Apartment Investment and Management Company (AIV) Income Statement
AIV 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAIV revenue and net income
Where AIV's revenue goes
2025Each bar shows an amount and its share of revenue. AIV kept 394.8% of revenue as net income.
AIV profit margins
AIV growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −33.6% | −10.1% | −1.8% | −17.8% |
| Gross profit | −139.4% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | +93.3% | — | +8.2% |
| EPS (diluted) | — | +109.8% | — | +9.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AIV quarterly EPS vs estimates
Apartment Investment and Management beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 9, 2026.
AIV income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $138.5M | $208.7M | $187.0M | $190.3M | $169.8M | $151.5M | $144.6M | $132.2M | $1.01B | $995.9M |
| Cost of revenue | $184.9M | $91.0M | $73.7M | $71.8M | $67.6M | $61.5M | $57.5M | $53.6M | $720.8M | $689.8M |
| Gross profit | −$46.4M | $117.7M | $113.3M | $118.6M | $102.2M | $89.9M | $87.1M | $78.6M | $284.7M | $306.0M |
| Research & development | — | — | $1 | $1 | $0 | $0 | $0 | $1 | $0 | $0 |
| Sales, general & admin | $34.0M | $32.8M | $32.9M | $39.7M | $33.2M | $10.5M | $7.1M | $5.8M | $43.7M | $46.8M |
| Total operating expenses | −$17.2M | $119.2M | $101.7M | $198.6M | $117.9M | $89.9M | $7.1M | $55.1M | $54.8M | $59.2M |
| Operating income | −$29.2M | −$1.5M | $11.6M | −$80.1M | −$15.6M | $27.5M | $80.0M | $23.5M | $366.2M | $333.1M |
| Interest income | $8.6M | $9.7M | $9.0M | $4.1M | $13.7M | $110,000 | $11.4M | $10.9M | $8.3M | $7.8M |
| Interest expense | $59.4M | $70.1M | $37.7M | $73.8M | $52.9M | $27.5M | $18.6M | $19.6M | $194.6M | $196.4M |
| Income before taxes | −$15.8M | −$107.1M | −$170.1M | $109.4M | −$18.6M | −$15.9M | −$3.2M | $3.7M | $596.0M | $579.9M |
| Income taxes | −$57.6M | −$11.1M | −$12.8M | $17.3M | −$13.6M | −$10.1M | −$3.3M | $261,000 | $229.9M | $246.8M |
| Net income | $546.7M | −$102.5M | −$166.2M | $75.7M | −$5.9M | −$5.0M | $304,000 | $3.2M | $316.2M | $64.3M |
| EBITDA | $101.9M | $49.3M | −$63.5M | $342.2M | $119.1M | $89.6M | $80.0M | $72.7M | $596.0M | $579.9M |
| EPS (diluted) | $3.88 | −$0.74 | −$1.13 | $0.42 | −$0.03 | −$0.04 | $3.21 | $4.20 | $2.19 | $2.68 |
| Gross margin | −33.5% | 56.4% | 60.6% | 62.3% | 60.2% | 59.4% | 60.2% | 59.5% | 28.3% | 30.7% |
| Operating margin | −21.1% | −0.7% | 6.2% | −42.1% | −9.2% | 18.1% | 55.3% | 17.8% | 36.4% | 33.4% |
| Net margin | 394.8% | −49.1% | −88.9% | 39.8% | −3.5% | −3.3% | 0.2% | 2.5% | 31.5% | 6.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $34.6M | $35.1M | $52.8M | $52.4M | $54.2M | $35.3M | $51.1M | $50.2M | $49.4M | $47.7M |
| Cost of revenue | — | — | $17.2M | $16.9M | $23.2M | $23.1M | $23.9M | $17.7M | $22.6M | $21.2M | $19.1M | $18.3M |
| Gross profit | — | — | $17.5M | $18.2M | $29.6M | $29.3M | $30.3M | $17.7M | $28.6M | $29.0M | $30.3M | $29.4M |
| Sales, general & admin | $7.8M | $8.2M | $10.5M | $7.5M | $7.8M | $8.2M | $9.0M | $7.8M | $7.6M | $8.5M | $8.4M | $8.2M |
| Total operating expenses | $12.7M | $13.1M | $23.9M | $23.7M | $24.2M | $24.6M | $30.2M | $29.1M | $29.7M | $28.0M | $26.1M | $8.2M |
