AvalonBay Communities, Inc. (AVB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.09	$1.11	+1.8%	—	$777.8M	—
Q1 26	$1.17	$1.04	-11.1%	—	$770.3M	—
Q4 25	$1.24	$1.16	-6.5%	—	$767.9M	—
Q3 25	$1.49	$1.4	-6.0%	—	$766.8M	—
Q2 25	$1.3	$1.18	-9.2%	—	$760.2M	—
Q1 25	$1.36	$1.26	-7.4%	—	$745.9M	—
Q4 24	$1.27	$2.15	+69.3%	—	$740.5M	—
Q3 24	$1.47	$2.47	+68.0%	—	$734.3M	—
Q2 24	$1.21	$1.8	+48.8%	—	$726M	—
Q1 24	$1.15	$1.19	+3.5%	—	$712.9M	—
Q4 23	$1.27	$1.79	+40.9%	—	$704.7M	—
Q3 23	$1.27	$1.21	-4.7%	—	$697.6M	—
Q2 23	$1.33	$1.28	-3.8%	—	$690.9M	—
Q1 23	$1.15	$1.06	-7.8%	—	$674.7M	—
Q4 22	$1.52	$1.72	+13.2%	—	$669.7M	—
Q3 22	$1.26	$3.53	+180.2%	—	$665.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.65	—	—	$3B	—
FY24	—	$7.61	—	—	$2.9B	—
FY23	—	$6.56	—	—	$2.8B	—
FY22	—	$8.13	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2.2B	$2.3B	$2.3B	$2.3B	$2.3B	$2.6B	$2.8B	$2.9B	$3B
YoY change	+10.2%	+5.54%	+5.83%	+1.75%	-1.01%	-0.28%	+13%	+6.73%	+5.27%	+4.36%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2.2B	2.3B	2.3B	2.3B	2.3B	2.6B	2.8B	2.9B	3B
Cost of revenue	683.3M	722.3M	766.6M	768.1M	823.1M	853.9M	919.1M	988.1M	1.1B	1.1B
Gross profit	1.4B	1.4B	1.5B	1.6B	1.5B	1.4B	1.7B	1.8B	1.8B	1.9B
Gross margin	66.6%	66.5%	66.4%	67%	64.2%	62.8%	64.6%	64.3%	63.2%	63.1%
Research & development	—	—	—	—	12.4M	3.2M	16.6M	—	—	—
Selling, general & administrative	45.8M	53.7M	60.4M	58M	60.3M	69.6M	74.1M	76.5M	77.7M	86.7M
Operating expenses	45.8M	53.7M	60.4M	58M	72.7M	72.8M	90.6M	76.5M	77.7M	86.7M
Operating income	784.8M	798.5M	826.4M	836.9M	710.5M	612.7M	785.3M	886.3M	915.8M	919.8M
Operating margin	38.4%	37%	36.2%	36%	30.9%	26.7%	30.3%	32%	31.4%	30.2%
Non-operating income, net	436.7M	278M	368.6M	165.8M	328.1M	617.8M	595.9M	258.3M	393.5M	367.4M
Pretax income	1B	876.8M	974M	799.1M	824.5M	1B	1.2B	938.6M	1.1B	1.1B
Income tax	305K	141K	-160K	13M	-3.2M	5.7M	14.6M	10.2M	445K	-1.1M
Net income	1B	876.7M	974.2M	786.1M	827.7M	1B	1.1B	928.4M	1.1B	1.1B
Net margin	50.5%	40.6%	42.6%	33.8%	36%	43.8%	43.8%	33.5%	37.1%	34.7%
EBITDA	1.4B	1.5B	1.5B	1.5B	1.4B	1.4B	1.7B	1.7B	1.8B	1.9B
EPS	7.53	6.36	7.05	5.64	5.89	7.19	8.13	6.56	7.61	2.65
Diluted EPS	7.52	6.35	7.05	5.63	5.89	7.19	8.12	6.56	7.6	2.65

