NYSE$EQR

Equity Residential · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Equity Residential reported Q4 2025, net income of $381.7M, diluted EPS of $1.00.

For Q4 2025, Equity Residential reported net income of $381.7M, diluted EPS was $1.00, adjusted diluted EPS was $1.03. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Net income $381.7M.
  • Diluted EPS $1.00.
  • Adjusted diluted EPS $1.03.

Headline financials

Total Revenue

$782M

Previous: $767M+2.0%
EPS (adj)

$1.03

Previous: $1.00+3.0%
Physical Occupancy

96.2%

Previous: 96.0%+0.2%
Renewal Rate Achieved

4.4%

Previous: 5.0%-12.0%
Blended Rate

0.5%

Previous: 1.0%-50.0%
New Lease Change

-4.7%

Previous: -4.4%-6.8%
Percentage of Residents Renewing by Quarter

62.1%

Previous: 61.4%+1.1%
Same Store Revenues Change

2.5%

Previous: 2.6%-3.8%
Same Store Expenses Change

2.9%

Previous: 3.7%-21.6%
Same Store NOI Change

2.3%

Previous: 2.2%+4.5%
Turnover

8.3%

Previous: 9.2%-9.8%
Net Income

$382M

Previous: $434M-12.0%
Operating Income

$395M

Previous: $438M-9.8%

Revenue & EPS history

Equity Residential · Revenue · Quarterly

$782M

Q4 2025+2%vs Q4 2024
Beat estimate in 8 of 14 quarters(57%)
ActualEstimate

Forward guidance

The release discusses Equity Residential's outlook for upcoming periods, including capital allocation, operating priorities, and market risks, without relying solely on numeric EPS bridges.

Tailwinds

  • Normalized FFO/AFFO and same-store trends support the REIT outlook.
  • Equity Residential cites operational execution and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.
  • Interest rates and cap rates may affect asset values and cost of capital.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-0.1%

Avg return

Earnings day

+0.2%

Avg return

5 days after

+1.0%

Avg return

30 days after

47%

34 / 72 earnings

Positive

+8.8%

Q2 2008

Best reaction

-9.2%

Q2 2011

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.0%+0.1%+0.5%
Q4 2025+3.4%+4.7%+1.5%
Q3 2025-4.2%-3.9%+0.5%
Q1 2025+1.0%+1.9%+0.9%
Q4 2024+0.4%+1.4%+2.2%
Q3 2024-5.2%-5.4%+3.3%
Q2 2024-1.7%-0.8%+4.8%
Q1 2024+3.3%+4.2%+4.5%
Q4 2023+1.2%+1.2%+1.2%
Q3 2023-2.3%+2.3%+4.4%
Q2 2023-3.8%-2.4%-4.5%
Q1 2023-1.6%+3.3%-2.8%
Q4 2022-0.6%+1.6%-10.4%
Q3 2022-0.5%-1.6%-2.6%
Q2 2022+3.0%+6.7%+5.7%
Q1 2022-4.6%-9.7%-15.4%
Q4 2021+3.7%+1.6%-2.3%
Q3 2021+2.2%+1.3%+3.0%
Q2 2021-0.4%-0.4%-2.0%
Q1 2021-1.5%-0.7%+2.6%
Q4 2020+2.8%+2.3%+11.4%
Q3 2020-8.8%-7.3%+19.2%
Q2 2020+0.5%+0.6%+6.2%
Q1 2020-2.4%+2.8%-1.3%
Q4 2019-0.1%+0.9%-4.7%
Q3 2019-1.0%-1.2%-4.1%
Q2 2019-0.9%+1.1%+5.9%
Q1 2019+1.6%+1.7%+0.7%
Q4 2018+0.4%+0.4%+2.7%
Q3 2018+3.0%+2.0%+9.4%
Q2 2018+2.2%+1.3%+5.7%
Q1 2018-0.2%+2.5%+1.3%
Q4 2017+0.7%-2.1%-8.0%
Q3 2017+0.3%+1.5%+2.2%
Q2 2017+1.1%+1.6%+2.0%
Q1 2017+1.7%+0.6%+1.4%
Q4 2016-1.3%-0.5%+4.2%
Q3 2016+0.7%-0.9%-2.5%
Q2 2016-6.0%-3.1%-6.5%
Q1 2016-3.5%
Q4 2015-1.4%
Q3 2015+0.2%
Q2 2015-0.8%
Q1 2015-1.7%
Q4 2014+2.4%
Q3 2014-0.1%
Q2 2014+1.1%
Q1 2014+0.5%
Q4 2013+1.8%
Q3 2013-2.8%
Q2 2013-3.1%
Q1 2013-0.5%
Q4 2012+1.4%
Q3 2012+0.2%
Q2 2012-0.9%
Q1 2012-1.3%
Q4 2011+0.2%
Q3 2011-0.1%
Q2 2011-9.2%
Q1 2011-1.1%
Q4 2010+0.1%
Q3 2010+4.1%
Q2 2010-2.1%
Q1 2009-6.1%
Q1 2010-0.9%
Q4 2009-0.1%
Q4 2007-0.1%
Q3 2008+1.1%
Q3 2009+1.1%
Q4 2008+8.8%
Q2 2009+8.8%
Q2 2008+8.8%

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