Equity Residential (EQR) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	3.1B	3.1B	3.0B	2.9B	2.7B
Cost of Revenue	1.7B	1.7B	1.1B	1.0B	982.6M
Gross Profit	1.4B	1.4B	1.9B	1.8B	1.8B
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	48.2M	51.5M	61.7M	60.7M	58.7M
General & Admin Expense	48.2M	51.5M	61.7M	—	—
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	511.4M	258.4M	—	—	—
Total Operating Expenses	559.5M	309.8M	61.7M	60.7M	58.7M
Cost and Expenses	2.3B	2.0B	1.2B	1.1B	1.0B
Operating Income (EBIT)	882.0M	1.1B	1.8B	1.8B	1.7B
Non-Operating
Interest Income	45.2M	45.2M	—	—	—
Interest Expense	326.2M	237.4M	285.7M	—	—
Net Interest Income	(280.9M)	(192.1M)	(285.7M)	—	—
Other Non-Op Income/Expense	20.8M	32.0M	(751.7M)	(897.1M)	(886.0M)
Non-Operating Income (excl Interest)	(379.2M)	(198.4M)	952.2M	888.7M	882.2M
EBT (Pre-Tax Income)	902.8M	1.2B	1.1B	869.6M	807.9M
Income Tax Expense	3.6M	6.6M	1.3M	1.1M	900.0K
Bottom Line
Net Income	875.4M	1.1B	1.0B	835.4M	776.9M
Earnings from Cont. Ops	899.2M	1.2B	1.1B	868.5M	807.0M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	873.9M	1.1B	1.0B	832.3M	773.8M
Per Share
Basic EPS	$2.31	$2.97	$2.73	$2.20	$2.06
Diluted EPS	$2.28	$2.91	$2.72	$2.13	$2.05
Revenue Per Share	$8.20	$8.18	$7.87	$7.59	$7.27
Shares
Basic Shares Outstanding	382.4M	379.1M	378.8M	378.8M	376.2M
Diluted Shares Outstanding	383.9M	388.7M	390.7M	390.9M	389.4M
Profitability Metrics
EBITDA	2.3B	2.3B	1.8B	1.8B	1.7B
D&A	1.0B	1.0B	966.7M	901.5M	894.3M
EBIT	1.3B	1.3B	871.7M	878.0M	811.7M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026