NYSE · Financial Statements

Essex Property Trust, Inc. (ESS) Financial Statements

$293.55 NYSE: ESS Market Cap $18.86B

Essex Property Trust, Inc. most recently reported annual revenue of $1.9B, net profit of $672.0M. Revenue grew at an average annual rate of 4.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Essex Property Trust, Inc.: Revenue rose from $1.3B in 2016 to $1.9B in 2025, a change of +46.9% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 32.5% to 43.9%, a shift of +11.4 percentage points; the most recent year shows net profit of $672.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.3B$1.4B$1.4B$1.5B$1.5B$1.4B$1.6B$1.7B$1.8B$1.9B
Operating Expenses$873.0M$891.0M$888.0M$979.0M$1.0B$911.0M$1.0B$1.1B$1.1B$1.1B
Operating Profit$421.0M$473.0M$512.0M$481.0M$491.0M$530.0M$595.0M$584.0M$703.0M$834.0M
Operating Margin32.5%34.7%36.6%33.0%32.9%36.8%37.0%35.0%39.6%43.9%
Other Income$242.0M$214.0M$134.0M$226.0M$373.0M$-14.0M$-162.0M$-154.0M$108.0M$-136.0M
Interest$220.0M$223.0M$220.0M$217.0M$221.0M$203.0M$224.0M$213.0M$236.0M$257.0M
Depreciation$442.0M$469.0M$480.0M$484.0M$525.0M$520.0M$539.0M$548.0M$580.0M$608.0M
Profit Before Tax$662.0M$687.0M$646.0M$707.0M$864.0M$516.0M$433.0M$431.0M$811.0M$698.0M
Tax$670,000$0$0$210,000$180,000$0$0$0$0$40,000
Net Profit$415.0M$433.0M$390.0M$439.0M$569.0M$489.0M$408.0M$406.0M$742.0M$672.0M
EPS$6.27$6.57$5.90$6.66$8.68$7.51$6.27$6.32$11.54$10.41
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$416.0M$419.0M$422.0M$439.0M$442.0M$462.0M$454.0M$478.0M$470.0M$473.0M$480.0M$485.0M
Operating Expenses$281.0M$287.0M$291.0M$307.0M$305.0M$334.0M$150.0M$221.0M$190.0M$322.0M$334.0M$330.0M
Operating Profit$135.0M$132.0M$130.0M$132.0M$137.0M$129.0M$304.0M$257.0M$280.0M$152.0M$146.0M$155.0M
Operating Margin32.4%31.4%30.9%30.1%31.1%27.9%67.0%53.8%59.5%32.1%30.3%32.0%
Interest$53.0M$54.0M$55.0M$56.0M$59.0M$59.0M$61.0M$63.0M$65.0M$65.0M$65.0M$64.0M
Profit Before Tax$106.0M$170.0M$145.0M$285.0M$99.0M$125.0M$302.0M$213.0M$232.0M$173.0M$81.0M$112.0M
Tax$0$0$0$0$0$0$0$0$0$0$320,000$0
Net Profit$100.0M$87.0M$65.0M$273.0M$93.0M$118.0M$257.0M$203.0M$221.0M$165.0M$83.0M$106.0M
EPS$1.55$1.36$1.02$4.25$1.45$1.84$4.01$3.16$3.44$2.56$1.25$1.65

Over the 10 years reported for Essex Property Trust, Inc., borrowings increased from $5.6B in 2016 to $6.9B in 2025, cash stood at $86.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 2.29 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$12.2B$12.5B$12.4B$12.7B$12.9B$13.0B$12.4B$12.4B$12.9B$13.2B
Current Assets$452.0M$352.0M$433.0M$360.0M$485.0M$592.0M$258.0M$663.0M$352.0M$227.0M
Cash$65.0M$45.0M$134.0M$70.0M$74.0M$48.0M$33.0M$392.0M$67.0M$86.0M
Inventory$102.0M$0$0$0$58.0M$0$0$0$0$0
Receivables$41.0M$101.0M$72.0M$134.0M$195.0M$341.0M$103.0M$175.0M$207.0M$142.0M
Fixed Assets$0$0$0$75.0M$72.0M$69.0M$67.0M$64.0M$52.0M$51.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$1.3B$1.3B$1.5B$1.5B$1.2B$1.4B$1.2B$1.1B$1.0B$729.0M
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$5.9B$6.1B$6.0B$6.3B$6.7B$6.8B$6.5B$6.7B$7.2B$7.4B
Current Liabilities$409.0M$480.0M$315.0M$397.0M$356.0M$694.0M$390.0M$353.0M$530.0M$99.0M
Borrowings$5.6B$5.7B$5.6B$5.9B$6.3B$6.4B$6.0B$6.3B$6.7B$6.9B
Other Liabilities$317.0M$371.0M$348.0M$379.0M$395.0M$429.0M$424.0M$464.0M$522.0M$519.0M
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$6.2B$6.3B$6.3B$6.2B$6.0B$6.0B$5.7B$5.4B$5.5B$5.5B

For Essex Property Trust, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $934.0M; free cash flow was positive in 10 of 10 years; financing activities used $60.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$713.0M$766.0M$827.0M$919.0M$803.0M$905.0M$976.0M$980.0M$1.1B$1.1B
Investing Cash Flow$-481.0M$-548.0M$-142.0M$-629.0M$-507.0M$-519.0M$-17.0M$-286.0M$-1.1B$-693.0M
Financing Cash Flow$-112.0M$49.0M$-82.0M$-100.0M$-323.0M$-19.0M$-216.0M$-134.0M$-89.0M$-60.0M
Net Cash Flow$35.0M$-20.0M$90.0M$-70.0M$3.0M$-25.0M$-16.0M$358.0M$-324.0M$10.0M
Free Cash Flow$653.0M$695.0M$745.0M$817.0M$713.0M$784.0M$812.0M$840.0M$932.0M$934.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-2.21
EV / EBITDA17.52
FCF Yield5.02%
Quick Ratio0.45
Interest Coverage2.83
Return 1Y9.72%
Return 3Y44.95%
Return 5Y-3.82%

Essex Property Trust, Inc. (ESS) financials — frequently asked questions

What is Essex Property Trust, Inc.'s annual revenue?

Essex Property Trust, Inc. (ESS) reported annual revenue of $1.9B in its most recent fiscal year.

What is Essex Property Trust, Inc.'s net profit?

Essex Property Trust, Inc. (ESS) reported net profit of $672.0M in its most recent fiscal year.

What is ESS EV/EBITDA?

Essex Property Trust, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 17.52.

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