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	697.6M	704.7M	712.9M	726M	734.3M	740.5M	745.9M	760.2M	766.8M	767.9M	770.3M	777.8M
Cost of revenue	253.6M	250.4M	255.7M	260.7M	275.5M	281.6M	268.9M	277M	293.2M	281.9M	288.5M	285.9M
Gross profit	444M	454.3M	457.2M	465.4M	458.8M	458.9M	477M	483.2M	473.6M	486M	481.8M	491.9M
Gross margin	63.7%	64.5%	64.1%	64.1%	62.5%	62%	64%	63.6%	61.8%	63.3%	62.5%	63.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	20.5M	18M	20.3M	19.6M	20.1M	17.7M	19.8M	23M	22M	21.9M	22.1M	27.1M
Operating expenses	20.5M	18M	20.3M	19.6M	20.1M	17.7M	19.8M	23M	22M	21.9M	22.1M	27.1M
Operating income	222.6M	225.6M	224.6M	238.9M	226.6M	225.7M	239.4M	228.5M	221.2M	230.7M	226.6M	231.8M
Operating margin	31.9%	32%	31.5%	32.9%	30.9%	30.5%	32.1%	30.1%	28.8%	30%	29.4%	29.8%
Non-operating income, net	1.7M	68.3M	3.7M	72.1M	202.4M	115.1M	50.9M	98.7M	221.4M	-3.5M	165.4M	-12.4M
Pretax income	176.2M	244.5M	173.5M	253.9M	373.3M	281.8M	236.5M	269.3M	384M	165.7M	328M	157M
Income tax	4.4M	2.4M	-22K	-62K	782K	-253K	-116K	-531K	-193K	-295K	-294K	70K
Net income	171.8M	242.1M	173.6M	254M	372.5M	282.1M	236.6M	269.9M	384.2M	166M	328.3M	156.9M
Net margin	24.6%	34.3%	24.3%	35%	50.7%	38.1%	31.7%	35.5%	50.1%	21.6%	42.6%	20.2%
EBITDA	423.8M	437.5M	436.9M	446M	439.1M	473.7M	463.5M	470.8M	458.5M	500.8M	460.7M	472.7M
EPS	1.21	1.7	1.22	1.78	2.62	1.98	1.66	1.89	0.96	0.42	0.83	0.4
Diluted EPS	1.21	1.7	1.22	1.78	2.61	1.98	1.66	1.88	0.96	0.42	0.83	0.4

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	—	—	9.7B
Enterprise value	—	—	—	—	—	—	—	—	—	—	35.6B
Shares outstanding	137.3M	137.9M	138.2M	139.4M	140.4M	139.7M	139.9M	141.3M	142.3M	396.6M	396.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	—	25.2
P/S	—	—	—	—	—	—	—	—	—	—	8.52
P/B	—	—	—	—	—	—	—	—	—	—	2.17
EV/EBITDA	—	—	—	—	—	—	—	—	—	—	19.1
EV/Sales	—	—	—	—	—	—	—	—	—	—	11.5
Earnings yield	—	—	—	—	—	—	—	—	—	—	3.96%
FCF yield	—	—	—	—	—	—	—	—	—	—	14.5%
PEG	—	—	—	—	—	—	—	—	—	—	-0.32

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	66.6%	66.5%	66.4%	67%	64.2%	62.8%	64.6%	64.3%	63.2%	63.1%	63.2%
Operating margin	38.4%	37%	36.2%	36%	30.9%	26.7%	30.3%	32%	31.4%	30.2%	30.6%
Net margin	50.5%	40.6%	42.6%	33.8%	36%	43.8%	43.8%	33.5%	37.1%	34.7%	33.3%
ROE	10.2%	8.43%	9.16%	7.15%	7.7%	9.18%	10.1%	7.88%	9.06%	8.93%	8.49%
ROA	5.79%	4.76%	5.3%	4.11%	4.31%	5.05%	5.56%	4.49%	5.15%	4.76%	2.63%
ROIC	4.62%	4.52%	4.7%	4.48%	3.89%	3.24%	4.05%	4.49%	4.56%	4.35%	4.27%
Return on tangible assets	5.79%	4.76%	5.3%	4.11%	4.31%	5.05%	5.56%	4.49%	5.15%	4.76%	4.64%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.6	0.37	0.39	0.26	0.54	0.91	1.11	0.76	0.36	0.23	0.34
Quick ratio	0.6	0.37	0.39	0.26	0.54	0.91	1.11	0.76	0.36	0.23	0.14
Debt / equity	0.69	0.71	0.66	0.68	0.72	0.76	0.75	0.69	0.69	0.8	0.75
Debt / assets	0.39	0.4	0.38	0.39	0.4	0.42	0.41	0.39	0.39	0.43	0.41
Net debt / EBITDA	4.93	5	4.73	4.92	5.29	5.56	4.74	4.51	4.53	4.91	4.81
Interest coverage	6.51	5.39	5.41	4.93	4.85	5.58	6	5.56	5.78	5.07	4.75
Effective tax rate	0.03%	0.02%	0%	1.63%	0%	0.57%	1.27%	1.08%	0.04%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.9	15.7	16.5	16.7	16.4	16.4	18.5	19.6	20.5	7.67	21.9
EPS (basic)	7.53	6.36	7.05	5.64	5.89	7.19	8.13	6.56	7.61	2.65	2.65
EPS (diluted)	7.52	6.35	7.05	5.63	5.89	7.19	8.12	6.56	7.6	2.65	7.29
Book value per share	74.2	75.4	76.9	78.9	76.6	78.3	80.5	83.4	83.9	29.8	84.9
FCF per share	7.92	8.57	8.78	8.47	7.71	7.52	8.92	9.64	9.91	3.55	3.46
Cash per share	1.57	0.49	0.66	0.28	1.55	3.01	4.38	2.82	0.76	0.47	0.63
Capex per share	—	—	—	—	—	—	—	—	—	0.67	0.74

