Short answer
Equity Residential (EQR) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $3.1B (+3.8% year over year) and net income of $1.1B.
- Top risk flagged: Regulatory risk: expansion of rent control, eviction moratoriums in key coastal markets could restrict rent increases and reduce property values
FY2025 key financial metrics · XBRL
- Revenue
- $3.1B
- +3.8% YoY
- Net income
- $1.1B
- +8.1% YoY
- EPS (diluted)
- $2.94
- +8.1% YoY
- ROE
- 10.1%
- +0.8 pp YoY
- Operating cash flow
- $1.6B
- +4.8% YoY
Source: XBRL data from the Equity Residential (EQR) FY2025 10-K on SEC EDGAR. USD.
Equity Residential FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Owner and operator of high-quality rental apartment properties in major U.S. coastal and dynamic metro markets
- Emphasis on sustainability and climate resilience programs with dedicated in-house team to mitigate environmental risks in portfolio management
- Strategic focus on balancing urban/suburban portfolio and Established vs Expansion markets, leveraging technology and data analytics for operational efficiency
- Employee engagement at record high 87% with 2,400 employees and comprehensive human capital investments supporting retention and leadership development
- Commitment to robust corporate responsibility integrating environmental metrics, governance, and employee wellbeing into executive compensation
Management Discussion & Analysis
- Revenue $3.09B, up 3.8% YoY; same store rental income $2.82B, up 2.6%, driven by strong demand and modest supply
- NOI $2.08B, up 3.0%; same store NOI margin approx. 67.9% based on $2.82B rental income and $904.9M expenses
- Best segment: San Francisco with 17.0% NOI contribution, average rent $3,448, occupancy 96.9%; worst: Other Expansion Markets with 2.3% NOI, rent $1,875, occupancy 94.9%
- Operating cash flow $1.65B, up $75M; invested $342M in capex; disposed assets for net $1.1B; acquisitions $662M; repurchased 4.53M shares for $280.7M; dividends $1.1B paid in 2025
- Management outlook: solid fundamentals despite macro uncertainty; expects resilient demand due to housing deficit; well-positioned with $1.9B liquidity and strong balance sheet
Risk Factors
- Regulatory risk: expansion of rent control, eviction moratoriums in key coastal markets could restrict rent increases and reduce property values
- Geopolitical/macro risk: supply chain disruptions, tariffs, immigration issues raising construction costs on development projects
- Operational risk: joint ventures may default on capital contributions, forcing the company to cover overruns and increasing leverage risk
- Competitive risk: inability to implement and keep pace with new multifamily technology/amenities may reduce resident retention versus competitors
- Financial risk: rising interest rates increase interest expense and asset cap rates, lowering valuations and impacting refinancing costs
Generated from the filing text; verify against the original. How to read a 10-K
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