Essex Property Trust Inc. (ESS) 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	$1.47	$0.94	-36.1%	—	$489M	—
Q1 26	$1.43	$1.65	+15.4%	—	$484.8M	—
Q4 25	$1.47	$1.25	-15.0%	—	$479.6M	—
Q3 25	$1.67	$1.59	-4.8%	—	$473.3M	—
Q2 25	$1.41	$1.48	+5.0%	—	$469.8M	—
Q1 25	$1.41	$1.44	+2.1%	—	$464.6M	—
Q4 24	$1.36	$0.65	-52.2%	—	$454.5M	—
Q3 24	$1.35	$1.34	-0.7%	—	$450.7M	—
Q2 24	$1.45	$1.43	-1.4%	—	$442.4M	—
Q1 24	$1.36	$2.06	+51.5%	—	$426.9M	—
Q4 23	$1.46	$1.01	-30.8%	—	$421.7M	—
Q3 23	$1.42	$1.36	-4.2%	—	$419.2M	—
Q2 23	$1.38	$1.55	+12.3%	—	$416M	—
Q1 23	$1.29	$2.38	+84.5%	—	$412.4M	—
Q4 22	$1.45	$2.86	+97.2%	—	$415.2M	—
Q3 22	$1.34	$1.43	+6.7%	—	$409.7M	—

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	—	$10.4	—	—	$1.9B	—
FY24	—	$11.6	—	—	$1.8B	—
FY23	—	$6.32	—	—	$1.7B	—
FY22	—	$6.27	—	—	$1.6B

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	$1.3B	$1.4B	$1.4B	$1.5B	$1.5B	$1.4B	$1.6B	$1.7B	$1.8B	$1.9B
YoY change	+8.34%	+5.4%	+2.65%	+4.29%	+2.44%	-3.69%	+11.5%	+3.89%	+6.29%	+6.36%

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	1.3B	1.4B	1.4B	1.5B	1.5B	1.4B	1.6B	1.7B	1.8B	1.9B
Cost of revenue	169.3M	176.5M	183.6M	189.2M	211.6M	216.6M	224.6M	231.7M	566.8M	608M
Gross profit	1.1B	1.2B	1.2B	1.3B	1.3B	1.2B	1.4B	1.4B	1.2B	1.3B
Gross margin	86.9%	87.1%	86.9%	87%	85.9%	85%	86%	86.1%	68.1%	67.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	40.8M	41.4M	53.5M	54.3M	65.4M	51.8M	56.6M	63.5M	98.9M	71.9M
Operating expenses	40.8M	41.4M	53.5M	54.3M	65.4M	51.8M	56.6M	63.5M	98.9M	71.9M
Operating income	642.3M	677.2M	683.1M	732.9M	693.3M	636.4M	796.5M	825.1M	528.5M	601.9M
Operating margin	49.6%	49.6%	48.8%	50.2%	46.3%	44.2%	49.6%	49.4%	29.8%	31.9%
Non-operating income, net	212.5M	208.2M	160.8M	145.4M	350.6M	248.5M	143.6M	71.9M	437.4M	339.3M
Pretax income	662.5M	687.1M	646.4M	707.3M	864.3M	780.6M	716.3M	730.4M	811.3M	702.8M
Income tax	4.4M	0	0	1.5M	1.5M	15.7M	-10.2M	—	—	—
Net income	438.4M	458M	413.6M	464.4M	599.3M	515.7M	433M	430.7M	811.3M	702.8M
Net margin	33.9%	33.6%	29.5%	31.8%	40.1%	35.8%	26.9%	25.8%	45.7%	37.2%
EBITDA	1.1B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.4B	1.2B	1.2B
EPS	6.28	6.58	5.91	6.67	8.69	7.51	6.27	6.32	11.6	10.4
Diluted EPS	6.27	6.57	5.9	6.66	8.69	7.51	6.27	6.32	11.5	10.4

