ELS financial statements

The full income statement, balance sheet, and cash-flow statement for Equity Lifestyle Properties Inc. (ELS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-03 186.5M2024-06 186.5M2024-09 191.0M2024-12 191.1M2025-03 191.2M2025-06 193.8M2025-09 193.8M2025-12 193.9M2026-03 193.9M+4.0% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.53B YoY+0.3%	1.53B YoY+2.5%	1.49B YoY+2.9%	1.45B YoY+9.9%	1.32B YoY+17.7%
Lease income	1.28B YoY+4.0%	1.23B YoY+4.6%	1.18B YoY+5.4%	1.12B YoY+8.3%	1.03B YoY+11.8%
Selling, general & administrative	37.5M YoY-2.5%	38.5M YoY-18.6%	47.3M YoY+5.4%	44.9M YoY+13.3%	39.6M YoY+0.8%
General & administrative	37.5M YoY-2.5%	38.5M YoY-18.6%	47.3M YoY+5.4%	44.9M YoY+13.3%	39.6M YoY+0.8%
Selling & marketing	16.1M YoY-27.2%	22.1M YoY+5.2%	21.0M YoY+3.2%	20.3M YoY+8.8%	18.7M YoY+19.1%
Provision for credit losses	7.07M YoY+20.5%	5.87M YoY+22.5%	4.79M YoY-8.6%	5.24M YoY-39.5%	8.67M YoY+19.0%
Operating income	391M YoY+2.8%	381M YoY+18.9%	320M YoY+8.3%	295M YoY+8.6%	272M
Interest expense	131M YoY-4.9%	138M YoY+4.1%	132M YoY+13.5%	117M YoY+7.2%	109M YoY+5.8%
Interest & investment income	9.57M YoY+3.6%	9.24M YoY+2.2%	9.04M YoY+21.6%	7.43M YoY+5.9%	7.02M YoY-1.9%
Equity-method income	6.52M YoY+4.4%	6.25M YoY+130.3%	2.71M YoY-19.3%	3.36M YoY-13.3%	3.88M YoY-28.1%
Pre-tax income	—	—	—	295M YoY+8.6%	272M YoY+15.3%
Income tax	-3.27M YoY-824.6%	-354K YoY+96.6%	-10.5M	0.00	0.00
	402M YoY+4.5%	385M YoY+16.7%	330M YoY+10.3%	299M YoY+8.3%	276M YoY+14.3%
Net income to common	386M YoY+5.3%	367M YoY+16.8%	314M YoY+10.4%	285M YoY+8.4%	262M YoY+15.0%
	$2.01 YoY+2.6%	$1.96 YoY+16.0%	$1.69 YoY+10.5%	$1.53 YoY+7.0%	$1.43 YoY+14.4%
EPS (basic)	$2.01 YoY+2.6%	$1.96 YoY+16.0%	$1.69 YoY+10.5%	$1.53 YoY+7.0%	$1.43 YoY+13.5%
	192M YoY+2.5%	187M YoY+0.7%	186M YoY+0.2%	186M YoY+1.6%	183M YoY+0.6%
	200M YoY+1.8%	197M YoY+0.6%	195M YoY+0.1%	195M YoY+1.2%	193M YoY+0.2%
Dividends per share	$2.06 YoY+7.9%	$1.91 YoY+9.1%	$1.75 YoY+10.0%	$1.59 YoY+13.0%	$1.41 YoY+5.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	26.1M YoY+6.3%	24.6M YoY-17.9%	29.9M YoY+34.0%	22.3M YoY-81.9%	123M YoY+412.9%
	5.75B YoY+1.8%	5.65B YoY+0.6%	5.61B YoY+2.2%	5.49B YoY+3.5%	5.31B YoY+20.1%
Operating lease right-of-use	20.8M YoY-13.0%	23.9M YoY+1.3%	23.6M YoY-8.9%	25.9M YoY-14.5%	30.3M YoY+93.0%
Goodwill	17.6M YoY+0.0%	17.6M YoY+0.0%	17.6M YoY+0.0%	17.6M YoY+1.1%	17.4M YoY+123.1%
Intangible assets	38.0M YoY+0.0%	38.0M YoY+0.0%	38.0M YoY+0.0%	38.0M YoY+0.0%	38.0M YoY+708.5%
	3.93B YoY+2.8%	3.82B YoY-7.1%	4.12B YoY+3.5%	3.98B YoY+4.0%	3.82B YoY+22.7%
Long-term debt	3.35B YoY+4.4%	3.20B YoY-8.9%	3.52B YoY+3.9%	3.39B YoY+3.5%	3.27B YoY+33.9%
Operating lease liability (total)	24.0M YoY-11.6%	27.1M YoY+5.4%	25.7M YoY-8.2%	28.0M YoY-8.8%	30.7M YoY+87.2%
