Equity LifeStyle Properties, Inc. (ELS) Income Statement
ELS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsELS revenue and net income
Where ELS's revenue goes
2025Each bar shows an amount and its share of revenue. ELS kept 25.2% of revenue as net income.
ELS profit margins
ELS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.8% | +3.7% | +7.2% | +6.6% |
| Gross profit | −18.6% | −3.7% | +0.7% | +3.2% |
| Operating income | +24.5% | +14.0% | +8.7% | +7.4% |
| Net income | +5.3% | +10.7% | +11.1% | +10.7% |
| EPS (diluted) | +11.9% | +9.0% | +8.8% | +8.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ELS quarterly EPS vs estimates
Equity LifeStyle Properties beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 20, 2026 (estimate $0.79).
ELS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.53B | $1.43B | $1.40B | $1.37B | $1.32B | $1.08B | $1.02B | $968.3M | $911.9M | $856.3M |
| Cost of revenue | $955.1M | $725.3M | $731.7M | $730.4M | $1.05B | $524.7M | $487.5M | $466.9M | $443.5M | $412.5M |
| Gross profit | $576.3M | $708.0M | $672.5M | $644.6M | $262.1M | $555.6M | $533.1M | $501.3M | $468.4M | $443.8M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $53.6M | $88.2M | $95.7M | $92.5M | $39.6M | $61.2M | $55.7M | $54.3M | $47.4M | $45.6M |
| Total operating expenses | $58.4M | $292.1M | $299.4M | $294.9M | −$120.9M | $214.7M | $206.6M | $190.7M | $170.7M | $166.4M |
| Operating income | $517.9M | $415.9M | $373.1M | $349.7M | $382.9M | $341.0M | $326.5M | $310.6M | $297.7M | $277.4M |
| Interest income | $122.2M | $9.2M | $8.7M | $108.0M | $104.2M | $7.2M | $7.2M | $7.5M | $7.6M | $6.8M |
| Interest expense | $133.9M | $137.7M | $132.3M | $116.6M | $108.7M | $102.8M | $104.2M | $105.0M | $100.6M | $102.0M |
| Income before taxes | $398.8M | $384.5M | $319.2M | $298.8M | $276.0M | $241.4M | $295.9M | $221.4M | $206.6M | $184.5M |
| Income taxes | −$3.3M | −$354,000 | −$10.5M | $116.6M | $3.9M | $118.7M | $126.9M | $20.8M | $117.1M | $118.5M |
| Net income | $386.5M | $367.0M | $314.2M | $284.6M | $262.5M | $228.3M | $279.1M | $212.6M | $197.6M | $173.3M |
| EBITDA | $612.5M | $731.6M | $660.6M | $622.4M | $575.4M | $496.5M | $545.4M | $465.1M | $432.1M | $408.5M |
| EPS (diluted) | $1.97 | $1.76 | $1.64 | $1.52 | $1.39 | $1.29 | $1.48 | $1.20 | $1.10 | $0.94 |
| Gross margin | 37.6% | 49.4% | 47.9% | 46.9% | 19.9% | 51.4% | 52.2% | 51.8% | 51.4% | 51.8% |
| Operating margin | 33.8% | 29.0% | 26.6% | 25.4% | 29.1% | 31.6% | 32.0% | 32.1% | 32.6% | 32.4% |
| Net margin | 25.2% | 25.6% | 22.4% | 20.7% | 20.0% | 21.1% | 27.4% | 22.0% | 21.7% | 20.2% |
| 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 | $397.8M | $397.6M | $417.9M | $373.4M | $372.6M | $367.5M | $341.5M | $389.2M | $375.0M | $366.8M | $289.0M | $401.9M |
| Cost of revenue | $16.9M | $288.5M | $402.3M | $191.6M | $186.9M | $174.3M | $162.8M | $301.2M | $193.3M | $177.2M | $169.4M | $199.2M |
| Gross profit | $380.9M | $109.1M | $15.6M | $181.8M | $185.7M | $193.2M | $178.7M | $88.0M | $181.7M | $189.6M | $119.6M | $202.7M |
| Sales, general & admin | $16.4M | $11.1M | $9.0M | $20.2M | $21.5M | $19.3M | $19.1M | $9.3M | $22.6M | $23.4M | $20.2M | $22.8M |