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	419.2M	421.7M	426.9M	442.4M	450.7M	454.5M	464.6M	469.8M	473.3M	479.6M	484.8M	489M
Cost of revenue	58.4M	58.5M	58.7M	138.2M	60.7M	388.8M	64.8M	147.4M	155.7M	153.8M	154.7M	154.5M
Gross profit	360.8M	363.2M	368.3M	304.2M	390M	65.6M	399.8M	322.4M	317.7M	325.8M	330.1M	334.6M
Gross margin	86.1%	86.1%	86.3%	68.8%	86.5%	14.4%	86.1%	68.6%	67.1%	67.9%	68.1%	68.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.6M	19.7M	17.2M	21.1M	29.1M	31.5M	16.3M	17.2M	18.1M	20.4M	20M	73.1M
Operating expenses	14.6M	19.7M	17.2M	21.1M	29.1M	31.5M	16.3M	17.2M	18.1M	20.4M	20M	73.1M
Operating income	208.4M	206M	211.3M	138.3M	214.5M	-114.3M	232.2M	153.8M	150.1M	151.9M	151.6M	107.7M
Operating margin	49.7%	48.9%	49.5%	31.3%	47.6%	-25.2%	50%	32.7%	31.7%	31.7%	31.3%	22%
Non-operating income, net	11.4M	-22.9M	151.4M	10.3M	44M	231.6M	125M	136.2M	81.4M	-3.4M	25.2M	16.9M
Pretax income	170M	145.3M	364.1M	99M	210.8M	58.7M	298.8M	231.5M	172.7M	85.7M	112.2M	66.9M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	93M	70.3M	285.1M	99M	125.5M	301.7M	212.8M	231.5M	172.7M	85.7M	112.2M	66.9M
Net margin	22.2%	16.7%	66.8%	22.4%	27.8%	66.4%	45.8%	49.3%	36.5%	17.9%	23.1%	13.7%
EBITDA	350.2M	361.2M	408.3M	293.4M	372.4M	36.8M	387.8M	312.1M	307.5M	308.2M	307.5M	270.9M
EPS	1.36	1.02	4.25	1.45	1.84	4.01	3.16	3.44	2.56	1.25	1.65	0.97
Diluted EPS	1.36	1.02	4.25	1.45	1.84	4	3.16	3.44	2.56	1.25	1.65	0.97

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	15.2B	15.9B	16.2B	19.8B	15.5B	22.9B	13.8B	15.9B	18.3B	16.8B	18.8B
Enterprise value	20.6B	21.3B	21.5B	25.5B	21.6B	29B	19.7B	21.7B	24.9B	23.5B	24.3B
Shares outstanding	65.5M	65.8M	66M	65.8M	65.5M	65.1M	65.1M	64.3M	64.2M	64.4M	64.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	34.7	34.7	39.2	42.7	25.9	44.4	31.9	37	22.6	24	42.2
P/S	11.8	11.6	11.6	13.6	10.4	15.9	8.58	9.54	10.3	8.93	9.41
P/B	2.4	2.47	2.52	3.08	2.5	3.69	2.33	2.83	3.19	2.94	3.27
EV/EBITDA	18.5	18.2	18.1	20.2	17.2	23.1	14.7	15.3	20.9	19.1	19.8
EV/Sales	15.9	15.6	15.3	17.5	14.5	20.2	12.2	13	14	12.5	12.3
Earnings yield	2.88%	2.88%	2.55%	2.34%	3.86%	2.25%	3.14%	2.7%	4.43%	4.17%	2.37%
FCF yield	4.28%	4.39%	4.6%	4.13%	4.59%	3.42%	5.89%	5.27%	5.08%	5.54%	5.55%
PEG	—	—	—	—	—	—	—	—	—	—	-0.59

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	86.9%	87.1%	86.9%	87%	85.9%	85%	86%	86.1%	68.1%	67.8%	68.4%
Operating margin	49.6%	49.6%	48.8%	50.2%	46.3%	44.2%	49.6%	49.4%	29.8%	31.9%	34%
Net margin	33.9%	33.6%	29.5%	31.8%	40.1%	35.8%	26.9%	25.8%	45.7%	37.2%	20.9%
ROE	6.92%	7.12%	6.43%	7.21%	9.64%	8.3%	7.31%	7.66%	14.1%	12.3%	7.71%
ROA	3.59%	3.67%	3.34%	3.66%	4.63%	3.97%	3.5%	3.48%	6.28%	5.34%	2.96%
ROIC	5.45%	5.7%	5.84%	6.04%	5.62%	5.06%	6.75%	—	—	—	—
Return on tangible assets	3.59%	3.67%	3.34%	3.66%	4.63%	3.97%	3.5%	3.48%	6.28%	5.34%	3.39%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.11	0.73	1.37	0.91	1.36	0.85	0.66	1.88	0.66	0.77	0.25
Quick ratio	0.86	0.73	1.37	0.91	1.2	0.85	0.66	1.88	0.66	0.77	0.31
Debt / equity	0.88	0.88	0.87	0.91	1.02	1.02	1.02	1.11	1.16	1.19	1.22
Debt / assets	0.46	0.46	0.45	0.46	0.49	0.49	0.49	0.51	0.51	0.52	0.52
Net debt / EBITDA	4.82	4.66	4.44	4.49	4.85	4.87	4.4	4.08	5.48	5.43	5.53
Interest coverage	4.02	4.08	3.93	4.25	4.92	4.84	4.2	4.43	4.44	3.72	2.67
Effective tax rate	0.67%	0%	0%	0.21%	0.18%	2.01%	0%	—	—	—	—