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	8.71%	9.46%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	15.9%	17.6%
Payout ratio	70.3%	88.2%	82.7%	106.9%	106.8%	88.4%	78.3%	99.4%	88.9%	93.9%	97%
Dividend yield	—	—	—	—	—	—	—	—	—	—	3.74%

Yield

3.74%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.78

ex-dividend Jun 30, 2026

Payout ratio

97%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$1.78
Mar 31, 2026	$1.78
Dec 31, 2025	$1.75

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$697.6M	$704.7M	$712.9M	$726M	$734.3M	$740.5M	$745.9M	$760.2M	$766.8M	$767.9M	$770.3M	$777.8M
YoY change	+4.86%	+5.23%	+5.65%	+5.09%	+5.26%	+5.09%	+4.63%	+4.7%	+4.42%	+3.69%	+3.27%	+2.31%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	215M	67.1M	91.7M	39.7M	217M	420.3M	613.2M	397.9M	108.6M	187.2M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	362M	234.6M	249.7M	161.8M	344.3M	577.5M	734.2M	531M	267.1M	353.1M
Property, plant & equipment	—	—	—	125M	155.3M	146.6M	143.3M	134.7M	154.7M	147.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	17.9B	18.4B	18.4B	19.1B	19.2B	19.9B	20.5B	20.7B	21B	22.2B
Accounts payable	101M	85.4M	97M	92.1M	93.6M	63.7M	72.8M	87.7M	86M	92.3M
Short-term debt	—	—	—	—	—	—	—	—	—	739.6M
Total current liabilities	600.2M	632.8M	645.7M	629.1M	642.5M	635.7M	659.1M	694.6M	746.3M	1.5B
Long-term debt	7B	7.3B	7B	7.4B	7.7B	8.3B	8.5B	8.1B	8.3B	8.8B
Total liabilities	7.7B	8B	7.7B	8.1B	8.4B	9B	9.2B	8.9B	9.1B	10.4B
Shareholders' equity	10.2B	10.4B	10.6B	11B	10.8B	10.9B	11.3B	11.8B	11.9B	11.8B
Total debt	7B	7.3B	7B	7.4B	7.7B	8.3B	8.5B	8.1B	8.3B	9.5B
Net debt	6.8B	7.3B	6.9B	7.4B	7.5B	7.8B	7.9B	7.7B	8.1B	9.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	508.6M	397.9M	287.9M	545.8M	552.4M	108.6M	53.3M	102.8M	123.3M	187.2M	121.2M	80.7M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	780.1M	531M	423.6M	765.4M	792.5M	267.1M	219.1M	295.4M	321.9M	353.1M	291.1M	246.1M
Property, plant & equipment	135.8M	134.7M	132.5M	133.2M	157M	154.7M	153.7M	150.9M	149.6M	147.5M	145.7M	144.1M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	20.7B	20.7B	20.6B	21B	21.3B	21B	21.2B	21.8B	21.9B	22.2B	22.1B	22.3B
Accounts payable	95.8M	87.7M	87.2M	83.9M	81.3M	86M	82.6M	101.6M	97.9M	92.3M	107.5M	113.6M
Short-term debt	70M	—	—	—	—	—	224.9M	664.6M	235M	739.6M	769.7M	915.8M
Total current liabilities	828.2M	694.6M	726.6M	704.7M	808.6M	746.3M	985.8M	1.4B	1.1B	1.5B	1.6B	1.7B
Long-term debt	8B	8.1B	8.1B	8.5B	8.6B	8.3B	8.3B	8.2B	8.7B	8.8B	8.8B	8.3B
