Equity Residential Financials

EQR

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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).

Rhea AI EQR FY2025 2026-05-05

Property depreciation keeps accounting earnings modest while rent cash flow steadily funds dividends inside a debt-backed balance sheet.

From FY2022 to FY2025, operating cash flow rose from $1.45B to $1.65B. Yet cash on hand ended FY2025 at just $56M, showing that recurring cash is being routed back out through dividends, repurchases, and investment spending rather than stockpiled, so resilience depends more on steady property cash generation than on a large cash reserve.

In FY2025, depreciation of $1.01B was almost as large as net income of $1.12B, which means reported earnings are heavily shaped by non-cash property charges. That is why earnings quality looks stronger when judged through cash generation than through profit alone.

The company paid $1.05B in dividends against operating cash flow of $1.65B, so the payout is being funded internally, but it also limits how much cash can stay on the balance sheet. With debt to equity still around 0.7x, this is a business built to distribute cash rather than accumulate it.

Financial Health Signals

Financial Profile 20/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Equity Residential'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.

Leverage

Equity Residential carries a low D/E ratio of 0.75, meaning only $0.75 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Returns

Equity Residential's ROE of 10.1% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 9.4% the prior year.

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

Export CSV

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$16.9M	N/A	$14.7M-20.9%	$18.5M+1.5%	$18.3M	N/A	$14.6M-21.9%	$18.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$77.4M	N/A	$80.1M+6.4%	$75.3M+4.4%	$72.1M	N/A	$72.7M+10.5%	$65.8M
Income Tax	$422K	N/A	$395K-2.9%	$407K-3.6%	$422K	N/A	$290K-12.4%	$331K
Net Income	$90.1M	N/A	$289.1M+50.3%	$192.4M-25.0%	$256.6M	N/A	$143.4M-19.2%	$177.5M
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$20.5B-1.1%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$34.7M-38.0%	$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
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	$9.5B+1.7%	$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
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	$8.2B	N/A	N/A	N/A	$8.2B	N/A	N/A
Total Equity	$10.7B-3.4%	$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
Retained Earnings	$800.7M-32.9%	$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

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$400.5M+3.5%	$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
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	-$92.2M-130.5%	$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
Financing Cash Flow	-$328.1M+55.0%	-$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
Dividends Paid	$261.9M-0.7%	$263.7M+0.2%	$263.1M0.0%	$263.0M+2.6%	$256.4M+0.1%	$256.1M+0.1%	$255.9M0.0%	$255.8M
Share Buybacks	$219.4M+17.7%	$186.4M	N/A	N/A	N/A	$0	$0	$0

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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	0.8%	N/A	2.6%+0.9pp	1.8%-0.6pp	2.3%	N/A	1.3%-0.3pp	1.6%
Return on Assets	0.4%	N/A	1.4%+0.5pp	0.9%-0.3pp	1.3%	N/A	0.7%-0.2pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.89+0.1	0.75-0.1	0.870.0	0.86+0.1	0.81+0.1	0.74-0.1	0.88+0.1	0.75
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Avalonbay Cmntys Inc AVB

$25.5B

Essex Ppty Tr Inc ESS

$17.3B

Mid-Amer Apt Cmntys Inc MAA

$14.8B

Invitation Homes INVH

$16.9B

Sun Communities SUI

$15.0B

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 to 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.

How financially healthy is Equity Residential?

Equity Residential (EQR) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.