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.8	20.7	21.2	22.2	22.9	22.1	24.7	26	27.6	29.3	30.8
EPS (basic)	6.28	6.58	5.91	6.67	8.69	7.51	6.27	6.32	11.6	10.4	10.4
EPS (diluted)	6.27	6.57	5.9	6.66	8.69	7.51	6.27	6.32	11.5	10.4	6.41
Book value per share	96.8	97.8	97.4	97.8	95	95.5	91	87.6	89.5	89.1	82.8
FCF per share	9.96	10.6	11.3	12.4	10.9	12.1	12.5	13.1	14.5	14.5	15.4
Cash per share	3.12	3.56	5.21	3.25	3.38	3.69	2.24	7.46	2.13	2.71	1.05
Capex per share	3.65	2.01	5.26	0.35	—	—	—	—	—	2.18	1.98

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	18.5%	9.68%	24.8%	1.59%	—	—	—	—	—	7.44%	6.6%
Capex / operating cash flow	27.4%	14.5%	38.9%	2.35%	—	—	—	—	—	13.1%	11.4%
Payout ratio	93.8%	102.5%	117.1%	109.3%	89.4%	105.3%	130.7%	136.3%	76.5%	93.1%	160.8%
Dividend yield	2.7%	2.95%	2.99%	2.56%	3.45%	2.37%	4.1%	3.68%	3.38%	3.88%	3.79%

Yield

3.79%

trailing twelve months

Frequency

Quarterly

Last dividend

$2.59

ex-dividend Jun 30, 2026

Payout ratio

161%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$2.59
Mar 31, 2026	$2.59
Jan 2, 2026	$2.57

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	$419.2M	$421.7M	$426.9M	$442.4M	$450.7M	$454.5M	$464.6M	$469.8M	$473.3M	$479.6M	$484.8M	$489M
YoY change	+2.3%	+1.58%	+3.52%	+6.32%	+7.52%	+7.76%	+8.82%	+6.21%	+5.02%	+5.54%	+4.34%	+4.09%

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	204.1M	234.6M	344M	214.3M	221.4M	240.2M	146M	479.5M	136.6M	174.3M
Receivables	—	—	—	6.1M	25.2M	15.5M	12.2M	9.4M	9.2M	10.3M
Inventory	102M	—	—	0	57.9M	0	—	—	—	—
Total current assets	452.4M	352.1M	432.8M	359.7M	484.9M	591.5M	258.5M	662.8M	352.3M	325.2M
Property, plant & equipment	—	—	—	74.7M	72.1M	69M	67.2M	63.8M	51.6M	50.8M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	12.2B	12.5B	12.4B	12.7B	12.9B	13B	12.4B	12.4B	12.9B	13.2B
Accounts payable	138.2M	127.5M	127.1M	158M	152.9M	180.8M	165.5M	176.4M	212.7M	221.4M
Short-term debt	125M	179M	—	55M	—	341.3M	52.1M	—	137.9M	—
Total current liabilities	409.3M	479.7M	315M	397.3M	356M	694.4M	389.9M	352.8M	530.5M	419.8M
Long-term debt	5.4B	5.5B	5.6B	5.8B	6.3B	6B	6B	6.3B	6.5B	6.9B
Total liabilities	5.9B	6.1B	6B	6.3B	6.7B	6.8B	6.5B	6.7B	7.2B	7.4B
Shareholders' equity	6.3B	6.4B	6.4B	6.4B	6.2B	6.2B	5.9B	5.6B	5.8B	5.7B
Total debt	5.6B	5.7B	5.6B	5.9B	6.3B	6.4B	6B	6.3B	6.7B	6.9B
Net debt	5.5B	5.6B	5.5B	5.8B	6.3B	6.3B	6B	5.9B	6.6B	6.8B

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	482.2M	479.5M	590.3M	139.5M	146.5M	136.6M	174.7M	140.8M	150.1M	174.3M	134.5M	150.5M
Receivables	10.5M	9.4M	9.2M	8.9M	8.7M	9.2M	8.7M	8.9M	9M	10.3M	10.1M	9.9M
Inventory	—	—	—	—	74.1M	—	112.2M	47.7M	—	—	—	—
Total current assets	655.3M	662.8M	782.2M	382.2M	430M	352.3M	429.8M	335.8M	381M	325.2M	345.9M	254.8M
Property, plant & equipment	64.6M	63.8M	62.9M	53.4M	52.5M	51.6M	53.4M	52.5M	51.7M	50.8M	50M	49.1M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	12.5B	12.4B	12.9B	12.5B	12.6B	12.9B	13.2B	13.2B	13.2B	13.2B	13.1B	12.9B
Accounts payable	215.2M	176.4M	216.5M	183.8M	246.4M	212.7M	232.6M	188.7M	250.7M	221.4M	254.8M	270.4M
Short-term debt	—	—	—	129.4M	7.9M	137.9M	—	365M	245M	—	4.7M	345M
Total current liabilities	393.7M	352.8M	400M	495.4M	444.3M	530.5M	427.6M	754.8M	703M	419.8M	465.3M	823.2M
Long-term debt	6.3B	6.3B	6.6B	6.2B	6.4B	6.5B	6.8B	6.4B	6.5B	6.9B	6.9B	6.4B
Total liabilities	6.8B	6.7B	7.1B	6.8B	7B	7.2B	7.4B	7.3B	7.3B	7.4B	7.5B	7.4B
Shareholders' equity	5.7B	5.6B	5.8B	5.7B	5.7B	5.8B	5.8B	5.8B	5.8B	5.7B	5.6B	5.5B
Total debt	6.3B	6.3B	6.6B	6.3B	6.4B	6.7B	6.8B	6.8B	6.7B	6.9B	6.9B	6.7B
Net debt	5.9B	5.9B	6.1B	6.3B	6.3B	6.6B	6.7B	6.8B	6.6B	6.8B	6.8B	6.7B