| Operating income | −$25.7M | −$21.2M | −$6.4M | −$5.5M | $5.4M | $4.7M | $83,000 | −$11.5M | −$1.1M | $987,000 | $4.2M | $21.2M |
| Interest income | — | — | $3.5M | $1.5M | $1.5M | $2.1M | $2.2M | $2.3M | $2.5M | $2.6M | $2.7M | $2.5M |
| Interest expense | $12.2M | $11.7M | $15.2M | $14.0M | $18.0M | $17.4M | $20.8M | $19.0M | $16.8M | $13.4M | $10.1M | $8.3M |
| Income before taxes | −$20.1M | −$21.2M | $101.9M | −$79.4M | −$11.4M | −$11.8M | −$10.0M | −$31.2M | −$63.3M | −$9.9M | −$155.3M | −$4.5M |
| Income taxes | −$5.6M | $85,000 | −$63.0M | −$116,000 | $5.6M | −$85,000 | −$2.3M | −$3.8M | −$2.2M | −$2.7M | −$1.9M | −$6.2M |
| Net income | −$19.3M | −$13.9M | $300.5M | $286.7M | −$19.3M | −$13.9M | −$9.8M | −$21.9M | −$60.5M | −$10.2M | −$151.5M | −$2.3M |
| EBITDA | −$25.1M | −$13.5M | $130.5M | −$53.3M | $23.0M | $22.1M | $32.1M | $1.5M | −$24.4M | $22.9M | −$127.5M | $21.2M |
| EPS (diluted) | — | — | $2.08 | $2.04 | −$0.14 | −$0.10 | −$0.08 | −$0.16 | −$0.43 | −$0.07 | −$1.07 | −$0.02 |
| Gross margin | — | — | 50.5% | 51.9% | 56.0% | 55.9% | 55.9% | 50.0% | 55.9% | 57.8% | 61.4% | 61.6% |
| Operating margin | — | — | −18.5% | −15.7% | 10.2% | 9.0% | 0.2% | −32.4% | −2.1% | 2.0% | 8.5% | 44.4% |
| Net margin | — | — | 867.6% | 816.1% | −36.6% | −26.6% | −18.1% | −62.1% | −118.3% | −20.3% | −307.0% | −4.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AIV's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AIV financial results
In fiscal year 2025 (ended December 31, 2025), Apartment Investment and Management reported revenue of $138.5 million, down 33.6% from the year before. It had net income of $546.7 million, a net profit margin of 394.8%. Diluted earnings per share came to $3.88. Over five years revenue grew at an average rate of −1.8% a year.
See the AIV stock overview for the latest quote and news, or the AIV chart for price history and technical indicators.
AIV income statement FAQ
What is Apartment Investment and Management's annual revenue?
Apartment Investment and Management reported total revenue of $138.5 million for fiscal year 2025, which ended on December 31, 2025. That was down 33.6% from $208.7 million the previous year.
Is Apartment Investment and Management profitable?
Yes. Apartment Investment and Management reported net income of $546.7 million in fiscal 2025, a net profit margin of 394.8%; its operating margin was −21.1%.
What is Apartment Investment and Management's gross margin?
Apartment Investment and Management's gross margin was −33.5% in fiscal 2025: for every $100 of revenue, Apartment Investment and Management kept $-34 after the direct cost of its products and services.
How fast is Apartment Investment and Management growing?
Revenue grew −1.8% a year on average over the last five fiscal years, from $151.5 million to $138.5 million.
What are Apartment Investment and Management's earnings per share?
Apartment Investment and Management earned $3.88 per diluted share in fiscal 2025, compared with $-0.74 a year earlier.
When will Apartment Investment and Management report its next earnings?
Apartment Investment and Management is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does Apartment Investment and Management's fiscal year end?
Apartment Investment and Management's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.