Essex Property Trust, Inc. (ESS) Income Statement
ESS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsESS revenue and net income
Where ESS's revenue goes
2025Each bar shows an amount and its share of revenue. ESS kept 35.4% of revenue as net income.
ESS profit margins
ESS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.1% | +5.8% | +4.9% | +4.8% |
| Gross profit | +8.3% | +5.7% | +0.4% | +4.6% |
| Operating income | +18.6% | +11.9% | +11.2% | +9.7% |
| Net income | −9.3% | +18.1% | +3.4% | +11.2% |
| EPS (diluted) | +5.1% | +8.5% | +1.9% | +9.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ESS quarterly EPS vs estimates
Essex Property beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 27, 2026 (estimate $4.01).
ESS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.90B | $1.77B | $1.67B | $1.61B | $1.44B | $1.50B | $1.46B | $1.40B | $1.36B | $1.29B |
| Cost of revenue | $592.6M | $566.8M | $532.0M | $497.7M | $232.2M | $211.6M | $189.2M | $183.6M | $176.5M | $169.3M |
| Gross profit | $1.31B | $1.21B | $1.14B | $1.11B | $1.21B | $1.28B | $1.27B | $1.22B | $1.19B | $1.12B |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $68.6M | $98.9M | $63.5M | $56.6M | $51.8M | $65.4M | $54.3M | $53.5M | $41.4M | $40.8M |
| Total operating expenses | $473.9M | $504.5M | $553.0M | $513.8M | $678.3M | $792.7M | $789.8M | $704.4M | $714.5M | $703.9M |
| Operating income | $834.0M | $703.1M | $584.3M | $595.2M | $530.0M | $491.4M | $481.1M | $512.0M | $472.9M | $420.8M |
| Interest income | $198.2M | $81.0M | $46.3M | $189.9M | $18.1M | $41.0M | $46.3M | $23.0M | $24.6M | $27.3M |
| Interest expense | $257.3M | $235.5M | $212.9M | $223.8M | $203.1M | $220.6M | $217.3M | $220.5M | $222.9M | $219.7M |
| Income before taxes | $698.0M | $811.3M | $430.7M | $433.0M | $515.7M | $864.3M | $707.3M | $646.4M | $687.1M | $662.5M |
| Income taxes | $257,000 | −$881.1M | −$299.7M | −$10.2M | $15.7M | $1.5M | $1.5M | $184.0M | $412.9M | $4.4M |
| Net income | $672.5M | $741.5M | $405.8M | $408.3M | $488.6M | $568.9M | $439.3M | $390.2M | $433.1M | $415.0M |
| EBITDA | $1.56B | $1.63B | $1.19B | $1.20B | $1.50B | $1.61B | $1.41B | $1.35B | $1.38B | $1.32B |
| EPS (diluted) | $5.76 | $5.48 | $5.42 | $4.51 | $5.56 | $5.25 | $6.13 | $5.88 | $5.24 | $6.27 |
| Gross margin | 68.8% | 68.1% | 68.1% | 69.0% | 83.9% | 85.9% | 87.0% | 86.9% | 87.1% | 86.9% |
| Operating margin | 43.9% | 39.6% | 35.0% | 37.0% | 36.8% | 32.9% | 32.9% | 36.6% | 34.7% | 32.5% |
| Net margin | 35.4% | 41.8% | 24.3% | 25.4% | 33.9% | 38.0% | 30.1% | 27.9% | 31.8% | 32.1% |
| 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 | $489.0M | $484.8M | $479.6M | $473.3M | $469.8M | $477.8M | $454.5M | $462.3M | $442.4M | $439.3M | $421.7M | $419.2M |
| Cost of revenue | $154.5M | $141.3M | $150.8M | $143.4M | $147.4M | $151.0M | $388.8M | $146.4M | $137.3M | $137.7M | $58.5M | $58.4M |
| Gross profit | $334.6M | $343.5M | $328.8M | $329.9M | $322.4M | $326.8M | $65.6M | $315.9M | $305.0M | $301.6M | $363.2M | $360.8M |
| Sales, general & admin | $59.8M | $33.4M | $17.1M | $18.1M | $17.2M | $16.3M | $31.5M | $29.1M | $21.1M | $17.2M | $19.7M | $14.6M |