	1.76B YoY+0.9%	1.74B YoY+21.8%	1.43B YoY-1.2%	1.45B YoY+2.1%	1.42B YoY+14.7%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.99M YoY+1.3%	1.96M YoY+2.3%	1.92M YoY+0.1%	1.92M YoY+0.2%	1.91M YoY+5.5%
Additional paid-in capital	1.98B YoY+1.5%	1.95B YoY+18.7%	1.64B YoY+1.0%	1.63B YoY+2.2%	1.59B YoY+12.9%
Accumulated other comprehensive income	-2.21M YoY-195.9%	2.30M YoY-62.0%	6.06M YoY-68.3%	19.1M YoY+442.5%	3.52M
Total equity incl. non-controlling	1.81B YoY-0.5%	1.82B YoY+21.7%	1.50B YoY-1.2%	1.52B YoY+2.1%	1.49B YoY+13.9%
Total liabilities & equity	5.75B YoY+1.8%	5.65B YoY+0.6%	5.61B YoY+2.2%	5.49B YoY+3.5%	5.31B YoY+20.1%
	194M YoY+1.5%	191M YoY+2.5%	186M YoY+0.2%	186M YoY+0.3%	186M YoY+1.9%
	194M YoY+1.5%	191M YoY+2.5%	186M YoY+0.2%	186M YoY+0.3%	186M YoY+1.9%
	194M YoY+1.5%	191M YoY+2.5%	186M YoY+0.2%	186M YoY+0.1%	186M YoY+2.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	571M YoY-4.3%	597M YoY+8.9%	548M YoY+15.2%	476M YoY-6.5%	509M YoY+21.9%
Depreciation & amortization	209M YoY+2.5%	204M YoY+0.1%	204M YoY+0.7%	202M YoY+7.4%	188M YoY+21.5%
Share-based compensation	7.25M YoY-22.6%	9.37M YoY-47.4%	17.8M YoY+103.6%	8.76M YoY-31.0%	12.7M YoY+10.1%
Deferred income taxes	-1.22M YoY-245.2%	-354K YoY+96.6%	-10.5M	0.00	0.00
	-277M YoY-27.2%	-218M YoY+32.9%	-325M YoY+19.2%	-402M YoY+51.5%	-828M YoY-106.5%
Capital expenditure	237M YoY-1.7%	241M YoY-23.9%	317M YoY+27.2%	249M YoY+22.0%	204M YoY-2.4%
Free cash flow	334M YoY-6.0%	355M YoY+53.9%	231M YoY+1.9%	227M YoY-25.7%	305M YoY+46.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	2.52M	0.00	0.00	—	—
	-293M YoY+23.9%	-384M YoY-78.2%	-216M YoY-23.4%	-175M YoY-141.7%	419M YoY+2098.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00 YoY-100.0%	317M	0.00 YoY-100.0%	28.4M YoY-79.8%	140M
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	388M YoY+10.7%	351M YoY+7.4%	326M YoY+10.2%	296M YoY+13.1%	262M YoY+7.7%
Net change in cash	1.56M YoY+129.0%	-5.36M YoY-170.6%	7.59M YoY+107.5%	-101M YoY-201.7%	99.3M YoY+2169.5%
Interest paid	130M YoY-7.1%	140M YoY+7.5%	130M YoY+16.4%	112M YoY+7.4%	104M YoY+3.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.8B YoY-7.7%	12.7B YoY-3.2%	13.1B YoY+9.4%	12.0B YoY-26.2%	16.3B YoY+41.1%
P/E	29.2× YoY-11.6%	33.1× YoY-22.0%	42.4× YoY+2.7%	41.3× YoY-30.0%	59.1× YoY+23.4%
P/S	7.7× YoY-8.0%	8.3× YoY-6.8%	8.9× YoY+7.3%	8.3× YoY-32.7%	12.4× YoY+19.9%
P/B	6.7× YoY-8.5%	7.3× YoY-20.6%	9.2× YoY+10.9%	8.3× YoY-27.9%	11.5× YoY+23.0%
P/FCF	35.2× YoY-1.8%	35.8× YoY-37.1%	56.9× YoY+29.9%	43.8× YoY-18.1%	53.5× YoY-3.6%
	3.4% YoY+13.2%	3.0% YoY+28.2%	2.4% YoY-2.6%	2.4% YoY+42.9%	1.7% YoY-19.0%
	2.8% YoY+1.8%	2.8% YoY+59.0%	1.8% YoY-23.0%	2.3% YoY+22.1%	1.9% YoY+3.7%
	3.4% YoY+18.5%	2.9% YoY+15.6%	2.5% YoY+0.8%	2.5% YoY+53.3%	1.6% YoY-23.7%
Source filing	10-K	10-K	10-K	10-K/A	10-K

About this data

Source: ELS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ELS filings on SEC EDGAR → Not investment advice.