Equity Residential (EQR) Earnings
Equity Residential is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.45. EQR has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +0.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.95 | $0.99 | +4.2% | $780M | -0.2% |
| Feb 5, 2026 | $1.04 | $1.03 | -1.0% | $789M | -0.5% |
| Oct 28, 2025 | $1.02 | $1.02 | +0.0% | $782M | -0.5% |
| Feb 3, 2025 | $1.00 | $1.00 | +0.0% | $767M | +1.6% |
| Oct 30, 2024 | $0.98 | $0.98 | +0.0% | $748M | +0.5% |
| Jan 30, 2024 | $0.43 | $0.82 | +90.7% | $736M | +1.3% |
| Oct 31, 2023 | $0.97 | $0.96 | -1.0% | $724M | -0.5% |
| Jul 27, 2023 | $0.94 | $0.94 | +0.0% | $717M | -1.2% |
| Feb 9, 2023 | $0.94 | $0.94 | +0.0% | $700M | -0.5% |
| Jul 26, 2022 | $0.85 | $0.89 | +4.7% | $687M | +2.0% |
| Feb 1, 2022 | $0.80 | $0.82 | +2.5% | $645M | +1.8% |
| Jul 27, 2021 | $0.24 | $0.84 | +250.0% | $598M | -1.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Operating performance: Good first quarter with same store reported revenue and expenses in line. Blended rate growth 1.5% in Q1, sequential improvement from Q4 2025. Retention key, 61% of residents renewed with 4.7% achieved renewal rate increase. - Market commentary: Delivery expectations down 35% in 2026 vs 2025, lower new supply positive. Higher earning customers have solid financial health, lower delinquency. Single family for sale market challenge leads to low turnover and strong renewals. - Initiatives: AI-assisted application process deployed, bulk internet program rollout with 60% portfolio live by year end. Focus on disciplined pricing, retention, expense control.
Guidance
- Deliveries in markets to be down 35% in 2026 vs 2025, future deliveries show substantial declines. - Transaction guidance updated to reflect likely sale of couple properties. - Repurchased $220M of common shares in Q1, total $500M since Aug 2025. - Full year blended rate growth expectations around 1.5% to 3%, with renewals and new lease change factors.
Segment performance
Same store revenue performance was strong in San Francisco and New York due to strong demand from higher earning renters and low new supply. Blended rate growth was 1.5% in Q1, with San Francisco and New York posting strong same-store revenue. Performance varied by market; Gateway markets like SF and NY exceeded expectations, while Boston, Seattle, DC, LA had mixed starts. Concession use decreased in most markets, with lower new supply creating positive trends. New York and SF together constitute about 30% of NOI and have strong supply-demand outlooks.
Risks & headwinds
- Economic uncertainties affecting forward-looking statements. - Job market mixed signals, although some green shoots in job postings. - Regulation impacts, like rent control proposals in Massachusetts and DC affecting investment and affordability.
Analyst Q&A
Q: Last year in May signs of peak in pricing, any similar now?
A: Setup good, retention gives confidence, low new supply positions portfolio well.
Q: Rent to income at 19%, lowest ever?
A: Historically 17%-23%, right in line, incomes growing caused tick down.
Q: Renewals for May-June, blended spread?
A: Renewal quotes over 6%, confidence in renewal rate increase around 5%, full year blended rate outlook unchanged.
Q: Capital allocation, disposition vs buyback?
A: Open to more buybacks, prefer dispositions, assets for sale are non-optimal for portfolio, private market interest robust.
Q: Concession usage by markets?
A: Concessions down in most markets, elevated in newer markets, expected to decline in second half.
Q: New lease change trend?
A: Sequential build expected, newer markets still negative, San Francisco near 10% change.
Q: Disposition of assets, market pricing?
A: Some assets unique, capital markets supportive, no major change in sentiment for larger CapEx-intensive assets.
Q: Southern California leasing trend?
A: Still negative new lease change, moderate performance, no robust recovery seen.
Q: Insurance and energy expenses?
A: Insurance premiums came down but general liability up, utilities up due to storms and macro costs, hedging and capital projects to mitigate.
Q: AI impact on leasing?
A: Team focused on optimizing AI search, potential strategic advantage, but current expense impact minimal.
Q: Labor mobility impact?
A: Less labor mobility bad for US growth, but target demographic still mobile, benefiting renewal and pricing.
Q: Sunbelt recovery?
A: Atlanta in pole position, Austin laggard, need job growth, slow recovery expected.