Total liabilities	8.9B	8.9B	8.9B	9.3B	9.4B	9.1B	9.3B	9.7B	9.8B	10.4B	10.4B	10.1B
Shareholders' equity	11.8B	11.8B	11.7B	11.7B	11.9B	11.9B	11.9B	12.2B	12.2B	11.8B	11.7B	12.2B
Total debt	8.1B	8.1B	8.1B	8.5B	8.6B	8.3B	8.5B	8.8B	8.9B	9.5B	9.5B	9.2B
Net debt	7.6B	7.7B	7.8B	8B	8B	8.1B	8.4B	8.7B	8.8B	9.3B	9.4B	9.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1B	876.7M	974.2M	786.1M	827.7M	1B	1.1B	928.4M	1.1B	1.1B
Depreciation & amortization	531.4M	584.1M	631.2M	661.6M	707.3M	758.6M	815M	817M	846.9M	913.4M
Stock-based compensation	15.1M	17.9M	20.3M	25.6M	21.6M	25.5M	33.9M	27.1M	25.4M	26.5M
Change in working capital	-8.2M	—	—	—	—	—	—	—	—	-26.1M
Operating cash flow	1.6B	1.5B	1.6B	1.5B	1.6B	1.8B	2B	1.8B	2B	1.7B
Capital expenditure	—	—	—	—	—	—	—	—	—	-264.9M
Investing cash flow	-9.5M	-41.5M	50M	-12.9M	-31.5M	-82.2M	-30.5M	-86.5M	-105.8M	-307.7M
Dividends paid	-727.2M	-773.1M	-805.7M	-840.1M	-883.6M	-888.3M	-889.6M	-922.7M	-961.9M	-992.3M
Share repurchases	—	—	—	0	-183.9M	0	0	-1.9M	0	-488.1M
Financing cash flow	-303.3M	-418.9M	-688.5M	-218.2M	-854.3M	-348.9M	-671.1M	-834.4M	-874.9M	-192.7M
Net change in cash	1.2B	1B	997.3M	1.3B	689.5M	1.4B	1.3B	902.5M	1B	1.2B
Free cash flow	1.1B	1.2B	1.2B	1.2B	1.1B	1B	1.2B	1.4B	1.4B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	171.8M	242.1M	173.6M	254M	372.5M	282.1M	236.6M	269.9M	384.2M	166M	328.3M	156.9M
Depreciation & amortization	201M	210.7M	212.3M	206.9M	212.1M	215.5M	217.9M	231.7M	230.4M	233.4M	233.1M	233M
Stock-based compensation	6.7M	5.3M	5.9M	7.6M	6.7M	5.1M	5.7M	8.5M	7.1M	5.2M	5.7M	8M
Change in working capital	—	—	—	—	—	—	—	—	—	—	-7.2M	-7.4M
Operating cash flow	401.6M	472.1M	399.2M	473.3M	596.3M	518.6M	468.1M	515.6M	477M	400.4M	418.9M	364.1M
Capital expenditure	—	—	—	—	—	—	—	—	-75.4M	-78.6M	-60M	-77.6M
Investing cash flow	-18.4M	-48.4M	-23.4M	-27.6M	-30.5M	-24.3M	-18.2M	11.8M	-113.1M	-77.1M	-42.7M	-102.8M
Dividends paid	-234.2M	-233.8M	-237M	-241.5M	-241.6M	-241.8M	-243.7M	-249M	-250.2M	-249.5M	-249.3M	-249.5M
Share repurchases	0	0	0	0	0	0	—	—	-151.8M	-336.3M	-198.5M	0
Financing cash flow	-423.2M	-579M	-254.5M	159.8M	-240.3M	-539.9M	-36M	-571.2M	-348.6M	98.1M	-431.9M	-168.4M
Net change in cash	-40M	-155.4M	121.3M	605.5M	325.6M	-45.7M	413.9M	-43.9M	15.2M	421.4M	-55.7M	92.9M
Free cash flow	418.4M	283.7M	374.2M	331.6M	432.2M	271.8M	367.3M	315.5M	401.6M	321.8M	359M	286.5M

Date	Ratio
Aug 17, 2026	2.793:1
Jan 7, 2013	8:9

AvalonBay Communities, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history