frequently Asked Questions
What is Essex Property Trust, Inc's annual revenue?
Essex Property Trust, Inc (ESS) reported $1.9B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Essex Property Trust, Inc's revenue growing?
Essex Property Trust, Inc (ESS) revenue grew by 6.4% year-over-year, from $1.8B to $1.9B in fiscal year 2025.
Is Essex Property Trust, Inc profitable?
Yes, Essex Property Trust, Inc (ESS) reported a net income of $702.8M in fiscal year 2025, with a net profit margin of 37.2%.
What is Essex Property Trust, Inc's EBITDA?
Essex Property Trust, Inc (ESS) had EBITDA of $1.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Essex Property Trust, Inc's gross margin?
Essex Property Trust, Inc (ESS) had a gross margin of 69.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Essex Property Trust, Inc's operating margin?
Essex Property Trust, Inc (ESS) had an operating margin of 47.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Essex Property Trust, Inc's net profit margin?
Essex Property Trust, Inc (ESS) had a net profit margin of 37.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Essex Property Trust, Inc pay dividends?
Yes, Essex Property Trust, Inc (ESS) paid $10.28 per share in dividends during fiscal year 2025.
What is Essex Property Trust, Inc's return on equity (ROE)?
Essex Property Trust, Inc (ESS) has a return on equity of 12.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Essex Property Trust, Inc's operating cash flow?
Essex Property Trust, Inc (ESS) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Essex Property Trust, Inc's total assets?
Essex Property Trust, Inc (ESS) had $13.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Essex Property Trust, Inc's debt-to-equity ratio?
Essex Property Trust, Inc (ESS) had a debt-to-equity ratio of 1.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Essex Property Trust, Inc's return on assets (ROA)?
Essex Property Trust, Inc (ESS) had a return on assets of 5.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Essex Property Trust, Inc's P/E ratio?
Essex Property Trust, Inc (ESS) trades at 39.4x earnings, its market capitalization divided by net income of $437.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $17.2B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Essex Property Trust, Inc's price-to-sales ratio?
Essex Property Trust, Inc (ESS) trades at 8.9x sales, its market capitalization divided by revenue of $1.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $17.2B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Essex Property Trust, Inc's Piotroski F-Score?
Essex Property Trust, Inc (ESS) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Essex Property Trust, Inc's earnings high quality?
Essex Property Trust, Inc (ESS) has an earnings quality ratio of 1.53x, 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.
Can Essex Property Trust, Inc cover its interest payments?
Essex Property Trust, Inc (ESS) has an interest coverage ratio of 3.48x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Essex Property Trust, Inc?
Essex Property Trust, Inc (ESS) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.