| Total operating expenses | $226.9M | $188.3M | $183.3M | $178.1M | $42.7M | $69.8M | −$238.8M | $187.2M | $167.6M | $169.3M | $232.9M | $229.0M |
| Operating income | $107.7M | $155.2M | $145.5M | $151.7M | $279.7M | $257.1M | $304.5M | $128.8M | $137.4M | $132.4M | $130.3M | $131.8M |
| Interest income | $9.1M | $1.0M | $66.1M | $5.9M | $6.8M | $4.3M | $2.7M | $11.4M | $9.6M | $57.3M | $17.2M | $38.4M |
| Interest expense | $66.8M | $64.0M | $64.6M | $64.7M | $65.3M | $62.7M | $61.2M | $59.2M | $59.1M | $55.9M | $55.1M | $54.2M |
| Income before taxes | $66.9M | $112.2M | $80.9M | $172.7M | $231.5M | $212.8M | $301.7M | $125.5M | $99.0M | $285.1M | $145.3M | $170.0M |
| Income taxes | −$6.0M | — | $257,000 | — | — | −$308.5M | — | $233.6M | $133.9M | $12.4M | $5.0M | $137.4M |
| Net income | $62.5M | $106.2M | $83.4M | $164.6M | $221.4M | $203.1M | $257.5M | $118.4M | $92.9M | $272.7M | $65.4M | $87.3M |
| EBITDA | $287.8M | $331.1M | $298.8M | $387.5M | $448.3M | $310.5M | $268.4M | $286.9M | $303.7M | $284.5M | $338.4M | $361.5M |
| EPS (diluted) | $4.08 | $1.65 | $1.25 | $1.59 | $1.48 | $1.44 | $0.65 | $1.34 | $1.43 | $2.06 | $1.01 | $1.37 |
| Gross margin | 68.4% | 70.9% | 68.6% | 69.7% | 68.6% | 68.4% | 14.4% | 68.3% | 69.0% | 68.7% | 86.1% | 86.1% |
| Operating margin | 22.0% | 32.0% | 30.3% | 32.1% | 59.5% | 53.8% | 67.0% | 27.9% | 31.1% | 30.1% | 30.9% | 31.4% |
| Net margin | 12.8% | 21.9% | 17.4% | 34.8% | 47.1% | 42.5% | 56.6% | 25.6% | 21.0% | 62.1% | 15.5% | 20.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ESS's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ESS financial results
In fiscal year 2025 (ended December 31, 2025), Essex Property reported revenue of $1.9 billion, up 7.1% from the year before. It had net income of $672.5 million (down 9.3%), a net profit margin of 35.4%. Diluted earnings per share came to $5.76. Over five years revenue grew at an average rate of 4.9% a year.
See the ESS stock overview for the latest quote and news, or the ESS chart for price history and technical indicators.
ESS income statement FAQ
What is Essex Property's annual revenue?
Essex Property reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.1% from $1.8 billion the previous year.
Is Essex Property profitable?
Yes. Essex Property reported net income of $672.5 million in fiscal 2025, a net profit margin of 35.4%; its operating margin was 43.9%.
What is Essex Property's gross margin?
Essex Property's gross margin was 68.8% in fiscal 2025: for every $100 of revenue, Essex Property kept $69 after the direct cost of its products and services.
How fast is Essex Property growing?
Revenue grew 4.9% a year on average over the last five fiscal years, from $1.5 billion to $1.9 billion.
What are Essex Property's earnings per share?
Essex Property earned $5.76 per diluted share in fiscal 2025, compared with $5.48 a year earlier.
When will Essex Property report its next earnings?
Essex Property is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Essex Property's fiscal year end?
Essex Property's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.