Net Income Growth
EQR's net income increased 8.1% year-over-year to $1.12B in FY2025 from $1.04B in the prior year, demonstrating continued earnings momentum in its residential apartment portfolio.
Source: 10-K Income Statement
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
EQR delivered solid FY2025 results with net income rising 8.1% to $1.12B and operating cash flow growing 4.8% to $1.65B, while significantly accelerating share buybacks to $280.7M, reflecting management's confidence in the company's financial position.
EPS (Diluted)
$2.94
+8.09% YoY
Filed · Analysis updated
Source: SEC XBRL
EQR generated $1.65B of operating cash flow in FY2025, up 4.8% year over year.
Compiled by AI from this SEC filing
EQR's net income increased 8.1% year-over-year to $1.12B in FY2025 from $1.04B in the prior year, demonstrating continued earnings momentum in its residential apartment portfolio.
Source: 10-K Income Statement
Operating cash flow grew 4.8% to $1.65B in FY2025 versus $1.57B in FY2024, underscoring the resilience and cash-generative nature of EQR's multifamily real estate operations.
Source: 10-K Cash Flow Statement
EQR dramatically increased share repurchases by 629.6% to $280.7M in FY2025 compared to just $38.5M in FY2024, signaling management's view that shares represent an attractive use of capital.
Source: 10-K Cash Flow Statement
Investing cash outflows narrowed sharply to -$321.4M from -$1.18B in FY2024, a 72.7% improvement, suggesting a more selective acquisition strategy or increased asset dispositions in FY2025.
Source: 10-K Cash Flow Statement
Total assets remained broadly stable at $20.75B while long-term debt edged up only 0.6% to $8.24B, and the debt-to-equity ratio stood at a manageable 0.85x, reflecting disciplined capital management.
Source: 10-K Balance Sheet
Compiled by AI from this SEC filing · 1 high, 3 medium, 1 low
EQR carries $8.24B in long-term debt, making it sensitive to interest rate fluctuations that could increase refinancing costs. Rising rates could compress net operating income and reduce distributable cash flow to shareholders.
Source: 10-K Balance Sheet
Financing cash flow swung to -$1.33B in FY2025 from -$377M in FY2024, a 252.5% increase in outflows, driven largely by accelerated buybacks and debt servicing. Sustained outflows at this level could pressure liquidity if operating cash flow growth slows.
Source: 10-K Cash Flow Statement
Cash and equivalents declined 10.3% to just $55.9M, a thin liquidity buffer relative to EQR's $20.75B asset base and $9.34B in total liabilities. This leaves limited room to absorb unexpected capital needs without tapping credit facilities or capital markets.
Source: 10-K Balance Sheet
As a multifamily REIT, EQR's revenues are entirely dependent on apartment rental demand in its target markets. Economic downturns, oversupply in key urban markets, or shifts in renter demographics could adversely impact occupancy rates and rental income.
Source: 10-K Income Statement
Stockholders' equity was essentially flat at $11.04B despite strong net income, as aggressive buybacks and dividends offset earnings retention. Continued large-scale repurchases could gradually erode the equity base, increasing financial leverage over time.
Source: 10-K Balance Sheet
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Net Income $B | 1.12 $B | 1.04 $B | +8.13% |
EPS (Basic) $ | 2.95 $ | 2.73 $ | +8.06% |
EPS (Diluted) $ | 2.94 $ | 2.72 $ | +8.09% |
Answers draw on this SEC filing and the data on this page
In Q2 FY2026, Equity Residential reported Net Income of $114.14M (down 40.7% YoY) while announcing a landmark strategic merger of equals with AvalonBay.
EQR reported a sharp 64.9% YoY decline in net income to $90.1M in Q1 FY2026, primarily driven by lower gains on property dispositions compared to the prior year period, while operating cash flow remained solid at $400.5M.
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