Essex Property Trust
ESS · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Essex Property Trust reported revenue of $9M in the fiscal year ended Dec 2025, down 8.6% from the year before. Operating income was $899M, an operating margin of 9586.6%, and net income was $703M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9M | $11M | $11M | $10M | $9M |
| Gross profit | – | $1.1B | $1.2B | $1.2B | $1.3B |
| Operating income | $530M | $595M | $584M | $703M | $899M |
| Interest expense | $203M | $205M | $213M | $236M | $258M |
| Net income | $516M | $433M | $431M | $811M | $703M |
| Diluted EPS | 7.51 | 6.27 | 6.32 | 11.54 | 10.40 |
| Diluted shares | 65M | 65M | 64M | 64M | 64M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $48M | $33M | $392M | $67M | $76M |
| Total assets | $13B | $12.4B | $12.4B | $12.9B | $13.2B |
| Deferred revenue | $2M | $2M | $1M | $300,000 | $200,000 |
| Long-term debt | $639M | – | – | – | – |
| Total liabilities | $6.8B | $6.5B | $6.7B | $7.2B | $7.4B |
| Shareholders' equity | $6B | $5.7B | $5.4B | $5.5B | $5.5B |
| Backlog (remaining obligations) | $2M | $2M | $1M | $300,000 | $200,000 |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $905M | $976M | $980M | $1.1B | $1.1B |
| Depreciation & amortisation | $520M | $539M | $548M | $580M | $608M |
| Stock-based compensation | $7M | $7M | $8M | $7M | $10M |
| Share buybacks | $9M | $190M | $96M | $0 | $0 |
| Dividend per share | 8.36 | 8.80 | 9.24 | 9.80 | 10.28 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.9% | −0.1% | −7.8% | −8.6% |
| Operating income growth (YoY) | – | 12.3% | −1.8% | 20.3% | 27.9% |
| EPS growth (YoY) | – | −16.5% | 0.8% | 82.6% | −9.9% |
| Gross margin | – | 10130.2% | 10515.7% | 12105.7% | 14060.1% |
| Operating margin | 5799.9% | 5343.6% | 5249.7% | 6849.4% | 9586.6% |
| Net margin | 5643.4% | 3887.1% | 3869.4% | 7903.6% | 7491.5% |
| Return on equityBlank when equity is negative | 8.6% | 7.6% | 7.9% | 14.7% | 12.7% |
| Cash conversion (CFO ÷ net income) | 1.76x | 2.25x | 2.28x | 1.32x | 1.53x |
| Interest cover | 2.61x | 2.91x | 2.74x | 2.99x | 3.48x |
| Debt ÷ equity | 0.11x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $591M | – | – | – | – |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.