Equity Residential (EQR) FY2025 10-K Annual Report
Equity Residential (EQR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 13, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Equity Residential FY2025 10-K Analysis
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
Equity Residential FY2025 Key Financial MetricsXBRL
Revenue
$3.1B
▲ +3.8% YoY
Net Income
$1.1B
▲ +8.1% YoY
Net Margin
36.2%
▲ +144bp YoY
ROE
10.1%
▲ +77bp YoY
Total Assets
$20.7B
▼ -0.4% YoY
EPS (Diluted)
$2.94
▲ +8.1% YoY
Operating Cash Flow
$1.6B
▲ +4.8% YoY
Source: XBRL data from Equity Residential FY2025 10-K filing on SEC EDGAR. All figures in USD.
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