AvalonBay Communities

Real Estate Multi-Family Residential REITs Arlington, Virginia Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$3.0B
                    3y CAGR +5.4%
                    
                    P33
                    
                    +4.4%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +34.7%
                    
                    P77
                    
                    -2.3%
                    
                    Total assets
                    FY2025
                
$22.2B
                    ROA +4.8%
                    
                    P77
                    
                    +5.7%
                    
                    Operating cash flow
                    FY2025
                
$1.7B
                    FCF margin +46.3%
                    
                    P80
                    
                    +3.9%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

19 accounts · 5 years

Total assets $22.2B

Total liabilities $10.4B

Shareholders equity $11.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$187.2M 72.4%	$108.6M -72.7%	$397.9M -35.1%	$613.2M 45.9%	$420.3M
Prepaid Expenses	$618.6M 14.4%	$541.0M 47.6%	$366.5M 48.1%	$247.5M 17.0%	$211.5M
Operating Lease Assets	$119.9M -5.3%	$126.6M 19.2%	$106.1M -7.7%	$115.0M -2.9%	$118.4M
Total Assets	$22.2B 5.7%	$21.0B 1.6%	$20.7B 1.1%	$20.5B 2.8%	$19.9B
Liabilities
Accrued Liabilities	$392.0M 9.8%	$357.0M 14.8%	$310.9M 1.5%	$306.2M 3.4%	$296.0M
Current Portion of Long Term Debt	$740.0M	$0	$0	$0 -100.0%	$8.2B
Operating Lease Liabilities	$145.3M -5.2%	$153.3M 15.1%	$133.2M -6.6%	$142.6M -2.6%	$146.4M
Total Current Liabilities	$10.4B 14.3%	$9.1B 1.9%	$8.9B -3.3%	$9.2B 2.6%	$9.0B
Long Term Debt	$9.3B 15.5%	$8.1B 1.2%	$8.0B -4.0%	$8.3B 1.8%	$8.2B
Operating Lease Liabilities Noncurrent	$145.3M -5.2%	$153.3M 15.1%	$133.2M -6.6%	$142.6M -2.6%	$146.4M
Total Liabilities	$10.4B 14.3%	$9.1B 1.9%	$8.9B -3.3%	$9.2B 2.6%	$9.0B
Equity
Preferred Stock	$0	$0	$0	$0	$0
Common Stock	$1.4M -1.5%	$1.4M 0.1%	$1.4M 1.4%	$1.4M 0.1%	$1.4M
Additional Paid In Capital	$11.2B -0.9%	$11.3B 0.2%	$11.3B 4.8%	$10.8B 0.5%	$10.7B
Retained Earnings	$371.2M -37.2%	$591.2M 23.7%	$478.2M -1.5%	$485.2M 101.5%	$240.8M
Accumulated Other Comprehensive Income	$26.5M -22.8%	$34.3M 112.9%	$16.1M 1031.7%	$1.4M 105.5%	$-26.1M
Noncontrolling Interest	$223.0M	—	—	$77.0K -86.4%	$566.0K
Total Stockholders Equity	$11.6B -2.8%	$11.9B 1.3%	$11.8B 4.7%	$11.3B 2.9%	$10.9B
Total Liabilitiesand Equity	$22.2B 5.7%	$21.0B 1.6%	$20.7B 1.1%	$20.5B 2.8%	$19.9B

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $3.0B

Operating income $2.0B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$3.0B 4.4%	$2.9B 5.3%	$2.8B 6.7%	$2.6B 13.0%	$2.3B
Expenses Cost of Revenue	$2.4B 6.5%	$2.2B 5.4%	$2.1B 3.6%	$2.1B 6.7%	$1.9B
Expenses Selling,General and Administrative	$86.7M 11.6%	$77.7M 1.5%	$76.5M 3.3%	$74.1M 6.4%	$69.6M
Expenses Share Based Compensation	$26.5M 4.3%	$25.4M -6.5%	$27.1M -19.8%	$33.9M 32.8%	$25.5M
Expenses Operating Expenses	$2.4B 6.5%	$2.2B 5.4%	$2.1B 3.6%	$2.1B 6.7%	$1.9B
Other Income Expense Operating Income	$2.0B 5.8%	$1.9B 6.7%	$1.8B 5.3%	$1.7B 16.8%	$1.5B
Other Income Expense Interest Expense	$259.2M 14.4%	$226.6M 10.0%	$206.0M -10.5%	$230.1M 4.4%	$220.4M
Other Income Expense Other Income/expense	$-10.8M 40.9%	$-18.3M 45.2%	$-33.5M -102.1%	$-16.6M -412.7%	$-3.2M
Other Income Expense Income Before Tax	$1.1B -2.5%	$1.1B 15.3%	$938.6M -18.5%	$1.2B 14.0%	$1.0B
Income Tax Income Tax Expense	$-1.1M -355.1%	$445.0K -95.6%	$10.2M -30.7%	$14.6M 155.5%	$5.7M
net Income net Income	$1.1B -2.3%	$1.1B 16.5%	$928.8M -18.3%	$1.1B 13.2%	$1.0B
net Income Comprehensive Income	$1.0B -5.2%	$1.1B 16.6%	$943.5M -19.0%	$1.2B 14.3%	$1.0B
Earnings Per Share Basic Eps	$7 -2.8%	$8 16.0%	$7 -19.3%	$8 13.1%	$7
Earnings Per Share Diluted Eps	$7 -2.6%	$8 15.9%	$7 -19.2%	$8 12.9%	$7
Earnings Per Share Weighted Average Shares Basic	$141.7M -0.2%	$142.0M 0.5%	$141.3M 1.2%	$139.6M 0.2%	$139.4M
Earnings Per Share Weighted Average Shares Diluted	$142.8M 0.3%	$142.5M 0.6%	$141.6M 1.2%	$140.0M 0.2%	$139.7M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $1.7B

