ESS financial statements

The full income statement, balance sheet, and cash-flow statement for Essex Property Trust Inc. (ESS), 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.

PeriodRangeOrderChangeYoYQoQAs-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
Revenue	9.38M YoY-8.6%	10.3M YoY-7.8%	11.1M YoY-0.1%	11.1M YoY+21.9%	9.14M YoY-4.8%
Gross profit	1.32B YoY+6.1%	1.24B YoY+6.2%	1.17B YoY+3.7%	1.13B	—
Selling, general & administrative	71.9M YoY-27.3%	98.9M YoY+55.8%	63.5M YoY+12.2%	56.6M YoY+9.1%	51.8M YoY-20.7%
General & administrative	71.9M YoY-27.3%	98.9M YoY+55.8%	63.5M YoY+12.2%	56.6M YoY+9.1%	51.8M YoY-20.7%
Operating income	899M YoY+27.9%	703M YoY+20.3%	584M YoY-1.8%	595M YoY+12.3%	530M YoY+7.8%
Interest expense	258M YoY+9.7%	236M YoY+10.6%	213M YoY+4.0%	205M YoY+0.8%	203M YoY-7.9%
Equity-method income	35.5M YoY-26.4%	48.2M YoY+356.5%	10.6M YoY-59.4%	26.0M YoY-76.7%	112M YoY+68.0%
	703M YoY-13.4%	811M YoY+88.4%	431M YoY-0.5%	433M YoY-16.0%	516M YoY-14.0%
Income from continuing operations	—	—	—	—	489M YoY-14.1%
Net income to non-controlling interest	33.1M YoY-52.6%	69.8M YoY+180.4%	24.9M YoY+0.9%	24.7M YoY-9.1%	27.1M YoY-10.9%
Net income to common	670M YoY-9.7%	742M YoY+82.7%	406M YoY-0.6%	408M YoY-16.4%	489M YoY-14.1%
	$10.40 YoY-9.9%	$11.54 YoY+82.6%	$6.32 YoY+0.8%	$6.27 YoY-16.5%	$7.51 YoY-13.6%
EPS (basic)	$10.40 YoY-10.0%	$11.55 YoY+82.8%	$6.32 YoY+0.8%	$6.27 YoY-16.5%	$7.51 YoY-13.6%
	64.4M YoY+0.2%	64.2M YoY-0.0%	64.3M YoY-1.3%	65.1M YoY+0.0%	65.1M YoY-0.6%
	64.4M YoY+0.2%	64.3M YoY-0.0%	64.3M YoY-1.3%	65.1M YoY+0.0%	65.1M YoY-0.7%
Dividends per share	$10.28 YoY+4.9%	$9.80 YoY+6.1%	$9.24 YoY+5.0%	$8.80 YoY+5.3%	$8.36 YoY+0.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	76.2M YoY+14.1%	66.8M YoY-82.9%	392M YoY+1076.6%	33.3M YoY-31.2%	48.4M YoY-34.2%
Cash & short-term investments	—	—	400M YoY+838.0%	42.7M YoY-27.2%	58.6M YoY-30.2%
	13.2B YoY+1.8%	12.9B YoY+4.6%	12.4B YoY-0.1%	12.4B YoY-4.8%	13.0B YoY+0.5%
Operating lease right-of-use	50.8M YoY-1.4%	51.6M YoY-19.1%	63.8M YoY-5.2%	67.2M YoY-2.5%	69.0M YoY-4.4%
Intangible assets	7.50M YoY-2.6%	7.70M YoY+26.2%	6.10M YoY-17.6%	7.40M YoY-16.9%	8.90M YoY+89.4%
	7.42B YoY+3.4%	7.18B YoY+6.5%	6.74B YoY+4.4%	6.45B YoY-5.0%	6.79B YoY+1.0%
Long-term debt	—	—	—	—	639M YoY-0.7%
	5.54B YoY+0.1%	5.54B YoY+2.1%	5.42B YoY-5.1%	5.72B YoY-4.6%	5.99B YoY-0.1%
Common stock	6.00K YoY+0.0%	6.00K YoY+0.0%	6.00K YoY+0.0%	6.00K YoY-14.3%	7.00K YoY+16.7%
Additional paid-in capital	6.68B YoY+0.2%	6.67B YoY+0.2%	6.66B YoY-1.4%	6.75B YoY-2.4%	6.92B YoY+0.6%
Accumulated other comprehensive income	6.05M YoY-75.5%	24.7M YoY-26.5%	33.6M YoY-27.8%	46.5M YoY+936.9%	-5.55M YoY+62.3%