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	438.4M	458M	413.6M	464.4M	599.3M	515.7M	433M	430.7M	811.3M	702.8M
Depreciation & amortization	441.7M	468.9M	479.9M	483.8M	525.5M	520.1M	539.3M	548.4M	580.2M	607.5M
Stock-based compensation	9.8M	9.3M	7.1M	7M	8.2M	7.3M	7.2M	8M	7.2M	9.6M
Change in working capital	-992K	-13.8M	2.2M	34M	-8.9M	28.4M	-7.6M	8.1M	23.3M	5M
Operating cash flow	873.4M	912.4M	894.5M	987.6M	1.1B	1.1B	967.1M	992.7M	1.4B	1.1B
Capital expenditure	239.3M	132M	347.6M	23.2M	—	—	—	—	—	-140.3M
Investing cash flow	50.4M	-243.7M	209.2M	-336.9M	-119.7M	-462.8M	121.8M	-38.4M	-110.6M	-271.7M
Dividends paid	-411.1M	-469.4M	-484.2M	-507.8M	-536.1M	-542.9M	-565.9M	-587M	-620.5M	-654.1M
Share repurchases	-75.2M	0	-52.2M	-57M	-269.6M	-9.6M	-190M	-96M	-296K	-391K
Financing cash flow	-761.5M	-1.3B	-1.6B	-2.4B	-1.5B	-1.3B	-2.8B	-1.4B	-432.1M	-521.1M
Net change in cash	162.2M	-597M	-500.9M	-1.7B	-503.6M	-694.1M	-1.7B	-419M	873.7M	281.6M
Free cash flow	652M	696.8M	744.9M	817.4M	713M	784.1M	812.5M	839.7M	931.9M	934.1M

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	93M	70.3M	285.1M	99M	125.5M	301.7M	212.8M	231.5M	172.7M	85.7M	112.2M	66.9M
Depreciation & amortization	137.4M	138M	139.7M	145.6M	146.4M	148.4M	151.3M	151.5M	151.5M	153.3M	154.9M	154.1M
Stock-based compensation	2.1M	2.1M	1.6M	1.9M	1.8M	1.8M	2M	2.2M	2.5M	3M	2.6M	2.9M
Change in working capital	42.9M	-39.4M	-2.8M	740K	60.3M	-40.3M	24.3M	-45.4M	59.3M	-33.3M	32.2M	16.6M
Operating cash flow	274.5M	170.3M	422.1M	245.6M	333M	410.2M	388.5M	216.1M	342.6M	234.2M	287.2M	254.1M
Capital expenditure	—	—	—	—	—	—	—	-36.5M	-36.4M	-39.5M	-19.8M	-31.5M
Investing cash flow	-17M	-1.9M	-3M	-48.8M	38.4M	-97.2M	-8.3M	-34.2M	-139.3M	-62M	-80.1M	71M
Dividends paid	-148.3M	-148.3M	-148.3M	-157.3M	-157.3M	-157.5M	-157.5M	-159.8M	-165.6M	-165.6M	-171.4M	-160.8M
Share repurchases	0	-116K	-8K	8K	0	-296K	—	—	—	—	-50.2M	-11.7M
Financing cash flow	76.8M	-161.1M	189.2M	-437.8M	-90.1M	-93.4M	11.8M	-206.2M	-281.5M	-44.8M	-220.8M	-298M
Net change in cash	334.3M	7.2M	608.3M	-241M	281.3M	219.7M	392M	-24.3M	-78.3M	127.5M	-13.7M	27.2M
Free cash flow	249.8M	157.6M	288.5M	184.3M	279.6M	179.5M	253.6M	179.6M	306.2M	194.7M	267.4M	222.5M

Essex Property Trust 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