| Total operating expenses | $243.2M | −$37.0M | −$158.5M | $72.5M | $74.2M | $70.3M | $69.6M | −$33.8M | $73.9M | $74.5M | $71.0M | $73.7M |
| Operating income | $137.7M | $146.1M | $174.1M | $109.3M | $111.5M | $122.9M | $109.1M | $121.8M | $107.8M | $115.0M | $48.5M | $129.0M |
| Interest income | — | $2.2M | $31.3M | $2.8M | $30.1M | $2.2M | $2.2M | $2.4M | $2.4M | $2.2M | $2.4M | $31.1M |
| Interest expense | $33.8M | $33.6M | $7.2M | $63.3M | $32.2M | $31.1M | $31.6M | $36.5M | $36.0M | $33.5M | $33.2M | $33.4M |
| Income before taxes | $99.4M | $111.5M | $100.5M | $100.4M | $83.5M | $114.4M | $100.4M | $86.9M | $82.1M | $115.3M | $96.4M | $70.3M |
| Income taxes | −$161,000 | — | −$3.3M | −$9.0M | −$5.2M | — | −$115,000 | $5.9M | $3.2M | −$239,000 | −$11.0M | −$10.5M |
| Net income | $96.3M | $107.9M | $100.5M | $97.1M | $79.7M | $109.2M | $96.0M | $82.8M | $78.3M | $109.9M | $91.9M | $77.0M |
| EBITDA | $188.0M | $199.5M | $57.7M | $187.5M | $169.6M | $197.7M | $184.0M | $177.6M | $170.9M | $201.2M | $170.7M | $168.5M |
| EPS (diluted) | $0.74 | $0.54 | $0.50 | $0.50 | $0.40 | $0.57 | $0.48 | $0.42 | $0.37 | $0.49 | $0.47 | $0.41 |
| Gross margin | 95.8% | 27.4% | 3.7% | 48.7% | 49.8% | 52.6% | 52.3% | 22.6% | 48.5% | 51.7% | 41.4% | 50.4% |
| Operating margin | 34.6% | 36.7% | 41.7% | 29.3% | 29.9% | 33.4% | 32.0% | 31.3% | 28.7% | 31.4% | 16.8% | 32.1% |
| Net margin | 24.2% | 27.1% | 24.0% | 26.0% | 21.4% | 29.7% | 28.1% | 21.3% | 20.9% | 30.0% | 31.8% | 19.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ELS's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ELS financial results
In fiscal year 2025 (ended December 31, 2025), Equity LifeStyle Properties reported revenue of $1.5 billion, up 6.8% from the year before. It had net income of $386.5 million (up 5.3%), a net profit margin of 25.2%. Diluted earnings per share came to $1.97. Over five years revenue grew at an average rate of 7.2% a year.
See the ELS stock overview for the latest quote and news, or the ELS chart for price history and technical indicators.
ELS income statement FAQ
What is Equity LifeStyle Properties's annual revenue?
Equity LifeStyle Properties reported total revenue of $1.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.8% from $1.4 billion the previous year.
Is Equity LifeStyle Properties profitable?
Yes. Equity LifeStyle Properties reported net income of $386.5 million in fiscal 2025, a net profit margin of 25.2%; its operating margin was 33.8%.
What is Equity LifeStyle Properties's gross margin?
Equity LifeStyle Properties's gross margin was 37.6% in fiscal 2025: for every $100 of revenue, Equity LifeStyle Properties kept $38 after the direct cost of its products and services.
How fast is Equity LifeStyle Properties growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $1.1 billion to $1.5 billion.
What are Equity LifeStyle Properties's earnings per share?
Equity LifeStyle Properties earned $1.97 per diluted share in fiscal 2025, compared with $1.76 a year earlier.
When will Equity LifeStyle Properties report its next earnings?
Equity LifeStyle Properties is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 after the market closes.
When does Equity LifeStyle Properties's fiscal year end?
Equity LifeStyle Properties's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.