Non-controlling interest	167M YoY-8.8%	183M YoY+7.1%	171M YoY-4.2%	179M YoY-2.3%	183M YoY+0.1%
Total equity incl. non-controlling	5.71B YoY-0.2%	5.72B YoY+2.3%	5.59B YoY-5.1%	5.90B YoY-4.6%	6.18B YoY-0.1%
Total liabilities & equity	13.2B YoY+1.8%	12.9B YoY+4.6%	12.4B YoY-0.1%	12.4B YoY-4.8%	13.0B YoY+0.5%
	64.4M YoY+0.3%	64.3M YoY+0.1%	64.2M YoY-0.6%	64.6M YoY-1.0%	65.2M YoY+0.4%
	64.4M YoY+0.3%	64.3M YoY+0.1%	64.2M YoY-0.6%	64.6M YoY-1.0%	65.2M YoY+0.4%
	64.5M YoY+0.2%	64.3M YoY+0.2%	64.2M YoY-0.5%	64.5M YoY-1.2%	65.3M YoY+0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.07B YoY+0.6%	1.07B YoY+9.0%	980M YoY+0.5%	976M YoY+7.8%	905M YoY+12.7%
Depreciation & amortization	608M YoY+4.7%	580M YoY+5.8%	548M YoY+1.7%	539M YoY+3.7%	520M YoY-1.0%
Share-based compensation	9.64M YoY+34.7%	7.16M YoY-10.9%	8.03M YoY+11.4%	7.21M YoY-1.4%	7.31M YoY-10.4%
	-552M YoY+43.2%	-973M YoY-570.4%	-145M YoY-199.4%	146M YoY+136.7%	-397M YoY+4.7%
Capital expenditure	832M YoY-11.6%	940M YoY+3647.1%	25.1M YoY+14.8%	21.9M YoY-85.8%	153M YoY-66.7%
Free cash flow	243M YoY+89.9%	128M YoY-86.6%	955M YoY+0.1%	954M YoY+26.9%	752M YoY+119.4%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	-512M YoY-22.0%	-420M YoY+12.1%	-477M YoY+58.0%	-1.14B YoY-113.3%	-533M YoY-39.1%
Long-term debt issued	1.15B YoY+106.9%	555M YoY-7.2%	598M	0.00 YoY-100.0%	746M YoY-48.7%
Long-term debt repaid	809M YoY+100.6%	403M YoY+33.3%	302M YoY+368.6%	64.5M YoY-93.9%	1.05B YoY+15.0%
Common stock issued	-391K YoY-32.1%	-296K YoY+14.7%	-347K YoY-10.5%	-314K YoY+31.0%	-455K YoY-53.7%
Common stock repurchased	0.00	0.00 YoY-100.0%	95.7M YoY-49.6%	190M YoY+1968.5%	9.17M YoY-96.6%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	9.74M YoY+103.0%	-324M YoY-190.7%	358M YoY+2341.4%	-16.0M YoY+37.2%	-25.4M YoY-962.0%
Interest paid	253M YoY+13.2%	223M YoY+7.8%	207M YoY+4.4%	198M YoY+2.1%	194M YoY-8.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	16.9B YoY-8.1%	18.4B YoY+15.4%	15.9B YoY+16.0%	13.7B YoY-40.3%	23.0B YoY+49.0%
P/E	24.0× YoY+6.1%	22.6× YoY-21.1%	28.7× YoY-19.9%	35.8× YoY-19.6%	44.6× YoY+73.2%
P/S	1798.5× YoY+0.5%	1788.7× YoY+25.4%	1426.7× YoY+11.7%	1277.2× YoY-49.2%	2516.2× YoY+56.5%
P/B	3.0× YoY-8.2%	3.3× YoY+15.3%	2.9× YoY+19.6%	2.4× YoY-37.3%	3.8× YoY+49.2%
P/FCF	69.5× YoY-51.6%	143.6× YoY+729.6%	17.3× YoY+19.1%	14.5× YoY-52.5%	30.6× YoY-32.1%
	4.2% YoY-5.7%	4.4% YoY+26.8%	3.5% YoY+24.9%	2.8% YoY+24.4%	2.2% YoY-42.3%
	1.4% YoY+106.6%	0.70% YoY-87.9%	5.8% YoY-16.1%	6.9% YoY+110.5%	3.3% YoY+47.2%
	3.9% YoY+14.4%	3.4% YoY-7.9%	3.7% YoY-10.3%	4.2% YoY+75.0%	2.4% YoY-32.2%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ESS'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 ESS filings on SEC EDGAR → Not investment advice.