Essex Property Trust, Inc.
Real EstateNYSE:ESS · New York Stock Exchange
+$3.16 today
Vol 0.26M · Avg 0.49M
Income Statement
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Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$1.9B of revenue converted into $575.6M of net income for the selected period. Gross margin is 69.4% and net margin is 30.3%, showing how much revenue survives after costs and taxes. EPS is $8.90, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9B +7.1% | $1.8B +6.3% | $1.7B +3.9% | $1.6B +11.5% | $1.4B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $592.6M +4.6% | $566.8M +6.5% | $532.0M +6.9% | $497.7M +114.3% | $232.2M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $1.3B +8.3% | $1.2B +6.2% | $1.1B +2.5% | $1.1B -8.2% | $1.2B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 68.8% +0.8pp | 68.1% -0.1pp | 68.1% -0.9pp | 69.0% -14.9pp | 83.9% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $68.6M -30.6% | $98.9M +55.8% | $63.5M +12.2% | $56.6M +9.1% | $51.8M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $473.9M -6.1% | $504.5M -8.8% | $553.0M +7.6% | $513.8M -24.2% | $678.3M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $607.5M +4.7% | $580.2M +5.8% | $548.4M +1.7% | $539.3M +3.7% | $520.1M | $374.2M | $1.2B | $631.8M |
| EBITDA | $1.6B -4.0% | $1.6B +36.5% | $1.2B -0.3% | $1.2B -20.5% | $1.5B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 82.2% -9.5pp | 91.7% +20.3pp | 71.4% -3.0pp | 74.4% -29.9pp | 104.4% | 5.6% | 46.3% | 42.0% |
| Operating Income | $834.0M +18.6% | $703.1M +20.3% | $584.3M -1.8% | $595.2M +12.3% | $530.0M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 43.9% +4.3pp | 39.6% +4.6pp | 35.0% -2.0pp | 37.0% +0.3pp | 36.8% | 16.6% | 24.1% | 22.0% |
| Interest Income | $17.0M -79.0% | $81.0M +75.0% | $46.3M | $0 -100.0% | $98.7M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $257.3M +9.2% | $235.5M +10.6% | $212.9M -4.9% | $223.8M +10.2% | $203.1M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$136.1M -225.7% | $108.2M +170.4% | -$153.6M +5.3% | -$162.2M -1034.3% | -$14.3M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $698.0M -14.0% | $811.3M +88.4% | $430.7M -0.5% | $433.0M -16.0% | $515.7M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 36.7% -9.0pp | 45.7% +19.9pp | 25.8% -1.1pp | 26.9% -8.9pp | 35.8% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $257.0K | $0 | $0 | $0 | $0 | $1.3B | -$1.6B | $745.2M |
| Net Income | $672.5M -9.3% | $741.5M +82.7% | $405.8M -0.6% | $408.3M -16.4% | $488.6M | $4.9B | $4.8B | $4.7B |
| Net Margin | 35.4% -6.4pp | 41.8% +17.5pp | 24.3% -1.1pp | 25.4% -8.5pp | 33.9% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $10 -9.9% | $12 +82.8% | $6 +0.8% | $6 -16.5% | $8 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $10 -9.8% | $12 +82.6% | $6 +0.8% | $6 -16.5% | $8 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $64.5M +0.4% | $64.2M -0.0% | $64.3M -1.3% | $65.1M +0.0% | $65.1M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $64.5M +0.3% | $64.3M -0.0% | $64.3M -1.3% | $65.1M +0.0% | $65.1M | $1.2B | $924.4M | $678.0M |
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How much revenue does ESS generate?
Essex Property Trust, Inc. (ESS) reported $1.90B of revenue in fiscal 2025.
Is ESS profitable?
Essex Property Trust, Inc. (ESS) reported $672.49M of net income, with a net margin of 35.4%.
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