Equity Residential

EQR

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/31/2024

Revenue

2,980

Cost of Revenue

1,095

Gross Profit

1,886

Gross Margin

63.3%

Operating Income

1,824

Operating Margin

61.2%

Net Income

1,036

Net Margin

34.8%

EPS (Basic)

$2.73

EPS (Diluted)

$2.72

EBITDA

1,838

EBITDA Margin

61.7%

2023

12/31/2023

Revenue

2,874

Cost of Revenue

1,046

Gross Profit

1,827

Gross Margin

63.6%

Operating Income

1,767

Operating Margin

61.5%

Net Income

835

Net Margin

29.1%

EPS (Basic)

$2.20

EPS (Diluted)

$2.13

EBITDA

1,780

EBITDA Margin

61.9%

2022

12/31/2022

Revenue

2,735

Cost of Revenue

983

Gross Profit

1,753

Gross Margin

64.1%

Operating Income

1,694

Operating Margin

61.9%

Net Income

777

Net Margin

28.4%

EPS (Basic)

$2.06

EPS (Diluted)

$2.05

EBITDA

1,706

EBITDA Margin

62.4%

2021

12/31/2021

Revenue

2,464

Cost of Revenue

949

Gross Profit

1,515

Gross Margin

61.5%

Operating Income

1,676

Operating Margin

68.0%

Net Income

1,333

Net Margin

54.1%

EPS (Basic)

$3.56

EPS (Diluted)

$3.54

EBITDA

1,459

EBITDA Margin

59.2%

2020

12/31/2020

Revenue

2,572

Cost of Revenue

916

Gross Profit

1,655

Gross Margin

64.4%

Operating Income

1,318

Operating Margin

51.2%

Net Income

914

Net Margin

35.5%

EPS (Basic)

$2.36

EPS (Diluted)

$2.27

EBITDA

1,607

EBITDA Margin

62.5%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	2,980	2,874	2,735	2,464	2,572
Cost of Revenue	1,095	1,046	983	949	916
Gross Profit	1,886	1,827	1,753	1,515	1,655
Gross Margin	63.3%	63.6%	64.1%	61.5%	64.4%
Operating Income	1,824	1,767	1,694	1,676	1,318
Operating Margin	61.2%	61.5%	61.9%	68.0%	51.2%
Net Income	1,036	835	777	1,333	914
Net Margin	34.8%	29.1%	28.4%	54.1%	35.5%
EPS (Basic)	$2.73	$2.20	$2.06	$3.56	$2.36
EPS (Diluted)	$2.72	$2.13	$2.05	$3.54	$2.27
EBITDA	1,838	1,780	1,706	1,459	1,607
EBITDA Margin	61.7%	61.9%	62.4%	59.2%	62.5%