Investing cash flow $-1.4B

Financing cash flow $-192.7M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.1B -2.3%	$1.1B 16.5%	$928.8M -18.3%	$1.1B 13.2%	$1.0B
Operating Activities Depreciation and Amortization	$913.4M 7.9%	$846.9M 3.7%	$817.0M 0.2%	$815.0M 7.4%	$758.6M
Operating Activities Stock Based Compensation	$26.5M 4.3%	$25.4M -6.5%	$27.1M -19.8%	$33.9M 32.8%	$25.5M
Operating Activities Deferred Income Taxes	$-1.1M -355.1%	$445.0K -95.6%	$10.2M -30.7%	$14.6M 155.5%	$5.7M
Operating Activities Changes In Operating Assets and Liabilities	$46.2M -15.2%	$54.5M 12314.1%	$439.0K -98.2%	$24.3M 2503.1%	$-1.0M
Operating Activities net Cash From Operating Activities	$1.7B 3.9%	$1.6B 3.1%	$1.6B 9.7%	$1.4B 18.2%	$1.2B
Investing Activities Capital Expenditures	$261.8M 35.4%	$193.3M 8.4%	$178.3M 11.2%	$160.3M 12.4%	$142.7M
Investing Activities Other Investing Activities	$-4.3M	$0	$0 100.0%	$-26.9M	$0
Investing Activities net Cash From Investing Activities	$-1.4B -39.7%	$-996.9M -7.3%	$-929.0M -65.8%	$-560.4M 10.2%	$-624.1M
Financing Activities Repayment of Debt	$825.0M 175.0%	$300.0M -60.0%	$750.0M 650.0%	$100.0M -78.4%	$462.1M
Financing Activities Repurchase of Common Stock	$488.1M	$0 -100.0%	$1.9M	$0	$0
Financing Activities Proceeds From Stock Issuance	$86.6M 722.4%	$10.5M -97.9%	$496.7M 2381.0%	$20.0M -37.2%	$31.9M
Financing Activities Tax Withholding On Stock Based Compensation	$16.7M -1.0%	$16.9M 58.7%	$10.6M -37.4%	$17.0M 26.2%	$13.5M
Financing Activities Other Financing Activities	$-4.3M 74.2%	$-16.8M -102.1%	$-8.3M 69.0%	$-26.9M -465.5%	$-4.8M
Financing Activities net Cash From Financing Activities	$-192.7M 78.0%	$-874.9M -4.9%	$-834.4M -24.3%	$-671.1M -92.4%	$-348.9M
Cash Reconciliation Effect of Exchange Rate On Cash	$353.1M 32.2%	$267.1M -49.7%	$531.0M -27.7%	$734.2M 35.0%	$543.8M
Cash Reconciliation net Change In Cash	$86.0M 132.6%	$-263.9M -29.8%	$-203.3M -206.7%	$190.5M -17.3%	$230.3M
Cash Reconciliation Cash At Beginning of Period	$353.1M 32.2%	$267.1M -49.7%	$531.0M -27.7%	$734.2M 35.0%	$543.8M
Cash Reconciliation Cash At End of Period	$353.1M 32.2%	$267.1M -49.7%	$531.0M -27.7%	$734.2M 35.0%	$543.8M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+21.3%	+22.9%	+23.0%	+20.7%	+16.0%
Operating margin	+66.5%	+65.6%	+64.7%	+65.6%	+63.5%
Net margin	+34.7%	+37.1%	+33.6%	+43.8%	+43.8%
FCF margin	+46.3%	+48.5%	+49.9%	+48.6%	+46.2%
Growth
Revenue CAGR (3y)	+5.4%	+8.3%	+6.3%	+3.7%	+0.2%
Returns
ROE	+9.1%	+9.1%	+7.9%	+10.1%	+9.2%
ROA	+4.8%	+5.2%	+4.5%	+5.6%	+5.0%
ROIC	+9.4%	+9.6%	+9.1%	+8.9%	+5.4%
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	0.89x	0.76x	0.75x	0.82x	0.82x
Interest coverage	7.80x	8.43x	8.69x	7.40x	6.61x
Efficiency
Asset turnover	0.14x	0.14x	0.13x	0.13x	0.12x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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AvalonBay Communities

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